GDP beats estimates with 9% growth on farm boom
THE economy has been growing faster than you thought — the country’s gross domestic product (GDP) hit 9% in 2005-06 against the advance estimates of 8.4%. What’s more, the growth has been propelled by a robust growth in agriculture that grew 6% against the estimated target of 3.9%. GDP growth ... |
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IT dept lines up incentives for SMEs
Small and medium enterprises (SMEs) may soon become investment hot spots in the IT segment. The department of information technology (DIT) has recommended a slew of measures, including fiscal incentives, to encourage growth and development of SMEs. To encourage SMEs to create their own products, the ... |
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Manufacturing growth slows in Dec: PMI
India’s manufacturing sector expanded at its slowest pace in five months in December as a slew of monetary tightening measures started to bite, dampening blistering demand and easing price pressures. The seasonally-adjusted Purchasing Managers’ Index (PMI) fell to 56.6 in December from 58.9 in N ... |
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‘Developing nations to drive growth’
While projecting a moderation in growth rates in India and China during 2007 and 2008, the World Bank has said that the next 25 years belonged to the developing world, which would drive global growth resulting in higher income levels.
The World Bank’s Global Economic Prospects 2007 said the pace ... |
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India, Japan to go for greater flow of trade
India does not want to restrict its strategic relationship with Japan to just a bilateral Comprehensive Economic Partnership Agreement (CEPA), which is round the corner, but use it as an engine of growth for an eventual Asian Economic Community (AEC).
The ambitious AEC may be unrealistic at this po ... |
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India sees FTA with Gulf Arab nations by end ‘07
India expects to sign a free trade deal with Gulf Arab nations by the end of 2007, minister of commerce and industry Kamal Nath said on Friday. He said India, which is negotiating a free-trade agreement (FTA) with the six-member Gulf Cooperation Council (GCC), was keen on attracting Arab investment ... |
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Inflation falls 15 basis points to 5.3%
THE capital markets seem to be adjusting to the inflation rate of 5% plus. The 10-year bond yield closed flat at 7.39 % from the previous close on Friday, as the market was expecting a higher rate for the week-ended November 25.Instead, the WPIbased inflation while continuing to exceed the 5% mark, ... |
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SBI ups deposit rates by 0.75% Lending Rates May Also Go Up
THE country`s largest bank, State Bank of India, has raised deposit rates by as much as 75 basis points — a move that will increase its cost of funds. The rate hike, which is on all deposits over one year, may also cause lending rates to move up.
The bank is also targeting bulk deposits and has o ... |
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Trade war: China trounces India 4-1
China has trounced India 4-1 in trade in the first 10 months of this year. It has notched up a trade surplus of $3 billion against India as compared to a trade deficit of $946 million that it suffered in the same period in 2005.
Chinese exports to India shot up 61% to reach $11.58 billion in that p ... |
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FIPB, CCEA open realty doors for foreign venture capital investors Around $12 Billion Entering India
THE Reserve Bank of India (RBI) may have shut the doors on foreign venture capital funds trying to put money in real estate, but international investors have found a way out to overcome the regulatory hurdle. These foreign investors are getting their investments directly approved from the foreign in ... |
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Cut Customs peak to 12.5%, CII tells govt
Industry chamber CII on Sunday asked the government to rationalise all Customs duties to the peak rate of 12.5%. CII, in its pre-Budget memorandum to the finance ministry, has said that several product categories continue to attract significantly high duty rates, ranging from 15% to 150% despite the ... |
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End-use inputs may attract Customs BUDGET 2007 LIKELY TO RING IN MORE SOPS
CUSTOMS exemptions on inputs for end-use manufacturers is all set to be removed for most products in the coming fiscal. The finance ministry, which had invited comments on a list of exemptions which it proposed to remove next year, is now largely convinced that most exemptions have outlived their us ... |
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Inflation at 5.45%
Rising prices of essential food items pushed up inflation measured by wholesale price index to 5.45% for the week ended November 18 — the highest in 18 months — and putting further pressure on government.
