ECONOMY - 2013 OCTOBER

October 1

Office of the Registrar General and Census Commissioner of India released a report on families living in slums. According to the report, the number of people living in slums has increased from 52 million in 2001 to 65 million in 2011.

Economic Affairs Secretary Arvind Mayaram said that economy will grow by over 5 percent in the current fiscal, riding on high farm productivity and investments.

Trade between India and Mozambique could double to $3 billion by 2016 from the current level of $1.28 billion.
* Prime Minister of Mozambique: Alberto Vaquina.
* Currency of Mozambique: Mozambicah Metical.
* Capital: Maputo.

October 2

The Union government of India notified GAAR (General Anti Avoidance Rules).
* GAAR was drafted with the intention of preventing tax evaders from siphoning away profits to tax havens like Mauritius and Switzerland. GAAR will come into force from April 1st 2016.

* It will be applicable to entities availing tax benefit of at least Rs. 3 crore.
* It will scrutinize Foreign Institutional Investors (FIIs) that have claimed benefits under any Double Tax Avoidance Agreement (DTAA).

October 3

The Cabinet Committee on Economic Affairs (CCEA) approved continuation of the scheme for Integrated Textile Parks in the 12th five year plan.

* The primary objective of the scheme is to provide the industry with world class infrastructure facilities for setting up their textile units.

* The Scheme for Integrated Textile Parks (SITP) was approved in the 10th Five Year Plan in July, 2005.

October 4

The Cabinet Committee on Economic Affairs approved the implementation of the National Mission on Oilseeds and Oil Palm (NMOOP) during the 12th Plan Period. Rs. 3507 crores will be allocated for the mission.

* The Mission will aim to increase the production of oilseeds by 6.58 million tons and bring an additional area of 1.25 lakh hectares under oil palm cultivation.

October 5

The Reserve Bank of India on 4th October 2013 fixed the reference rate of rupee against US dollar at 61.4050 and the Euro at 83.6790 as against 61.9348 and 84.2360 on 3rd October 2013.

* The reference rate is based on the noon rates of select banks and the SDR-Rupee rate will be based on this rate.

October 9

Wal-Mart Stores Incorporation and its Indian partner Bharti Enterprises have called off their joint venture Bharti-Walmart. From now on they will independently own and operate separate businesses in the country.

The Government of India proposed to support setting up of Plastic Parks for the promotion of downstream plastic processing industries. The Scheme is to be implemented by the Department of Chemicals and Petrochemicals.

As per the data released by Ministry of Commerce and Industry, India's Exports during September, 2013 were valued at 27679.33 million US dollars which was 11.15 per cent higher in Dollar terms as compared to September, 2012.

India and Japan on 9th October 2013 signed an MoU to conduct a joint feasibility study of High Speed Railway system on the Mumbai-Ahmedabad route. The aim of the Joint study is to prepare a feasibility report of High Speed Railway system on the Mumbai-Ahmedabad route with speed of 300-350 kmph. The cost of the study will be shared equally between India and Japan.
Japan:
* Capital: Tokyo
* Currency: Japanese Yen
* Prime Minister: Shinzo Abe

Samsung Electronics on 9th October 2013 became the first mobile phone manufacturer in the world to launch curved screen smartphone . The new device is known as Galaxy Round and features flexible 5.7-inch HD display. The device curves from side to side.
The Securities and Exchange Board of India (SEBI) proposed new range of measures for stock exchanges in order to deal with the fraudulent trading activities in the securities market. These measures include time-bound approach as well as well-defined parameters.

The National Payments Corporation of India (NPCI) launched two new services- an Aadhaar-based Remittance Service (ABRS) and a Query Service on Aadhaar Mapper (QSAM). ABRS will enable transfer of the funds by making use of the Aadhar number. As of now it has been launched by Bank of Baroda, Union Bank of India, State Bank of India, ICICI Bank, Mehsana Urban Co-operative Bank and Punjab and Maharashtra Co- operative Bank. Query Service on Aadhaar Mapper (QSAM) will enable mapping of the status of a person by making use of the Aadhar number.
* NPCI Chairman: M. Balachandran.

October 10

As per the data released by the Ministry of Railways, Indian Railways revenue earning freight traffic during the first half of fiscal 2013 registered an increase of 6.16 per cent as compared to last year’s data.
* During September 2013, the revenue earning freight traffic carried by Indian showed an increase of 11.76 per cent.

October 11

The Reserve Bank of India announced that the new RTGS system will be operationalalised on October 19th and the RTGS System Regulations 2013 will come into effect from the same date.

October 18

Bank Frey & Co. became the second Swiss bank to stop business due to the pressure exerted by The United States on banks that encourage tax evasion.

Led by healthy buying in bank, metal, capital goods, oil and gas and automobiles, the BSE Sensex surged over 500 points.

