Daily Economic News - 30 April 2014

Cashew exports touch all-time high in 2013-14
Due to higher consumption from the traditional markets; the exports have touched an all-time high - just short of Rs 5,000 crore - in 2013-14. The increase is 13% in terms of quantity while the value has gone up by 23%. Imports by the US have risen though the demand from Europe remained flat. Other markets like the Gulf region too have shown improvement.

(Source: The Economic Times)

India displaces Japan to become third-largest world economy in terms of PPP: World Bank
The 2011 round of the bank's International Comparison Program (ICP) ranked India after the US and China. The last survey in 2005 had placed the country on 10th place. PPP is used to compare economies and incomes of people by adjusting for differences in prices in different countries to make a meaningful comparison. India's share in World GDP in terms of PPP was 6.4% in 2011 compared with China's 14.9% and the US' 17.1%, the latest ICP showed.
But according to the International Monetary Fund (IMF), India's economy is 12th largest and only about a third of Japan's in terms of absolute unadjusted dollars.

(Source: The Economic Times)

India to take up issue with EU
The EU had temporarily banned imports of Alphonso mangoes, the king of fruits, and four vegetables from India from May 1. The Commerce Minister is expected to soon write a letter in this regard to EU Trade Commissioner Karl De Gucht.

(Source: The Hindu)

Flipkart set to receive ED notice on FEMA breach of Rs 1,400 crore
The Enforcement Directorate, which is probing Flipkart for alleged breach of Foreign Exchange Management Act, is likely to send a show-cause notice alleging violation of Rs 1,400 crore
The ED probe is for the period before April 2013, when Flipkart shifted to the marketplace model, converting itself into a platform for independent buyers and sellers to conduct business on its site.
It junked its earlier model where it had control over goods sold through its e-commerce site which is not allowed under the current FDI norm. Foreign private equity investors, including Accel Partners, Tiger Global, Iconiq Capital and Naspers Group, have invested in Flipkart Online Services.
ED has the power to impose a fine up to three times the actual investment allegedly made in violation of FDI laws, according to the tax head of one of the big four consultancy firms.

(Source: The Times of India)

Thaiindianet. Team

30 April 2014