Japan wants to give rupee loan for DMIC
Japan, which has agreed to lend $4.5 billion to the ambitious Delhi-Mumbai Industrial Corridor (DMIC) project aimed at building industrial cities, has asked India to allow Japanese state-owned agencies to bear the exchange-rate risk to provide rupee loans to Indian entities.
DMIC will run across six states—Uttar Pradesh, Haryana, Madhya Pradesh, Rajasthan, Gujarat and Maharashtra—and a majority of the projects in the corridor are envisaged to be implemented through public-private partnerships.
It is touted to be the largest infrastructure project in the world, with an estimated $90-100 billion required only to set up the infrastructure over the next 30 years.
(Sources: Livemint, Business Standard, i4u, Zeenews)
Kerala leads in growth rate in investment projects: Assocham
"With 27.8 % year on year rate of growth in investment projects in the implementation stages, Kerala has emerged as the single state across India with a sterling performance," said the study conducted by the industry lobby Assocham.
Uttarakhand (28.3 %), Bihar (22 %), Rajasthan (20.2 %), Jharkhand (15.5 %), Karnataka (15.3 %), Chhattisgarh (13.7 %), Gujarat (12.5 %), Madhya Pradesh (11.7 %), Andhra Pradesh (11 %) and Orissa (9.8 %) are certain states where the rate of growth of projects in the implementation stage has gradually declined.
(Sources: Economic Times, Yahoo News, Times of India, Indiatimes)
Govt to impose 5% customs duty on power equipment
India will shortly impose a 5% import duty, 10% countervailing duty (CVD) and 4% special additional duty (SAD), taking the total to 19% on power generation equipment in a move that will benefit domestic firms including Bharat Heavy Electricals Ltd (BHEL) and Larsen and Toubro Ltd (L&T) that have been lobbying with the government to limit imports.
That duty structure will apply only to the so-called mega projects, or those generating at least 1,000 megawatts (MW).
For non-mega projects, the overall duty will increase to 21%—5% import duty, 10% CVD, 2% excise duty and 4% SAD.
(Sources: Business Standard, Livemint, Moneycontrol, Economic Times)
Enigma Auto launches three electric scooters in India
"With rising fuel prices, the demand for electric mobility solutions is rising day by day. We are expecting to sell 20,000 units of these three two-wheeler models in the first year," Enigma Auto Chief Executive Officer Arun Kumar Upadhyay told reporters.
The company is importing about 50 % of the component from Taiwan, he added. The company is also planning to introduce electric three and four wheelers in the future. The company currently has 18 dealers and is expanding it to 100 by the end of 2013.
(Sources: Indiatimes, Economic Times, Financial Express, Indian Express)
Hindustan Construction among 10 global companies for green initiative
Mumbai-based infrastructure major Hindustan Construction Company has got the rare distinction of being the only Indian company to feature in the Climate Report released by the UN Global Compact and UN Environment Programme.
A $ 1.45 billion entity, the HCC group has built nearly 25 % of India's hydel power projects, 50 % of nuclear power generation capacities, over 3,100 km of expressways and highways, over 200 km of tunnels, over 325 bridges and other landmark projects, including the Lavasa hill city near Pune.
(Sources: Economic Times, Indiatimes, Worldnews, i4u, Yahoo News)
Sensitive item imports crossed $ 17.82 billion in FY12
Import of sensitive items, including fruits, vegetables and edible oils, for the first time has crossed $ 17.82 billion during 2011-12, contributing to rising trade deficit.
Items such as food grains, automobiles, milk and beverages fall in the sensitive category and the import of these goods are monitored by the government to see if there is any adverse impact on the domestic industry.
Imports of sensitive items from Indonesia, China, Malaysia, Germany, Argentina, Korea, USA, Japan, Thailand, Canada, Myanmar, UK, Australia, have gone up while those from Brazil have gone down.
The country's total imports in 2011-12 increased by about 40 % to $ 418 billion, leaving a trade deficit of $ 158 billion.
(Sources: Economic Times, Zeenews, Hindu Business Line, Worldnews)
Economic Section
Royal Thai Embassy