Monsoon in India set to be worst in 3 yrs
Monsoon, which brings more than 70 % of India’s rain, is set to be less than normal in the whole season for the first time in three years, hurting crops and boosting food costs in the country.
Prime Minister Man Mohan Singh is betting on sufficient rain to harvest record amounts of food grain for a third year to cool inflation that exceeded seven per cent for a fifth straight month in June. Less than normal rain may curb exports of rice, wheat, sugar and cotton and increase imports of cooking oils. The country is the world’s second-biggest grower of wheat, rice and sugar, and the largest buyer of palm oil.
(Sources: Business Standard, NDTV, Bloomberg, Times of India)
Govt moots master plan to revive investor sentiment
In order to revive investor sentiment, the central government is set to come up with some confidence building measures soon. While various ministries are framing a master plan to create a “hassle-free” business climate, the corporate affairs ministry is working on a business index to rate industry performance.
Speaking to industry representatives, Corporate Affairs Minister Veerappa Moily hoped these measures and the steps, the Prime Minister was taking, on the economic front — regarding General Anti Avoidance Rules (GAAR) and taxation —will drive the economy back on track in the next two to three months.
(Sources: Business Standard, Worldnews, i4u, Hindu Business Line, IBNLive)
Less job creation in SMEs of Gujarat: Study
A study by the Associated Chambers of Commerce and Industry of India (Assocham) on Tuesday claimed that Gujarat was among the states that created fewer jobs in the small and medium enterprises (SME) sector in the last one year.
The top state with highest number of employment created in the given period was West Bengal with over 43,000 jobs.
The analysis and ranking is based on factors such as number of SMEs assisted, utilisation of margin money and estimated employment generation during the period under consideration.
(Sources: Business Standard, Worldnews, Zeenews, Hindu Business Line)
Hero MotoCorp to set up R&D centre in Rajasthan
India's largest two-wheeler manufacturer Hero MotoCorp today said it would soon set up an integrated state-of-the-art research and development centre in Rajasthan.
The plant at Kukas in Jaipur, would be the largest two-wheeler R&D centre in the country, Hero MotoCorp said in a statement.
(Sources: Business Standard, Economic Times, Indian Express, Hindu Business Line)
Power plants to use only quality, washed coal: Environment Ministry
Power plants in urban and industrial areas can use only washed coal that is less polluting. The environment ministry has issued stringent notification effective from January 1, 2014 on quality of coal used for power generation.
"With a growing concern over ambient air quality, public health, the use of cleaner coal and clean coal technologies is required," the notifications said.
(Sources: Economic Times, Worldnews, Indiatimes, Moneycontrol)
West Bengal government to sign a land deed agreement with JSW Steel
West Bengal government is slated to sign a land deed agreement with JSW Steel for the company's proposed steel cum power unit in Salboni in West Midnapore in the next 2-3 weeks. State industry minister Partha Chatterjee said the draft for the land lease agreement has been finalized and the agreement will be signed around August 9 -10, this year.
The project has been dogged by delays in the last five years due to downturn in steel market, despite JSW completing acquisition of land. The project location and its proximity to area dominated by Maoists earlier also hampered its progress.
After several rounds of discussions with the company officials on the land issue, the government finally gave its nod to the project.
(Sources: Business Standard, Economic Times, Rediff, Yahoo, IBNLive)
Government approves 14 FDI proposals worth $ 282 million
The government has approved 14 foreign direct investment proposals worth $ 282 million, including $ 40 million investment in the Indian operations of Asian equity research firm CLSA, the finance ministry said on Tuesday.
FDI inflows in the country in 2011-12 were $ 36.50 billion.
(Sources: Economic Times, NDTV, Moneycontrol, Hindu Business Line, IBNLive)
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