Energy

Gujarat  Chamber of Commerce & Industry

Weekly E-News Letter

Issue No. 4/2015-16                                                                 23rd  July 2015, Thursday

Trade & Industry

M&A activity in India drops in H1 2015: Report The value of M&A in the country shrunk for the first time since 2012 to USD 15.8 billion with 277 deals in the first six months of the current year. Deals worth USD 17.1 billion took place in the Indian M&A market during the first half of 2014, according to the report by tax and advisory firm Grant Thornton. However, the country saw 277 M&A deals in January-June period of 2015 as against 269 in the same period a year ago. Read More  GIDC plans impact fee, one-time payment schemes GIDC plans to launch two new schemes for plot holders and owners - One-Time Settlement (OTS) scheme for defaulters and an impact fee scheme for those who have done unauthorized construction on their plots. The GIDC decided to launch these schemes based on feedback from occupants of plots in GIDC estates in different regions. Read More FIIs holding in top Gujarat firms dips in June quarter The first quarter of fiscal 2015-16 saw FIIs pulling out their money in Gujarat-based companies. An analysis of top Gujarat firms listed on the stock exchanges show that as many as 27 companies witnessed reduction in FII holding thanks to profit booking. Lower than expected, corporate earnings by Indian companies are also believed to be a reason. Read More Good news for multi-brand retail, pharma: Composite Cap approved for foreign investments In a significant simplification of the FDI policy, the Union Cabinet approved a proposal to scrap the distinctions among different types of overseas investment by shifting to a single composite limit. The new policy means portfolio investment up to 49% will not need government approval or have to comply with sectoral conditions as long as it doesn't result in transfer of ownership and/or control of Indian entities to foreigners. Read More India pitches for global tax policy to safeguard the interests of developing nations India has pitched for a global tax regime built into the UN process, rather than being looked at from the point of view of rich countries, in a bid to curb illegal financial flows from the developing world running into some USD 200 billion annually. Read More Ecommerce overdrive: Private equity investors infuse $9.5 billion in first half of 2015 The booming ecommerce and startup spaces and signs of an improving economy have helped India record more than USD 9.5 billion, or over Rs 60,000 crore, in private equity investment deals in the first six months of 2015. If the current pace continues, total PE deals this year will surpass the record USD17.1 billion, or about Rs 108,000 crore at current exchange rate, set in 2007. Read More Government extends deadline for comments on Companies Act Stakeholders have been given more time to submit their suggestions to a high-level panel that has been set up for addressing issues related to the new companies law. The deadline has now been extended till July 31. Set up by the Corporate Affairs Ministry last month, the Companies Law Committee is expected to finalize its report in six months. Read More Number of defunct companies up 35% this fiscal: FM Arun Jaitley tells parliament The number of defunct companies in the country has risen by 35% to nearly 61,500 in the first three-and-half months of the current financial year, as informed by Shri Arun Jaitley in the Parliament. At the end of March 2015, the number of defunct firms stood at 45,603 and the figure increased to 61,449 till July 16. Read More New norms for manual scrutiny of service tax returns from August CBEC has issued revised 2009 guidelines on manual scrutiny of service tax returns in view of the legal changes brought about by the Negative List based taxation of services and administrative changes like creation of separate Commissionerate for Audit. The revised guidelines will come into operation from August 1, 2015. As per CBEC circular, the detailed return scrutiny would be conducted in respect of such assessees whose total tax paid for 2014-15 is below Rs 50 lakh. Read More

Economic & Financial

Manufacturing sector growth declines in July: SBI-index  India's manufacturing sector growth declined both in terms of month-on-month as well as yearly basis in July, an SBI research report said, adding that the June IIP numbers may continue to be weaker. The yearly SBI Composite Index, an indicator for manufacturing activity in the country, for July declined to 49.7 from 53.2 in June 2015. The Monthly Index also declined from 47.0 in June to 46.7 this month. It further added that the declining momentum in credit growth is likely to have started impacting and this is leading to decrease in momentum of IIP growth. Read More India's business sentiment to remain subdued during July-September: Dun & Bradstreet  The underlying business sentiment in India during July-September quarter of 2015 is likely to remain subdued amid concerns of weak factory data and potential impact of deficient monsoon. According to research firm Dun & Bradstreet, the Business Optimism Index, which measures the pulse of the business community, stood at 127.2 for the July-September quarter, registering a mere increase of 0.2 percentage as compared to the previous three-month period. Read More No penalty till 3 days after credit card's due date: RBI  RBI has said that henceforth banks can levy a penalty on a credit cardholder only if they fail to receive payment for three days after the due date. The directive will benefit those whose payment or transfer gets delayed due to a bank holiday or for any other reason. Read More

