สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 4 พฤศจิกายน 2556
Govt cuts import tariff on gold, hikes silver
The Government on Friday slashed the import tariff value of gold to $440 per 10 grams and raised it on silver to $738 per kg, in line with global prices of the precious metals. The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. The tariff value on imported gold was hiked two days back to $442 per 10 grams, while it was kept unchanged at $699 per kg for silver. Normally, the import tariff value is revised on a fortnightly basis. The sudden revision has taken place in view of volatility in the global prices. The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC), an official statement said. Apart from precious metals, tariff value on imported brass scrap has been slashed to $3,840 per tonne from $3,933 per tonne maintained till Thursday. Import tariff value on crude soyabean oil has been increased to $1,006 per tonne from $952 per tonne and tariff value on RBD palmolein has been raised to $900 per tonne from $869 per tonne in the review period. The import tariff value on gold and silver has been changed taking cues from the global market. In
(Source: Live Mint)
Gold import will remain compressed in 2013-14: Finance Minister P Chidambaram
Unfazed by spurt in gold import in October, Finance Minister P Chidambaram today said the inward shipment of the precious metal will remain severely compressed in the current fiscal. Gold imports rose to 23.5 tonnes in October from 11.164 tonnes in September. Gold imports in July and August stood at 47.75 tonnes and 3.38 tonnes respectively. In 2012-13 fiscal, gold imports stood at 845 tonnes. Chidambaram said with the decline in gold import and improvement in exports, the CAD in the current fiscal would be contained at USD 60 billion, lower than USD 88.2 billion in 2012-13. High gold imports was one of the main reasons that pushed CAD - the difference between the inflow and outflow of foreign exchange - to a record high of 4.8 per cent of GDP, or USD 88.2 billion, in the previous financial year. The government has hiked import duty on gold to 10 per cent in third revision this year in a bid to curb the surging imports and burgeoning CAD. CAD for April-June was USD 21.8 billion or 4.9 per cent of GDP.
(Source: Financial Express)
On Diwali eve, Finance Minister P. Chidambaram urges industry to invest more
The Finance Minister Mr. P Chidambaram promised further government efforts to prop up growth by clearing more stalled projects and giving a boost to the manufacturing sector. He said the government will try to get the long-pending insurance amendment Bill, which seeks to raise foreign direct investment cap in the sector to 49% from 26%, passed in the forthcoming winter session of Parliament. The draft amendments to the proposed Direct Taxes Code have been finalized and would be placed before the Cabinet for approval soon, he added. Citing trade data, Chidambaram said that the 5.14% surge in exports in the first half of the fiscal and a 1.8% contraction in imports have led to the trade deficit in the April-September period easing to $80 billion from $92 billion in the same period a year ago. He also said that foreign investors have retained their confidence in the Indian economy. The government is resolved to extend full support to new investment proposals and that if anyone encounters any difficulty, it will be addressed, he said. Out of a total 344 stalled projects, the government has so far cleared 99 projects that entail a collective investment of Rs 3.67 lakh crore in the last six months. The 16.8% growth in gross bank credit also indicated that demand for funds is picking up. Chidambaram said the RBI has now withdrawn all liquidity tightening measures and what is in force now was a normal monetary policy.
(Source: Financial Express)
Govt. puts its foot down on imported food labeling
Even as many imported food items continue to perish at several ports across the country and companies are opposing the Food Safety and Standards Authority's (FSSAI) directives blocking consignments of packaged foods over labeling issues, the government maintains that it cannot compromise on standards, especially when it concerns the health of people. FSSAI - the regulatory agency under the health ministry that supervises import of food items to ensure quality - has blocked several consignments of packaged food, citing tougher labeling requirements, arising from a new law, the Food Safety and Standards Act of 2006, that came into force in 2011. The primary reason of the dispute is that while companies often use stickers on imported products to specify certain information that are mandatory in India, the food regulator insists that it is essential to have printed product information on packs shipped to the country. As per the food law in
(Source: Business Standard)
