I C Call : 98930 98803 RNI No.MPBIL / 2014/ 59047 Page 2
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New Delhi : Japan plans to double its investments in India in five years to over $35 billion, develop exclusive Japanese townships in the country and intensify cooperation in information technology, Japanese Minister of Economy, Trade and Industry Yoichi Miyazawa said here. Miyazawa and Commerce & Industry Minister Nirmala Sitharaman signed a five-point agenda for furthering trade and investment ties between the two countries and encouraging AsiaPacific economic integration. Japan is the fourth largest investor in India with about $17.9 billion worth of investments currently. Doubling this in five years, as targeted, would increase Japanese investments to more than $35 billion and probably push the country up to the second or third place, after Mauritius and Singapore. The agenda includes developing Japanese industrial townships, promoting infrastructure
New Delhi : Tax authorities will soon notify the new Income Tax Return (ITR) forms to be used to give income details for financial year 2014-15 (which is also referred as assessment year 2015-16). A senior Finance Ministry official said changes in the earlier notified forms are being finalised and hopefully the “new forms will be out very soon.” However, he refused to share any details about the changes. It is believed that there could be some changes related with foreign travel and the norms on bank details could be simplified. The new ITR forms, especially ITR 1 (for salaried person who have no other income except interest income), seeks details about foreign travel and all bank accounts along with the balance as on March 31, 2015, besides other information. These measures are meant to track black money.
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and investment development, further development and cooperation in information technology, enhancing cooperation in strategic sectors, and further concentrating on Asia-Pacific economic integration, Miyazawa said at a press conference after signing the agenda. “This (action agenda) is in
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line with Prime Minister Narendra Modi's vision of Make in India,” said Sitharaman at the briefing. IndiaJapan bilateral trade in AprilFebruary 2014-15 was around $15 billion, with India's exports at $5 billion and imports at about $9.3 billion.
New Dehi : India will be the steel consumption for the first time lone bright spot for Chinese steelmen trying to cut bloated since 1981. inventories as Asia's third-largest "The China slowdown will give economy embarks on a once-in-a- India an opportunity to emulate generation urbanisation drive under China's progress over the last few decades and emerge as a major Prime Minister Narendra Modi. Urban dwellers will double to more global steel player in its own right," than 800 million by 2050, a scale of said analyst Manoj Mohta at CRISIL mass urbanisation only seen before in Research. As India urbanises and China. Ahead of Modi's election last i n d u s t r a l i s a t i o n a d v a n c e s , May, he vowed to construct 100 so- infrastructure investment will rise called "smart" cities by 2022, an 43% to about $472 billion over the infrastructure project some estimate next five years compared with the five w o u l d c o s t $ 1 t r i l l i o n . years before. As India build new roads, office India's steel consumption grew 2.2% b l o c k s a n d c i t i e s , i t s s t e e l last year to 75.2 million tonne. consumption growth will put the Demand may rise 6.2% this year and country at the top of the list of the 7.3% in 2016, the World Steel world's 10 biggest steel users this year Association says. and the next, according to the World In the fiscal year ended in March, steel imports jumped 71% to 9.3 million Steel Association. Demand from China and the United tonne, most of which were from States, the two largest consumers, is China. Cheap Chinese steel has forced some forecast to either fall or stay flat. Outside China, India is the best bet for Indian mills to cut prices and post losses in recent quarters. Chinese steel mills. The sector in China has been saddled Steel Authority of India , Tata Steel, by excess capacity of around 300 JSW Steel, Essar Steel, Jindal Steel million tonne, three times the annual and Power, Bhushan Steeland Visa output of Japan, the world's No.2 Steel are planning to expand their combined capacity by 9% in the fiscal producer after China. The glut grew more pronounced last year started last month to compete year as a slowing economy cut China's with low-cost imports. The secret of business is to know something that nobody else knows. - Aristotle Onassis
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New Delhi : The World Bank has said that India's economy seems to have turned the corner and outlook has improved significantly, but even then it projected the economy to expand by 7.5 per cent during the current financial year, quite lower than the Budget assumption of 8.5 per cent. However, the Bank pegged the economic growth rate to be 8 per cent by 2017-18, which is not up to the expectations of the government, but quite higher than International Monetary Fund's projections. The Bank waned against external headwinds which may come in the form of reversal of declining oil prices and normalisation of monetary policy in US. Besides, merchandise exports may face the uphill task visa-vis competitors. In its India Development Update, the Bank expected that India's economy grew 7.2 per cent for 2014-15, lower than official advance estimate of 7.4 per cent.