A higher cumulative penalty will be levied for not sharing data, say officials. However, criminal charges will be pressed in cases where manipulation of data is involved, they say. Under the new Act, people or companies not divulging data would have to pay a fine of Rs 1,000 and they would be given a 14 day notice period to comply. If the information is not provided even after two weeks, the penalty will rise to Rs 5,000 per day.
The Model Code of Conduct for the ongoing Lok Sabha elections has come in the way of release of routine economic data like the consumer price indices.
National Sample Survey Organisation, a division within the ministry of statistics, has been roped in to collect price data for the new series and a dry run is on the anvil in the next couple of months. The new series will have 2004-05 as the base year, as against 1993-94 in the present mode and will reflect a consumption basket that is relevant in today's scenario, thereby making inflation data more reliable. The new series will have 2004-05 as the base year.
The new foreign direct investment guidelines may be revised with respect to the banking sector to avoid an adverse fallout for Indian banks with majority foreign equity.
To counter demand contraction in key markets like the US and Europe, Indian textile exporters are exploring alternative markets like Japan, South Africa and Latin America. At present, only 4 per cent of India's textile exports go to these markets.
Even as India reacted strongly against the proposed changes in the US visa regime, trade experts said the country could do little in multilateral forums like the World Trade Organization to appeal against implementation of such measures.
The country's economy is expected to grow by around 6 per cent in the current fiscal, even in the worst-case scenario of global recession prevailing till March 2010, according to Arvind Virmani, chief economic adviser in the Ministry of Finance.
Demand for special economic zones (SEZs) appears to be reviving even as realty developers are shying away from developing these tax-free enclaves due to liquidity crunch, according to experts who are tracking SEZs.
Overall exports in 2008-09 grow at slowest pace in 7 yrs.
India has bilateral tax agreements with more than 70 nations.
India can either impose anti-dumping duties or safeguard duties to tackle import surges.
In fact, only two out of India's top five export destinations witnessed an increase in exports during the period. Total exports from the country had expanded 17.5 per cent during the period and stood at $118.25 billion.
Proceedings for imposing safeguard duty on Chinese Nylon Tyre Cord Fabric have already been initiated by the DGS on February 6 this year. Significantly, these moves to protect the domestic industry come at a time when India's industrial production contracted for two consecutive months ending January, 2009.
With orders drying up from the overseas markets, the council projects an export growth of 15 per cent in 2008-09 to nearly $38.8 billion, against the 27.4 per cent rise ($33.72 billion) seen in the previous year. This will be the lowest expansion in engineering goods exports in seven years. A sample survey of about 30 SMEs conducted by the Federation of Indian Export Organisations points towards the job losses in the sector.
India may not charge import duty on personal artefacts of Mahatma Gandhi, which were bought by liquor baron Vijay Mallya in an auction at New York. Moreover, the country is also going to relax import restriction on all items of historical significance of Indian origin.A pair of steel-rimmed spectacles and sandals, a Zenith pocket watch, an eating bowl and a plate went under the hammer in New York and the UB Group chairman successfully bid for them for $1.8 million.
India's sea ports do not have equipment to detect radioactive or contaminated consignments, exposing the country to security and safety risks, besides damaging reputation of goods manufactured in the country.
A draft report prepared by Members of the European Parliament could potentially derail negotiations between India and the European Union, the country's largest trade partner, on a Comprehensive Economic Partnership Agreement involving duty-free trade of goods, services and investment. The report has called for the inclusion of human rights and democracy issues in the CEPA talks and an international investigation into "extra judicial killings" in Jammu & Kashmir.
"The fact that not many FTAs were sealed shows the cautious approach of the policy makers," said Ram Upendra Das, fellow, Research and Information System for Developing Countries. "But India has recognised that these duty-free agreements are the order of the day as other countries are engaging in similar deals. Indian exporters will be left out if the nation does not engage in these types of agreements with its trading partners," he added.
More time for fulfilling export obligations also likely.
India's import bill contracted for the first time in almost nine years during January 2009, led by crude oil and capital goods, which constitute nearly half the total imports.
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