Posts Tagged ‘Prime Minister Manmohan Singh’

Govt Decides Against Rice Imports

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

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Govt Decides Against Rice Imports

Govt decides against rice imports:

In a calculated move to signal categorically to the world market that India was not in a desperate situation with respect to rice, the government said on Friday that it will not import rice for now.

The immediate implication of this move is that retail prices of rice, up 15 per cent over last year, will remain firm at least until early next year.

Rice output is estimated to have dropped 15 million tonnes due to poor monsoons this kharif.

The government has, over the last two days, put in place strictures that will force traders to report purchases of more than 10,000 tonnes of rice in a bid to check prices.

Punjab has also imposed stock holding limits on traders and millers for both rice and pulses.

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In Other major Commodities Updates we can see how Government has bowed down to demands of Farmers after their mass protest in capital this week.

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Government to amend new sugarcane price rule:

The government on Friday said it would amend a new sugarcane pricing rule, bowing to protests held in the capital by farmers demanding higher prices for their produce.

The government would delete the contentious part of the new cane pricing rule, Railways Minister Mamata Banerjee told reporters after a meeting of senior ministers.

Cane farmers believe the new cane price rule, which puts the onus on state governments if they decide to raise the cane floor rates fixed by the federal government, will curtail their bargaining power.

Earlier, Farmers from Uttar Pradesh (UP) state in northern India, which produces almost half of the country’s cane, have been on warpath for about three weeks to press for higher prices, forcing Prime Minister Manmohan Singh to consider changes in fixing cane prices.

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E-Filing of Service Tax to be Made Mandatory in Coming Months

E-Filing of Service Tax Set to be Made Mandatory in Coming Months

E-Filing of Service Tax Set to be Made Mandatory in Coming Months

The government will make electronic filing of service tax mandatory within a couple of months, said a senior official of the Central Board of Excise and Customs (CBEC).

“Electronic filing of service tax will be made compulsory in the next two months,” CBEC member Mr Y G Parande told reporters on the sidelines of a PHD chamber seminar.

Parande also expressed hope that despite impact of stimulus package on realisation of revenue, the government would meet service tax collection target during the financial year.

During the year, the government proposed to garner Rs 65,000 crore as service tax.

The service tax collection during the first seven months has dropped by 5.4 per cent to Rs 28,926 crore compared with corresponding period last year.

The collections of indirect tax, including customs, excise and service tax, fell by 21.6 per cent to Rs 1,26,903 crore during the period of April-October.

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Attributing decline in revenue collections to incentives given by the government to help the economy combat the impact of global slowdown, Mr Parande said, “certainly, the stimulus packages have had the effect (on indirect tax collections), particularly because rates were brought down.”

Earlier, stimulus packages and economic slowdown have hit the exchequer hard as indirect tax collections shrunk by 21.6 per cent to Rs 1.27 lakh crore in the first seven months of this fiscal, against Rs 1.62 lakh crore a year ago.

All the three components of indirect tax — excise, customs and service tax — have registered decline in collections.

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As stimulus is taking a heavy toll on the exchequer, talks have also already begun about when to withdraw it.

Prime Minister Manmohan Singh had said it will be phased out from next fiscal, while Finance Minister Pranab Mukherjee had said it will continue till the global economy recovers.

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Centre To Go Ahead With PSUs Disinvestment :)

Prime Minister Manmohan Singh reiterated that Centre will go ahead with the disinvestment in public sector undertakings (PSUs).

Prime Minister Manmohan Singh reiterated that Centre will go ahead with the disinvestment in public sector undertakings (PSUs).

While efforts will be made to recover loss-making units, the Centre will go ahead with the disinvestment in public sector undertakings (PSUs) stated Prime Minister Manmohan Singh.

However, this is said :

–  to unlock the true value of a company,

– improves its corporate governance standards and

– also help it in raising resources for funding future expansion plans.

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Additionally, several PSEs are entering the capital markets striving to become active global players.

