India set to achieve 7.4% growth in 2017: ADB report

download (2).jpgSource: The Hindu Business Line, July 20, 2017

New Delhi: India, which is the largest economy in South Asia, is expected to achieve projected growth rate of 7.4 per cent in 2017 and 7.8 per cent in 2018, primarily from strong consumption, a new Asian Development Bank (ADB) report has said.

In a supplement to the Asian Development Outlook 2017 report, ADB also upgraded its growth outlook for Developing Asia from 5.7 per cent to 5.9 per cent in 2017 and from 5.7 per cent to 5.8 per cent for 2018. The smaller uptick in the 2018 rate reflects a cautious view on the sustainability of the export push. The report said economic prospects in Developing Asia for 2017 improved on the back of stronger-than-expected export demand in the first quarter of this year.

All approvals in place, Japan nuclear deal comes into force

Source: The Economic Times, July 21, 2017

NEW DELHI: The landmark Indo-Japanese civil nuclear deal signed in November 2016 came into force from Thursday that would enable Japan to export nuclear power plant technology as well as provide finance for nuclear power plants in India.

Japan would also assist India in nuclear waste management and could undertake joint manufacture of nuclear power plant components under the Make in India initiative, persons familiar with the development told ET.

Japanese PM Shinzo Abe is expected to visit India this September and growing civil nuclear ties will be highlighted as one of the key elements of Indo-Japan strategic partnership.

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Rs 2600 crore incentive package for leather sector likely soon

Source: The Economic Times, July 20, 2017

NEW DELHI: The government is expected to announce soon a Rs 2,600 crore incentive package for the leather and footwear sector to boost exports and job creation, sources said.

The package has already been approved by the expenditure finance committee and a draft cabinet note has been circulated to different ministries for their views.

The proposal, mooted by the commerce and industry ministry, has sought tax incentives for the ‘Indian Footwear, Leather, and Accessories Development Programme’.

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Government approves plan to build 34 mega multi-modal logistics parks at an investment of Rs 2 lakh cr

download (1).jpgSource: The Economic Times, July 21, 2017

NEW DELHI: The government has approved a plan to build 34 mega multi-modal logistics parks at an investment of Rs 2 lakh crore. The projects, for which land is already available with state governments, will be taken up through public-private-partnerships.

A special purpose vehicle would be formed with state governments, central government and private players to execute the projects. The parks would lease space to private companies to run their operations centrally and save on warehouse cost.

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India’s blue sky pledge gives power to country’s green bonds

Source: LiveMint.com, July 19, 2017

New Delhi: Green bonds issued by Indian companies are gathering pace as the country’s ambitious target for renewable energy fuels interest from investors.

Renewable energy developer Greenko Energy Holdings raised $1 billion earlier this week, making it the largest corporate green bond issuer in Asia, Bloomberg data shows. It beat MTR Corp.’s $600 million issue in November. Green bonds from India are likely to increase as renewable capacity expands and the market gets bigger, according to Ashish Sethia, head of research and analysis for Asia Pacific at Bloomberg New Energy Finance.

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GEA receives order to build Asia’s largest milk production plant in India

imagesSource: Business Standard, July 18, 2017

Mumbai: Global equipment and process technology provider GEA on Tuesday said it has received an order from the AmulFed Dairy, a unit of Gujarat Co-operative Milk Marketing Federation (GCMMF), to build milk production facility in Gandhinagar, Gujarat.

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Exporters continue to face the heat as shipments pile up

Source: The Hindu Business Line, July 19, 2017

New Delhi: Three weeks after the implementation of the Goods and Services Tax (GST) regime, exporters are still struggling to get their consignments shipped as customs officials are yet not clear on how to interpret the new rules.

Exporters have complained to the Vanaja N Sarna, Chairperson, Central Board of Excise and Customs (CBEC), of the harassment they have been facing and are hoping for a solution soon.

“Consignments are getting stuck as officials are interpreting the custom notification on accepting existing bonds and undertakings from exporters any way they want. They are getting away with it as the Board has not prescribed a timeline under which it has to be accepted,” said Ajay Sahai, DG, FIEO.

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