Gujarat Chamber of Commerce & Industry


Thu, 01 January 1970

Trade & Industry

Union Cabinet clears GST Bill for Rajya Sabha

The Union Cabinet has given its nod for the Goods & Service Tax (GST) Bill to be tabled in front of Rajya Sabha. The nod came after the cabinet did away with 1% additional levy on supply of goods, and proposing full compensation for revenue loss to states for five years. Although NDA does not have an absolute majority, it has strong numbers to support the bill. Passage of GST bill is important as it has to be implemented from April 1st, 2017.

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Gujarat exports raw material for dyes to China

In a sort of reversal, chemical companies from the state have been able to export vinyl sulphone to China. Traditionally, this key intermediate for making various types of dyes used to be imported from China on a regular basis. Over the last year, we have exported 1,000 tonnes of vinyl sulphone to China. This is the first time such a large quantity has been exported to our rival country in the chemical sector.

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Economic & Finance

Ind forex balance rises by $1.407 billion

India’s foreign exchange reserve rose $1.407 billion to $363.351 billion, thanks to rupee appreciation in non-US currencies such as Euro, Pound and Yes. The jump comes a week after it had declined $1.228 billion, taking the balance at $361.9 billion. India’s special drawing rights rose $1.4 million to $1.485 billion, while reserve position improved by $2.3 million

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Corporate India raises $1.07 billion, down 67% YoY

RBI said that Indian companies have raised nearly $1.07 billion in June 2016, a figure which is 67% lower than that from year-ago period. In May the risen amount stood at $1.32 billion while June 2015 saw a figure of $3.16 billion being risen. Maximum transaction happened through External Commercial Borrowings (ECB) and Foreign Currency Covertible Bonds (FCCB). Companies which resorted to foreign borrowings include Glenmark, Siemens and Idea Cellular.

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IMF warns India of negative effects from weak balance sheet

The International Monetary Fund (IMF) has warned India of negative impacts that might arise due to bank’s weak balance sheet coupled with sluggish exports and slowing pace of reforms. However, they have acknowledged India of being on a recovery path helped by lower oil prices and improved confidence.

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Public investments up 21% in FY16; private sector sees contraction

Public investments by central, state, local government and PSEs saw 21 per cent rise in 2015-16, record growth in last two decades, while private investments (households and corporate) contracted 1.4 per cent year-on-year, the worst performance.

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India ranks 110th on Sustainable Development index

India has ranked a low 110 out of 149 nations assessed on where they stand with regard to achieving the Sustainable Development Goals, according to a new index which is topped by Sweden and shows all countries face major challenges in achieving these ambitious go

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India raises counterfeit issues with Chinese counterpart

Indian authorities have raised issues with its Chinese counterpart after markets were hit with China’s version of fake products of respected brands including Natraj, Raymond, JK Files, Fevicol, Onida, Godrej, Boroplus and Dabur. While Chinese counterpart has acted on some issues, on others they have advised to hire a law firm for trademark and copyright issues.

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US has asked India to remove the custom duties on information and communications technology ahead of US-Trade Policy forum. Experts added that the rem

US has asked India to remove the custom duties on information and communications technology ahead of US-Trade Policy forum. Experts added that the removal of such duties will enable new additions between India-US supply chain management. Trade between India-US stood at around $62 billion in 2015-16.

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Indo-Pak foreign trade stands at $339.43 million

India-Pakistan foreign trade touched $339.43 million, of which India’s export included $278.75 million while import included $60.68 million in the first two months of 2016-17. While no bilateral trade has ever taken place, Pakistan has failed to adhere the deadlines which was set in September 2012.

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India, Switzerland sign MoU in skill development

India’s Secretariat of Education signed Memorandum of Understanding (MoU) with its Swiss counterpart which includes cooperation in capacity building and exchange of best practices in the skill development area. The MoU envisions establishment of Joint Working Group (JWG) to create, monitor and review implementation for the MoU.

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New Projects

Ahead of Vibrant Gujarat, Ahmedabad Eye up for discussion

After being shelved for nearly 3 years, Ahmedabad Eye is back on table ahead of the Vibrant Gujarat Summit. The proposed wheel is 150 meters in height and asks an investment of $268 million, making it one of the most expensive one in the world. The wheel is also reported to three times the size of London Eye,

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Hitachi Chemical enters into alliance with Gujarat based Alf Technologies

Hitachi Chemical Co. Ltd., a Group Company of Hitachi Ltd., Japan has formally announced a strategic alliance partnership with Ahmedabad based, Alf Technologies for Hitachi Automotive Batteries in India. Hitachi Automotive Batteries with an international market presence for more than 10 years is today a major player in the industry. Hitachi Chemical had launched its brand of car batteries in India in 2015, and has now launched its new commercial vehicle batteries and extended its range of car batteries in the country. Alf Technologies, incorporated in 2010, has a pan-India presence in the automotive battery market, with a wide-range of lead-acid batteries.

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Essar Bulk Terminal Hazira capacity to expand by 67% through 1,100 metre of additional berthing

The 550-metre berth of Essar Bulk Terminal Limited (EBTL) in Hazira is being augmented by a further 1,100 metres to accommodate the steady growth in cargo throughput at the port, said the company in a statement issued. EBTL is also developing an LNG import terminal that will have Essar Group companies as anchor customers. With this expansion, the capacity of the terminal will increase from 30 million tonnes currently to 50 million tonnes. Total investment in the expansion projects will be approximately Rs 3,000 crore, the statement further said.

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IRMA to launch incubator center to nurture entrepreneurs of rural sector

To assist and nurture the entrepreneurs striving hard to serve the rural sector, the Institute of Rural Management, Anand (IRMA), will launch an Incubator center next month which will focus on agriculture and allied enterprises. The Incubator will work around three verticals: agriculture and small agribusiness, sustainable habitats and sanitation, and servicing rural India covering rural tourism, clean energy, education, and ICT.

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