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Economy News

Discussion in 'World Economy' started by Indian_Idol, Jun 2, 2010.

  1. sunstersun

    sunstersun Lieutenant IDF NewBie

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  2. Butter Chicken

    Butter Chicken Captain FULL MEMBER

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    Magellan Aerospace Breaks Ground for New Manufacturing and Assembly Plant in India

    Magellan Aerospace ("Magellan") hosted a traditional groundbreaking ceremony today for the company's new manufacturing and assembly facility in India. Magellan was honoured to have Canada's federal minister of International Trade, The Honourable François-Philippe Champagne participate in the event that was also attended by an esteemed group of customers, government officials and local business colleagues. The new 140,000 square foot building will be constructed on seven acres in Hitech Defence and Aerospace Park (Aerospace SEZ Sector) in Devanahalli, Bengaluru, near the BangaloreInternational Airport.

    Already an established presence in India's aerospace sector for more than a decade, Magellan will invest more than CDN $28 millionin this state-of-the-art manufacturing and assembly plant. Construction of the plant will be in two phases with the first phase planned to become operational near the end of 2018. The plant will employ approximately 120 high technology and support positions, and will be equipped with a comprehensive range of high speed 4 and 5-axis machining centres, selected to optimise manufacturing efficiency.


    This facility supports Magellan's major North American and European OEM customers' drive to grow the 'Make in India' content on their aircraft and demonstrates Magellan's on-going commitment to play a major role in developing the supply chain in India.
     
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  3. Butter Chicken

    Butter Chicken Captain FULL MEMBER

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    Moody's upgrades India's sovereign rating to Baa2 with a Stable Outlook

     
  4. Paliwal Warrior

    Paliwal Warrior Lt. Colonel ELITE MEMBER

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    India’s farms report income greater than our GDP! Target them in the war on black money @moneycontrolcom https://t.co/vWZXNTJWEa

    RN Bhaskar

    The opposition is baying for the government’s blood over demonetisation and GST. The first is done and over with. But its effects are not yet over. The second has been modified to assuage large sections of the population.
    The government continues to insist that demonetisation will help curb black money. Maybe it will. The money that has been put into bank accounts (since very few of high value notes got ‘impounded’ or cancelled by the government) will help the government track down accounts which saw a surge in deposits. That will enable the tax authorities to track down the sources of these deposits.
    According to media reports, attributed to highly placed tax authorities, more than Rs 2 lakh was deposited in over 60 lakh bank accounts post-demonetisation. The total amount involved is over Rs 7.34 lakh crore. These accounts are now under scrutiny.
    8 lakh or 60 lakh?
    That may be so. However, there are good reasons to believe that the Finance Ministry could haul up bigger fish by just scrutinizing some 8 lakh accounts, instead of pursuing 60 lakh accounts.
    These are the people who submitted agricultural income tax returns in 2011-2013 (see chart alongside). Watch the table closely. The total number of returns filed and which showed agricultural income surged from 425,085 in 2011, to 656,944 in 2011. This number climbed further in 2012 to 812,426 in 2012.

