Gujarat Chamber of Commerce & Industry

23/2015-16

Thu, 03 December 2015

Trade & Industry

Finance Ministry extends deadline for comments on corporate tax deduction

In a bid to give stakeholders sufficient time to study the plan, the Finance Ministry has extended the deadline to give comments on the roadmap for corporate tax exemption by over three weeks till December 31.

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Make in India boost: Government exempts shipbuilding inputs from customs, excise duties

To promote indigenous shipbuilding industry as part of the Make in India initiative, inputs used in ship manufacturing and repair have been exempted from customs and central excise duties, the government said. Prior to this exemption, while ships could be imported at almost negligible rates of Basic Customs Duty (BCD) and nil rates of Countervailing Duty (CVD), the inputs used in ship manufacturing and repair attracted normal rates of BCD and CVD.

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Corporate Affairs Ministry extends deadline for annual filings to December 30

Giving more time to stakeholders, the Corporate Affairs Ministry has extended the deadline for companies to submit their annual returns and financial statements till December 30. The previous deadline for making these filings ended on November 30.

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5.37 lakh units in MSME sector sick as of March: Giriraj Singh

As per provisional data complied by the Reserve Bank, the number of sick MSMEs in March was 5,37,286, Minister of State for MSME Giriraj Singh said. The ministry has already notified a Framework for revival and Rehabilitation of MSMEs for the purpose of facilitating the promotion and development of MSMEs, he added.

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Indian manufacturing grows 9.3% year-on-year in July-September quarter

Indian manufacturing output grew by 9.3% in the three months to September, government data showed, while farm output grew by 2.2 percent from the same period a year earlier. The figures were provided in a breakdown of gross domestic product figures showing Asias third-largest economy grew by 7.4 percent in the July-September quarter.

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India receives $32.87 billion FDI in October-September

India received $32.87 billion FDI during October 2014 to September this year, Parliament was informed. The sectors, which attracted FDI during the period include computer software and hardware, services sector, trading, automobile, construction activities, chemicals, power, pharmaceuticals, industrial machinery and food processing. In the defence and railway related components, the country received only $0.08 million (Rs 0.48 crore) and $23.2 million (Rs 146.65 crore) FDI during the October-September period.

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Economic & Finance

RBI keeps repo rate unchanged at 6.75% in monetary policy review

In line with market expectations, RBI governor Raghuram Rajan has kept the repo rate unchanged at 6.75%. The cash reserve ratio (CRR) or the amount of deposits banks park with RBI has also been unchanged at 4 per cent.

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Indian economy grows 7.4% in September quarter, running faster than China

Indias economic growth picked up pace in the second quarter of the fiscal, helped by strong manufacturing and signs of revival in investment, giving a timely boost to the government as it makes a case for reforms in Parliament. GDP rose 7.4% in the July-September quarter, better than 7% in the April-June period, data released by the statistics office showed.

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Core sector output growth slows to 3.2 per cent

Indias core sector output grew 3.2 per cent in October, the same as in the previous month, but a robust increase in coal and cement output and strong electricity generation provided some cheer. The growth was much slower compared with the 9 per cent increase posted in the same month last year, data from the Ministry of Commerce and Industry showed.

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Retail inflation may rise to 5.5% in Q4: Survey

The retail inflation is likely to rise to 5.5 per cent in the last quarter of this fiscal and thereafter may moderate to 5.2 per cent by September 2016, according to an RBI-sponsored survey.

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Forex reserves down by $ 149.7 million to $ 352.365 billion

Countrys foreign exchange reserves declined by $ 149.7 million to $ 352.365 billion in the week to November 20, due to fall in foreign currency assets, according to RBI data. In the previous week, the reserves had increased by $ 780.9 million to $ 352.515 billion.

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International

India needs to be a quality- and cost-competitive exporter: Arun Jaitley

Emphasizing on the need for India to become a quality competitive exporter, Finance minister Arun Jaitley has said that it is a challenge to expand trade at a time when global trade is sluggish.

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India expresses interest in preferential trade agreement with Iran once sanctions are lifted

India has evinced interest in signing a preferential trade agreement with Iran once international sanctions on the Persian Gulf nation are lifted.

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Exim banks of India, Malaysia ink financial cooperation pact

Export Import (Exim) Bank said it has inked an agreement with its counterpart in Malaysia to strengthen financial cooperation.

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WTO skips India on food security

The World Trade Organizations (WTOs) draft declaration for next months ministerial meeting in Nairobi made no mention of finding a permanent solution to Indias concerns on food security, but promised to "address all aspects of agriculture reform as a matter of priority".

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New Projects

Tourist centers: the next hub for malls

It’s often said that the time when feel like holidaying the most is when you have just returned from a holiday. That’s the level of bliss an Indian professional gets to be away from work every once in a while.

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MobiKwik partners with WH Smith India to enable mobile payments offline

Online payment wallet MobiKwik has partnered with WHSmith India to enable digital payments at its offline outlets, the company announced today.

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Science & Technology

India ranks 131 in ICT Development Index

India has been ranked 131 out of 167 countries by the ICT Development Index of the International Telecommunication Union, which measures countries according to their level of ICT (information, communication and technology) access, use and skills.

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Healthcare IT firm Indegene targets $250 million in revenue by 2020, looking at Nasdaq IPO

Indegene Life systems, a healthcare IT firm backed by Infosys co-founder NS Raghavan, is targeting $250 million in revenue by 2020 and is looking at a Nasdaq IPO, a top executive said.

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Environment

Pollution norms for deep sea discharge may be diluted

The Union ministry of environment and forests (MoEF) is active by considering `diluting the Chemical Oxygen Demand (COD) norm that measures pollution of sea, from 250 milligram (mg) liter to 500 mg liter for industrial effluents discharged in deep sea. It may be mentioned here that higher the COD in water, the greater the pollution.

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Water stock in major reservoirs at 53%

Water stock available in 91 major reservoirs in the country is at 53% of the total storage capacity and 78% of the levels reported during corresponding period last year. According to a statement issued by the Union Water Resources Ministry, as on November 26, water storage available across major reservoirs was 83.198 billion cubic meters (BCM). The current stock is 75% of the 10-year average for the corresponding period.

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