Gujarat Chamber of Commerce & Industry

32/2015-16

Thu, 04 February 2016

Trade & Industry

Ease of doing business: Government reviews over 50-year-old law

The government has started reviewing an over 50-year-old law dealing with specific fulfilment of a contract as part of its ease of doing business policy, days after commercial courts were established and arbitration law amended for faster disposal of business disputes. The committee set up by the Legislative Department in the Law Ministry will review the Specific Relief Act, 1963.

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Commerce Ministry reduces number of documents for import-export code

To facilitate ease of doing business and lessen paperwork, the Commerce Ministry has decided to reduce the number of mandatory documents for taking import-export code to two. Import-Export Code (IEC) is required for shipments. "Only two documents are required to be uploaded /submitted along with the digital photograph while applying for IEC," the Directorate General of Foreign Trade (DGFT) said in a notification.

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Government may impose antidumping duty on plastic processing machine

The government is expected to impose anti-dumping duty of up to 44.7 per cent on imports of certain kinds of plastic processing machines from four countries, including Vietnam, Malaysia and the Philippines. The move is aimed at protecting the domestic industry from cheap in-bound shipments from these countries.

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RBI makes online filing of FDI forms a must from February 8

The Reserve Bank of India (RBI) has asked banks to file forms related to foreign direct investment (FDI) only online on the e-Biz portal from February 8. With a view to "promoting ease of reporting" of such transactions, RBI, under the e-Biz project of the government, has enabled online filing of three returns -- ARF, FCGPR and FC-TRS -- with RBI.

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RBI to create enabling framework for growth of startups

Reserve Bank of India (RBI) will ease regulations to help start-ups raise foreign funding, simplify the process for outward remittances and also allow innovative instruments like convertible notes as it works with the government to lighten regulations with respect to entrepreneurship in India

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January services PMI at 19-month high of 54.3

Buoyed by a rise in incoming new work, strengthening underlying demand and improved weather conditions, Indias service sector output touched a 19-month high in January with the seasonally adjusted Nikkei Services Business Activity Index climbing to 54.3 compared with 53.6 in December.

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Core sector growth slows down to 0.9% in December

Growth of eight core sectors slowed down to 0.9% in December 2015 from 3.2% in the same month of previous year as production of crude oil, natural gas and steel sectors declined. The eight core or infrastructure industries are coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. The December production numbers are, however, better than those in November which witnessed the worst performance in seven months with the output of eight sectors contracting by 1.3%.

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Budget 2016: Govt may announce incentives for solar projects in Budget

The government is working out a package of incentives for solar power plants having generation capacity of 3,000 MW or more and an announcement pertaining to this is likely to be made in the forthcoming Budget on February 29.

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Economic & Finance

Reserve Bank of India keeps policy rates unchanged, focus now on fiscal reforms

Reserve Bank of India Governor Raghuram Rajan signalled that the bad loans of banks were manageable and joined the startup party while keeping interest rates unchanged as expected in the monetary policy, leaving investors guessing about the next reduction as he raised the inflation forecast.

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New private banks may get 74% FDI from the beginning

Those applying to set up private banks may be allowed to have overseas investment to the tune of 74% right at the beginning rather than five years later, a move that will help aspirants meet stringent capital norms. The on-tap application window is likely to open for a period of one month in July with an empowered committee screening applications.

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New Projects

Singapore-based epayment gateway Telr launches India operations

Singapore-based epayment gateway Telr has launched its operations in India with the aim of getting Indian medium and small level enterprises to onboard its online platform seamlessly and without any upfront cost.

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Rs 1 lakh crore disbursed in loans for small businesses: Amit Shah

Narendra Modi government has ensured that more than Rs one lakh crore in loans is disbursed to micro units and enterprises in just one financial year, BJP president Amit Shah today said as he termed it as a big "success" in providing self employment to people.

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Science & Technology

How Kirana stores are embracing technology to engage better with customers

Mahendrans Muthukani Stores in Chennais Villivakkam is like any other Kirana store, but with a slight twist. If you were to enter his shop, you will find an LED screen showing various offers and also a custom-made tablet to generate bills and keep accounts of customers.

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How Big Data is changing the way we do business

Big Data is increasingly being used by prominent companies to outpace the competition. Be it established companies or startups, they are embracing data-focussed strategies to outpace the competition.

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