    But more astonishing is the amount of money involved. Collectively, the amount claimed as agricultural income was Rs 84,742 crore (average amount per assessee Rs 19.lakh) in 2010. If that made you gasp, watch the amount declared for 2011. It jumped to (hold your breath) Rs 19,971,098 crore (Rs 3,040 lakh average per assessee) in 2011. It did not stop at this level. It climbed further to Rs 67,431,358 crore (average Rs 8,300 lakh) in 2012.
    The collective amount for the three years comes to an astounding Rs 86,486,197 crore (Rs 865 lakh crore). It is astounding, because the GVA (gross value added) for the country was only Rs 8,546,552 crore, Rs 9,084,369 crore and Rs 9,727,490 for 2010, 2011, and 2012, respectively. The total GVA for the three years together comes to Rs 27,358,411 crore.
    What this means is that the total agricultural income filed with the IT authorities was three times the total GVA for the three years. If only 2011 and 2012 are taken into account, agricultural income declared was almost 5 times the GVA for those two years. Preposterous! That effectively means that agricultural income was even greater than India’s GDP or GVA! Unbelievable!
    But that is what the numbers say. Some taxmen tried to pass this off as data-entry errors. But that is implausible. This is because any income over Rs 20 lakh has to be fed into the income tax servers directly by the assessees. If the figures are wrong, the assessees should be hauled up and penalised for wrongful entries. The entries should then be cancelled and treated as null and void. Else, they should be prosecuted and fined for concealment of income. Neither has happened. The Finance Ministry is silent about this. So are the income tax authorities.
    In fact, the income tax on such declarations could be large enough to account for almost 100 years of total taxes collected. That could actually make Prime Minister Modi’s plan for giving money back to tax payers a reality.
    The genesis
    The genesis of these discoveries lies in a series of accidents. The first figure that emerged was a mind-boggling amount of Rs 2,000 lakh crore. This was almost two and a half times the Rs 865 lakh crore given in the table alongside. This figure emerged in an affidavit filed by a retired Income Tax (IT) officer -- Vijay Sharma.
    He had filed an RTI (Right to Information) request with the income tax department for the amounts declared as agricultural income. He claimed that he had indicated an exponential increase in agricultural income from 2004 to 2013, touching a total of almost Rs 2,000 lakh crore for 6.57 lakh individual assessees in 2011. He then asked for the top 100 names of the people who had filed such returns.
    His RTI request was denied. He then decided to file a public interest litigation (PIL) petition with the Patna High Court in Bihar. This matter was duly reported by media in March 2016. The court was supposed to hear the petition in April in that year itself. But the courts, too, have been silent on this matter.
    Almost simultaneously, the income tax department gave out a different set of figures (see table 1) which was dutifully reported by the media.
    At the same time, thanks to the PIL before Patna High Court, the CBDT – on 10 March 2016 -- sent out a circular to all its officers to verify details (LETTER F.NO.DGIT(S)/DIT(S)-3/AST/PIL MATTER/AGRICULTURAL INCOME/97/2015-16) A copy of this letter can be downloaded here. It confirmed that there had been a surge in agricultural-income returns. It also attempts to suggest a way to wriggle out of this mess.
    And this brings us back to demonetisation. Remember, demonetisation involved just Rs 15.4 lakh crore. The total currency in circulation is under Rs 20 lakh crore. And Rs 865 lakh crore was many times these levels.
    Why agricultural income?
    Of course, the one question that automatically arises is – why is the focus on agricultural income so crucial? The reason is simple. Agricultural income is tax exempt, provided it is declared as agricultural income with the tax authorities. That has given rise to several theories. Someone possibly tipped off some of the most powerful people in India during 2010. Maybe, there was an amnesty scheme round the corner. Maybe, there was an assurance that no questions would be asked. But that is all pure speculation. But the numbers that appeared in the media, and through the tax authorities could not have been speculation. One cannot imagine the entire country getting into a speculative mood simultaneously, all of a sudden.
    The tax-free nature of agricultural income has made this the favourite method many politicians are said to use to convert their illegally gotten wealth into legitimate income. That is why agriculture is often referred to as a laundromat. Some of the politicians have disclosed figures that defy reasoning. Even if the most productive field were to be used for growing the most lucrative crop, incomes of those levels would just not be possible.
    Sadly, the income tax department – and the Finance Ministry – have kept silent on scrutinizing these returns. More painfully, even the judiciary has not asked questions. Had it done so, the PIL filed by Sharma would have been heard, and the truth would have come out. One way or the other, the ghost of huge agricultural incomes would have been put to rest.
    Strangely, even the opposition parties have chosen to stay quiet about this.
    I call this a collusive silence. Nothing makes sense for now.
    So we return to the question everyone has been asking. Will demonetisation root out black money? Maybe, yes. But only if the problem of agricultural income is addressed first.
    (The author is Consulting Editor with Moneycontrol)
     
