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Business & Economy
Agro-processing: India
eying 3 pc of world trade
What is India News Service, Thursday, 8
April 2005, 1400 hrs IST
The government has set
an ambitious target of caputuring three per cent of the global food trade
worth nearly Rs 20 lakh crore by the year 2015 by allowing 100 per cent FDI in
mega food parks.
Unveiling the Vision Document-2015 here today, Minister of Food Processing
Industry Subodh Kant Sahay said the domestic food processing industry would grow
from Rs 4.60 lakh crore in 2003-04 to Rs 13.50 lakh crore in 2014-15.
He said 100 per cent FDI will be allowed in this sector for the investors in
the mega Food Parks and there are 49 food parks in the country. Five mega food
parks are expected to come up soon in selected parts of the country.
Mr Sahay said this sector is expected to generate the additional employment
of approximately 82 lakh including direct employment of 18 lakh and indirect
employment of 64 lakh.
The targeted national growth can be achieved by enhancing the level of
processing perishables from 6 to 20 per cent and stepping up the value addition
by 70 per cent, said the analysis carried out in the Vision document.
SEBI puts gold funds plan on hold for now: Although the Finance Minister
proposed the introduction of Gold Exchange Traded Funds in February, investors
would have to wait a while before they are allowed to invest in these.
Scheme
to replace DEPB on anvil: The new
foreign trade policy to be announced tomorrow is set to focus on the key areas
of agro-products, pharmaceuticals and marine products with the aim of doubling
India's share of world trade.
Motorola
to invest $17 m in India R&D centre: The telecom equipment maker,
Motorola, plans to invest $17 million and hire nearly 500 people at its India
R&D centre here every year said the Motorola Chief Technology Officer,
Padmasree Warrior, here today.
Bond yields rise on panic selling \97 Inching up to touch 7 pc on benchmark
paper: Bond yields are inching towards
the psychological barrier of 7 per cent amid panic selling in the domestic debt
market. The yield on the ten-year benchmark Government paper, the 7.38 per cent
2015, on Thursday touched a high of 6.99 per cent.
Red
Hat gets Punjabi feather: Red Hat, a
Raleigh-headquartered leading open source Linux provider, was daubed in Punjabi
colour when it launched Red Hat Enterprise Linux v.4- Punjabi here today. With
the launch, it has become the first enterprise Linux operating system to support
this regional language.
'Exempt
perishables from VAT': The Food Processing Ministry has asked the Empowered
Committee of the State Finance Ministers for Value Added Tax (VAT) to reduce the
VAT on non-perishable food products to 4 per cent from the existing 12.5 per
cent.
Korean giants launch consumer durables:
Korean durables major Samsung has decided
to pump in $ 12.5 million as fresh investments in its Indian subsidiary to
strengthen research and development operations. This investment is in addition
to $ 12 million the company invested in R&D in India last year, taking the
total to about $ 25 million.
PM
sets up 10-member GoM on investments: The Prime Minister, Dr Manmohan Singh,
has set up a 10-member Group of Ministers (GoM) headed by the Finance Minister,
Mr P. Chidambaram, for an alternative decision making process on investments,
particularly public investments.
EU
in a quandary over Chinese textiles: European officials are in a quandary
over China's `fast escalating' textile and garment trade with the European Union
countries. American trade and commerce officials are also in a similar
predicament.
Maruti
slates Swift launch in May: Having
cleared the investment of Rs 3,271 crore in a car manufacturing facility and a
plant to make diesel and petrol engines yesterday, Maruti Udyog Ltd has also
discussed the launch of its new model, Swift, with the officials of the Suzuki
Motor Corp at their joint board meeting at Hamamatsu, Japan.
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