Gujarat Chamber of Commerce & Industry

47/2015-16

Thu, 19 May 2016

Trade & Industry

Rajasthan dethrones Gujarat as No. 3 wind energy producer in India

After dislodging Gujarat and emerging as the number one state in solar power generation, Rajasthan has done it once again, now by overtaking Gujarat in wind power as well. In the financial year 2015-16, Rajasthan raced past Gujarat adding a record 685 MW wind power to reach a cumulative operational capacity of 4,006 MW and become the third largest producer in the country after Tamil Nadu and Maharashtra. While Gujarats wind power footprint rose by 392 MW to a cumulative operational capacity of 3948 MW at the end of March, 2016, a decommissioned capacity of 88 MW caused it fall from third to fourth position.

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India third in attractiveness index of renewable energy: Report

India is placed at the third position after the United States and China in the Renewable Energy Country Attractiveness Index, according to an EY report. The US, China and India featured in the top three countries in the index with the size and scale of renewables activity surpassing others.

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RBI plans to tighten rules for large corporate borrowers

Concerned over "very high" exposure of banks to some large corporates , RBI has proposed tighter norms to mitigate the risk posed to the banking system on account of large aggregate lending to a single borrower. The framework has been proposed to be introduced from 2017-18 onwards and the banking system should ordinarily keep its future incremental exposure to specified borrowers within the normally-permitted lending limit (NPLL), RBI said.

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Indirect tax collections jump 42 percent in April

Indirect tax collections jumped 42 per cent in April on sharp rise in excise collections owing to increased duty on petrol and diesel. "Indirect tax collections for the month of April 2016 was Rs 64,394 crore registering a growth of 41.8 per cent as compared to Rs 45,417 crore collected during the same period previous year," an official statement said.

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Ease of doing business needs to improve: US official

India needs to improve its ease of doing business, which continues to lag behind that of G20 (Group Of Twenty, a group of finance ministers and central bank governors from 19 of the worlds largest economies, and the European Union) to attract foreign businesses to invest in the country, Arun M Kumar, director-general of the US (United States) and Foreign Commercial Service, said.

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Economic & Finance

WPI moves into positive after 17 months driven by costlier food

Wholesale prices rose for the first time after 17 months in April, driven by costlier food that raises some worries, but also indicating that the worst of the commodity rout may be over and businesses may soon see some sort of pricing power.

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HSBC upgrades India to neutral from underweight

HSBC has upgraded India to neutral from underweight based on high-frequency economic numbers which suggests that growth might improve in second half of 2016, while normal monsoon is expected to boost rural demand. The global brokerage house has also raised Sensex target to 26,000 from 25000, based on valuation of 16 times price to earnings ( P/E ) multiple for 2017.

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Retail inflation accelerates to 5.39 per cent in April, IIP growth down to 0.1% in March

Retail inflation spiked in April while industrial growth stagnated, denting chances of a rate cut by the Reserve Bank of India in the June review. The two sets of numbers released by the Central Statistics Office showed Index of Industrial Production rose only 0.1% in March, while higher food and fuel prices drove retail inflation to 5.39% in April compared with 4.83% in March

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CAD to widen to 1.6% of GDP in 2016-17 on demand push: Nomura

Indias current account deficit is likely to widen to 1.6 per cent of GDP this fiscal, driven by pick-up in domestic demand on the back of better a monsoon and upcoming pay hikes, says a Nomura report. According to the global financial services major, the countrys domestic demand will pick up on the back of a better monsoon, 7th Pay Commission awards and the ongoing public capital expenditure plans.

