สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 31 ตุลาคม 2556
Govt. owned ports to get freedom to set market rates for service
The trusts that run the 12 ports owned by the Union government will have the flexibility to raise rates for services every year based on market conditions if they adhere to certain performance standards, according to plan being worked out by the shipping ministry. Currently, rates charged by these trusts for cargo and vessel-related services are worked out on basis of a guideline framed in 2005. According to the proposal each of the 12 port trusts will be allowed to rework their base rates to the extent needed for meeting their annual revenue income. The annual revenue requirement will be the average of actual expenditure in the past 3 years plus a 16% return on capital employed, which includes net fixed assets, working capital and capital work in progress. The port trusts will be allowed to seek a 15% hike on the indexed reference or ceiling rate every year from tariff authority for Major ports if they meet the excellent grading mentioned in the result framework document of the shipping ministry. The new rate regime proposed for port trusts will continue to follow the cost-plus model prescribed by the 2005 guideline. The 2005 guideline allows only 50% of the excess revenue to be retained by the port trusts. The balance 50% is passed on to the customers of the port trusts in the form of lower rates in the subsequent/next tariff cycle. A spokesperson of the Cochin Trust Port welcomed the move saying it will help the government owned ports compete better against private operators.
(Source: Live Mint)
Pharma purchase policy gets green light from govt.
The government on Wednesday approved a policy for procuring medicines produced by Central PSUs (Public Service Undertaking), a move which aims at optimum utilization of such units while ensuring availability of medicines at lower prices. The policy will be applicable to 103medicines for 5 years and will be consumed by Central government departments, PSUs and autonomous bodies. The renewal of the policy is aimed at insuring optimum utilization of the installed capacity of the pharma CPSEs (Central Public Sector Enterprise) and also ensure availability of quality medicines at low prices to the masses. The pricing of the drugs will be done by the National Pharmaceutical Pricing Authority (NPPA) using the cost-based formula as mentioned in the Drugs Price Control Order ,95.A uniform discount of 16% would extend to all products, all taxes whatsoever would have to be passed on to the buyers.
(Source; Financial Express)
India third worst in resolving commercial feuds: Report
It takes nearly 4 years on an average to resolve a commercial dispute in India, making the country the world’s third worst nation on this front, whereas in Singapore the world’s best place to do business it takes just 5 months to resolve a commercial dispute. A separate report said that in India it takes 1420 days to resolve commercial disputes hence placing it at the 186th spot in terms of enforcing contract among 189 countries. The report released by the World Bank and International Finance Corporation ranks countries on the basis of 10 factors, including enforcing contracts that look at how efficiently commercial disputes are resolved through courts.
(Source: Financial Express)
Delays in Security Nods may become a thing of the Past soon
Delays in security clearance, a major bugbear of industry, could be close to being resolved. The government is moving to streamline security clearance procedures possibly by adopting guidelines issued by Ministry of Shipping in January this year. Cabinet Secretary Ajit Seth will meet secretaries of infrastructure and industrial projects. PM Manmohan Singh last year identified delays in security clearances to port projects as a major bottleneck for the infrastructure. This resulted in the Shipping Ministry issuing guidelines this January that stipulated a 12 week deadline for security agencies to clear bidders for port infrastructure projects. Once the clearance comes through, it will remain valid for 3 years unless there is a change in shareholding partners. Security clearance for bidders takes over 6 months to a year, but after things have started moving in the port sector following the Ministry of Shipping Guidelines, it has been decided by the government to streamline the security clearance procedure in respect of all sectors on the pattern of the guidelines of shipping sector.
(Source: The Economic Times)