While government and RBI appeared confident that inflation would stay within the 5-5.5% ba ... |
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India calling: Tourist arrivals up 13% since Jan
India is emerging as the hottest destination for both business and leisure travellers. Delhi, Mumbai, Bangalore, Jaipur, Goa and Agra remained the favourites of foreign travellers. Since January 2006, 30,61,446 foreign tourists visited India, up 13% compared to the same period last year, according t ... |
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Economy clocks 9.2% growth in Q2 First Half Records Highest GDP Growth Rate Of 9.1%
THE economy grew by 9.2% in the July-September quarter (Q2) and 9.1% during the first half of the current fiscal. This is the highest growth rate registered by the economy since the first quarter of 1996-97, when the CSO started compiling quarterly GDP data.
Commenting on the GDP figures released o ... |
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British companies to have closer links with India: Brown
• LONDON: Chancellor Gordon Brown, widely tipped to be Britain’s next Prime Minister, has called upon British companies to forge closer links with India and China. Speaking at the Confederation of British Industry’s interactive conference here, Brown said that small- and medium-sized firms in ... |
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Wal-Mart has its team ready for India debut
IF YOU are expecting the Bharti-Wal-Mart partnership to trigger high-voltage poaching of some marquee names, you may be in for a surprise. The world’s largest retailer is likely to fill crucial slots with its own men, largely expats. As a top industry executive pointed out, “Wal-Mart does not ne ... |
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For ’06-’07, growth seen at 8.5%
For ’06-’07, growth seen at 8.5%
As Indian economy shines, most economists are betting on 8-8.5% growth during 2006-07, while RBI has forecast around 8% growth.
A beaming FM P Chidambaram refused to enter into the prediction game. ‘‘There are no limits to my expectations. Just savour the ... |
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Punjab okays 25 mega projects
The empowered committee, which met on Thursday under the chairmanship of chief minister Amarinder Singh, has approved 25 new mega projects worth Rs 7,112.40 crore comprising 22 industrial and three housing and township ventures with an employment potential for about 1,35,710 persons.
A spokesman of ... |
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Govt fails to oil wheels of auto spares juggernaut
THE Indian auto components industry is the toast of the world today thanks to the audacious global forays of some ambitious entrepreneurs. Outsourcing deals from both international and national automobile majors coupled with incentives from the government has boosted the industry. But the same can†... |
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India, China target $40bn trade by 2010
For all the friendly vibes between India and China, there was little movement on the boundary dispute on Tuesday. During their talks, PM Manmohan Singh informed Hu Jintao that India was unwilling to concede territory in the eastern sector. The two sides are now looking for suitable dates for the nex ... |
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CASES WITH EVASION OF OVER Rs 10-LAKH TO FEEL THE HEAT Excise evaders may lose cenvat credit, monthl
EXCISE evaders beware! The government is planning to withdraw facilities like availability of cenvat credit and monthly payment of duty from manufacturers who deliberately evade excise duty. However, the measures would be taken only in the cases where the duty evasion is Rs 10 lakh or more.
The pen ... |
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WIPRO, TECH MAHINDRA, E-SYS SET TO START CONSTRUCTION Chandigarh tech park phase II to see activity
WIPRO, Tech Mahindra, E-Sys and Bharti will begin construction in Phase II of the Chandigarh Technology Park. However, bottlenecks of hightension power lines and road construction still remain a deterrent for the major players.
On September 28, Phase II of the Chandigarh Technology Park (CTP) was a ... |
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FDI inflows double to $4.4b in Apr-Sept
The India story keeps getting bigger. Foreign direct inflows during the first half of the financial year have doubled to $4.38 billion, as against $2.2 billion during April-September 2005.
The numbers released by the government on Monday include the equity flows only. Data on reinvested earnings, c ... |
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Indian cos to spin cotton, money in Uzbekistan, Kazakhstan Three Acquisitions Worth $250-300M By Ind
Indian textile firms are said to be on the prowl in Uzbekistan and Kazakhstan to acquire spinning mills. According to an industry estimate, three acquisition deals worth $250-300 million are expected in the next few months by Indian companies.
