Daily Economic News - 20 August 2014

Indirect taxes kitty swells 3.9% during April-July
Indirect tax collections rose 4.9% in July and 3.9% in April-July, indicating that targets for the full fiscal may be difficult. The government budgeted Rs 6.23 lakh crore from indirect taxes of customs, central excise and service tax in FY15, a near 25% rise from last year. Steep revenue target is seen by experts as the biggest risk to achieving fiscal deficit target of 4.1% of GDP this year.
(Source: Economic Times)

FDI in automobile sector drops 85 per cent in April-May this year
The Indian automobile sector, which faced major slowdown in demand in the last two years, witnessed about 85 per cent decline in foreign direct investment (FDI) to only USD 73 million during April-May this fiscal. During April-May 2013, the automobile sector received USD 478 million FDI. Car sales in India fell for the second consecutive fiscal in 2013-14 with a drop of 4.65 per cent as the auto industry continued to struggle with demand slump due to a sluggish economy. Foreign investments are considered crucial for India, which needs around USD 1 trillion in the next five years to overhaul its infrastructure sector such as ports, airports and highways to boost growth.
(Source: Economic Times)

Thaiindianet.Team

20 August 2014