India Positive - 4 November, 2016
- November 30, -0001
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Standard and Poor's (S&P) has retained India’s long-term sovereign rating at BBB, and short-term rating at A3, with a stable outlook, reflecting India’s sound external profile and improved monetary credibility.
The Good and Services Tax (GST) Council has approved four main tax slabs of 5 per cent, 12 per cent, 18 per cent and 28 per cent, with lower rates for items of common use and the highest rates for luxury goods.
The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) rose to a 22-month high of 54.4 in October 2016, from 52.1 in September 2016, led by robust improvement in new orders and output in the country.
The Indian economy is expected to fare better during the second half of FY 2016-17 (October 2016 - March 2016), based on increased spending on infrastructure largely by the Government of India, robust growth in sales and improved capacity utilisation, according to the Associated Chambers of Commerce and Industry (ASSOCHAM).
The Reserve Bank of India (RBI) has allowed banks in India to raise funds through issuance of rupee-denominated bonds overseas, also called masala bonds, within the current limit of Rs 2.44 trillion (US$ 36.6 billion) set for foreign investment in corporate bonds.
Mr Tomasz Kozlowski, Ambassador of the European Union to India, has stated that the Startup Europe India Network will help in cross-fertilisation of talent by increased cooperation between companies and investors from both India and Europe.
Indian fast-moving consumer goods (FMCG) companies have performed better than their multinational peers as the combined revenue of country's seven leading FMCG companies stood at US$ 11.1 billion in FY 2015-16, as compared with US$ 9.4 billion revenue generated by select seven MNCs, according to a report by Assocham and TechSci Research.
Mr Venkaiah Naidu, Union Minister of Information & Broadcasting, has outlined plans to set up a Film Promotion Fund, to provide financial assistance to Indian films which would be selected in any competition section of an International Film Festival, or being India’s official nomination to the Academy Awards under Foreign Film Category, for promotional activities.
Private equity (PE) investments in real estate sector in India have increased 22 per cent in the first nine months of 2016 to reach Rs 283 billion (US$ 4.24 billion), as compared to the same period last year, according to the report Private Equity investments in Real Estate (PERE) by Cushman & Wakefield.
The Goods and Services Network (GSTN) has signed a memorandum of understanding (MoU) with Mr Ajay K Bhalla, Director General of Foreign Trade (DGFT), for sharing foreign exchange realisation and import-export code data, which is expected to strengthen processing of export transactions of taxpayers under goods and services tax (GST), increase transparency and reduce human interface.
The Ministry of New and Renewable Energy (MNRE) has revised the guidelines for onshore wind power projects to address new-age problems and reduce delays, in order to double India’s installed wind power capacity to 60 Gigawatt (GW) by 2022.
The Ministry of Labour and Employment plans to amend the Minimum Wage Act to raise the daily minimum wage of unskilled agricultural labour in C-class towns to Rs 350 (US$ 5.2) in the central sphere, from the current wage of Rs 160 (US$ 2.4) per day.
S&P affirms India's sovereign ratings, says outlook is stable
Standard and Poor's (S&P) has retained India’s long-term sovereign rating at BBB, and short-term rating at A3, with a stable outlook, reflecting India’s sound external profile and improved monetary credibility.
GST Council sets rates, four main tax slabs ranging from 5% to 28%
The Good and Services Tax (GST) Council has approved four main tax slabs of 5 per cent, 12 per cent, 18 per cent and 28 per cent, with lower rates for items of common use and the highest rates for luxury goods.
Manufacturing PMI hits 22-month high in October
The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) rose to a 22-month high of 54.4 in October 2016, from 52.1 in September 2016, led by robust improvement in new orders and output in the country.
Economy to gain momentum in second half of FY17: Assocham
The Indian economy is expected to fare better during the second half of FY 2016-17 (October 2016 - March 2016), based on increased spending on infrastructure largely by the Government of India, robust growth in sales and improved capacity utilisation, according to the Associated Chambers of Commerce and Industry (ASSOCHAM).
RBI allows banks to issue masala bonds
The Reserve Bank of India (RBI) has allowed banks in India to raise funds through issuance of rupee-denominated bonds overseas, also called masala bonds, within the current limit of Rs 2.44 trillion (US$ 36.6 billion) set for foreign investment in corporate bonds.
Startup Europe India Network will help in cross-fertilisation of talent: EU envoy to India
Mr Tomasz Kozlowski, Ambassador of the European Union to India, has stated that the Startup Europe India Network will help in cross-fertilisation of talent by increased cooperation between companies and investors from both India and Europe.
Domestic fast-moving consumer goods firms log more revenue than their multinational peers in FY16: Report
Indian fast-moving consumer goods (FMCG) companies have performed better than their multinational peers as the combined revenue of country's seven leading FMCG companies stood at US$ 11.1 billion in FY 2015-16, as compared with US$ 9.4 billion revenue generated by select seven MNCs, according to a report by Assocham and TechSci Research.
I&B Ministry to set up Film Promotion Fund to promote Indian Films in International Film Festivals: Venkaiah Naidu
Mr Venkaiah Naidu, Union Minister of Information & Broadcasting, has outlined plans to set up a Film Promotion Fund, to provide financial assistance to Indian films which would be selected in any competition section of an International Film Festival, or being India’s official nomination to the Academy Awards under Foreign Film Category, for promotional activities.
PE investments in real estate increases 22%
Private equity (PE) investments in real estate sector in India have increased 22 per cent in the first nine months of 2016 to reach Rs 283 billion (US$ 4.24 billion), as compared to the same period last year, according to the report Private Equity investments in Real Estate (PERE) by Cushman & Wakefield.
GSTN signs MoU with DGFT for sharing of foreign exchange realisation data
The Goods and Services Network (GSTN) has signed a memorandum of understanding (MoU) with Mr Ajay K Bhalla, Director General of Foreign Trade (DGFT), for sharing foreign exchange realisation and import-export code data, which is expected to strengthen processing of export transactions of taxpayers under goods and services tax (GST), increase transparency and reduce human interface.
Onshore wind power project norms revised in boost to Modi’s clean energy goal
The Ministry of New and Renewable Energy (MNRE) has revised the guidelines for onshore wind power projects to address new-age problems and reduce delays, in order to double India’s installed wind power capacity to 60 Gigawatt (GW) by 2022.
Labour ministry to soon notify minimum wages; agricultural workers to get 100 per cent jump in daily pay
The Ministry of Labour and Employment plans to amend the Minimum Wage Act to raise the daily minimum wage of unskilled agricultural labour in C-class towns to Rs 350 (US$ 5.2) in the central sphere, from the current wage of Rs 160 (US$ 2.4) per day.
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