Exports up by 31.2% in July 2008 India’s foreign trade data – July 2008
01 Sep 08, New Delhi
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Exports during July, 2008 were valued at US $ 16345 million which was 31.2 per cent higher than the level of US $ 12454 million during July, 2007. In rupee terms, exports touched Rs. 70018 crore, which was 39.1 per cent higher than the value of exports during July, 2007. Cumulative value of exports for the period April- July, 2008 was US$ 59191 million (Rs. 248498 crore) as against US$ 47487 million (Rs. 194689 crore) registering a growth of 24.6 per cent in Dollar terms and 27.6 per cent in Rupee terms over the same period last year.
| EXPORTS & IMPORTS: (Rs. Crore) |
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| (PROVISIONAL) |
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JULY |
APRIL-JULY |
| EXPORTS (including re-exports) |
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| 2007-2008 |
50331 |
194689 |
| 2008-2009 |
70018 |
248498 |
| %Growth 2008-09/2007-2008 |
39.1 |
27.6 |
| IMPORTS |
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| 2007-2008 |
74091 |
306946 |
| 2008-2009 |
116276 |
421541 |
| %Growth 2008-09/2007-2008 |
56.9 |
37.3 |
| TRADE BALANCE |
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| 2007-2008 |
-23760 |
-112257 |
| 2008-2009 |
-46258 |
-173043 |
| Figures for 2007-08 are the latest revised whereas figures for 2008-09 are provisional |
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Imports during July, 2008 were valued at US $ 27143 million representing an increase of 48.1 per cent over the level of imports valued at US $ 18333 million in July, 2007. In Rupee terms, imports increased by 56.9 per cent. Cumulative value of imports for the period April- July, 2008 was US$ 100418 million (Rs. 421541 crore) as against US$ 74840 million (Rs. 306946 crore) registering a growth of 34.2 per cent in Dollar terms and 37.3 per cent in Rupee terms over the same period last year.
Oil imports during July, 2008 were valued at US $ 9480 million which was 69.3 per cent higher than oil imports valued at US $ 5600 million in the corresponding period last year. Oil imports during April- July, 2008 were valued at US$ 35006 million which was 54.9 per cent higher than the oil imports of US$ 22596 million in the corresponding period last year.
Non-oil imports during July, 2008 were estimated at US $ 17664 million which was 38.7 per cent higher than non-oil imports of US$ 12733 million in July, 2007. Non-oil imports during April- July, 2008 were valued at US$ 65412 million which was 25.2 per cent higher than the level of such imports valued at US$ 52243 million in April- July, 2007. The trade deficit for April- July, 2008 was estimated at US $ 41227 million which was higher than the deficit at US $ 27352 million during April- July, 2007.
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Guidelines for foreign investment in commodity exchanges
Government of India had laid the guidelines for foreign investment in Commodity Exchanges .As per the guidelines, a composite ceiling for foreign investment of 49% was allowed with prior Government approval subject to the condition that investment under the Portfolio Investment Scheme will be limited to 23% and that under the FDI Scheme will be limited to 26%. Further no foreign investor/entity including persons acting in concert will hold more than 5% of the equity in these companies.It has been brought to the notice of the Government that some of the existing Commodity Exchanges had foreign investment above the permitted level as on the date of issue of the said Press Note.
In order to facilitate the existing Commodity Exchanges to comply with the guidelines notified vide Press Note 2(2008), it has now been decided to allow a transition / complying/correction time to the existing Commodity exchange(s). The Commodity Exchange(s) would be required to divest foreign equity equal to the amount by which the cap was being exceeded in accordance with Press Note 2(2008). Accordingly, all such Commodity Exchanges are hereby advised to adhere to the conditions of Press Note 2(2008) by 30.6.2009.
All Commodity Exchanges shall furnish a compliance report informing the foreign investment in the Commodity Exchange as on 30.6.2009, along with details of equity structure, to the Department of Industrial Policy & Promotion, Department of Consumer Affairs, Foreign Investment Promotion Board, the Forward Market Commission and SEBI. Non-compliance of the conditions of Press Note 2(2008) after 30.6.2009 would be a violation of the Foreign Exchange Management Act, 1999.
Source : IBEF |
| Indian Leather Development Programme launched |
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In view of the importance of the leather sector for economy and social equity, GOI has approved an ambitious plan with an outlay of Rs. 912.67 crore namely “Indian Leather Development Programme” with emphasis on Infrastructure Development, Capacity Building & Human Resource Development, Investment Promotion and Environmental Issues for the industry for implementation during XI plan period.
In order to meet the growing demand of leather technologist, workers and designers, 3 new institutes on the pattern of FDDI Noida would be set up at Chennai, Rohtak and Kolkata with an outlay of Rs. 96.69 crore each. FDDI at Rohtak would be developed as a world class design institute. The institutes would be operational from the academic year 2011-12. HRD Mission with an outlay of Rs. 60 crore would target training of non-traditional potential work force in the rural areas. This project would train and prepare individuals in the rural areas in cutting, skiving and stitching and would place atleast 75% of those trained in the industry. It also includes skill up-gradation programs for workers of organized & un-organized sector.
The scheme ‘Support to Artisan’ with an outlay of Rs. 40 crore would provide design support, corpus of revolving funds for obtaining bulk raw material, grant based livelihood support, marketing support/linkages and also bank linkages with an objective to ensure better and higher returns to the artisans. Under ‘Saddlery Development’ Rs. 10 crore has been allocated for providing R&D support to the Saddlery and harness. In order to enable industries to cope with the stringent pollution control norms, an allocation of Rs. 200 crores has been made in the XI Five Year Plan to meet environmental concerns. Such projects for addressing environmental concerns would be funded with 50% grants from Central Government, 15% from State Government and balance 35% from the Industry. The industry would bear the entire Operation and Maintenance costs.
