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Economic Af f Air s
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Economic Af f a ir s of sept ember 2012
n wide-ranging recommendations aimed at soothing the hackles of investors and revive
the inflow of foreign capital, the expert committee on General Anti Avoidance
Rules (GAAR), headed by Parthasarathi Shome, on 2 September, has advocated
postponement of the controversial tax provision by three years till 2016-17 along with
abolition of capital gains tax on transfer of securities. In a further reassurance to foreign
institutional investors (FIIs) operating through the Mauritius
route, the expert panel, in its draft report submitted to the
government on August 31 , has suggested that the GAAR
provisions should not be invoked to examine the genuineness
of the foreign investor entities residency in the island nation.
Highlighting that the objective of GAAR should be deterrence
rather than revenue, the panel has recommended that the
Approving Panel (AP) for purposes of invoking GAAR
provisions should consist of five members, including
Chairman, who should be a retired judge of the High Court.Besides, two members should be from outside government and persons of eminence drawn
from the fields of accountancy, economics or business, with knowledge of matters of income-
tax, and two members should be chief commissioners of income-tax or one Chief
Commissioner and one Commissioner. It also suggested that GAAR can be invoked only with
the approval of the Commissioner.
ndia received over USD 66.13
billion in remittances in the year
2011-12 as compared to USD 55.62 billion in the
previous, a hike of 19 per cent. "We have
received USD 66.13 billion in remittances in
2011-12," Minister for Overseas Indian Affairs
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Vayalar Ravi said on Friday in a written reply to a question in Lok Sabha. The remittances to
the country through private transfer of funds have been on the rise in the last few years.
he Reserve Bank of I ndia ( RBI ) w ill allow domestic entiti es to invest in
Pakistan if they apply for approval, the central bank said in a statement on 7
September. Indian entities were earlier not allowed to invest in Pakistan. On 1 August,
the Indian government formally
allowed foreign direct
investment from Pakistan in an
attempt to build trust between
the two nuclear-armed
neighbours. Pakistani citizens
and companies are now allowed
to invest in all sectors apart from
defence, space and atomic
energy, a government statement
said. The move to allow FDI from Pakistan had been announced by India's trade minister
earlier this year. India and Pakistan have fought three wars since they broke from British
colonial rule in 1947. Both sides have implemented measures to improve trade and business
ties, as they slowly rebuild relations that were shattered by the 2008 Mumbai attacks.
ive Indian companies including Larsen & Toubro, Hindustan Unilever and Infosys
are ranked on Forbes magazine's list of "The W orld 's M ost I nnovative
Companies"topped by four US companies. Larsen & Toubro with an annual sales growth
of 19 percent is ranked ninth in the world followed by Hindustan Unilever (12) with 11.4
percent. Infosys (19) comes third with 12.7 percent growth thanks to what the US business
magazine called a lower "innovation premium." This measures the difference between the
value of the company's existing businesses and its expected future innovations. Companies
must also have $10 billion in market capitalization and spend at least one percent of their
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asset base on research and development. Tata Consultancy Services (29) with 19.5 percent
was fourth among Indian companies with Sun Pharmaceutical Industries (38) with a 14.6
growth bringing up the rear. Four US
companies- Cloud computing king
Salesforce.com, drug major Alexion
Pharmaceuticals, internet retail giant
Amazon.com and open source software
leader Red Hat took the top four places.
Forbes said its analyses show at least three
key things that the innovative companies do to create and sustain an innovation premium.These were: How well companies leverage people, process, and philosophies, differentiates
the best in class from the next in class when it comes to keeping innovation alive and
delivering an innovation premium year after year.
tate Bank of I ndia, I ndias largest bank, on 5th September, announced a
reduction in interest rates on fixed deposits by 0.5 per cent for most of the
maturity periods, a move likely to be followed by other lenders. However, for deposits
between 241 days and one year, the downward revision is 1 per cent. The new rate would be
6.5 per cent as against 7.5 per cent. Of the total nine maturity periods for fixed deposits, the
0.5 per cent downward rate revision is
for six categories. The new rates would
be effective from September 7, the bank
said in a statement. With the revision,
the interest rate on 7-90 days fixed
deposit would come down to 6.50 per
cent from 7 per cent. Similarly, term
deposits of 91-179 days would be down
by 0.5 per cent, at 6.50 per cent, and 180-day fixed deposits would also attract 6.50 per cent
interest rate. Fixed deposits with maturity of 181-240 days would now provide interest rates
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of 6.50 per cent, down from 7.25 per cent. For maturity years of one year to less than two
years, the new rate will be to 8.5 per cent as against 9 per cent, down by 0.5 per cent. At the
same time, interest rates for fixed deposits with maturity period between 2-3 years and 3-5
years have been slashed by 0.5 per cent to 8.5 per cent. However, the bank has left interest
rate unchanged at 8.5 per cent for term deposit of 5-10 years.
