India Economic News Consulate General of India October 2014 … · 2018. 8. 28. · India Economic...
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India Economic News Consulate General of India October 2014 Munich RBI Governor hopeful of 5.5% growth for 2014-15: India's economy is improving and the country is hoping to achieve 5.5 percent, or little more, growth rate this year, said Reserve Bank of India (RBI) Governor Raghuram Rajan. "Next year we will go into sixes and hopefully sevens the year after," he said while addressing students of Indian Business School (ISB) in Hyderbad on October 16. Inflation down: The WPI inflation for all commodities for the month of September 2014 declined to 2.38 per cent from 3.74 per cent in the previous month. New Labour Reforms announced under the Deendayal Upadhyay Shrameva Jayate Programme: As part of the initiatives to improve the ease of doing business in India and to facilitate better labour mobility, The Hon ble Prime Minister, has announced further reforms in the Labour Sector, such as setting up of a Unified Labour portal designed for ease of compliance with the Central Government, Compliance with 16 labour laws to be done online on a single-sheet compliance system (earlier 80 pages), Labour Inspections to be decided as per computer generated system and not as per discretion of labour Inspectors so as to eliminate
Transcript of India Economic News Consulate General of India October 2014 … · 2018. 8. 28. · India Economic...
India Economic News Consulate General of IndiaOctober 2014 Munich
RBI Governor hopeful of 5.5% growth for 2014-15:
India's economy is improving and the country is hoping to achieve 5.5 percent, or little more, growth rate this year, said Reserve Bank of India (RBI) Governor Raghuram Rajan. "Next year we will go into sixes and hopefully sevens the year after," he said while addressing students of Indian Business School (ISB) in Hyderbad on October 16.
Inflation down:
The WPI inflation for all commodities for the month of September 2014 declined to 2.38 per cent from 3.74 per cent in the previous month.
New Labour Reforms announced under the “Deendayal Upadhyay Shrameva Jayate’ Programme:
As part of the initiatives to improve the ease of doing business in India and to facilitate better labour mobility, The Hon’ble Prime Minister, has announced further reforms in the Labour Sector, such as setting up of aUnified Labour portal designed for ease of compliance with the Central Government, Compliance with 16 labour laws to be done online on a single-sheet compliance system (earlier 80 pages), Labour Inspections to be decided as per computer generated system and not as per discretion of labour Inspectors so as to eliminate
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harassment, Inspection reports have to be filed in 72 hours, Universal Account Number (UAN) facility introduced for EPFO subscribers to ensure easy portability of PF funds while switching jobs anywhere in India (presently Rs 27,000 crores lying unclaimed in inoperative PF accounts), and Skills development –“Apprentice Protsahan Yojana launched by which Labour Ministry would reimburse manufacturing units part of the stipend paid to trainees.
The Government promotes RE-INVEST Trade Fair on Renewable Energy:
The Ministry of New and Renewable Energy, Government of India is organizing the first Renewable Energy Global Investors Meet & Expo (RE-INVEST) on 15-17 February 2015 in New Delhi, as a follow-up to the ‘Make in India’ initiative launched by the Prime Minister of India. The central theme of RE-INVEST is to attract large scale investments for the renewable energy sector in india. The event is proposed to be inaugurated by the
Hon’ble Prime Minister of India. RE-INVEST will be the first major platform for investment promotion in this sector at Government of India level to signal India’s commitment to the development and scaling up of renewable energy to meet its energy requirement in a sustainable manner.
Swachh Bharat Abhiyan (Campaign Clean India) launched:
On 2nd October, the Hon’ble Prime Minister Officially launched the Swachh Bharat Abhiyan (Clean India) Campaign which is expected to be India’s largest ever, cleanliness drive that would cover 4041 statutory towns. More than 3 million Government employees, school and college students, supported the initiative, by participating in the cleaning of streets, roads and Office buildings, etc. The mission is to make India fully clean by the 150th birth anniversary of Mahatma Gandhi, to be held in 2019.
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PSLV-C26 successfully launches India's third navigation satellite IRNSS-1C:
India has successfully launched its third navigation satellite IRNSS-1C with the ISRO's Polar Satellite Launch Vehicle (PSLV-C26). IRNSS is an independent regional navigation satellite system designed to provide position information in the Indian region and 1,500 km around the Indian mainland.