At the same time several PSEs got their shares listed on the markets in the last 2 years and many more want to do so, showing they are not shying away from market scrutiny and are ready to face new challenges.

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Further, stressing the need for strengthening the public sector, MMS said that the government was committed to restructure and recover sick and loss-making PSUs.

Moreover, amount of Rs. 15,250 crore is provided by the government in the last 5 years as cash and non-cash support to 36 such enterprises.

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On the other hand, stating that the Centre was committed to giving PSUs flexibility and autonomy to operate effectively in a competitive environment, MMS stated that they have delegated more powers to the boards of Navratna and Miniratna companies.

This was done in order to facilitate improvement in their performance, implemented revised salaries for executives of public sector enterprises and introduced innovative measures like performance related pay.

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India To Press For Stimulus Package Continuance at G-20 Summit !

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India will seek continuance of the stimulus package that was devised to get the global economy out of the worst crisis since the Great Depression of the 1930s at the G-20 Summit in Pittsburgh .

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Prime Minister Manmohan Singh, who leads the Indian delegation at the summit being hosted by President Barack Obama, will voice developing countries views that the developed countries should return to the trend growth and stabilization of the banking and financial sectors.

Such measures affects exports, capital flows and investment of the developing economies.

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Indian PM is going to pitch strongly against any attempts at protectionism and advocating reforms of the international financial institutions in this G 20 Summit .

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Planning Commission Deputy Chairman Montek Singh Ahluwalia, National Security Adviser M K Narayanan, Finance Secretary Ashok Chawla are among the members of the Indian delegation which attending the summit.

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This Summit will also be attended by world leaders including British Prime Minister, German Chancellor, French President  among others.

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The summit represents 90 per cent of the world’s GDP, 80 per cent of the world trade and two-thirds of humanity.

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The summit is important for emerging economies like India, which have been affected by the global economic crisis not of its making, to tell the world that there was need to continue the stimulus package that was agreed at the Washington summit last November and a decision to pump in USD 1.1 trillion was decided at the London Summit in April last.

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Indian delegation are of view that the continuance of the stimulus package was in the interest of the poor countries and the emerging economies and developed economies should not adopt any strategy to exit from it.

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India will voice strongly the need for avoiding the temptation to resort to protectionism by the developed countries under the present crisis.

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Finance Minister says Sowing will be 20 per cent lower :(

weak mansoon

Food production in the current fiscal is likely to go down as sowing will be 20 per cent lower due to the weak monsoon, Finance Minister Pranab Mukherjee said today.

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Also, 161 districts have been declared drought-prone, he added.

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However, indicating that this is unlikely to dampen the overall economic scenario, Mukherjee said he is in agreement with the Reserve Bank of India’s growth projection six per cent and above for the current fiscal.

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Also, he is confident that the direct tax collection target of Rs 3.7 lakh crore will be surpassed for the current fiscal, he added.

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Prime Minister Manmohan Singh yesterday met Commission for Agricultural Costs and Prices (CACP) Chairman Mahendra Dev, who apprised him about measures required to tackle the situation arising out of the deficient and delayed monsoon.

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India will return to 8 per cent GDP in medium term: Montek Singh Ahluwalia

India will return to 8 per cent GDP in Medium term: Montek Singh Ahluwalia

India will return to 8 per cent GDP in Medium term: Montek Singh Ahluwalia

The deputy chairman of the Planning Commission, Montek Singh Ahluwalia, is supporting Prime Minister Manmohan Singh’s view that India will return to 8-9 per cent growth in the medium term, as the country is on a strong wicket on many fronts.

In addition, once the global economy starts to recover, the return on capital will also be advanced in an economy like India, which is poised to grow faster than its Western counterparts. And the entry of $5 billion into the country in the past two months is a clear sign of easing capital flow, he said.

Earlier, the Prime Minister had declared that India will bounce back to 8-9 per cent growth in the medium term even if developed economies do not recover.