สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 22 มีนาคม 2556
Bihar sanctions $ 55.20 million subsidies and tax rebates to woo investors
The state government has sanctioned $ 55.20 million for industrial subsidies and tax rebates for investors. Majority of this amount will be spent on the capital subsidies and exemptions of duties and tax.
The amount is almost equivalent to current fiscal's allotment for the industrial subsidies. Till date the state government had provided $ 36.78 million subsidies to the entrepreneurs. Out of this, $ 18.40 million had been provided to food processing units as capital subsidy. Rest of the amount was allocated for electricity duties and other tax exemptions. The state provides 35 % of the total project cost as capital subsidies for food processing units. It also provides 80 % reimbursement of VAT for 10 years under the enterprise promotion programme.
(Sources: Business Standard, Hindu Business Line, Smart Investors, IBNLive, Worldnews)
Gold imports likely to be high this year
The government’s move to raise the import duty on gold to reduce imports of the commodity might not yield the desired results. Early indications from the World Gold Council (WGC) showed imports in the quarter ending March were high. Also, imports this year are likely to be high, as auspicious gold-buying occasions this year would be 20 % more than last year, WCG has said.
This year, WGC expects India’s gold demand to stand at 865-965 tonnes. Last year, it was 864.2 tonnes.
Since India doesn’t produce gold, the demand is met through imports. Only a small portion of the demand is met through recycled gold. Last year, gold imports stood at 864 tonnes, while recycled gold stood at 117 tonnes.
(Sources: Economic Times, Indiatimes, India Everyday, News BCC, Hindu Business Line)
Scrap import to go up 25% in FY13
Steel companies' reliance on imported ferrous scrap has increased in recent years due to a shortage of high-grade iron ore (lumps) and their avoidance of low-grade ore (fines), to save on additional conversion cost.
Data compiled by the Metal Recycling Association of India (MRAI) forecasts India's ferrous scrap import to set a record at 7.5 million tonnes in 2012-13, almost 25 % more from the previous year and a sharp 50 % jump from 2010-11.
(Sources: Economic Times, Indiatimes, India Everyday, Reuters India, Worldnews, Moneycontrol)
India's February steel production marginally down at 6.2 MT
India's steel production was down 0.5 % at 6.2 million tonnes (MT) in February, although the global output was in the positive terrain.
India, the fourth largest steel maker in the world, had produced 6.229 MT steel in February last year, World Steel Association (WSA) data has revealed.
China's production at 61.8 MT was nearly 10 times higher than India and almost half of world's total production of 123 MT in February this year.
The growth in production in China was 9.8 % higher over the same month last year. Globally, production grew by 1.2 % during the month.
Japan produced 8.3 MT steel, while South Korea's output stood at 5 MT.
(Sources: Economic Times, Indiatimes, India Everyday, Reuters India, Worldnews, Moneycontrol)
IKEA investment proposal likely to get nod in a week
Swedish furniture major IKEA's $ 1.93 billion investment proposal is expected to be approved in a week. The Department of Industrial Policy and Promotion will move the proposal for the consideration of the cabinet committee of economic affairs next week.
"This investment has a huge potential not only of creating employment but also integrating Indian industry with global value chains," Commerce and industry minister Anand Sharma told ET.
The Foreign Investment Promotion Board (FIPB), the inter-ministerial body that vets all foreign investment proposals, had cleared the proposal on January 21.
But the proposal needs CCEA's endorsement as it involves investment of over$ 221 million.
(Sources: Economic Times, Indiatimes, News BCC, Indian Express, Worldnews, IBNLive, NDTV)
Food processing sector got $ 1.14 billion FDI in less than 3 yrs
Foreign investors have invested $ 1.14 billion in India's food processing industries (FPIs) in a little less than four (rpt) four years ending 2012, Parliament was informed today.
India allows 100 % FDI in food processing sector. Foreign firms do not require government's approval to start business here. Moreover, they can take advantage of the development schemes offered by the government.
During the 11th Plan Period, the government had launched a mega food parks scheme for the development of FPIs and has approved 30 such projects so far.
(Sources: Economic Times, Indiatimes, Smart Investors, India Everyday, Worldnews, Moneycontrol)
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