he Reserve Bank of I ndia di rected all banks to issue cheques with uni form
features conforming to the Cheque Truncation System (CTS) 2010 standard by the
end of this month. The homogeneity in security features act as deterrent against frauds, and
the fixed field placement specifications facilitate straight-through-processing at drawee
banks end through the use of optical or
image character recognition technology, the
RBI said in a notification. ``Adherence to
CTS-2010 standards has inherent
advantages as the security features in
cheque forms help the presenting banks to
identify the genuineness of the drawee banks instruments while handling them in the image
based scenario, it said. sAll banks are advised to arrange only multi-city or payable at par
CTS-2010 standard cheques, not later than September 30.
ndia claims the second biggest haul after China in Asia's Fab 50 with 11
I ndian companies, up from seven last year,
figuring in Forbes 2012 list of 50 best publicly traded
companies in Asia-Pacific. The US magazine's 2012
list sees the return of the big Indian IT software
services and consulting firms, HCL and Tata
Consultancy, while an Indian drug company, Sun
Pharmaceutical, breaks into the elite ranks for the
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first time. Once again, China dominates the list with 23 mainland entries, the same as a year
ago. Malaysia, Japan, Philippines and Singapore each had one representative on this year's
list. South Korea could only muster four companies this year, down from eight last year.
overnment on 6 September, approved a Rs 768 crore proposal to hive off engineering
and ground handling services of Air India into two wholly-owned subsidiaries as part
of its turnaround plan. A meeting of the Un ion Cabinet, chair ed by Prime Minister
M anm ohan Singh, cleared the
proposal to create the two
subsidiar ies -- Air I ndia Engineerin g
Services Lim ited (AI ESL) and Air
I ndia Tr ansport Services Lim ited
(AITSL). With this decision, Air India
would begin the process of transferring the
assets and manpower to AIESL and AITSL,
which would be treated as separate profit centres. AIESL would carry out Maintenance,
Repair and Overhaul (MRO) business, for not only Air India but other airlines too and tap
the potential of nearly $1.5 billion MRO business in the Asia-Pacific Region.
he government of India approved a 14000 crore rupees fund to spur the
production of hybrid and electrical vehicles in the country. According to a
new policy approved, Automobile companies and
the government plan to put six million electric
vehicles on road by 2020. The government under
the new policy will fund research and development,
infrastructure and subsidies. With an aim at
reducing the burden on fossil fuels, the Union
government in national budget 2011 had proposed a
plan to develop electric and hybrid vehicles. Later, the government set up a National Council
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for Electric Mobility led by heavy industries minister Praful Patel, and a National Board for
Electric Mobility to ensure uniform rules in all the states. According to an estimate about
130000 electric vehicles were sold in India in 2011-12. Electric scooters cost between 26000
rupees and 43000 rupees in Indian market, while countrys only indigenously built electric
car Reva starts at 3.5 lakh rupees. Japan-based Nissan Motor Co. Ltds electric car, Leaf, is
the largest-selling car in the world that runs on battery. It costs 33000 dollar (around 18
lakh rupees) in the US and its battery cost is at least half the cars price.
he Supreme Cour t, on 6 September , held that I ndian courts have no
jurisdiction to pass interim orders in foreign arbitration awards between
an I ndian company and a foreign company under the provisions of the Indian
Arbitration and Conciliation Act,
1996. Disposing of a batch of appeals, a five-
judge Constitution Bench, comprising Chief
Justice S. H. Kapadia and Justices D. K. Jain,
S. S. Nijjar, Ms. Ranjana Desai and J. S.
Khehar, said, if the arbitration agreement is
found or held to provide for a seat/place of
arbitration outside India, then the provision
that the Arbitration Act, 1996, would govern
the arbitration proceedings would not make
Part I (relating to domestic arbitration) of
the Arbitration Act, 1996, applicable or enable Indian courts to exercise supervisory
jurisdiction over the arbitration or the award.
hidambaram pitched for Prim e M inister led N ational I nvestment Board:
Finance Minister P. Chidambaram on 15 September 2012 pitched for
institutionalization of a National Investment Board under the leadership of Prime Minister.
