Economy
& Business
Excise
duty on textiles likely
to go in next budget
What is India News
Service, August 06, 2004, 2000 hrs IST
Finance Minister P Chidambaram
has hinted that the existing
tax structure on man-made fibres would be abolished in the next
budget (2005-06) to give a fillip to this segment of the domestic
textile industry.
Doing away with excise duty on pure cotton, wool and silk (whether
fibre, yarn, fabric or garment) in this year's budget, he had
announced it would still be applicable on all man-made staple fibre,
polyester filament yarn and man-made filament yarn.
OVL-Gail eye
50 per cent stake in Daewoo: ONGC Videsh-Gail India consortium, which holds 30 per cent interest in gas field in offshore Myanmar, is eyeing 50 per cent stake of South Korean Daewoo International in an adjacent gas block.
Afforestation gets separate fund: The government may take a
re-look at allowing the private sector to use wastelands for tree
plantations. The Ministry of Environment and Forests has created a
separate pool, called the Compensatory Afforestation Fund (CAF), to
ensure that funds received for afforestation are used for the
purposes intended.
Company
Law undergoes revision: The fresh attempt to revamp and simplify
Company Law has been well-received by company secretary
professionals.
TCS
IPO oversubscribed six times: Tata Consultancy Services' initial
public offer has been oversubscribed six times, according to
merchant bankers. This figure is likely to go up as uploading of
applications is still underway.
MNCs
reworking India strategy: Even though the finer implications of
the Free Trade Agreement (FTA) with Thailand are yet to become
clear, multinational players have begun reworking the economics of
operating from India.
'Broadband
policy will be consumer-friendly': The Communications and IT
Minister, Mr Dayanidhi Maran, said that his broadband policy, to be
unveiled next week, will be consumer-friendly. The policy would be
aimed at increasing Internet usage through tax concessions and
incentives.
Maharashtra sets up panel on
farmers' suicides:
The state government has decided to appoint a committee to analyse and recommend steps to curb suicides by agriculturists.
A fund with an initial corpus of Rs 10 crore is likely to be set up to
enable the government to provide financial assistance for the next of kin of farmers who have committed suicide.
GAIL's KUPL
pipeline: Gail has claimed that natural gas consumers in the supply constrained market of western India would clearly benefit from the competitive tariff offered by the company for its proposed 956
km Kakinada-Uran pipeline (KUPL).
Coal scarcity artificial, rues brick-kiln industry:
The recent hike in coal prices by 16.7 per cent and scarcity in the market have adversely hit the brick kiln industry across the country. Consequently, brick prices have gone up by about 25 per cent.
Sony eyes Rs 1200-cr turnover:
Sony India announced it would adopt an aggressive growth strategy for Indian markets.
The company plans to double its sales by 2006.
P&G inks pact with CSIR:
US-based Procter and Gamble has tied up with the Council of Scientific and Industrial Research (CSIR) to support acceleration of its \91Connect and Develop\92 (C+D) strategy for collaborative research in India.
Samsung rolls out Olympic series mobiles:
Targeting 22 per cent growth in handset sales, Samsung has launched
three slide phones as its Olympic series. The company is the global wireless communications
sponsor at the Athens Olympics, beginning August 13, 2004.
MTNL keen on overseas mergers & acquisitions:
Mahanagar Telephone Nigam Ltd (MTNL) has earmarked Rs 1,000 crore and instructed its merchant bankers
to look out for mergers and acquisitions opportunities in overseas markets.
WTO ruling on sugar brings cheer to India:
As a result of the WTO ruling, Brussels would have to eliminate trade-distorting subsidies in a short period.
TN woos Bangalore\92s IT cos:
Tamil Nadu made a good sales pitch for Chennai to attract IT and BPO
companies, citing good infrastructure, availability of quality
workforce and more importantly continuity of its policies on IT.
Car
crash tests to be mandatory: The Government is set to make crash
tests mandatory for all new vehicles in the country in another two
years as part of its safety road map.
Beware
of education frauds: Students who fall prey to unethical agents
promising seats abroad are mainly from the villages.
Sensex
rises by 84 pts: It recovered smartly on all-round buying, and after wiping out all its losses
of the past two days, closed at 5,253, showing a sharp 84 point gain over the previous close.
Overall:
Excise duty on textiles may go next
year: The finance minister said the existing tax structure on
man-made fibres would be altered in the next budget.
Government sets up funds for afforestation: Called the
Compensatory Afforestation Fund (CAF), it seeks to ensure that the
funds received for afforestation are not diverted elsewhere.
Broadband policy will be consumer-friendly: IT Minister
Dayanidhi Maran said his policy, scheduled for unveiling next week,
would make broadband access cheaper.
|
|