The Reserve Bank will shortly issue Rs. 10 denomination banknotes with rupee symbol bearing the signature of new governor Raghuram Rajan.

October 19

The Reserve Bank of India launched the new Real Time Gross Settlement (RTGS) system for large-value funds transfer.

According to a NABARD (National Bank for Agriculture and Rural Development) report, though the SHG-BLP (self-help group-bank linkage program) is a step towards bringing the ‘unbanked’ poor into the mainstream banking channel, its formal acceptance as a financial inclusion channel by the central bank is still awaited.

October 20

Tata’s proposed aviation venture with Singapore Airlines has got Corporate Affairs Ministry’s approval to use the name ‘Tata SIA Airlines Limited’.
* The BSE benchmark Sensex is likely to hit the much awaited psychological level of 21,000 this Diwali.

October 21

The BSE benchmark Sensex fell by 28.92 points on selling in blue chips like RIL and Hero Moto Corp.

Mahindra Aerospace aims to start manufacturing an eight-seater aircraft at its new plant near Bangalore in the next two years. It hopes to become the first player in the private sector to build civilian aircraft in the country, and the second in the public sector after Hindustan Aeronautics Ltd (HAL).

October 22

Concerned over defaults by big borrowers, Finance Minister P. Chidambaram said the government is monitoring the top 30 NPA accounts in each PSU bank and asked the lenders to set up separate verticals to recover money from written off accounts.

P. Chidambaram

Latest iPad tablet computing devices, Apple took aim at one of rival Microsoft’s biggest and once unassailable businesses, its Office software for tasks like word processing and spreadsheets.

Wipro grew at its fastest pace in two years in the September quarter, yet remained a clear laggard among the top tier of India’s software services exporters.

India’s reserve position with the International Monetary Fund (IMF) decreased by $4.7 million to $2.19 billion and the value of the Special Drawing Rights (SDRs)/ paper gold plunged by $9.6 to $4.43 billion, is neither paper nor gold but an accounting entry.

The Ministry of Corporate Affairs approved the name “Tata SIA Airlines Ltd.” to be used for the proposed aviation venture of TATA project is estimated $100 million (51% stake) with Singapore Airlines(SIA) (49% stake) which plans to offer full-service, passengers services on domestic and international routes.

October 23

Sistema Shyam Teleservices (SSTL), controlled by Russian conglomerate Sistema announced the commercial roll-out of ‘3G Plus’ telecom network across all its circles. The network is used to offer high speed data services.

Mobile economy in India, world's second largest market by subscribers, will contribute around USD 400 billion to the country's GDP and create 4.1 million jobs by 2020, a report by the global mobile operators industry body GSMA.

BSE benchmark Sensex crossed 21,000-mark after a gap of 35 months on hectic buying mainly in realty, auto, banking, consumer durables and refinery sectors on the back of persistent foreign capital inflows.

IMF's new World Economic Outlook (WEO) forecasts now envisage global growth of about 3% in 2013, down from our previous forecasts and a little weaker than the pace we saw last year. Advanced economies are doing a bit better, but emerging markets are slowing.

India’s rating and Research (Ind-Ra) expects India’s GDP growth to remain sluggish at 4.9 percent in the current financial year, due to a mix of domestic and external factors.

October 27

India’s foreign exchange reserves up by $1.9 bn to $281 bn. The gold reserves remained unchanged at $21.765 billion in the week under review, while the special drawing rights increased by $25.6 million to $4.46 billion.

October 29

The World Bank’s annual “Doing Business” report, ranked 189 countries on how easy or difficult it is to start and operate a local business.

Sistema Shyam Teleservices Ltd., which provides telecom services under the MTS brand, is in talks with an Indian handset maker to make affordable ‘bundled’ offers where by the price of a handset is cross-subsidized through data pack offerings.

October 30

The Cabinet Committee on Economic Affairs on 30th October 2013 approved the launch of the new Integrated Processing Development Scheme (IPDS) during the 12th five year plan with an investment of 500crore rupees.

Foreign lenders' wholly owned subsidiaries in India will receive near-national treatment, the Reserve Bank of India (RBI) assured. In its recently published policy, the central bank said that foreign banks would be incentivized to convert into wholly owned subsidiaries (WOS) by providing them with near-national treatment.

October 31

Cairn India has been ranked as the fastest growing energy company in the world while Reliance Industries is the top ranked Indian energy firm in the global ranking.

The BSE benchmark sensex hit a new high of 21,293.88 by gaining over 129 points in opening trade on sustained foreign fund inflows in banking, auto, metal and realty sectors.

Toyota Motor Corp plans to roll out hybrid versions of its large sport utility vehicles from 2016 to prepare for tougher environmental regulations, the Nikkei reported, quoting sources.

 

 

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