The formation of the board will help in speeding the approval of the proposals, for the mega
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projects and their implementation. Formation of the board will help the country in achieving
the targeted growth for the twelfth five year of 8.2
percent. At the meeting of the full planning
commission under the chairmanship of Prime
Minister Manmohan Singh, the finance minister
expressed his concern on the delayed
implementation of the mega projects and stressed
on the fact that the decision made by the National
Investment board (NIB) to be taken as the final decision. Chidambaram also insisted
interference by any other authority on the approvals and decisions made by the NIB will beentertained. He also added to his statement that NIBs role will be limited to the projects
with investments of Rs 1000 crore or more.
uidelines on overseas loans for companies eased : The Reserve Bank of India
(RBI) on 11 September, relaxed guidelines for Indian companies to raise money
overseas through external commercial borrowings (ECB). The RBI allowed companies to
raise more funds through ECBs to repay rupee loans or for new capital expenditure in
rupees. It raised the maximum limit of ECB to
75 per cent of the average foreign exchange
earnings in the past three fiscal years, or 50
per cent of the highest export earnings in any
of the three years, or whichever is higher.
Earlier, a company could raise a maximum of
50 per cent of its average export earnings in
the past three fiscal years. The RBI will also allow refinancing of bridge finance, or short-
term credit taken by companies in the infrastructure sector for importing capital goods, with
an ECB under the automatic route. Earlier, companies had to seek approval from the RBI for
replacing the bridge finance with a long-term ECB. The central bank said companies in the
infrastructure sector can seek trade credit for up to a maximum period of five years for
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importing capital goods, up from one-to-three years previously. Trade credit is a short-term
loan.
ndian external debts are within manageable limits : The Department of
Economic Affairs (DEA) published its annual publication- Indias external debt: a status
report 2011-12. As per the published report, Indias external debt in the end of March 2012
was $345.8 billion, which is 13% high than the previous years debt or $ 39.9 billion from
where India stood at the end of March 2011. The publication points out about the upward
movement of the stress that is put on the current account deficit (CAD) of the nation because
of the risks thrown on it, from the external sectors that comprises Fall in the reserve cover
for imports and external debt,
depreciation in the exchange rate of
rupee, rise in the level of external debts
and the increased share of the short term
commercial borrowing in the complete
external debt quantum. The finance
ministry cleared on 10 September 2012
that there can be a rise in the global
economic risks that may rise with a weakened recovery and a slow growth scopes that may
lead into high debts and seek growth finances even in the advanced economies. This
clearance was based on Indian Vulnerability Index indicators, which has been experiencing
the euro zone debt crisis and the global slowdown. A detailed analysis of Indias position in
external debt at the end of March, 2012 has been presented in the status report. It is also
based on the data released by the Reserve Bank of India on 29 June 2012. The report not
only presents the analysis of external debts trend and composition on the country but it also
presents a comparative picture of this debt in reference to other developing nations of the
world with respect to the fluid global economic situations. The best part of the report
produced is that instead of all the facts presented and developments Indias debt is within
manageable limits and can be indicated by the debt service ratio to 6 percent and external
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debt-to-GDP ratio of 20 percent in 2011-2012. Thus India continues to be within the less
vulnerable countries when it comes to external debt indicators compared to that of the
indebted countries. The Global Development Finance, 2012 from World Bank, India stood at
the fifth position for absolute debt stocks when compared with the 20 other developing
debtor countries. But when taken care of the ration of external debt to that of the gross
national income, India was at the fifth position from the lowest side.
ales percentage of car declined in I ndia : The sales of cars in India declined in the
month of August 2012 by an overall 19 percent. It is counted among the biggest drop in
one year timeline, resulting to which Society of Indian automobile Manufacturer (SIAM)
asked the government to cut the excise duty. The next disappointing part is that the export of
cars is also declined to a figure of 26.83 percent in
the August month which has affected overall
production of companies in India. It is the highest
decline in 11 years of time. The automobile
industry has entered into a desperate situation.
