Gujarat Chamber of Commerce & Industry


Thu, 31 December 2015

Trade & Industry

Budget 2016: Arun Jaitley to begin pre-budget consultations from January 4

Finance Minister Arun Jaitley will start pre-budget consultations with different stakeholders such as industry, trade unions, and economists from January 4. Government has also invited suggestions from the public for 2016-17 Budget in its bid to make the exercise more broad. The suggestions can be posted on portal.

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PAN must for cash payment of hotel bill over Rs 50,000 from tomorrow

Furnishing PAN will be mandatory from tomorrow for cash transactions such as hotel or foreign travel bills exceeding Rs 50,000 - a move aimed at curbing the black money menace. Besides, PAN will be a must for all transactions, including purchase of jewellery, above Rs 2 lakhs in cash or through card with effect from January 1, 2016, the Finance Ministry said in a notification.

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Government approves amended TUF Scheme, to create over 3 million jobs

The government has approved the revamp of a scheme that has been running for many years to modernise the textile sector in a bid to attract more investments and create over 3 million jobs. The Cabinet Committee on Economic Affairs approved the Amended Technology Upgradation Fund Scheme (ATUFS). ATUFS aims to boost employment generation and exports in the industry by promoting the emerging technical textiles sector.

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DIPP sets up online monitoring system for projects under IIUS

Seeking to expedite the implementation of projects, the Commerce and Industry Ministry has set up an online monitoring system for ongoing projects under Industrial Infrastructure Upgradation Scheme (IIUS). The IIUS was launched in 2003 as a central sector scheme to enhance competitiveness of industry by providing quality infrastructure through a public private partnership in selected functional clusters with central assistance up to 75 per cent of the project cost subject to a ceiling of Rs 5 crore.

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Core sector shrinks 1.3%, dragged down by sharp decline in steel production

Indias core sector contracted 1.3% in November after expanding for six consecutive months, dragged down by a sharp decline in steel production due to weak demand and imports. The fall in core sector output may curb industrial growth, which reached a five-year high of 9.8% in October.

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Business confidence falls further in December on weak demand

Business sentiment in the country eased for the second consecutive month in December as weak demand weighed on companies, a Deutsche-Borse survey said. The MNI India Business Sentiment Indicator fell slightly to 60.7 in December from 60.9 in November. Confidence has gradually declined throughout this year, with the Business Sentiment Indicator averaging 61.3 in the three months to December, which was also the weakest quarter in 2015.

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No LPG subsidy for consumers with taxable income of more than Rs 10 lakh from January 1

Subsidised cooking gas will no longer be provided to consumers earning Rs 10 lakh or more a year, the oil ministry said, continuing a series of reforms including market-based diesel prices, direct transfer of LPG subsidy and a new approach towards oilfield contracts that eliminates bureaucratic meddling. The new system will deny subsidy to such consumers even if the cooking gas connection is in the name of the spouse, the ministry said.

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Gujarat second to Maharashtra in most attractive investment destinations: Study

Between 2009 and 2014, Maharashtra left Gujarat behind as the most sought after destination for global and domestic investors, as the latter recorded least growth rate of just over 2 percent among top 21 states in India, revealed a recently concluded study

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Gujarat drug firms face stiff challenge in Africa

China has now started giving Gujarat-based pharmaceutical formulations makers a run for their money. Although the competition is limited to the domestic front, it is the export sector, especially African countries, where China is capturing market by dumping its products.

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Economic & Finance

India likely to top world’s growth chart: Harvard study

Projected to grow at 7%, India has the potential to be the worlds fastest-growing economy over the next decade till 2024, far outpacing China that could slow to 4.3%, says an influential study by Harvards Centre for International Development (CID) on the basis of the 2014 trade data, the latest available.

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Fiscal deficit reaches 87% of full-year target in November

Indias fiscal deficit at the end of November was 87% of the target for the entire financial year, suggesting some struggle over the next four months but the government is still expected to stay within the budgeted figure without resorting to material spending cuts. The fiscal deficit for 2015-16 is budgeted at Rs 5.5 lakh core, or 3.9% of GDP.

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Forex reserves down by $1.4 billion at $351.11 billion

After rising for two consecutive weeks, countrys foreign exchange reserves fell by $1.4 billion to $351.106 billion in the week to December 18 on account of fall in foreign currency assets (FCAs), according to an RBI data. In the previous week, reserves had increased by $407.9 million to $352.51 billion.

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New Projects

Govt opening up e-commerce sector for FDI in a calibrated way

Foreign investment in business to customer (B2C) e-commerce activities has been opened in a calibrated manner, Parliament was informed on Wednesday.

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Infosys to unveil its largest campus in Hyderabad in February

Indias second-largest IT company Infosys would formally inaugurate its campus at Pocharam here in February, Telangana Information Technology Minister K T Rama Rao said today.

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Science & Technology

Trai aims to resolve some neutrality issues by early 2016

As the debate over the net neutrality resurfaces, telecom regulator Trai has said it is looking to solve the issues "part-by-part" and also aiming to come up with the final guidelines based on the views received from different stakeholders, by early 2016.

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TCS, Cognizant at top of outsourcing industry; snatch market share from IBM, Accenture

Tata Consultancy Services and US-based Cognizant have further cemented their positions at the top of the nations outsourcing industry in 2015, despite the worst slump in global technology spending since the 2008-09 financial meltdown and top technology consumers increasingly opting to in-source software projects. The two companies have even snatched market share away from global rivals such as IBM and Accenture in the past year.

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Green bid: Government issues strict norms for thermal plants

Moving towards stricter emission norms to minimise pollution, the Union environment ministry has notified revised norms of emission standards for coal-based thermal power plants in the country and made it mandatory for the existing plants to meet those parameters within two years. Besides tightening the emission norms, the ministry through the notification - issued on December 7 - also fixed water consumption parameters for all the existing and new plants, making it mandatory to use water more efficiently.

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