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The Government has taken various measures to augment growth of hotel accommodation in the country. Hotel and Tourism related industry has been declared as high priority industry and Foreign Direct Investment upto 100%, under the automatic route is permitted in ‘Hotels & Tourism Sector’, subject to applicable laws/regulations, security and other conditionalties. To encourage the growth of hotels, on the [...]
The Government has advised coal companies for adopting state of the art technologies for improving coal production, productivity and safety in underground mines. Coal India Ltd., (CIL) and Singareni Collieries Co. Ltd. (SCCL) have taken number of initiatives to adopt modern technologies/equipments. In CIL, out of the 271 underground mines, 227 mines are at various stage of modernization and adoption [...]
Law & Order is a State subject, hence State/District administration are requested to take necessary deterrent action to stop/curb theft/black marketing. But on their part coal companies have also taken the following measures to prevent theft of coal: - Check Posts have been established at the vulnerable points. - Wall fencing, lighting arrangements and deployment of armed guards round-the-clock has been done around [...]
Aerospace and defence exports are likely to clock two billion dollars in the current fiscal, apex industry body ASSOCHAM said . With about 18 per cent growth during the first three quarters of 2011-12, aircraft exports including component parts stood at about 1.31 billion dollars against 1.11 billion dollars in the corresponding period of previous fiscal, according to The Associated [...]
The Coal sector in India has continued to remain vital and of fundamental importance for the growth of Indian economy. India is on the path of rapid growth. High economic growth and increased economic activities would create much larger demand for energy and predominantly of coal. Indian Coal sector during post nationalization period has seen tremendous growth in production and [...]
“The MoUs signed for private, and public-private-partnership projects in The Partnership Summit 2012 has crossed Rs 6,47,000 crore, and the government has already given approval for 23 projects worth over Rs 71,000 crore,” said Mr N Kiran Kumar Reddy, Chief Minister of Andhra Pradesh. 243 companies signed MoUs with the Andhra Pradesh Government during the Summit. Addressing a Special Plenary Session on Andhra [...]
The Associated Chamber of Commerce and Industry of India (ASSOCHAM) has urged the government to retain the Excise Duty and Service Tax at the current rate of 10.3 per cent in its Union Budget for the al year 2012-13. In its pre-budget memorandum submitted to the Finance Minister, Mr Pranab Mukherjee the chamber has also suggested the government to consider [...]
Nearby 18% of rupee depreciation between May and December 2011 has added additional rupee cost of imports to the nation by Rs. 66,000 crores despite decline in the global prices of two major imported products crude oil and thermal coal according to the ASSOCHAM study on “Rupee Exchange Depreciation: Impact Analysis”. The study analysed four major imported commodities crude oil, [...]
The mineral-rich west African nation of Mali today signed a 100 million dollar line of credit with the Exim Bank of India for transmission of power from neighbouring Cote d’Ivoire to the capital city of Bamako, visiting president Amadou Toumani Toure said today. A similar a 125 million dollar line of credit (soft loan) was signed in 2008. “We are [...]
ASSOCHAM welcomed the government’s announcement to allow 100 per cent foreign direct investment (FDI) in single brand retail, saying it will lead to more choices for consumers, encourage domestic industry to become more competitive and improve inflows from foreign institutional investors into the country. Sourcing at least 30 per cent of the products from micro and small enterprises will benefit [...]
ASSOCHAM called for granting infrastructure status to airports besides classifying aviation turbine fuel (ATF) and cement as declared goods to bring a uniform tariff structure across the country. This will facilitate emergence of airports as hubs and lower tariffs for passengers. The Indian aviation industry is being adversely affected as tax rates on ATF vary substantially from state to state. [...]
Current developments taking place in the Southern part of the nation clearly indicate that India’s prominence as an Information Technology/Information Technology Enabled Services (IT/ITeS) hub is fast fading away as many of the ITeS/BPO firms especially, medium enterprises from Hyderabad and Bangalore are shifting or expanding their bases in Philippines owing to concerns pertaining to infrastructure, cost of doing business [...]
Investment and research in Solar Energy sector is a must as renewable energy can help preserve the global ecological balance,said Dr Farooq Abdullah, Union Minister for New & Renewable Energy, Government of India. He was speaking as the Chief Guest at the Seminar on Solar Energy: Investment and R & D. The seminar is being held as part of the [...]
There is a paradigm shift in approach to inclusive growth through empowerment by legal entitlements such as right to information & right to education, said Mr Pranab Mukherjee, Minister for Finance, Government of India. He was delivering the keynote address at the Plenary Session on Inclusive Growth: Two Decades of Economic Liberalization at the 10th Pravasi Bharatiya Divas 2012 being held at Jaipur. [...]
While India’s growth has been impacted by the global slowdown, given the strong economic fundamentals of the Indian economy the effort is to bring the economy back to 9-10% growth in the medium term, said Dr Manmohan Singh, Prime Minister of India in his Inaugural Address at the 10thPravasi Bharatiya Divas (PBD) 2012. The event has been jointly organized by Ministry [...]
The stage is all set for the January 2012 Auto Show in Delhi that is being organised jointly by Automotive Component Manufacturers Association (ACMA), Confederation of Indian Industry (CII) and Society of Indian Automobile Manufacturers. The show organizers are leaving no stone unturned to offer exhibitiors and visitors a never-before experience in terms of facilities, convenience and security. From crowd management, [...]
ASSOCHAM welcomed the government’s decision to allow foreign individual investors, pension funds and trusts to directly invest in equities, calling it a bold step to shore up investor confidence and attract dollar inflows. Foreign investors will now be able to invest directly in Indian capital markets for the first time. “However, authorities must ensure that funds flow from KYC-compliant countries,” [...]
Allowing foreign direct investments in the pension sector will enable the country to raise the share of fund assets to GDP from current level of five per cent to 17 per cent which in turn can result in assets worth 166 billion dollars (about Rs 8.6 lakh crore), industry body ASSOCHAM said today. FDI in pension funds will further increase [...]
Fall of rupee against major currencies, new norms of standard-size packaging, increase in raw material costs due to upward spiraling interest rates and inflation together might dent the performance of the fast moving consumer goods (FMCG) sector which ruled the bourses in the current calendar year, apex industry body ASSOCHAM said today. According to a sector specific analysis of The [...]
India and Japan need to establish firm partnerships and enter a new era of economic cooperation to capitalise on mutual complementarities, visiting prime minister Yoshihiko Noda said today while addressing the joint business forum organised by leading industry chambers ASSOCHAM, CII and FICCI. He said Japan can contribute to India’s rapidly growing manufacturing sector which is being driven by a large middle class income people. A [...]
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