The buzz is that several north based companies such as ... |
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Inflation slips to 5.09% despite high food prices
Inflation continues to hover above 5%, though it has eased to 5.09% for the week ended October 28. The rate is far easier than the 5.41%, recorded in the previous week. The wholesale price index data, released by the government on Friday, however, shows that food prices are still ruling high. The lo ... |
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Industrial output up 11.4% in Sept
THE country’s industrial production has kept up its brisk momentum, rising by 11.4% in September 2006 over last year. The Index of Industrial Production (IIP) released on Friday, indicates that the growth was powered by the double-digit growth of 12% and 11.3% in the manufacturing and electricity ... |
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SEZs now face hurdles from home ministry
The all-encompassing law to scrutinise foreign investment on security grounds is still being debated, but the home ministry has already spread its wings to cover special economic zones.
The ministry is reluctant to allow any SEZ near the border, fearing threat to national security. All zones with a ... |
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SSI ministry to announce new sops in Dec
THE new package containing fiscal and promotional incentives for micro, small and medium-sized units is to be announced by the small scale industries ministry (SSI) in December this year.
The final draft that envisages upgrading technology for small and medium enterprises (SME) is being worked out ... |
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Steel prices may soften next year: SAIL chairman
Steel Authority of India (SAIL) on Sunday warned that prevailing high steel prices may not be sustainable next year and the industry would need to adjust according to market
conditions. The caution by public sector steel behemoth coincides with the rush among steel producers to expand through eithe ... |
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India, China to ink 12 promotion pact
In an effort to boost bilateral ties, India and China are expected to sign 12 pacts,including a investment protection agreement, during President Hu Jintao’s visit here next month. An accord for arranging regional trade is also likely to be inked during the four-day visit from November 20, sources ... |
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Mobile cos drive into rural India, literally
Mobile hospitals, mobile toilets and mobile libraries are passe for rural India. What attracts them now are the vans that help them go mobile, literally.
That’s right. ‘Mobile’ showroom vans — that offer people airwave mobility — is fast catching the facny of rural Indians. With basic tel ... |
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Service tax rate may be increased
In what could point to an increase in service tax rates next year, the government is considering narrowing the gap between excise duty and service tax as part of a strategy to implement goods and services tax (GST).
A change in the rates has also been mandated by the fact that companies are claimin ... |
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Farm machines rake up riches Sonalika, DCM Engineering, GNA Register 30-35% Growth In Six Months
PUNJAB is emerging as an auto hub. Auto majors like GNA group, Sonalika group, Standard Combine (Barnala-based) have registered a growth of 35%, 29% and 75%, respectively.
Hoshiarpur-based Sonalika group has registered 29% increase in profit after tax (PAT). There has been an increase of Rs 13.1 cr ... |
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Deadline to file I-T returns now Nov 30.
Corporate now have one more month to file their income tax returns, according to a notification issued by the government on Tuesday. The last date for filing returns in electronic format, including those on fringe benefit tax was October 31. |
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Exports up 41% in September
MERCHANDISE exports rose 37% in the first half of this fiscal to $59.3 billion as compared to $43.2 billion in the same period of the previous year. Imports in April-September 2006-07 recorded a 32% growth to $83.9 billion against imports worth $63.5 billion in the first half of fiscal 2005-06. The ... |
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Exports rise 23% in first half, oil spike pushes imports up
India seems to be on course to achieve the stepped-up export target of $125 billion for the current financial year, with merchandise exports rising 22.84% during the first half of the fiscal to $59.32 billion.
With imports continuing to surge, mainly due to higher international crude prices, trade ... |
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Punjab pockets Rs 86,000-cr of mega projects
• PATIALA: Chief Minister Amarinder Singh on Sunday said Punjab had garnered investments to the tune of Rs 86,000 crore in mega projects in industrial, agriculture, housing and township sector. Punjab has now emerged as future investment destination where entrepreneurs not only from India but abro ... |
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2nd SEZ draws closer to Punjab • More Than 300 Acre In Mohali Set Aside For IT Development
PUNJAB would be playing host to small scale companies from across the country for setting up IT parks. The Punjab government has set aside 300-350 acre of land in Mohali for the development of IT in the region. The project will become Punjab’s second SEZ for IT.