  5. Paliwal Warrior

    Paliwal Warrior Lt. Colonel ELITE MEMBER

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  6. Paliwal Warrior

    Paliwal Warrior Lt. Colonel ELITE MEMBER

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    News

    The total aadhar cards issued till date in many states has crossed the published population of those states
     
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  7. Paliwal Warrior

    Paliwal Warrior Lt. Colonel ELITE MEMBER

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  8. Som Thomas

    Som Thomas 2nd Lieutant FULL MEMBER

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    India's Mahindra Guns For Position In U.S. In On- And Off-Road Vehicles
    Nov 20, 2017 @ 03:32 PM
    [​IMG]
    David Kiley

    Mahindra Automotive North America opened a new US headquarters and assembly plant in Auburn Hills, Michigan.

    Mahindra Automotive North America opened a new headquarters and assembly facility in Auburn Hills, Mich., on Monday with the idea of growing the Indian concern’s footprint in the U.S. beyond tractors to off-road utility/work vehicles and on-road work vehicles such as a post-office vehicle it has developed.

    But there’s more. Mahindra has also been building electric scooters, electric-assisted bicycles in Ann Arbor, Michigan, and is developing a pickup truck in Michigan for world markets—with an aspiration of selling it in the U.S. one day, said executives today.

    “We are exploring a new model of company, one of the 21st century, and it does not necessarily mean that you jump into a market with large scale,” said Mahindra Group Anand Mahindra who was on hand for the dedication.

    Mahindra has made a name for itself in the U.S. already by achieving a substantial market in the tractor business behind John Deere and Kubota. In 2015, it launched agricultural utility vehicles, and its has been achieving 70% annual growth in a flat category, according to executives.

    In early January, the company will launch a new off-road utility model called Roxor that Mahindra Automotive North America President and CEO Rick Haas has high hopes for. “We think it is going to change that category.”

    Mahindra has an agreement with Ford Motor Co. to explore synergies between the two companies. But The company has also purchased Korean company SsangYong Motor and Italian design studio and custom builder Pininfarina. Anand Mahindra hinted that on-road vehicles eventually might be branded by Ssangyong, especially in the electric and hybrid categories, and that it would draw on Pininfarina to design upper-end EVs.

    Mahindra dabbled in entering the on-road vehicle market an decade ago when it had a distribution agreement with a group in Atlanta to bring a Mahindra diesel pickup and possibly an SUV to the U.S. market. That effort stalled over legal wrangling. “We learned from that experience…if you are serious and want to enter a market, you must control your own distribution and product line,” said the chairman.

    Mahindra is one of six companies vying to supply the US Post Office with a new vehicle for letter carriers. Haas is quiet on the process other than to say they hope to have some direction on whether the Mahindra product design is successful by the end of next year.

    The global pickup truck it is designing in Michigan will be launched in India in 2020. As for whether the truck will come to the U.S., Anand Mahindra said, “We are very methodical about what we do…if it makes sense to bring that truck and or the utility vehicle here to the U.S., we would like to do it.”
    https://www.forbes.com/sites/davidk...th-on-road-and-off-road-vehicle/#32391c191ff6
     
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  9. Som Thomas

    Som Thomas 2nd Lieutant FULL MEMBER

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    Lotte, Peugeot Propose to Invest as Much as $6 Billion in India
    More stories by Shruti SrivastavaNovember 22, 2017, 11:30 PM EST
    South Korean conglomerate Lotte Group and French carmaker PSA Group have separately discussed proposals to invest as much as $6 billion combined in India, a move that would boost Prime Minister Narendra Modi’s attempts to attract foreign capital in Asia’s third-largest economy, a person with direct knowledge of the matter said.

    Lotte may invest between $3 billion and $5 billion in the next five years, the person said asking not to be identified as the proposals are preliminary. The South Korean firm intends to invest in retail, chemicals, food processing and real estate, as well as develop railway platforms in the country, the person said. Separately, PSA, the maker of Peugeot and Citroen cars, plans to spend about 1 billion euros ($1.2 billion) to build a car factory and an engine plant in southern India, the person said.

