The government has already allowed reimbursement of service tax on about 19 services used by exporters while selling goods overseas. These include commission paid to foreign agents whose services are subscribed by exporters to book orders with overseas clients. However, a list of 16 services used by exporters is not reimbursed. These include service tax paid on bank charges, packaging services and travel agents' services.
British Telecom's sustainability index aims to rank Indian companies according to their corporate social responsibility initiatives, says Sreelatha Menon.
Initial commerce ministry estimates suggest a 10 per cent contraction in exports in December. Coming after 12 and 9.9 per cent falls in October and November respectively, India is unlikely to meet the export target of $ 200 billion in the current fiscal. The last quarterly dip occurred in 2001, when exports were in the negative territory for six consecutive months ending December that year, data provided by the Reserve Bank of India and the commerce ministry showed.
Mumbai-based infrastructure conglomerate Essar group has withdrawn its plans to build a 1,125 hectare Special Economic Zone in Jamnagar because of the adverse economic environment, a commerce ministry official said. The proposal was to set up a 16-20-million-metric-tonne-a-year petrochemical refinery at an investment of Rs 15,000 crore, one of the largest SEZ proposals, according to information available on the company's website.
Secretaries' panel fails to arrive at a decision. Sources told Business Standard the commerce ministry felt that the delay would add to the cost for the government as more and more factories could shut shop.
The commerce ministry has written to its finance counterpart suggesting that domestic banks should share 50 per cent of losses arising out of derivative contracts that exporters have taken to protect against currency fluctuations.
The policy also asks for a suitable accreditation machinery to recognise institutions, professionals and services related to safety, health and environment at workplace.
Jean Dreze, who is also member of the Central Employment Guarantee Council, Ritika Khera and Anirban Kar - all from the Delhi School of Economics -- have pointed out that though bank payment of wages is seen as a magic solution to delayed payment and non-payment of wages under the Rs 25,000-crore (Rs 250-billion) scheme, making bank payments mandatory is a step taken without necessary precautions.
'Sweetheart' and 'darling' have been Sheila Dikshit's favourite words for decades -- they go well with her trademark warm, grandmotherly smile. And now, the capital has reciprocated. Dikshit has become the 'darling of Delhi'.On December 8, she became the only chief minister of Delhi to enter into a third successive term. In the 123-year history of the Congress, she is the third chief minister to have this record.
At least seven Bills initiated by the labour ministry are awaiting Parliament's nod, but just one - the Unorganised Sector Workers Social Security Bill - has been listed for the House session beginning on Wednesday.
India is not convinced that the new texts on agriculture and non-agricultural market access released by the World Trade Organization last Saturday would lead to consensus among members, though some of its concerns have been addressed with caveats.
India's diamond cutting and polishing industry fails to see logic in adhering to the ban on trade in diamonds used for funding conflicts.
"Some powers of the state police have to be taken over by the proposed central agency to function. This will require changes in state laws and also some central laws. If we go for a constitutional amendment, the Bill can take care of all related changes," said a top UPA minister.
The proposal will also include providing loans at below market rates to real estate developers. But the loan disbursed under this will come with a number of conditions like an upper ceiling on selling price of flats and individual homes.
The zones will be required to register themselves with www.sezindia.nic.in. Currently, developers have to send SEZ-related applications to the Department of Commerce, after which the inter-ministerial Board of Approval (BoA), headed by Commerce Secretary Gopal K Pillai, takes a call on them.
Indian economy is expected to grow between 7 and 7.4 per cent in the three months up to September 2008, as against 9.3 per cent in the year-ago quarter, five top economists of the country told Business Standard. The government is slated to release the quarterly numbers on Friday.
'We have discontinued or replaced certain contractual staff, total number not exceeding double digits, in the north India operations involved in activities under the discretionary cost head,' a Reliance Industries spokesperson said in reply to an e-mailed query sent by Business Standard. According to some employees, who claimed to have been retrenched, the number of laid-off people is much higher. However, the company denies this.
United Way, an alliance of MNCs and social agents, works on a belief that philanthropy finds new ways of giving in times of economic distress, says Sreelatha Menon.
Data with the Department of Industrial Policy and Promotion reveals that between April 2005 and July 2008, Japan Inc pumped in 50 per cent of the total investments inflows between April 2000 and July 2008. In fact, between June and October this year, Japanese companies said they would pump in $8 billion. Experts say this is not a knee-jerk reaction by the Japanese, who are known to be very meticulous with their investments.
The finance ministry has appointed a Pension Fund Regulatory and Development Authority, which will soon roll out a National Pension Scheme for the informal sector or for whoever wants to join.
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