The excise duty on automobiles, which was
increased in this years Budget, needs to be
reduced, particularly for the commercial vehicles
segment to regain the sale in momentum. In contrary to that, Chinese market saw a robust
sale of car in the month of august.
ndian IT firms among 10 worst paymasters in world : Indian companies are
among the world's 10 lowest paying employers in the IT space, with their mid-to-senior
level staff getting an average salary of USD 38,767 (about Rs 21.5 lakh) per annum less
than one-fourth of the IT pay package at globally top-paying Swiss firms. Salaries in the IT
sector of Switzerland are the highest in the world at an average of USD 168,211 (about Rs 93
lakh) per annum as per a study titled 'World wide IT Salary 2012'. The study, conducted by
global recruitment service provider MyHiringClub.com, has ranked India at eighth spot
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among 10 worst IT paymasters globally. On the other hand, Switzerland stands at the top
spot among the top-paying nations in the IT sector. The study, which was conducted in
August this year, took into account the average salaries for people with four and more years
of experience for the Indian and other companies. The report compared the total annual
cash compensation and total remuneration information for IT staff in more than 6,000
companies across 40 different countries and found that employers in western Europe are the
best paymasters. It also found that compensation in developed countries focus more on
variable factors, such as bonus schemes, to attract staff. At the same time, the emphasis
remains on cash compensation in the lower-paying countries. "Experienced IT managers are
highly sought-after in India and there is strong competition to attract and retain skilledemployees. MNCs rely heavily on Indian IT managers, so they need to ensure their pay is
competitive.''"Although pay in Asia and Eastern
Europe tends to be much lower, it would be
difficult for firms to outsource the IT manager
role to these regions. Instead, we may see a
migration of IT skills from lower paying nations
to places in Western Europe and North
America," MyHiringClub.com CEO Rajesh
Kumar said. Interestingly, IT managers in India
fare better than their counterparts in neighbouring China, where the average annual
compensation package were lower at USD 38,624. In addition, IT employees in India, scored
better than their peers in Bulgaria, Vietnam, Indonesia, the Philippines, Thailand and
Malaysia, where the average annual salaries were even lower at USD 23,745, USD 29,831,
USD 33,768, USD 33,965, USD 34,107 and USD 36,790 respectively. Among the best IT
salaries paying countries Belgium bagged the second position with an average salary of USD
144,980, followed by Denmark (USD 136,542), the US (USD 128,632) and the UK (USD
127,890).
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yotiraditya M. Scindia, Union Minister of State for Commerce and Industry, said in
Coonoor,that the Union Government has set up a directorate, as part of the
Tea Board, exclusively to address the issues of small tea growers. Speaking to
presspersons after inaugurating the 119th conference of the United Planters
Association of Southern I ndia (UPASI) , he said this was an important measure for the
welfare of small growers. The
initiative was now only for the tea
sector. This could be extended to
other plantation sectors, if needed.
The plantation sector was expectedto see higher outlay in the XII Plan
with focus on various areas such as
research and development and
small growers. Mr. Scindhia said
,the domestic market for tea was seeing healthy growth. However, India should also increase
its tea exports, and, hence, the government had come out with the Triple Five (555)
scheme.Under this, the focus would be on five markets with five major measures for five
years. For the first phase, the government had sanctioned Rs.6.5 crore for this scheme. Tea
production was 976 million kg last year and domestic consumption 840 million kg. Exports
were 191 million kg. G. J. Ancheril was elected as President of the United Planters
Association of Southern India (UPASI) for 2012-13.
he study on the Impact of Inter net on the I ndian Economy by M cKin sey,
which is still to be released, says
that its contribution to Indias GDP will
explode to $100 billion (Rs. 5 lakh crore) by
2015 from $30 billion (Rs.1.5 lakh crore) at
present. Revealing the highlights of the
study, on 29 September in the presence of Union Telecom Minister Kapil Sibal at a curtain-
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raiser held to announce a two-day multi stakeholder conference on Internet governance to
be held at FICCI in New Delhi on October 4-5, McKinsey said the contribution of the
Internet to global GDP is roughly three per cent or $1.7 trillion and its performance in India
will eventually mirror this trend. Mr. Sibal said the government is also alive to the growing
power of the Internet, including as a communications multiplier. The world currently has 2
billion Internet users, of whom 50 per cent live outside the developed world. The global
Internet population is projected to climb to 2.6-2.9 billion by 2015. By 2015, based on
existing projections, India, which with 120 million users has the third largest Internet user
base in the world, is projected to hit 350 million, catapulting it to a global ranking of 2, with
the fastest rate of growth.
