Gujarat Chamber of Commerce & Industry

34/2015-16

Thu, 18 February 2016

Trade & Industry

Number of registered companies climbs to 15.27 lakh in January

The total number of companies registered in the country rose to more than 15.27 lakh in January while only 10.76 lakh of them were active ones. In signs that business activities are picking up, more than 7,300 new companies were set up last month. At the end of December 2015, the total number of registered firms stood at little over 15.19 lakh.

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Government approves first-ever policy for capital goods sector

The government has cleared the first-ever policy for the countrys capital goods sector. The policy envisages increasing exports to 40 per cent of production, from the current 27 per cent, while increasing the share of domestic production in Indias demand to 80 per cent from 60 per cent, potentially making India a net exporter of capital goods.

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Government mulls launching annual survey of services in July

The government plans to launch Indias first annual survey of services in July to create an official database of production and value addition by the sector that contributes nearly 60% to the countrys GDP. The survey will capture business data of services such as transportation, logistics, trade, communication and storage based on enterprises outside agriculture and manufacturing sectors that employ at least ten workers.

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Govt seeks views on Indian Accounting Standards compliant financial statement format

With the new accounting norms set to be implemented from April this year, the Corporate Affairs Ministry has sought views from stakeholders on the draft format for financial statements that complies with the Indian Accounting Standards. Ind AS, that are converged with global accounting norms, would be compulsorily applicable on certain class of companies from April 1 this year. The Ministry has sought suggestions and comments on the draft revised Schedule III to the Companies Act, 2013 which is applicable for a company whose financial statements are drawn up in compliance of companies (Indian Accounting Standards) Rules, 2015. Suggestions can be submitted to the Ministry till February 23.

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Government to improve ease of doing business; to introduce Business Identification Number for companies

To improve ease of doing business, the government will soon introduce Business Identification Number (BIN) for companies, doing away with multiple registration numbers a single entity needs to obtain for various regulatory purposes. The BIN would act as an identification number for different regulatory purposes and do away with the need for procuring separate registration numbers such as Company Identification Number and Labour Identification Number. Normally, a company is required to obtain 18 different registration numbers.

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December industrial output contracts 1.3 per cent y/y: Government

Indias Index of Industrial Production (IIP) for December contracted 1.3% year on year, recording its second straight month of fall, as manufacturing continued in the negative territory. Cumulative industrial output for April-December 2015, however, is up 3.1%, according to data released by the statistics ministry on Friday. IIP had contracted 3.2% in November, its sharpest fall in four years.

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Gujarat govt announces new Cottage and Rural Industries policy 2016

The Gujarat government has announced its first-ever ‘Cottage and Rural Industries Policy-2016’ with emphasis on building an ecosystem to boost the industry and to provide more employment opportunities to the artisans engaged in traditional crafts. Government will provide support in terms of training, marketing, branding and design development. We will also bring such artisans under various social security schemes.

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Gujarat govt announces new IT/ITES policy – 2016

Gujarat government has announced its new IT and ITES policy. The state government intends to scale up the investment in IT/ITES related services in Gujarat by ten times. State government intends to achieve 15 million USD turnover of IT/ITES industry in Gujarat, and USD 2 billion IT export. The government with this new policy wants to create direct employment for 1 million youths.

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Gujarat has over 50% share in $7 bn medical device sector in country

Gujarat has over 50% share in $7bn medical devices sector in country: Indian medical devices sector, the fourth largest in Asia, is currently valued at approximately $7 billion and is growing at 10-15% annually. And Gujarat commands over 50% share in medical devices manufacturing in the country.

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Govt policy eyes a new high for Gujarat hotel industry

Gujarats skyline has been cleared to pave way for hotels as tall as Dubais BurjKhalifa. The recently approved `Regulation for Hotel and Mixed Use Development 2016 permits developers to build structures as high as 70 metres and above on roads having width of 40 metres and more. If 50% of the total built up area of the plot is used for hotel as the main activity and allied activities such as recreation, entertainment, resorts, tourists shopping and apartment hotel, the remaining built up area can be used for other purposes like commercial, shopping mall, multiplex and convention centre among others.

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Economic & Finance

Food prices rise in January as WPI inflation dips

Wholesale prices fell for the 15th straight month in January, with the WPI-based inflation declining 0.9% from that a year ago after the 0.73% fall recorded in the previous month. WPI inflation had come in at -0.95% in January last year. The November data has been revised to -2.04% from -1.99%. Last week, Consumer Price Index showed retail inflation at 5.69% in January, the highest since August 2014. WPI data released by the commerce and industry ministry showed inflation in food articles was at 8.17%, compared to 6.02% for December. In January, pulses became dearer by 44.92% and vegetables became pricier by 12.52%.

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EPFO raises rate marginally to 8.8% for FY16

Employees Provident Fund Organization (EPFO) has marginally raised interest rate on retirement savings to 8.80% for 2015-16 from 8.75% last year but lower than 8.95% proposed earlier. The EPFO provides interest from earning on investments of formal sector workers funds without any assistance from the government. The rate of return on provident fund stood unchanged at 8.75% over the past two financial years.

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ASI data shows contraction in investment in 2013-14

Indias investments across various industry segments contracted in 2013-14, a government survey revealed. The gross capital formation, an indicator of investments, fell 1.08% in 2013-14 to Rs 3.53 lakh crore from RS 3.57 lakh crore in 2012-13, the Annual Survey of Industries (ASI) provisional data released by the Ministry of Statistics and Programme Implementation showed. The total number of factories increased 1.1% in 2013-14 while the number of workers employed there rose 3.7% at 1.04 crore from 1.005 crore in 2012-13. These factories profits saw a 2.1% on year increase to Rs 4.53 lakh crore from Rs 4.44 lakh crore.

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New Projects

Swedish companies look up to India as major hub for exports: Survey

Swedish companies which are into manufacturing are bullish on India and see the country as a major investment destination as well as an important hub for exports, says a survey.

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India, UK to sign pact on infrastructure investment on sidelines of G-20 Finance Ministers meet

India and the UK are going to sign an agreement on infrastructure investment, raising of funds, project financing, among others, on the sidelines of the G-20 Finance Ministers meeting later this month in Shanghai.

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Science & Technology

Pool for women in technology is fairly small: Jeannette Wing

Jeannette Wing, corporate vice-president of Microsoft Research, says the pool of women pursuing technology as a career option is fairly small. In an interview Wing spoke on the applicability of computational thinking, the contribution of the Microsoft Research laboratory in India, and the need to encourage more girls to continue studying mathematics and science.

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Environment

Environment ministry to cut clearance red tape

In its effort to sync environmental goals with the Centres agenda of improving ease of doing business, the environment ministry will come out with a fresh classification of industries by early next week. Under the new classification, 241 industries will be classified under four categories — Red, Orange, Green and White (a new class) — based on their air-, water and soil- polluting potential.

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