Shri Anand Sharma Commerce, Industry and Textiles Minister of India along with Shri Pranab Mukherjee, Finance Minister and Deputy Chairman, Planning Commission led the Government of India delegation to the India-U.S. CEO Forum meeting in Washington D.C. on September 22, 2011. The Forum comprises top CEOs from both sides and is co-chaired by Ratan Tata on the Indian side and David M. Cote, CEO of Honeywell Corporation of the USA. Minister Sharma and the United States Trade Representative (USTR), Ambassador Ron Kirk chaired the session on Review of CEO/Government collaborative projects in different areas including energy efficient buildings, water, agriculture, health care/diabetes; Strategic, high tech and defence trade; and facilitating business travel and totalization agreement . US Treasury Secretary Timothy Geithner, Deputy National Security Advisor Mr. Michael Froman led the US Government delegation.
First, it is worth considering whether we are giving excessive weightage to the balance and sustainable elements of the Framework, and too little to strong growth. The question of growth is particularly relevant at this juncture, when the recent developments in the global economy are cause for serious concern. The Framework exercise was initiated on the assumption that the global economy was recovering reasonably well from the economic and financial crisis, and hence the G 20 needed to turn its attention to medium to long-term issues.
While BRICS countries recovered quickly from the 2008-09 global financial crisis, some of us have been subject to inflationary pressures and growth prospects of all our countries have been dampened by global market instability. In advanced countries, the build up of sovereign debt and concerns regarding medium to long-term plans of fiscal adjustment are creating an uncertain environment for global growth. Also, excessive liquidity from aggressive policy actions taken by central banks to stabilize their domestic economies has been spilling over into emerging market economies, fostering excessive volatility in capital flows and commodity prices.
We are meeting here at the time when global economic growth seems to be losing its momentum after about a year and half of fragile and uneven recovery. There are signs of economic and financial weaknesses in Europe and the US that threaten the global economic outlook. The robust and quick recovery in EMEs also seems to be running out of steam. It is important that at this juncture the BRICS countries have come together to discuss the implications and the possible policy responses to the emerging situation in the US and Europe and in doing so make an assessment around the following agenda points:-
E-filing of Central Excise Returns (ER1,ER-2,ER-3,ER-4,ER-5,ER-6, ER-7 & ER-8) made mandatory for All Assessees wef 01.10.2011 vide Notification No. 21/2011 and No. 22/2011 – Central Excise, both dated 14.09.2011
Govt notifies new duty drawback rates for 4000 export items -Directorate of Drawback has notified the revised All Industry Rates of Duty Drawback or tax refunds on 4,000 export items for the current fiscal which have also been extended to all the DEPB items. The rates are slightly lower than what was provided in 2010-11.The CBEC has notified it vide Notifications No 68 & Notifications No 69, Drawback Schedule for 2011-12 and List of DEPB items and Customs Circular 42/2011.
NSDL is pleased to announce that henceforth, NSDL will send SMS for each quarterly TDS/TCS statement processed at TIN. You just need to quote correct latest mobile number in the quarterly TDS/TCS statement. Status as below is provided in the SMS: Accepted: This status is provided if the statement is accepted by TIN. Rejected: This status is provided if the statement is rejected by TIN. Partially accepted: This status is provided if the statement is partially accepted by TIN.
The Commerce, Industry and Textile Minister of India, Sri Anand Sharma interacted with CEOs of top business firms and heads of Universities in Dallas, Texas on 21st September 2011. The business roundtable, hosted by the CEO of Texas Instruments, Mr Rich Templeton, included CEOs of companies engaged in Banking, Automation and Information Technologies, Oil and Gas Industry,
The Indian economy has traversed a long way during the course of which it has stepped up its growth trajectory over successive decades, especially since the 1980s. It grew at a rate of around 3.5 per cent between 1950 and 1980, about 5.5 in the 1980s, going up to over 6 per cent in the 1990s and in the early years of this century. Since about 2003-04 it has moved further to a higher trend growth path of 8.5 to 9 per cent per annum. Between 2005 and 2008, India’s GDP grew at around 9.5 per cent per year making it one of, the fastest growing democracies in the world.
There is a consensus among analysts that India has a remarkable stretch of growth over the next thirty years. Several reasons support growth to be sustained at a high rate of 8 to 9 per cent per annum. First, the savings and investment ratios have gone up in the last few years and are reminiscent of the high growth East Asian economies. Secondly, India’s working age population is young with over half the population is in the twenties
