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.
With this deal, Jaipuria's RJ Corp will own over 10 bottling plants, controlling 25 per cent of PepsiCo's bottling capacity in the country (earlier he was PepsiCo's largest bottler together with his family). Confirming the development, Jaipuria said the deal would be complete in a day or two. "The West Bengal operations will contribute 10 to 15 per cent to our turnover," he said.
"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.
The investors, which include ICICI Venture, Azim Premji and ICICI Prudential, say that they do not hold more than 38 per cent in the retail company and do not have the requisite shareholding to amend the articles. ICICI Venture, which alone holds 23 per cent stake in Subhiksha, had earlier rubbished claims made by Subramanian that the private equity company 'controls' Subhiksha by virtue of its right to appoint a majority of the directors in the company.
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.
The gap between the average fares of a full-service airline and a low-cost carrier for metro routes narrowed by a third in January, thanks to leading players cutting their fares quite dramatically to grab the market share.
A dip in petroleum product exports for the first time in the current fiscal has contributed to a 22 per cent decline in merchandise exports in January, commerce ministry data reveals.
Broad consensus is emerging within a Group of Ministers chaired by finance and external affairs minister Pranab Mukherjee on a proposal seeking comprehensive changes in the foreign direct investment policy. This includes scrapping automatic approval in sectors that have FDI limits and in which ownership or control is shifting to a foreign company, and a new definition for calculating indirect foreign equity.
And despite a slowdown, media planners say advertisers are pouring in over Rs 600 crore (nearly half the ad budget for cricket in 2009). This represents a more than 10 per cent increase over last year's spends on television, co-branding of teams and marketing, among others.
It's official now. Engineering giant Larsen & Toubro has sought management control of Satyam.
For the first time since its inception in 2006, the Board of Approval on special economic zones in its next meeting in March will take up a proposal from a developer to merge these tax-free industrial enclaves for exports.
As companies find themselves in the midst of an unprecedented meltdown, the role and expectations from CEOs are changing, according to Spencer Stuart, one of the largest global recruitment agencies for senior directors and CEOs. It has made these findings from recruitments undertaken in India across sectors like financial services, telecommunications and FMCG, amongst others.
It has rejected a proposal by Subash Chandra-promoted Wire and Wireless India, which has sought permission to issue partly paid-up equity shares, pursuant to its rights issue. WWIL is in the cable network business. The shares were to be issued to non-residents, which also included FIIs, venture capital funds, multilateral and bilateral development financial institutions, and eligible NRIs for cash aggregating up to Rs 450 crore (Rs 4.5 billion).
The dispute involves a UK-based hedge fund, Altima Partners, and the company's principal promoter Raghav Bahl, founder and largest shareholder of Network18, the broadcasting group which runs TV channels such as CNBC-TV18, Colors and Awaaz.
Auctions for spectrum for 3G or third-generation telecom services could be delayed from an already rescheduled date of January 30 after the Department of Telecommunications sought legal opinion on whether it should send the finance ministry's suggestion on doubling the reserve price back to the Telecom Regulatory Authority of India for its endorsement.
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