World-class infrastructure is the key to globally competitive leather industry and a Leather Tanning Complex would be set up at Nellore during XI Plan by State Government of A.P with support of Rs 29 crore from GOI. With an aim to enhance capacity and increase investment in the sector the scheme “Integrated Development of Leather Sector” (IDLS), a scheme for providing capital subsidy for modernization of leather units has been modified, allowing assistance to new units and raising the limit of subsidy to Rs. 2 crores from the existing Rs. 50 lakh per unit. A provision of Rs.253.43 crores is provided in the XI plan for the purpose.
Indian Leather industry is an important component of Indian Manufacturing sector. The sector is labor intensive, with 30% of the work force being women and majority of workers from weaker section. The sector thus has strong linkage with rural economy and high impact on social equity.
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ONGC acquires Imperial Energy
ONGC Videsh Limited announced a deal to acquire Imperial Energy of UK at 1.4 billion pounds (US$ 2.6 billion).Imperial Energy is based in London but most of its assets are in and around Siberia. The company produced 10,000 barrels of oil per day in 2007 and is expected to increase the figure to 25,000 by end of 2008. ONGC is responsible for about three-quarters of the oil produced in India, and saw a 47% jump in revenues in the most recent fiscal quarter as oil prices rose. ONGC Videsh operates 35 projects in 17 countries, including Vietnam, Sudan and Colombia.
Shipping Corporation has been conferred Navratna status by Union Government, making them the 17th member of this prestigious group.Navratna status would enable Shipping Corporation of India to utilize the enhanced autonomy and powers delegated to its board,which would help to improve its performance.
Navratna scheme was introduced in 1997 to identify and support selective Central Public Sector Enterprises (CPSE) which could emerge as significant players in the economic development of the country as global giants.The boards of Navratna CPSEs have been delegated substantial powers in the areas of capital expenditure,formation of joint venture and subsidiaries,human resource development etc. |
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India 2nd best country for investment: Survey
India is the second best country for business investment, a new survey of American corporate executives shows. Conducted by Development Counsellors International every three years, the "Winning Strategies in Economic Development Marketing" survey has tracked trends in economic development since its inception in 1996.
This is the first year respondents were asked to rank the business favourability of the world's 25 largest countries (based on GDP). Of the 281 corporate executives who responded, 53.1 per cent named China as the most favourable country followed by India (45.1 per cent), Mexico (30.1 per cent), Britain (25.4 per cent) and Canada (22 per cent). The corporate decision-makers who named India as the best for investment cited the country's labour force - including its supply, skill level and cost 65 per cent of the time as the reason for their positive perceptions. India's "growing economy /business opportunities" and "low overall/operating costs" were named 38 per cent and 18 per cent of the time, respectively. The survey also polled the executives about the best US states for business.
Texas, North Carolina and Georgia are viewed as having the best business climates, while California, New York and Michigan were perceived as having the least favourable business climates. "With the global battle for business more intense than ever, countries and their economic development organisations need to pay close attention to the results of this survey," DCI President Andrew T Levine, said. "Whether accurate or misguided, perceptions about a location's business climate often play a crucial role in site selection where companies invest money and create jobs."
Source: The Times of India |
GDP grows by 7.9% in the 1st quarter
India's economy grew by 7.9% during the three month period from April-June 2008.This is the slowest growth in any quarter since 2004 and has resulted from poor industrial growth along with higher borrowing cost. Though all sectors of the economy showed a sluggish growth during the first quarter, the extent of the fall was most severe in the manufacturing sector which grew by only 5.6% as against 10.9% during the corresponding period of last year.The agricultural sector grew by 3% as against 4.4% during the same period of last year.
Government has downscaled the projected economic growth in 2008-09 to 7.8% as against the earlier projected estimate of 8.8%.However the other rating agencies are projecting a more conservative growth rate of 7.5% during the current financial year. Indian economy had witnessed a growth of 9.1% during 2007-08. |
RBI to step up monitoring to check fake notes
Reserve Bank of India (RBI) has decided to step up monitoring of banks, after a large quantum of fake Indian Currency notes was found in the Siddharth Nagar Branch of State Bank of India. RBI officials had found fake Indian Currency notes with a face value of Rs. 2 million from the strong room of the bank. RBI has formed special teams to carry out surprise checks of the currency chest of the banks. Instructions have already been issued to the effect that the concerned banks would be responsible in those cases where fake notes are found in the bank or in its ATMs.
Inflation crosses 12%.
Inflation for the week ending August 2 stood at 12.44% registering an increase from the figure of 12.01 % that existed on the week ended July 26. Direct Taxes collection grows by 47% .
Net direct taxes collection in the first four months of a financial year stood at Rs. 716.48 billion, showing an increase of 46.95 % over the tax collection of Rs. 487.56 billion, during the corresponding period of last financial year.
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BPCL to set up first Solar Power Project
Bharat Petroleum Corporation Limited (BPCL) has decided to set up their first solar photo voltaic power project of 1MW in Punjab.BPCL has signed a Memorandum of Understanding (MoU) with Punjab Energy Development Agency (PEDA) to set up the power plant. The cost of the plant is estimated to be about Rs. 220-250 million and it would be constructed on a build , operate and own basis (BOO basis) at Lalru in Mohali.The power generated from this project would be evacuated to the state grid at a tariff of Rs.8.93 per unit. BPCL is considering this as a pilot project and would decide whether or not to develop other such projects depending on its success. BPCL also has plans to set up wind power projects in Rajasthan, Gujarat, Maharashtra and Tamil Nadu.
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