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Come Diwali days and in India, we are once again in the festive season and celebration mood and mode but with a caveat. This time the festive season comes in the backdrop of continuous economic gloom, higher interest rates (bigger EMI’s) and unabated inflation not only in India but world over. However, that should not deter the festive celebrations. Despite this, we must celebrate, spend and invest, but of course, smartly and intelligently.
The Supreme Court on Tuesday sought explanation from the Uttar Pradesh government for granting tax exemption to the company organising Formula 1 event in Greater Noida. A bench headed by Justice D K Jain also issued notice to Jaypee Group, organiser of the sporting event, and asked them to file their response by Friday on why the event was given exemption from entertainment tax.
On the initiative of Shri Jyotiraditya M. Scindia, Minister of State for Commerce and Industry (MoS-C & I), the Task Force on Transaction Cost was constituted by the Department of Commerce under the orders of Hon’ble Commerce & Industry Minister Shri Anand Sharma in October 2009, with a mandate to identify and suggest ways to achieve significant improvement in efficiency of our export processes in order to reduce money and time spent in exports by the exporters and to improve the ease of business and ultimately the competitiveness of Indian exports.
Press Information Bureau is organizing its two-day Annual Economic Editors’ Conference in the National Media Centre, Shastri Bhawan, New Delhi which will be inaugurated by the Finance Minister Shri Pranab Mukherjee tomorrow.
Prime Minister Manmohan Singh has called a meeting on Saturday to discuss policy options with regard to slowing economic growth and high inflation. The meeting (with PM) is on the current economic situation. We will have a discussion on growth and inflation, and consider the policy options in this regard, Prime Minister’s Economic Advisory Council (PMEAC) chairman C Rangarajan said.
he Union Finance Minister Shri Pranab Mukherjee is likely to raise the issue of exchange of information among different countries to fight against the menace of blackmoney and terror financing. Tax evasion and illicit flows have posed serious challenges to the world economy. Shri Mukherjee may impress on G-20 member countries to start exchanging information automatically for tax purposes on a voluntary basis including exchange of past banking information.
India’s exports for the month of April- September 2011 have registered a growth of 52%, at US $ 160 billion. Interacting with the media persons here today, Shri Rahul Khullar, Commerce Secretary, informed that during the period April-September 2011, the imports were US $ 233.5 billion with a growth of 32.4% and a Balance of Trade stood at US $ (-)73.5 billion, during the same period. Shri Khullar also informed that India’s imports in September 2011 were US $ 34.6 billion and export stood at US$ 24.6 bn Balance of trade for the month of September 2011 stood at (-) 9.8 billion US $.
Every application shall be made in the prescribed forms and shall contain the following : A statement as to how the geographical indication serves to designate the goods as originating form the concerned territory in respect of specific quality, reputation or other characteristics. The three certified copies of class of goods to which the geographical indication relates. The geographical map of the territory. The particulars of the appearance of the geographical indication words or figurative elements or both; A statement containing such particulars of the producers of the concerned goods proposed to be initially resisted. Including a collective reference to all the producers of the goods in respect of which the application is made.
Shri Anand Sharma the Union Minister of Commerce, Industry & Textiles today chaired the interaction with FIEO and all Export Promotion Councils and commodity Boards here today. Shri Sharma in his opening remark said, “the purpose of today’s consultation is to conclude the process which DGFT & Commerce Secretary have been doing throughout the year and I thought that before we come out with the export incentives for the current financial year we must have this brainstorming exercise. On 11th October 2011, I am convening the meeting of the Board of Trade after that we will announce the incentives for this year”
Shri Kapil Sibal, the Minister of Communications and Information Technology released the Draft National Policy on Information Technology, 2011 here today. Speaking on the occasion, Shri Sibal said that Information Technology is a key driver of an increasingly knowledge based global economy, and given its current global position in the IT and ITES sector, India is well positioned to enhance and leverage its existing IT capabilities for a leadership role.
