Business & Economy Updates : December 10-15, 2009
Mahindra Satyam has appointed Deloitte as auditors after CBI is charging Price Waterhouse of complicity in scam. The company also appointed board former market regulator M Damodaran, and former World Bank executive Gautam S Kaji. Deloitte is also the principal auditor of Tech Mahindra, which owns 43 per cent in Mahindra Satyam, as well as that of Mahindra group flagship firm M&M.;
December 10, 2009: Green Tribunal Bill Introduced in Lok Sabha
The National Green Tribunal Bill, 2009 has been tabled in the parliament and it will establish an autonomous tribunal, independent of the ministry of environment and forests, for environmental clearance of development projects and providing relief and compensation to people affected by natural calamities.
December 10, 2009: 1455 CDM Projects in India
Indian government has approved 1455 projects as part of the clean development mechanism that have a capacity to attract around $6 billion (Rs 28,000 crore) into the country by 2012 through sale of Certified Emission Reduction certificates. National CDM Authority in India accords Host Country Approval to these projects in India.
December 11, 2009: Index of Industrial Production growth 10.3% in October.
industrial output grew by 10.3 per cent in October. This was mainly powered by manufacturing, particularly consumer durables, which was driven by the stimulus packages.
December 11, 2009: Sustainable Urban Transport Project of Andhra Pradesh
World Bank has approved loans worth $405 million to promote environment-friendly urban transport projects in Andhra Pradesh. Out of this $105 million has been allocated to the Sustainable Urban Transport Project (SUTP) to funds model projects on sustainable transport solutions and to build new bus systems and non-motorised transport development such as cycle track investments. This Urban Transport Project is also supported by a $20.5 million grant from the Global Environment Facility (GEF).
Another $300 million loan for the Andhra Pradesh Municipal Development Project (APMDP), which will finance sustainable, high-priority urban infrastructure projects, implemented by local bodies.
December 11, 2009: 2009 China Business Report
2009 China Business Report reveals that most of American companies are very much optimistic about China as a top place for investment. This report was released by American Chamber of Commerce in Shanghai (AmCham Shanghai). The survey states as much as 74 per cent of the American companies surveyed ranked China as a top-three investment priority with nearly 20 per cent of them naming it as the number one investment spot for them.
December 12, 2009: Proposal to keep alcohol out of GST turned down by the centre
Central Government has turned down the proposal of the empowered group of state finance ministers to keep alcohol out of goods and services tax. The central government says that both alcohol and tobacco, which are demerit goods and considered harmful for health, should be kept under GST, with the states getting the power to levy excise duty over and above GST on alcohol. The Centre would have the same power in case of tobacco. Since right now, Centre levies excise duty on tobacco products and the states levy tax on alcohol. The empowered group in its discussion paper on GST had proposed that tobacco products should be subjected to GST, but alcoholic beverages should be kept out of it, and sales tax or value added tax continued to be levied on it as per the existing practice and Centre might be allowed to levy excise duty on tobacco products over and above GST without input tax credit.
December 14, 2009: India’s share in global FDI is 2.45% now
India’s share in the global Foreign Direct Investment has almost doubled to 2.45 %
December 15, 2009: 36 sick cenral public sector enterprises to be revived
Based on the recommendation of Board for Reconstruction of Public Sector Enterprises, Government of India has approved revival of 36 sick central public sector enterprises (CPSEs) that will require Rs 2,921 crore of cash infusion, besides Rs 12,333 crore of other assistance.
December 15, 2009: India’s exports grow 18% after falling for 13 months
After falling for 13 straight months, India’s exports have posted a growth of 18 per cent to touch $13.2 billion. Gems and jewellery sector has worked best among all sectors.