E-News Letter

Gujarat-Chamber-of-Commerce-&-Industry

Weekly E-News Letter

Issue No. 41/2015-16                                                              7th April  2016, Thursday

Trade & Industry

Taxpayers' grievances: CBDT allots quota to top brass Central Board of Direct Taxes has ordered that all members of the Board and officers in the ranks of Principal Chief Commissioner and Principal Directors General will "personally examine" 10 grievances each, every week. Similarly, all Chief Commissioners, Principal Commissioners and Commissioners of Income Tax will individually monitor 20 and 30 grievances respectively, every week. The overall assessment and resolution status of the grievances compiled for a month will be forwarded to the CBDT by the first week of the succeeding month which will be subsequently sent to the Prime Minister's Office and Department of Administrative Reforms and Public Grievances for review. Read More Ease of doing business: Government weighs making PAN a unique ID for companies Government is working on a proposal to make PAN a unique identity for business entities with a view to improving ease of doing business and ensuring a company is incorporated in a day using an integrated e-biz portal. Read More Anti-dumping duty makes Gujarat's Morbi ceramics sparkle The anti-dumping duty on all types of vitrified tiles from China has come as a breather for the local ceramic industry, which was facing stiff competition from cheap Chinese imports. To protect local ceramic industry, government has imposed anti-dumping duty of USD 1.37 per square meter on vitrified tiles from China. Read More Gold, silver imports in Gujarat at six year low The month long jewellers' strike, low demand and high prices has led to record low imports of gold in the state in a year in the last six years. According to latest data available from GSEC Ltd, only 83.84 metric tonnes (MT) of gold was imported in Gujarat in 2015-16 against 152.24 MT in 2014-15, registering a fall of 44.92%. Read More Employment in Indian enterprises grows 38%, number of companies 42% The sixth Economic Census has found that employment in Indian enterprises grew 38.13% in 2013 from 2005 even as the growth in the total number of establishments in the country was higher at 41.75%. As per the census, which was carried out between January 2013 and April 2014, 58.5 million establishments were found to be in operation employing 131.29 million people. Read More Manufacturing PMI at 8-month high of 52.4 in March India's manufacturing business conditions improved in March on the back of better domestic demand and increased output. At an eight-month high of 52.4 in March, the Nikkei India Manufacturing Purchasing Managers' Index (PMI) pointed to a manufacturing upturn. A reading above 50 on this survey-based index shows expansion, while a figure below that indicates contraction. The index was 51.1 in both January and February. Read More Growth in services picks up pace as demand gallops; on par with manufacturing Growth in India's services sector picked up pace in March on the back of a strong increase in demand. The Nikkei India Services Business Activity Index climbed to 54.3 in March from 51.4 in February. A reading above 50 on this survey-based index indicates expansion. Read More

Economic & Financial

RBI cuts repo rate by 25 bps to 6.5%, RBI's first bi-monthly monetary policy statement: Highlights Following are the highlights of RBI's first bi-monthly monetary policy statement, 2016-17: •          Repo rate cut by 0.25% to 6.50% •          Reverse repo hiked by 0.25% to 6% •          Cash reserve ratio or CRR unchanged at 4% Read More RBI notifies 49% FDI under automatic route in insurance Reserve Bank has notified 49 per cent foreign direct investment (FDI) under automatic route in insurance sector. "No Indian Insurance company shall allow the aggregate holdings by way of total foreign investment in its equity shares by foreign investors, including portfolio investors, to exceed forty-nine percent of the paid up equity capital of such Indian Insurance company," the notification said. Read More

New Projects

GCCI to take help of PSUs to revive closed SMEs in Gujarat To support 'Make In India' campaign, the Gujarat Chamber of Commerce & Industry (GCCI) will take help of PSUs to revive the closed small and medium enterprises (SMEs) in the state. Read More Indian Oil Corporation to spend Rs 20,000 crore in expansion of its Gujarat refinery Union Minister Dharmendra Pradhan today said PSU major Indian Oil Corporation was going to spend Rs 20,000 crore for brownfield expansion of its refinery near here. Read More

Science & Technology

India's IT services to grow 10-12% in next 5 years: NASSCOM Chairman BVR Mohan Reddy India's IT services industry is poised to grow 10-12% over the next five years after having recovered from the global downturn in the past year, says industry lobby Nasscom's outgoing chairman BVR Mohan Reddy. In an interview to ET, he says India is set to take a tougher stance on protectionism the world over. Read More WhatsApp is now 100% unsnoopable! No one, not even its makers can see your messages Facebook on Tuesday announced it had bolstered the default encryption settings for the more than one billion users of its popular WhatsApp messaging service so that all messages will now be accessible only to the sender and recipient. Read More

Environment

Centre notifies the country's maiden construction and demolition waste management rules Taking an important step towards handling the problem of air polluting dust from ongoing construction activities across India, the Centre has notified the country's first ever Construction and Demolition Waste Management Rules to stipulate proper disposal and recycling of such waste. The rules, which are to be implemented by local civic authorities, will not only reduce pressure on fresh resources but also help in tackling air pollution triggered by dust particles. Read More Ministry of Environment, Forest and Climate Change takes steps for improving Ease of Doing Business The Ministry of Environment, Forest and Climate Change has taken a number of policy and procedure related decisions in the last 20 months, which the ministry claims, have reduced the weighted average time taken in granting Environment Clearance from 599 days to 192 days. The ministry added that the average time taken for granting Forest Clearance had also been reduced from 430 days to 170 days. This was revealed after an analysis of over a thousand cases was undertaken by the ministry. Read More

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