Gujarat Chamber of Commerce & Industry


Thu, 25 February 2016

Trade & Industry

Gujarat Budget 2016-17, full text of budget speech and other documents

Presented below are PDF links to Gujarat Finance Minister Saurabh Patel’s budget speech, and also all documents related to the budget for financial year 2016-17. The documents are presented in English and Gujarati both languages.

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Manufacturing sector growth returns to expansion in February: SBI Index

Manufacturing activity in the country bounced back and entered the expansion territory in February, says a report. The yearly SBI Composite Index for February is at 51.3, compared to last month index of 47.3. Meanwhile, the monthly Index declined to 49.5 in February, from 52.4 in January 2016.

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Exports: 17 out of 30 sectors decline in January

Exports of over half of the sectors, out of the 30 closely monitored by the Commerce Ministry, were in the negative zone in January due to a fall in global prices and demand. Outbound shipments of as many as 17 sectors, including petroleum products, engineering and leather, dipped last month, according to the ministry data.

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Converted companies cannot change name for one year: Ministry of Corporate Affairs

The government has proposed revised rules for converting unlimited liability companies into limited liability firms, which among others, bar such entities from changing their names for one year after conversion. Suggesting amendments to the rules, the Corporate Affairs Ministry has said that conversion proposals should be approved through a special resolution by the shareholders of the unlimited liability company.

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India eases customs rules for local arms of multinationals

India has simplified rules governing pricing of imports by related parties including Indian arms of import-dependent multinationals such as Swarovski, Apple, BMW, Audi, and Bausch & Lomb, a move that is expected to significantly improve ease of doing business for such entities. The government has revamped decade and-half-old customs rules and done away with a requirement that made deposit of extra duty on imported goods by such entities mandatory.

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Commerce Min issues fresh norms for power generation in SEZs

The government has come out with fresh guidelines for setting up of power plants in SEZ, stipulating that generation units could be set up only in the non-processing area of SEZs and there will be no fiscal benefits towards maintenance. As per the modified norms, the power plants which are set up in IT/ITeS zones that require uninterrupted power supply at stable frequency will be entitled to fiscal incentives for setting up and maintenance of generating units.

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Direct tax collection at Rs 5.47 lakh crore till February 13

Total collection from direct taxes stood at Rs 5.47 lakh crore as on February 13, which is 68.7 per cent of the budget target for the fiscal. Net (direct tax) collection was Rs 5.47 lakh crore as on February 13, 2016. This amount is 68.7 per cent of the target of Rs 7.96 lakh crore.

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Gujarat farmers form companies to market their products

Noida-based Horticulture Produce Management Institute (HPMI) and Ahmedabads business advisory firm Cluster Pulse have come up with a pilot project -Transparent Agribusiness Guarantee System (TAGS) -to connect 50,000 farmers with the market. Since its launch in December 2015, as many as 3,500 farmers have joined the project and 28 producers companies have already been registered. Although the registration is under the Companies Act, the companies will operate on co-operative basis, where farmers will be made shareholders.

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Bombardier to make its Gujarat plant exports hub for passenger trains

Canada-based passenger trains maker Bombardier is planning to develop India as the exports hub for its products and solutions to cater to Europe, South America and the Middle East markets. The company has a manufacturing facility in Savli, Gujarat that produces 450 commuter cars along with bogies and other components, which are also exported to markets like Australia, Brazil and Saudi Arabia.

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Economic & Finance

Fiscal deficit target likely to be 3.7% for FY17: DBS

The pace of fiscal tightening is likely to slow down next fiscal, with the governments deficit target expected to be higher at 3.7 per cent of GDP, says a DBS report. The target for 2016-17, as per the earlier roadmap, was 3.5 per cent and is likely to be pushed back. This would be largely due to the need to accommodate higher spending commitments, especially a bigger public sector wage/pension bill and rising banks recapitalization needs.

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New Projects

Queensland coal project: Adani clears another hurdle in bid to get mining lease

Indian mining giant Adanis 16.5 billion dollar controversial coal mine project in Australias Queensland state has inched closer to getting its mining lease after it struck a mining compensation deal with a local government body.

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India’s first nuclear submarine INS Arihant ready for operations, passes deep sea tests

Indias first nuclear armed submarine is now ready for full fledged operations, having passed several deep sea diving drills as well as weapons launch tests over the past five months and a formal induction into the naval fleet is only a political call away.

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Science & Technology

Will continue connecting people in India to web despite Free Basics setback: Mark Zuckerberg

Facebook CEO Mark Zuckerberg is disappointed with the Indian telecom regulators rule that ousted Free Basics from the country, but said that the social networking giant will focus on other aspects of the programme and work with all telcos to connect more Indians to the Internet.

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DeitY likely to quiz Ringing Bells management over pricing of Freedom 251

The Department of Electronics & Information Technology is likely to summon the management of the Noida company that is offering to sell the worlds cheapest smartphone for a meeting, as doubts are being raised over the Rs 251 price tag that experts say is too good to be true.

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Green building to grow by 20% in India by 2018: UGBC report

Green building industry will grow by 20 per cent in India in the next three years, mainly on account of environmental regulation and rising demand, a report said. New high-rise residential, communities and mixed-use development are expected to be the top three sectors for green building growth in India, it added.

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