An envisaged project of collaborat ... |
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Hooda woos UK industry, offers sops
Haryana Chief Minister Bhupinder Singh Hooda has invited British entrepreneurs as well as UKbased NRIs, especially those from Haryana, to set up their units in the state. Speaking at a `Haryana Diwas` function organised by the Haryana NRIs Association in London, the CM assured them of extending all ... |
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India has its way on trade pact with EU
Helsinki: A deal which could deliver the mother of all FTAs between EU and India was sealed a few minutes before PM Manmohan Singh’s summit with European leaders began. Singh told a reluctant EU team that there could be no commas and semi-colons on labour laws and no vague “to be discussed†ca ... |
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India to emerge attractive biz destination for EU, says Nath
Commerce & industry minister Kamal Nath has said that India will try to become a more attractive investment destination for the EU business community. Speaking at the EU-India Summit in Helsinki on Thursday, the minister pointed out that while EU is the top investor of the world, an insignificant fr ... |
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Industrial output surges 9.7% in Aug
SHOWING that the 8.9% growth registered by the Indian economy in the first quarter was no flash in the pan, manufacturing output has turned in a vigorous growth of 11.1% for August, bringing industrial growth for the first five months of the current fiscal to 10.6%. The 37% rise in direct tax collec ... |
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Big opportunity in Indian manufacturing sector: PM There are new synergies, a new architecture emerg
THERE are numbers and there are numbers; Tony Blair, commerce minister Kamal Nath and British trade and industry secretary Alistair Darling, and everyone else have been quoting numbers to illustrate the rise and rise of India’s engagement with the UK economy. But it took Manmohan Singh to sound ou ... |
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SEZ bank loans may get partial infrastructure tag Things Not Yet Black & White But RBI Circular Rais
ALL bank loans to special economic zones (SEZs) will not be treated as exposure to real estate, a sector to which lending is costlier and therefore, discouraged by Reserve Bank of India. The central bank has raised hopes that parts of the loan to SEZs can be classified as infrastructure loan, which ... |
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Omaxe to set up 30 townships in India
REAL ESTATE major Omaxe Group is looking at a pan-India presence by setting up 25 to 30 townships across India in the next three to five years. Besides, the group is planning six to eight upmarket five-star hotels. The company has Rs 20,000 crore of projects in hand and Rs 10,000 crore projects are ... |
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India to lower tariff barriers for 50 LDCs
INDIA is set to roll out dutyfree, quota-free market access for 50 least developed countries (LDCs) from Africa and Asia. The economic-diplomacy is expected to win not just hearts but also the support of these nations at multilateral fora like the UN and WTO.
On the domestic front, the move could f ... |
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Industry upbeat on trade proposal
The Indian industry is gung-ho about the proposed trade and investment promotion agreement between India and the EU, the negotiations on which is likely to begin soon. However, the industry expects the government to be cautious while framing the agreement in a bid to ensure that sensitive sectors li ... |
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India, EU need to tackle NTBs, says CII study
INDIA and the 25-nation European Union need to tackle non-tariff barriers (NTBs) that exist in each other’s markets to fully benefit from a bilateral trade and investment agreement, to be finalised at the India-EU Summit at Helsinki on October 11-12, according to CII. A study done by the chamber s ... |
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China, India emerge as technology giants
The Dow Jones Industrial Average may have reached levels unseen since 2000 this week, but the technology industry has changed dramatically since the bursting of the Internet bubble. The nature of the transformation is apparent in a new report on the state of the industry, released this week by the O ... |
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India-EU trade pact on fast track
IT IS taking off like a bullet: India and the European Union (EU) are all set to sign a bilateral trade & investment promotion agreement to liberalise trade in goods, services and investment far quicker than expected.
The high-level trade group constituted to look into the possibility of such an ag ... |
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35 mega projects cleared
The Punjab government’s empowered committee Thursday approved 35 new mega projects with a total proposed investment of Rs 6,255.15 crore. They include 22 industrial, 9 agro and 4 housing and township projects with an employment potential for about 55,000 people.