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Retail inflation accelerates to 5.39 per cent in April, IIP growth down to 0.1% in March

Retail inflation spiked in April while industrial growth stagnated, denting chances of a rate cut by the Reserve Bank of India in the June review. The two sets of numbers released by the Central Statistics Office showed Index of Industrial Production rose only 0.1% in March, while higher food and fuel prices drove retail inflation to 5.39% in April compared with 4.83% in March

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CAD to widen to 1.6% of GDP in 2016-17 on demand push: Nomura

Indias current account deficit is likely to widen to 1.6 per cent of GDP this fiscal, driven by pick-up in domestic demand on the back of better a monsoon and upcoming pay hikes, says a Nomura report. According to the global financial services major, the countrys domestic demand will pick up on the back of a better monsoon, 7th Pay Commission awards and the ongoing public capital expenditure plans.

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International News

Gujarat urges Aviation Minister Ashok GajapathiRaju to connect Kandla to Delhi, Mumbai by air

Gujarat Finance Minister Mr. Saurabh Patel has written to Union Civil Aviation Minister Mr. Ashok Gajapathi Raju , requesting him to introduce Air-India flights on the Kandla-Mumbai and Kandla-Delhi routes. Mr. Patel said in his letter that Kandlas poor air connectivity has a negative impact on the Port and SEZ, hampering the movement of high value goods. With the Mundra SEZ, the air services from Kandla becomes imperative.

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Gujarat: DRI busts ‘export-import’ scam worth over`100 crore

The Ahmedabad zonal unit of the DRI has busted an alleged export-import scam worth over Rs 100 crore and arrested two persons who were sent to judicial custody. The scam is related to large-scale misuse of Duty Free Advance Authorisation involving ten export firms.

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New Projects

Vodafone rolls out SuperNet 4G services in Gujarat, Haryana, UP east & West Bengal

Leading telecom operator Vodafone India has launched its 4G services in the telecom circles of Gujarat, Haryana, UP (E) and West Bengal. The telco has already introduced its 4G services in Mumbai, Delhi-NCR, Kolkata, Karnataka and Kerala.

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Gujarat government to kick-start solar rooftop project for citizens

In an attempt to scale up the present solar power generation in Gujarat, the state government is now all set to launch its much awaited project of grid-connected rooftop solar power units, wherein residential property owners will be encouraged to install this new system. The Solar Rooftop project was initiated by Gujarat Energy Development Agency (GEDA), which is the state nodal agency to promote renewable energy.

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Gujarat: Maersk to send two ships for recycling at Alang yard

Under a long-term commitment to create more recycling options at Alang, Maersk Group will send two container vessels — Maersk Wyoming and Maersk Georgia — to be broken in the coastal town of Bhavnagar district. These vessels will be broken at Shree Ram Yard which is certified to the standards of Hong Kong Convention. Maersk Group used to recycle its ships at yards in China and Turkey.

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Gujarat govt to increase water supply from Narmada from 1200 MLD to 2300 MLD

The Gujarat Ministers Sub-Committee for Drought Relief announced the decision to increase the quantum of water release from the Sardar Sarovar Project (SSP) main dam on the Narmada from 1,200 MLD to 2,300 MLD with effect from May 15 to serve the priority areas served by the Narmada Command Area.

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Honda braces for fallout from diesel focus

The Japanese automaker has put its expansion plans on hold as it struggles to read the market right in India amid the backlash against diesel vehicles.

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Defence parks in the crosshairs of firms with land bank

The new liberal Defence Procurement Policy (DPP) has not only stirred Indian corporate houses to actively consider equipment manufacturing in the country but also given a new push to companies with large land holdings.Tata Steel, Dholera Industrial City and Reliance Defence are among those scouting for investors.

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Science & Technology

Microsoft sells feature phone business, Nokia starts second mobile inning

Foxconn subsidiary FIH Mobile Limited (FIH) decided to acquire the remainder of Microsoft’s feature phone business assets, while Nokia announced plans that will see its brand return to the mobile phone and tablet market.

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Microsoft sells feature phone business, Nokia starts second mobile inning

Foxconn subsidiary FIH Mobile Limited (FIH) decided to acquire the remainder of Microsoft’s feature phone business assets, while Nokia announced plans that will see its brand return to the mobile phone and tablet market.

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