Think Tank formed on IPR:
A think tank has been formed to draft the National Intellectual Property Rights policy, as per an official statement of the DIPP, Ministry of Commerce, Government of India. The think tank will identify areas in the IPRs where study needs to be conducted and will furnish recommendations in this regard to the ministry. It will provide views on the possible implications of demands placed by the negotiating partners.
MCIT calls for Democratisation of internet governance:
Hon’ble Minister forCommunications & IT, Mr Ravi Shankar Prasad has stated that India favours democratisation and broad-basing of the global affairs of telecommunications and internet governance, while speaking at the inaugural session of the International Telecommunications Union (ITU) Conference at Busan in South Korea. India's point of view is that ITU should take leadership and partner with UN and other International/regional organizations in executing the Information and Communication Technology (ICT) projects and programmes in developing countries.
FPI reach US $ 35 billion in 2014:
Foreign Portfolio Investors (FPI), continuing to bet big on the government's reforms agenda, have poured in $1.5 billion in the Indian market in October, 2014, taking the total inflow to $35 billion since January 2014.
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Government approves FDI of Rs 988 crores:
The government, through the Foreign Investment Promotion Board (FIPB), has approved 20 proposals of foreign direct investment (FDI), amounting to Rs.988.3 crores (US $ 1,750 million), as per an official statement issued by the Ministry of Finance. Some of the proposals that got clearances are - Bharti Shipyard, Solar Industries, Hatsoff Helicopter Training, Verizon Communications, etc.
Six months deadline set for DTC and GST:
As per the outcome of an interactive session with Officials of all stakeholder ministries, the government has set itself a deadline of six months to implement Direct Tax Code (DTC) and Goods and Services Tax (GST) as part of its action plan to ease the doing of business in India. This is compliance with the policy of promoting the “make in India” initiative of the new Government.
Govt eases norms for private Defence Firms:
In a move expected to rake in investments into the defence sector, the governmentallowed private defence manufacturing firms to sell equipment to state-run entities without prior approval. However, permission would be required to sell to non-government entities, as per an announcement of the Ministry of Commerce & Industry. The Ministry also removed the cap on the annual production capacity for defence-related equipment.
India targets $ 340 billion merchandise exports:
According to Hon’ble Minister of Commerce, Ms Nirmala Sitharaman, the new Foreign Trade Policy (FTPs) that will be effective from 2014-2019 would be "different" from the previous Ones. The government has set a target of achieving total exports worth $500 billion in this fiscal, with merchandise and services exports reaching $340 billion. She also highlighted certain steps that the government has undertaken in order to reduce
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transaction costs through simplification of documents and procedures.
Auto Revenues expected to rise to US $ 300 billion:
Revenues of the Indian auto industry can rise 5-fold to hit the $300 billion mark, and volumes can log in over 3-fold increase to around 76 million units by 2026, according to a report of Vision 2026 of the ICRA Management Consulting Services (IMaCS). The report estimates that passenger vehicle sales will grow to 13.4 million units per annum from 3.1 million in FY14.
India’s drug industry to touch $48 billion by 2018:
As per an industry analysis report by Care Ratings, India’s second largest credit rating agency, India’s drugs and pharmaceuticals industry is likely to post total sales of Rs.2.91 trillion ($47.88 billion)
by 2018, with an average yearly growth of at least 14%, aided by a rapidly growing domestic market and the newly emerging export opportunity as patents of at least a dozen blockbuster drugs in the US expire in the next three years.
Germany interested in the Ganga rejuvenation plan:
According to reports from the Finance Ministry, Germany has expressed keen interest in the cleaning of the Ganga River. Given Germany’s success in successfully rejuvenating the Rhine River in Europe, the Government is looking at possible PPP models for Indo-German collaboration in the Ganga rejuvenation plan. The two prime ministers had announced an extension of their agreement on water cooperation.
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***DISCLAIMER
This newsletter is a compilation of news articlesfrom various business e-newspapers and in no
way is an endorsement or reflection ofviews of Consulate General of India, Munich.
For queries contact:
Mr. VSDL Surendra, Consul (Pol & Eco), Consulate General of India, Widenmayer Strasse 15, 80538 Munich, Germany. Email: [email protected] , Web: www.cgimunich.com