Among the projects cleared is SEZ ... |
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PAIC signs agreement with BACL
Punjab Agro Industries Corporation Limited (PAIC) has signed an agreement with british agrifood consortium limited (BACL) that will help boost exports from Punjab, strengthen the food chain and help establish international quality norms for the agriproduce of Punjab. Under the agreement a six phase ... |
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Core sector growth rises to 6.7%
THE infrastructure sector growth rate has jumped to 6.7% for the April-August quarter of 2006-07, compared with a growth rate of 6.1% in the corresponding period of previous fiscal. The six core infrastructure industries, namely crude petroleum, petroleum refinery products, coal, electricity, cement ... |
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Rico to set up 3 new plants
AUTO component maker Rico Auto is planning to set up three new greenfield facilities by next year. This is over and above the Rs 100 crore investment the company earlier announced for capacity expansion and new product development. “We are looking at setting up three new greenfield plants, which w ... |
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PM wants states to end tax barriers Goods Need Only VAT North’s Share Below Potential
PRIME Minister Manmohan Singh has urged state governments to dismantle the tax barriers that hinder trade. “Free flow of trade can add up to 2% to growth rates across the region. The introduction of VAT has been the biggest success story in recent times in moving towards a simplified, friendly tax ... |
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To Balance Gap Between Small, Large Players & Replicating Models From Technoparks Where SEZ, STPI co
CHANDIGARH Technology Park could set aside more than 160 acre for small players that may come under the blanket of the STPI. “There is a huge demand from the smaller players and therefore to give some area under the STPI is still a tentative plan,†says M S Brar, director, IT, Chandigarh.
This ... |
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FieldFresh to enter food processing
THE $50 billion Bharti Rothschild JV FieldFresh is planning to venture into food processing. “We will be in food processing by the end of 2007,†said Field-Fresh Foods’ Rakesh Bharti Mittal, speaking on the sidelines of the FieldFresh Centre of Excellence at Ladhowal in Punjab.
According to s ... |
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PM gifts agri research centre to Ladhowal
PRIME Minister Manmohan Singh inaugurated the Rs 50-crore ‘FieldFresh Agri Centre of Excellence’ at Ladhowal, jointly planned by the Rs 12,000-crore telecom major Bharti and banker family Rothschild The opening of the centre marks the beginning of a $50-billion agriculture joint venture between ... |
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Business Units In North On Expansion Spree Corp Bank to make foray into Punjab
TARGETING the rural areas and focusing on small and medium enterprises (SMEs), Corporation Bank has rigorous plans for the current financial year. The bank is planning to open 80 new branches in the country with 10 branches coming in the Chandigarh region. “We plan to open 80 branches in the count ... |
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World Economic Outlook 2006 Says Emerging Markets Should Focus On Domestic Reforms Inflationary pre
HAS the rising global interest rates taken a pause? Or was the rise in rates restricted only to some key economies?
The differing behaviour of rates globally could affect the decisions of Indian companies on which markets to tap for raising funds abroad.
Contrary to popular perception, pressure on ... |
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Raising money just got easier
SMALL and medium enterprises (SMEs) tapping the overseas markets for external commercial borrowings (ECBs) are pleasantly surprised to find many foreign parties interested in partnering with them for equities as well. This interest is more than welcome given that external commercial borrowings (ECBs ... |
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Plans to start helpline for SEZs
For facilitating allotees of the build to suit sites of the Rajiv Gandhi Chandigarh Technology Park, for seeking the clearance for their units from the SEZ board at Noida, the IT, Chandigarh, has posted the procedure on its website and to step up the activities relating to the SEZ units in the regio ... |
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Open Indo-Pak border for trade: Former Punjab FM
PERTURBED over what he termed as the worsening economic scenario in Punjab, former state finance minister Kanwaljit Singh on Wednesday demanded that the Indo-Pak border should be opened to trade.
Talking to ET, Mr Singh said in view of the dialogue, at the foreign minister’s level between India ... |
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Funds pour in as govt projects Haryana • Employment For 10 Lakh Projected For State
SINCE Haryana was carved out, investments worth just Rs 40,000 crore had come into the state while the Congress government had whipped up Rs 10,000 crore investments already. This was said by Haryana CM Bhupinder Singh Hooda in the Vidhan Sabha on Tuesday.
He said investment of Rs 10,000 crore was ... |
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‘Efficient use of savings can lift GDP to 9.4%’ Govt Needs To Loosen Grip On Financial System
India could add $47 billion to its gross domestic product and lift its growth rate to 9.4% from the current three-year average of 7% by using its savings more efficiently, an international consultant has said.
Savers will get better returns on their deposits and investments, and borrowers will get ... |
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