Manufacturing PMI falls to 50.3 in October

Source: The Hindu Business Line, Nov 01, 2017

New Delhi: Nikkei India Manufacturing Purchasing Manager’s Index (PMI) fell to 50.3 in October from 51.2 in September as output rose only fractionally while new business orders stagnated.

A reading above 50 on the index denotes expansion and less than that indicates contraction in activities.

“This indicated a broad stagnation in the health of the manufacturing sector during October. At the sector level, improvements in consumer goods negated deteriorations in investment and intermediate goods,” Nikkei said in a release on Wednesday.

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Government to amend cost audit rules under companies law

Source: The Economic Times, Aug 13, 2017

NEW DELHI: The government will amend the cost audit rules under the companies law in order to ensure parity between financial and cost records.The ministry has sought comments from stakeholders on the draft amendments till August 26.

The amendments have been mooted pursuant to implementation of the Indian Accounting Standards (Ind AS), which is converged with global accounting norms.

The corporate affairs ministry, which is implementing the Companies Act, has come out with a draft of the proposed amendments to the Cost Records and Audit rules.Various existing provisions under these rules, including some related to intangible assets, would be done away with while Ind AS compliance would be required for certain other aspects.

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Rough diamond trading might start in India soon

Source: Business Standard, Dec 21, 2015

Mumbai: Rough diamond trading might soon start in India. The government has assured support to global miners for them to commence import and sale in the India’s first special notified zone (SNZ) inaugurated here on Sunday.

Currently, Indian diamantaires source rough diamond through direct sightholding (taking membership of global miners through assurance of minimum annual purchase) and participation in global auctions overseas. This raises cost of rough diamond and uncertainty over its continuous availability.

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Divestment of PSUs back on table

NEW DELHI: With the tough task of ministry-making over, Prime Minister Manmohan Singh is keen to get down to the business of governance. “We have to get going,” Singh said while talking to reporters after the swearing-in ceremony on Friday, adding that the President’s address and Budget would point to what the government has in mind.

The remarks were yet another indication that the President’s address to the joint session of the two Houses of Parliament will pack some big announcements with regard to the economy as well as Congress’s poll promises.

The expectation is that President’s address may list specific measures the government plans to take to help economy fight off the consequences of global slowdown.

The PM refused to be drawn out on the specifics, but made it clear that the growing fiscal deficit was among the government’s top concerns. He said fiscal prudence could not be abandoned.

“We will ensure economic growth momentum but at the same time fiscal prudence will be kept in mind,” he said. Significantly, he did not fight shy of touching upon disinvestment — a political taboo so long as the government was dependent on Left’s support.

“Fiscal deficit and disinvestment of public sector units — all these issues will be tackled by the finance minister in the Budget,” Singh said, in a remark which will keep alive the suspense over whether government will put disinvestment back on the table.

Singh, like Sonia Gandhi, acknowledged that finalising his ministerial team was a difficult job. Like the Congress president, the PM talked about the difficulties posed by the need to balance different considerations , but also pointed to availability of talent as one of the determining factors. “There are several factors like availability of talent and other considerations that played a role,” he said.

Source : Economice Times 29/05/09