สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 29 กุมภาพันธ์ 2555
Levy higher duties on power equipment imports: Commerce Department
The power ministry wants to protect existing ultra mega power projects (UMPPs) from the proposed duty hike on imported power equipment whereas the commerce department stands against it.
The commerce department wants import duties on all power equipment imports without any exemptions. The Government proposes to levy Customs duty on import of power equipment with more than 1,000 megawatt capacity.
At present, power generation equipment for projects below 1,000 MW bears a duty of 5 % while there is nil duty on equipment for projects over 1,000 MW. The duty hike is being considered to help domestic equipment manufacturers. There is speculation that the Cabinet Committee on Economic Affairs will consider the proposal this week.
(Source: Economic Times, Hindu Business Line, Moneycontrol.com)
India seeks $ 2.5 billion auctioning ONGC stake to close budget shortfall
After failing to meet a revenue target from public offerings, India plans to raise $ 2.5 billion by auctioning a stake in Oil & Natural Gas Corporation (ONGC).
India's stock market posted its first annual fall in three years in 2011, losing nearly 25 percent. Shares in ONGC, the second-largest listed firm in India by market value, fell 20 percent in the same period.
The Securities & Exchange Board of India (SEBI) said last month that it would allow shareholders of the country's top 100 companies by market value to raise funds by auctioning their stakes through stock exchanges.
The sale of ONGC shares is part of the Indian government's divestment programme and other state-run companies in which it plans to reduce its holding includes Bharat Heavy Electricals Limited (BHEL) and Steel Authority of India (SAIL). Unlike earlier divestments, retail investors will be kept out of this sale. The auction is open only to institutional investors.
(Source: Bloomberg, Reuters India, Economic Times, Business Standard)
Kudankulam row: Cases against NGOs; German expelled
The crime branch of Tamil Nadu Police and CBI have registered cases against four NGOs for allegedly diverting funds to fuel protests against the Kudankulam Nuclear Power Project (KNPP).
The action came days after Prime Minister Manmohan Singh had stated that non-governmental organisations have received support from abroad for leading protests against the much- awaited nuclear power plant. Bank accounts of the four NGOs have been frozen after an inquiry conducted by the Home Ministry.
Sonnteg Reiner Hermann (49), against whom a 'look-out notice' was issued by the Home Ministry, was detained by the police monitoring the anti-KNPP protests after they were alerted by central intelligence agencies.
The Nuclear Power Corporation of India Limited (NPCIL) had completed two 1,000 MW atomic power reactors with Russian collaboration at Kudankulam in Tirunelveli district, around 650 km from Chennai.
However, villagers in Kudankulam, Idinthakarai and nearby areas began a stir just week before the commissioning of the plants, citing the Fukushima accident to claim that the plant would endanger their lives.
(Source: Economic Times, ZeeNews.com, Newspolitan)
Economic Section
Royal Thai Embassy
