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Government of Indias move to supply gas at uniform delivered price to all fertilizer plants, will lead to an additional production of around 37.13 Lakh MT of urea in existing fertilizer units over the next four years, says the Department of Fertilizers. The Dollar Business Bureau The Indian Cabinet Committee of Economic Affairs (CCEA), on Tuesday, approved a policy to stabilise the prices of natural gas and imported Liquefied Natural Gas (LNG) used by the domestic fertilizer plants. Under this policy, the government intends to supply gas at uniform delivered price to the fertilizer plants on the gas grid, for the production of urea under a pooling mechanism. It is expected that the cost of urea production at pooled price would be less than ...

 The Dollar Business Bureau While India’s economic outlook remains fairly stable, recent revisions to the national accounts methodology and the revised historical data are lifting the forecast, says FocusEconomics, a Barcelona (Spain) - based research firm in its ‘Consensus Forecast’ on India. The firm’s panellists raised their projections by 0.6 percentage points in March 2015. The panel now expects GDP to increase 7.1% in FY 2015-2016. For FY 2016-2017, the panel sees the economy expanding 7.6%. The report added, India’s external sector showed that the trade deficit totalled USD 6.8 billion in February, which was below the USD 8.3 billion shortfall observed in the same month last year. February’s result represents the lowest deficit in 17 months. In the 12 ...

The Dollar Business Bureau The Government of India (GoI) has decided that the sale of food grains for the year 2015-16 would continue through the existing Open Market Scheme (OMS). The information to this effect was provided to the States by the Department of Food and Public Distribution, Ministry of Consumer Affairs, GoI, on Tuesday. In an official release, the government said that it has decided to continue the sale of wheat in the domestic market under the OPS scheme, but only in subject to specific changes. According to the first such modification, the sale of wheat under the above-said scheme would be implemented after March 31, 2015, but only in the non-wheat procuring States. The non-wheat procuring States ...

The Dollar Business Bureau The Central government has asked the States to come up with action plans towards ‘Ease of doing business’ by May 31, 2015. This was informed by Amitabh Kant, Secretary, Department of Industrial Policy and Promotion (DIPP), Government of India, at the Association Chamber of Commerce’s (ASSOCHAM) Industry Interactive session on Monday. Addressing the industry session, the DIPP secretary said that, after finalizing 25 focus areas for Make in India, the Centre has given 98 specific areas to the States to work on for creating a business-friendly environment for investors. The DIPP Secretary informed that the Centre had taken decisions in consultations with the Chief Secretaries of the States and the States are expected to submit ...

Sai Nikesh | The Dollar Business The Chinese e-commerce giant Alibaba on March 30, 2015, announced its future business plans in India. As part of his visit to India, Alibaba's Chairman Jack Ma met the Prime Minister of India, Narendra Modi, and expressed the Company’s willingness to empower small businesses in India and also discussed the modalities involved. In his meeting with the Prime Minister, Ma discussed way and means of implementing the Business-Business (B2B) model in promoting organic farm goods, handicrafts and other products from a rural to the global level. Pointing out to the Business-Company (B2C) model as an American model, the Alibaba founder was learnt to have stated that the ‘Business-Business (B2B) model is best suitable ...

The Dollar Business Bureau The National Small Industries Corporation (NSIC) on March 30, 2015, signed a Memorandum of Cooperation (MoC) with the Ministry of Micro, Small and Medium Enterprises (MSMEs), for the year 2015-16. Under this MoC, the NSIC aims to provide enhanced services like Financial, Marketing, Technology Services and other support services schemes for MSMEs in the country. The Corporation further projects to achieve a growth rate of 15%-20% under it’s the operational performance during the year 2015-16. The key elements under the MoC include distribution of raw material to the SMEs, preparing the SMEs to avail enhanced benefits, development of clusters, among others. According to the MoC, the Corporation is aiming at distributing the raw material to the ...

The Dollar Business Bureau Pakistan on Monday called India to strive hard for achieving higher growth rates, saying that the growth of Indian economy is key for South Asia and the entire SAARC (South Asian Association for Regional Cooperation). The Pakistan High Commissioner, Abdul Basit called on India to make sure it achieves key economic goals, while expressing confidence that ‘If India rises, the entire SAARC region will also rise with India’. The official further said that there is a need to create a level-playing field and inter-dependencies among the SAARC nations, saying these two factors form the basis for modern economic diplomacy. Stating that politics often drums economies, the Pakistan High Commissioner expressed hope that the economic development ...

Naveen Kumar | The Dollar Business The FIPB (The Foreign Investment Promotion Board), under the chairmanship of Finance Secretary, Rajiv Mehrishi, will consider 32 FDI proposals in its next meeting on April 9, 2015. The companies whose proposal would be discussed for clearance by the Board include Decathlon S.A, France, Warden Petrochem Pvt. Ltd, Richemont Services B.V, Holland, Nickelodean Asia Holdings Ltd., Singapore, Blue Dart Express Limited among others. These cases include deferred decisions, appeal against earlier rejection or request for some amendment of earlier approval. In the last meeting that was held on March 28, 2015, FIPB cleared 10 Foreign Direct Investment (FDI) proposals worth Rs 2858 crores, while it differed 18 proposals due to various reasons. Currently ...