สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 21 พฤษภาคม 2555
Gold jewellery imports may attract 4% countervailing duty
The finance ministry is considering levying 4 % countervailing duty (CVD) to protect the domestic gold jewellery industry from the glut of ready-made ornament imports through Thailand.
Import of gold currently attracts a levy of 4 % and around 0.75 % of administrative cost incurred at banks, taking the total cost of import to 4.75 %. Against that, import of ready-made gold ornaments from Thailand attracts just 1 % duty, as India has signed a Free Trade Agreement (FTA) with the country. The significantly lower import duty on finished products has lured Indian jewellers to opt for import of ready-made gold ornaments from Thailand.
However, import of ready-made ornaments will not only hit the domestic gold jewellery manufacturing sector, but also threaten the job security of artisans in this industry. The proposed CVD equivalent to the import duty, however, will help reduce import of ready-made jewellery from Thailand, as import of gold jewellery under FTA will now attract 5 % overall duty (4 % CVD plus 1 % customs duty) as against the 4.75 % currently levied.
(Source: Business Standard, Times of India, Indiatimes)
Odisha plant to be ready by early FY14: Tata Steel
Private steel producer Tata Steel is hopeful of completing the first phase of its project at Kalinganagar in Odisha by the early part of the next financial year.
Chief financial officer Koushik Chatterjee said the company had a capex plan of $2.5 billion in the current financial year, mainly on account of the Odisha project.
The company, the world's seventh largest steel maker, has already invested $ 2.02 billion in the new plant. It expects to receive coking coal from its Benga mines project in Mozambique by next month. The Benga mines project, a joint venture between Tata Steel and Riversdale Mining of Australia, is operational now and coal produced from this project will be utilised by Tata Steel's Europe and Asian operations.
(Source: Economic Times, Business Standard, Times of India)
Steel demand seen rising 7.5-8 per cent this fiscal
Despite an uncertain global economic environment and a slowdown in the domestic economy, steel demand is likely to clock a 7.5-8 per cent growth in the current financial year, analysts and officials say.
The domestic demand for the alloy has been growing at near double-digits in the recent past, prompting companies to expand capacity.
It has also attracted foreign steel makers like ArcelorMittal and Posco to set up units here. The country, which has nearly 80 million tonnes per annum of installed capacity, will be among the emerging economies to drive demand of steel globally this fiscal, according to Tata Steel.
(Source: Economic Times, Hindu Business Line, IBNLive, Worldnews)
TVS Motor, Sundaram Clayton to invest $ 141.50 million near Bangalore
TVS Motor and Sundaram Clayton Limited (SCL), parts of the $5 billion TVS Group, together are planning to invest around $ 141.50 million in their facilities at Hosur, near Bangalore, in Tamil Nadu. A memorandum of understanding (MoU) to this effect is expected to be signed with the Tamil Nadu government shortly, according to sources.
SCL is one of the largest auto components manufacturing and distribution group in India. It is a leading supplier of aluminium die castings to the automotive and non-automotive sector.
Recently, the company said it had received new orders from companies like Daimler and that the new orders accounted for 10-12 % of its business. SCL has one plant at Hosur and two in Chennai.
(Source: Business Standard, i4u, Samachar)
Jharkhand fisheries sector achieves breakthrough in fish production
The fisheries sector in Jharkhand has been witnessing a phenomenal growth after Jharkhand became a separate state bifurcating Bihar in 2000. When in 2001-02, the production of fish in the state had been only 14,000 metric tones. In 2010-11, eighty government fish firms produced 71,886 metric tones. The department of fisheries aims to produce fish of 1, 40,000 tones during 12th plan.
It may be mentioned that Jharkhand is predominantly an agriculture state. An estimated 1, 35,000 fishermen in Jharkhand traditionally depend on fisheries and the activity provides secondary source of income and employment to all these rural households.
(Source: Business Standard, Indianews24, Hindu Business Line)
Power project: Uttarakhand for JV with Jharkhand
The state-run Uttarakhand Jal Vidyut Nigam (UJVN) Ltd is looking for an opportunity to set up a 2,000-Mw plant in Jharkhand with an investment of $ 2.20 billion.
Uttarakhand chief secretary Alok Kumar Jain also wrote a letter to the union coal ministry, requesting for allocation of coal blocks.
With the hydropower sector taking a beating owing to closure of a series of big hydel projects, the UJVN, having an installed capacity of 1,306.25 Mw, has already entered into a joint venture with GAIL to set up two gas-power plants at Kashipur and Haridwar.
(Source: Business Standard, Indiatimes, , Indianews24)
Economic Section
Royal Thai Embassy