International News

India takes up visa, trade issues with US  India has raised the issues of market access for agrarian and pharma products, and high visa costs with the US during an official-level meeting on Tuesday. Commerce Secretary Rita Teaotia took up the matter with Deputy US Trade Representative Robert Holleyman. Read More  Adani says approval delays halt work on Australia coal project Adani Mining said the latest suspension of work on its A$10 billion ($7.4 billion) Carmichael coal mine in Australia was due to delays in government approvals for the project, which environmentalists say could damage the Great Barrier Reef. Read More  Gold falls to near five-year low as bearish view holds Gold fell on Wednesday for a seventh session in eight, reflecting sustained downward pressure on the metal days after its steepest drop in almost two years, with more losses seen ahead as the demand outlook dims. Read More

New Projects

Rajkot to get a Science City The City of Rajkot is likely to get Science City. The district administration has allotted 10 acres land at ishwaria wild valley park to set up a Science City. Read More Make in India push: Government moves to turn 'Buyer's Navy into a Builder's Navy With the Indian Navy aiming for a 200-warship force with close to 600 aircraft and helicopters by 2027 to guard India's expanding geostrategic interests, both defence minister Manohar Parrikar and naval chief Admiral Robin Dhawan urged the country's private sector to tap into the huge opportunities available in the sector. Read More Gujarat government plans 100 crore relocation project for electricity infrastructure In order to facilitate developmental works by various urban and semi-urban civic bodies in the state, the Gujarat government has decided to undertake a project to relocate existing electricity infrastructure, such as poles and transformers, at a cost of Rs 100 crore. Read More

Science & Technology

ISRO's heaviest rocket engine tested successfully on ground  Indian Space Research Organization (ISRO) has successfully tested on ground its homegrown cryogenic rocket engine to power its heaviest rocket GSLV Mk-III. It can carry four ton communication satellites into space. Read More Jupiter twin discovered orbiting Sun-like star  Astronomers have discovered a Jupiter-like exoplanet orbiting a Sun-like star, bringing scientists closer to finding a Solar System 2.0 - planetary system that mirrors our own. Read More 67% of small and medium businesses have no digital access: Deloitte  Nearly 67 per cent of the SMBs in India are not even on technology deployment curve. Right policy framework is needed to boost technology adoption among these businesses, Deloitte India Read More Go Daddy launches tool to help SMEs sell online  Encouraged by the burgeoning ecommerce sector in the country, technology provide Go Daddy has launched its Online Store that allows any small and medium business (SMB) to set up their online store by letting business owners host and showcase unlimited products with unlimited bandwidth. Read More

Environment

Japan submits its post-2020 climate action plan  With the countries moving step-by-step towards their joint goal to fight impacts of climate change through individual actions, Japan submitted its post-2020 'climate action plan' to the United Nations Framework Convention on Climate Change (UNFCCC), promising to cut 26% of its greenhouse gas (GHG) emission from its 2013 level by the year 2030. Read More Gujarat marine sites to get German help  Gujarat Forest Department will collaborate with the German Federal Ministry for the environment, nature conservation, building and nuclear safety (BMUB) as part of the 'Conservation and Sustainable Management of Existing and Potential Coastal and Marine Protected Areas' (CMPA) initiative. The selected coastal sites in Gujarat where the project will be implemented are the Khijadiya Wildlife Sanctuary in Jamnagar, Gosabara and Mokarsagar wetland complexes, and the associated Madhavpur turtle conservation area in Porbander. Read More CCEA approves restructuring of Coastal Zone Management project Proposal for restructuring the Integrated Coastal Zone Management (ICZM) project, which is aimed at protecting and conserving the coastal environment, has been approved by Cabinet Committee on Economic Affairs (CCEA), which includes revising the cost estimate from Rs 1155.60 crore to Rs 1580.10 crore.  Read More

Energy

Tata Power's Mundra power plant generates 6,296 MUs in first quarter  Coastal Gujarat Limited (CGPL), a wholly-owned subsidiary of Tata Power, has generated 6296 MUs of electricity in Q1 of FY 2015-16 and 62,945.77 MUs from 2012 to 2015. Read More  Agriculture Ministry to provide subsidy on solar pumps Agriculture Ministry said it will provide financial assistance of up to Rs 57,600 on purchase of solar energy pumps used for irrigation by farmers. Read More

Notification

A circular has been released by the VAT Commissioner Shri P D Vaghela, regarding introduction of provisional refund. The circular suggests the procedure of obtaining provisional refund in order to maintain traders’ working capital for short term duration and avoid unnecessary interest charges on refund.  The circular can be downloaded from the following link. Read More

Gujarat Chamber of Commerce & Industry Shri Ambica Mills - Gujarat Chamber Building, Ashram Road, Ahmedabad - 380009 Gujarat, INDIA