atings fir m Fitch in its Global Economic Outlook repor t on 28 September ,
lowered I ndias growth pr ojection for the cur r ent fiscal to 6 per cent for
2012-13 from 6.5 per cent estimated
earlier citing challenging economic
outlook. Indias economic growth has
slowed to a three-year low of 5.3 per
cent in the April-June quarter of the
current fiscal. The growth had fallen to
6.5 per cent in the 2011-12 fiscal. Fitch
said the high fiscal deficit left little
scope for government for fiscal easing and increasing spending. It said weak investments
were affecting supply capacity and thereby pointing towards weaker growth outlook.
he Secur ities and Exchange Board of I ndia,
on 28 September, issued draft norms for
mandatory safety net mechanism in IPOs , to
protect the interests of retail investors. The SEBI has
sought comments from the public on the draft norms till
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October 31.According to SEBI, the safety net mechanism would be available for all securities
allotted to original resident retail individual allottees, who had made an application for up to
Rs.50,000.SEBI also said the total obligation on safety net provider will be capped at 5 per
cent of the issue size. The proposal for such a mechanism, discussed at SEBIs board meeting
held on August 16, is aimed at protecting the interest of retail investors.
global study, puts India ranks very low at 111th position in terms of
economic freedom, behind countries like China, Nepal and Bangladesh, in a
worldwide index of 144 nations. The annual ranking, titled 'Economic Freedom of the
W orld: 20 12', is topped by Hong Kong, followed by Singapore, New Zealand,
Switzerland (8.24) and
Australia in the top-five. The
index has been prepared by
Canada-based public policy
think-tank, Fraser Institute, in
cooperation with independent
institutes in 90 nations and
territories, and claims to measure the degree to which the policies and institutions of
countries support economic freedom.
iting volatile global economic situation, the Standard and Poors (S&P) has
lowered the gr owth for ecast for I ndia to 5.5 per cent for this fiscal, fr om
6.5 per cent projected earlier. According to S&P, Asia-Pacific is feeling the pressure of
ongoing global economic uncertainty, and it has lowered India growth forecast by one
percentage point to 5.5 per cent for this fiscal from 6.5 per cent earlier. The report says, lack
of monsoon rains has affected India, for which agriculture still forms a substantial part of
the economy and global investors have become more critical of Indias policy and
infrastructure shortcomings which was recently highlighted by the power outage in early
August that affected 20 of Indias 28 States. S&P said Asia Pacific economies were
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witnessing cautious growth conditions and any worsening of the economic conditions in the
euro zone would increase contagion risk for the
region as these economies were sensitive to
capital flows and trade. S&P has lowered the
base case forecasts of 2012 real GDP growth by
about half a percentage point for some
countries, with Chinas revised to 7.5 per cent
(from 8 per cent); Japan to 2 per cent (from 2.5
per cent); Korea to 2.5 per cent (from 3 per
cent); Singapore to 2.1 per cent (from 2.5 per cent); and Taiwan to 1.9 per cent (from 2.5 percent).Earlier this month, Morgan Stanley had also lowered Indias growth forecast to 5.1 per
cent for the current fiscal from its earlier estimate of 5.8 per cent; HSBC to 5.7 per cent from
6.2 per cent and Standard Chartered to 5.4 per cent from 6.2 per cent projected earlier.
consortium compr ising Oil and Natur al Gas Corporation, I ndian Oil
Corporation, and Oi l I ndia has jointly placed a $5-billion bid for buying
stake in ConocoPhillips six Canadian oil-sands assets in Alberta. Early in 2012,
Houston-based ConocoPhillips had announced
that it was planning to sell as much as 50 per
cent of its oil-sands reserves in Alberta.Early
this month, ONGC Videsh (OVL) had bought
U.S. energy firm Hess Corp's stake in Azeri,
Chirag and Guneshli (AGC) group of oil fields in
Azerbaijan for $1 billion. ConocoPhillips has
hired Scotia Waterous for selling stake in six Alberta properties that produce about 25,000
barrels of oil a day from an estimated 30 billion barrels of bitumen in place.
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Authors Note
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