Supreme Court's excise duty ruling throws automobile makers off gear
Makers of consumer goods looking to capture market share by pricing their products below cost may find their options limited by a recent Supreme Court judgement that allows the excise department to collect tax at the 'normal price' of the product, based on cost of production, even if the selling price is lower.
The outcome of the order could potentially impact a range of sectors, from consumer goods to pharmaceutical and even the oil marketing companies besides automobiles.
(Sources: Economic Times, Indiatimes, Times of India, i4u, Zeenews, IBNLive)
Pavers England to buy out Indian franchise partner
UK-based footwear retailer Pavers England will buy out its franchise partner, Chennai-based Triton Retail, as it gets ready for solo journey in India following government's approval of its proposal to invest $ 18.60 million in single-brand retail.
The company at present runs 30 stores in different cities in India through Triton Retail. Last week, Foreign Investment Promotion Board (FIPB) had approved the company's FDI proposal and it is looking to expand its point of sales to 500 in the next two years.
(Sources: Business Standard, Economic Times, Indiatimes, NDTV, the Statesman)
Delhi government saved $ 5.58 billion by privatising power sector: Report
The privatisation of power sector in Delhi has been very successful and it has resulted in saving of around $ 5.58 billion by the city government in last ten years, a report has said.
The report by SBI Cap Securities on the power sector came amid an outcry over hike in power tariff in the city by nearly 50 % in the last one year.
The report, which examined health of power sector in a number of states, complimented Delhi government for initiating reform in power sector in 2002 and said the "Delhi model" proved "effective" and has been a boon for all stakeholders.
(Sources: Business Standard, Economic Times, Indiatimes, Hindu Business Line, NDTV, the Statesman)
India invites Swiss companies to invest in infrastructure sector
India has invited Swiss companies to participate in the development of its infrastructure sector that is projected to see investments of around $1 trillion over the next five years.
The development of the roads sector alone is expected to attract investments worth $ 70 billion in India.
(Sources: Economic Times, Indiatimes, Hindu Business Line, Press Trust of India)
TN aims to generate 3000 Mw solar power
The state government has announced Tamil Nadu Solar Energy Policy 2012, envisaging generation of 1,000 Mw of solar power each year from 2013 to 2015, setting up of solar energy parks along with incentives for solar power producers and equipment manufacturers.
With the aim to generate 3,000 Mw of solar power in the next three years, it has also made rooftop solar panels mandatory for new buildings of government and local bodies.
Under the policy, the government would support domestic consumers, who propose to install solar panels on rooftop of their buildings. Big industries and customers of high tension electricity should utilize certain percentage of their power consumption from solar energy, chief minister J Jayalalithaa stated in a release.
(Sources: Business Standard, Times of India, Indiatimes, Indian Express, Yahoo News)
RBI softens stand on FDI with in-built options, proposes one year lock-in period
The Reserve Bank of India has considerably softened its stand on foreign direct investments that have in-built options, settling for a one-year lock-in on such investments as opposed to three years it wanted earlier.
The compromise solution will help government put in place a policy that should address concerns of potential overseas investors, and end the uncertainty over the investment proposals that the RBI had refused to clear.
(Sources: Economic Times, Worldnews, India Business Brief, Indiatimes, Yahoo News)
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