Economic growth in FY'13 to fall below potential: RBI
The Reserve Bank today said economic growth in 2012-13 is likely to fall below the revised potential of 7.5 % due to a host of global and domestic factors.
The central bank suggested some quick-fixes to the policymakers that will help revive the sagging growth pace.
"Removing constraints on FDI (foreign direct investment) and improving the investment climate by moving quickly to address bottlenecks in the infrastructure space are important," it said.
(Sources: Economic Times, Worldnews, Moneycontrol, Business Standard)
Poor monsoon to slow GDP to 6-6.5%: Deloitte
Global consultancy firm Deloitte today said India's economic growth will remain moderate in the coming quarters and expects GDP to be under 6.5 %, citing poor monsoons and the sticky inflation.
However, this is still not the lowest projection, as many other agencies have pegged GDP growth below 6 % with Morgan Stanley pegging it at 5.3 %.
In addition, the economy confronts a host of supply- side bottlenecks that have led to considerably higher inflation. Inflation remains high, indicating that structural macroeconomic factors might need to be addressed rather than simply relying on monetary policy," it said.
(Sources: Economic Times, Indian Express, Moneycontrol, IBNLive)
Exports from SEZs up 64% to $ 21.29 billion in April-June
Exports from special economic zones (SEZs) grew by 64 % year-on-year to $ 21.29 billion during the April-June period, Export Promotion Council for EOUs and SEZs (EPCES) said today.
Out of 588 approved SEZs, or export hubs, 386 are notified and only 158 are operational.
However, these tax-free enclaves have lost sheen after imposition of certain levies and proposal to take away tax incentives.
The government had imposed Minimum Alternative Tax (MAT) and Dividend Distribution Tax (DDT) on SEZs in 2010-11, which were earlier exempted from almost all levies.
(Sources: Economic Times, Worldnews, i4u, IBNLive, Indiatimes)
JK Tyre eyes rubber plantations in South-East Asia
JK Tyre and Industries Ltd is looking to buy rubber plantations in Malaysia, Thailand and Indonesia, vice-chairman and managing director Raghupati Singhania said in Kolkata on Monday.
The company, which has for years been the leading Indian maker of truck and bus radial tyres, currently buys all the rubber it consumes—70,000 tonnes a year—Singhania said. JK Tyre wants to source at least 15% of its rubber requirement from its own plantations.
(Sources: the Hindu, Business Standard, Livemint, Hindu Business Line)
Govt rejects panel stand on land acquisition for public-private projects
The much-awaited land acquisition Bill seems to be in jeopardy with the Congress-led United Progressive Alliance (UPA) government rejecting a parliamentary standing committee’s suggestion the government should not acquire land for public-private-partnership (PPP) projects.
But it has accepted that land procured for special economic zones (SEZs) and some defence projects cannot be exempted from the purview of a land acquisition Bill and promised to amend other laws pertaining to purchase of land for infrastructure, mining and power projects.
(Sources: Livemint, Times of India, Indiatimes, Tribune India, NDTV, Yahoo)
Maharashtra Govt cancels 4 SEZs over land acquisition
The Maharashtra government on Monday cancelled four major Special Economic Zones (SEZs) proposed by large business houses — Mahindra, Videocon and India Bulls — after having failed to acquire land for the multi-purpose projects.
The decision was taken in the board meeting of Maharashtra Industrial Development Corporation (MIDC) on Monday as land acquisition hurdles proved to be the major hindrance in starting the projects. These projects were proposed between 2007 and 2008 and were to be completed as joint ventures with MIDC.
Maharashtra’s track record with SEZ is pretty dismal with only 64 of the 103 formally approved SEZs and 16 with in-principle approved SEZ being notified.
(Sources: Indian Express, the Hindu, Economic Times, Financial Express)
India's wine exports may touch $ 18 million by 2015: Anand Sharma
India's wine exports are expected to quadruple to $ 18 million by 2015 on the back of increasing production, Commerce and Industry Minister Anand Sharma on Monday said.
Currently, the country's wine export is about $ 4.5 billion. Sharma said that vineyards are increasing in the country and simultaneously the production is growing.
The Indian wine industry has been around for a little over four decades and is still in a nascent stage. There are about 90 wine industries, mostly located around the Pune-Nashik belt and Bangalore.
Experts, however, see a huge potential in the sector for all stakeholders - from grape farmers to consumers.
(Sources: Economic Times, Worldnews, i4u, Hindu Business Line)
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