Daily Economic News - 26 August 2014

CCI imposes Rs 2,545 crore penalty on 14 car makers:
In the first major order against the auto sector, the Competition Commission today slapped a penalty of Rs 2,545 crore on 14 car makers, including Maruti Suzuki and Tata Motors, for violating trade norms in the spare parts and after services market. In a 215-page order, the Competition Commission of India (CCI) has imposed a penalty totalling Rs 2,544.64 crore on the 14 car companies. For each entity, the individual fine amounts to two per cent of their average turnover. A detailed investigation revealed that these car companies violated competition norms with respect to its agreements with local Original Equipment Suppliers (OESs) as well as in terms of pacts with authorised dealers. The 14 car companies were found to be indulging in practices resulting in denial of market access to independent repairers as the latter were not provided access to branded spare parts and diagnostic tools which hampered their ability to provide services in the aftermarket for repair and maintenance of cars.
(Source: The Statesman)

Anti-dumping duty on solar cells unlikely:
Under pressure from power firms, the government has decided not to impose anti-dumping duty on solar cells imported from countries such as the U.S. and China as the move would have led to rise in equipment cost. To protect the struggling domestic industry, the Ministry of Commerce and Industry in May had recommended imposing a restrictive duty in the range of $0.11-0.81 per watt on solar cells imported from the U.S., China, Malaysia and Chinese Taipei. The recommendations were against the backdrop of the U.S. dragging India to the WTO (World Trade Organization) with respect to domestic sourcing norms for the National Solar Mission.
(Source: The Hindu)

Thaiindianet.Team

26 August 2014