Gujarat Chamber of Commerce & Industry

33/2015-16

Thu, 11 February 2016

Trade & Industry

India has over 15 lakh registered companies, according to official data

The country has more than 15 lakh registered companies but only 10.7 lakh of them were active at the end of 2015, according to official data. This is higher than 14.39 lakh companies registered at the end of December 2014. Among active companies, 10.63 lakh were limited by shares.

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Government eases duty norms for imported goods for exhibition

Seeking to promote ease of doing business, the tax department has permitted duty-free import of goods, including gems and jewelry, for display at exhibitions provided they are exported within six months. The goods imported for the purpose of display at trade fairs, craft exhibitions, film festivals or aero shows will be exempted from payment of the Customs duty as well as additional Customs duty, subject to the condition that they would be re-exported, said a notification of Central Board of Excise and Customs (CBEC).

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Commerce Ministry wants sunset clause for SEZs to go

The government is considering gradually doing away with tax exemptions to various sectors, including special economic zones (SEZs), and reducing the corporate tax to 25 per cent from 30 per cent over four years. The Commerce Ministry, in its Budget recommendations, has suggested that the sunset clause should not be invoked for SEZs as it would have adverse bearing on exports from these zones.

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Income Tax department issues guidelines for e-communication to assesses

To ease communication with the Income-Tax department, the government has allowed tax payers to reply to notices using their registered email address. The Income-Tax Department has issued detailed guidelines for using electronic communication, or emails, for paperless assessment proceedings. As per the guidelines, the department will primarily issue notices or other communication through the email address provided by the assessee or the one available in the last income-tax return furnished.

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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 Program Implementation showed.

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Gujarat leads peanut butter production

Gujarat has been a leader in traditional butter production. Now, the state has also emerged as the largest manufacturer of peanut butter. Thanks to the availability of quality groundnuts, around a dozen companies have established plants to make peanut butter in the state. As per the industry estimates, annually 10,000 to 12,000 tonnes of peanut butter is produced in the state and over 90% is exported across the globe. More than 10 production units have come up in Gujarat since 2007. Cumulatively, Gujarat produces around 900-1,000 tonnes peanut butter per month.

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Gujarat-based companies high on CSR spending

Companies based in Gujarat are quite conscious of their corporate social responsibility (CSR). Nearly 56% of the states companies have spent 2% or more of their net profits on CSR activities in fiscal 2015.As per data provided by the CRISIL Foundation, as many as 95 companies in Gujarat reported expenditures on CSR in their annual reports. Out of these 53 firms spent 2% or more, while remaining companies failed to do so.

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‘Z axis’ becomes the only start-up from Gujarat selected for ‘Make In India Week’

Z axis Unmanned Machines Pvt. Ltd., a Gujarat based manufacturer and service provider of Unmanned Aerial Vehicles (UAV) has earned the rare distinction of being selected to showcase their UAVs at the prestigious Make in India Week in Mumbai from 13th to 18th February. This makes ‘Z axis’ the only start-up and one of the only two companies from Gujarat to be selected to participate in the Make in India Week. ‘Z axis’ manufactured UAVs will be showcased at the Defense & Aerospace Pavilion.

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GJEPC expects 10% decline in gems, jewellery exports this year

“The slowdown in world economy has hit exports of gems and jewelry from the country this year. We exported USD 40 billion worth gems and jewelry last year, but we have witnessed 14 per cent decline in exports in the first 10 months of FY16,” according to GJEPC Chairman.

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Economic & Finance

RBI survey projects FY17 GVA at 7.8 per cent

Professional forecasters expect real Gross Value Added at basic price (GVA) to increase to 7.8 per cent in the next fiscal from 7.4 per cent expected in 2015-16, according to a RBI survey. Output growth, measured using GVA, is likely to improve marginally in 2015-16 and further in 2016-17 and quarterly growth projections for the next five quarters indicate that growth is likely to peak in July-September period of 2016-17.

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Indian economy likely to grow at 7.9% in FY17: Crisil

Indian economy is expected to grow at 7.9 per cent in the fiscal starting April, lower than earlier forecast of 8.1 per cent, due to intensifying global headwinds, Crisil Research said.

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Per capita income seen slightly up at Rs 6,453/month in FY16

Indias per capita income during 2015-16 is likely to grow by 6.2 per cent to Rs 6,452.58 per month, government data showed. "The per capita income in real terms (at 2011-12 prices) during 2015-16 is likely to attain a level of Rs 77,431 as compared to Rs 72,889 for the year 2014-15", as per the data released by the Central Statistics Office (CSO). Also, the per capita net national income during 2015-16 is estimated to be growing at 7.3 per cent to Rs 7,769.25 per month as against Rs 7,239.92 per month in the previous fiscal.

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Foreign exchange reserves rises $1.6 billion to $349 billion

Reserve Bank of India said that foreign exchange reserves it maintains has risen by $1.590 billion in the week ending January 29, despite pressure on rupee. The reserves now stands at $349.152 billion. Market watchers believe that the dollar inflows into the country during the reporting week were perhaps higher than the outflows making the reserves rise.

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New Projects

India to invest $1 trillion in power sector by 2030

Power, coal and renewable energy minister Piyush Goyal on Tuesday offered a $1-trillion — or approximately Rs 65 lakh crore — investment cake for Australian companies to come and make in India.

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Amazon plans to offer loans to Indian sellers

he Indian unit of the worlds largest etailer Amazon plans to offer loans to key vendors selling on its portal in an effort to keep them from shifting loyalties to rivals Flipkart and Snapdeal that have similar lending schemes.

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Science & Technology

Facebook confirms pulling the plug on Free Basics in India

Facebook has pulled out Free Basics from India following the telecom regulators regulation barring discriminatory pricing of data services, which includes a ban on zero-rated products.

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Facebook director Marc Andreessen sorry for India Internet remarks

Marc Andreessen, a prominent venture capitalist and Facebook Inc board director, apologized on Wednesday for tweets that condemned the Indian government for banning the social media companys free Internet service.

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Indians don’t want to buy newer smartphones, would rather buy services: Accenture survey

India considered to be one of the fastest growing markets for smartphones may be reaching a saturation point as most of the people are not looking to upgrade their phones in next 12 months, according to a digital consumer survey by Accenture. On the other hand many people are looking to increase their spend on services.

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