    Modi’s flagship "Make in India" plan encourages foreign firms to manufacture locally by offering easier land acquisition, pruning the number of approvals and, in some cases, offering incentives. The efforts have helped India move up in the World Bank’s ease of doing business survey and achieve an unexpected credit rating upgrade last week by Moody’s Investors Services.

    “The number looks big but through concerted drive, India may be able to bring it in,” said Mohan Guruswamy, chairman of the New Delhi-based Centre for Policy Alternatives, by phone. “It is still not easy for companies to do business in India.”

    Restaurants, Shops
    Lotte plans to develop urban real estate by adopting railway stations and maintaining them, the person said. In return, the railways will allow the group to operate restaurants, hotels and shops, the person said. The confectionery arm of Lotte is in the process of setting up a new factory in India, according to the person.

    "Lotte is exploring various business opportunities in India and other countries, but there is nothing confirmed or discussed in detail as to which areas to enter and how much money to invest," Lotte said in a statement. In January, PSA announced a deal with C.K. Birla Group to manufacture cars in India with an initial investment of 100 million euros. In a statement on Thursday, the group said its investment plan remains unchanged.

    Expanding its business in India may help the Seoul-based group to hedge the risks it faces in neighboring China. When tensions between China and South Korea simmered over a U.S. decision to deploy a missile shield on South Korean soil earlier this year, Lotte was among the hardest hit companies as Beijing retaliated by hindering operations of Korean companies in the mainland.

    Lotte already sells candy, gums and snacks in India after acquiring a local confectioner. On Thursday, the unit announced buying a local icecream maker Havmor for 165 billion won ($152 million) in cash.

    Paris-based Peugeot entered India in the late 1990s in partnership with a local automaker when India’s government opened up the industry to foreign manufacturers. After the attempt failed, the French company has been planning to re-enter the South Asian country, where a unit of Suzuki Motor Corp. and Hyundai Motor Co. control a combined 67 percent of the market.

    The Indian government is discussing more than 550 foreign investment proposals worth about $85 billion, offering competitive terms to companies and ensuring uninterrupted supply of power and water to plants, the person said. The proposed projects include setting up factories in the areas of food processing, electric vehicle components and electronics among others, the person said.
    https://www.bloomberg.com/news/arti...o-discuss-6-billion-lotte-peugeot-investments
     
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  10. Butter Chicken

    Butter Chicken Captain FULL MEMBER

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    Boeing to scale up manufacturing operations, workforce in India

    HYDERABAD: Boeing will scale up manufacturing in India by spreading its operations across Hyderabad and other southern cities, said Pratyush Kumar, president, Boeing India.


    "Boeing in India is now also focussed on scaling up manufacturing through partnerships and engineering—both internally and through partnerships. When it comes to manufacturing, we have increased our sourcing by four folds over the past three years. This year, we expect this number to go beyond $ 1 billion," said Kumar, while pointing to Hyderabad and Bangalore as the aerospace hubs in the country.

    "Today, we have around 1,200 people employed in India and our goal is to have 3,000 engineers in the country by 2020 and we are rapidly moving towards the same.
     
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  11. Butter Chicken

    Butter Chicken Captain FULL MEMBER

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  12. Butter Chicken

    Butter Chicken Captain FULL MEMBER

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    L&T bags EPC order for 400 mw power plant in Bangladesh

    Industrial conglomerate Larsen and Toubro (L&T) on Wednesday said it has bagged an engineering, procurement, construction (EPC) order for a 400 megawatt (MW) gas-based power plant in Bangladesh.

    "Bangladesh Power Development Board (BPDB) has awarded the contract for setting up Bibiyana South 400 mw combined cycle power plant project to a consortium of L&T and Samsung C&T Corp of South Korea," the company said in a statement.

    "L&T shall be executing the EPC contract valued at approximately $250 million. L&T's scope includes design, detail engineering, supply, installation and commissioning of the complete power plant on a turnkey basis."
     
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