Indian Economy : News,Discussions & Updates

Anti-dumping duty imposed on Ofloxacin import from China

The government has imposed anti-dumping duty on import of Chinese pharma product, used in treatment of certain infections, to protect domestic producers from below-cost shipments. The duty on import of 'Ofloxacin' from China will be in the range of $2.58 to $9.48 per kilogram for three years, said a notification issued by the revenue department in the finance ministry.

The levy has been slapped following the recommendations of the Directorate General of Anti-Dumping and Allied Duties (DGAD).

Aarti Drugs had approached the DGAD for initiation of anti-dumping investigation and imposition of the duty concerning imports of Ofloxacin, originating in or exported from China.

After a probe into the imports, the Authority concluded that the product has been exported to India from China below its normal value, resulting in dumping.

The domestic industry has suffered material injury due to dumping of the product..., the DGAD said while recommending the levy.

Ofloxacin is used to treat certain infections including bronchitis, pneumonia and infections of the skin, bladder, urinary tract, reproductive organs, and prostate (a male reproductive gland).

Ofloxacin is in a class of antibiotics called fluoroquinolones. It works by killing bacteria that cause infections.

Countries carry out anti-dumping probe to determine whether their domestic industries have been hurt because of a surge in imports which are below the cost of producing them.

As a counter measure, they impose duties under the multilateral regime of WTO. The duty is aimed at ensuring fair trading practises and creating a level-playing field for domestic producers with regard to foreign producers and exporters.
 
India jumps 73 spots to 26 rank in World Bank’s electricity accessibility list

India has climbed up to twenty sixth position in World Bank’s electricity accessibility ranking in the current year from 99th spot in 2014, power minister Piyush Goyal has said.

“Our ranking has improved to 26 position from 99. So, it is truly very redeeming feature and satisfying for me that Prime Minister’s vision particularly to take electricity to every home, particularly to make electricity access very easy, particularly to make energy affordable is being furthered very rapidly,” the minister said here.

He also exuded confidence that by 2019, three years ahead of its original schedule, the government would able to take power to every household.
 
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World’s oldest city goes ‘wireless’

HIGHLIGHTS

  • Former Union minister of state for power and coal Piyush Goyal announced the Rs 432-crore project for underground cabling work under IPDS for Varanasi in June 2015
  • Prime Minister Narendra Modi launched the Rs 45,000-crore IPDS for the country in Varanasi in September 2015
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File photoVARANASI: Eighty-six years after the city got electricity, overhead power cables in Varanasi are being dismantled after a project to lay underground lines over 16 sq-km has been finally completed. Laying cables for 50,000 consumers through the serpentine lanes and congested markets in one of the world’s oldest cities was quite a challenge for Powergrid, the company conducting the integrated power development scheme (IPDS) project.


“Demographics-wise Seoul and some Turkish cities on the riverfront were considered complicated. While implementing IPDS in Varanasi, we realised this is the most complicated city to lay infrastructure for underground cables,” said Powergrid’s project manager for IPDS Varanasi, Sudhakar Gupta. The company took two years, and finished in December 2017.


Former Union minister of state for power and coal Piyush Goyal announced the Rs 432-crore project for underground cabling work under IPDS for Varanasi in June 2015. Prime Minister Narendra Modi launched the Rs 45,000-crore IPDS for the country in Varanasi in September 2015. The pilot project was rolled out in Kabir Nagar and Ansarabad.

Work started in December 2015, and Goyal visited regularly to monitor the project and said it would be completed in a year though it had a two-year deadline. “Major differences were found in the actual requirement and proposal in the detailed project report,” a Powergrid official said. Since lanes are narrow, very small pedestal boxes had to be installed for switch boxes.

Eleven old substations have been modernised and two new ones built at Chowk and Kazzakpura areas. Dealing with existing underground utility lines for sewage, water supply, BSNL, among others, was also a challenge. As there is no map of these lines, Powergrid workers often damaged them, stopping work till compensation was paid to the agency concerned. Atul Nigam, managing director of Purvanchal Vidyut Vitran Nigam Limited, said line and revenue losses have reduced after putting cables underground. Line loss in the area covered by IPDS has come down to 9.9% from 42.7%, while consumer complaints have dropped as well, he said.


This should be done in every major cities. It's expensive, but in long run saving from power losses will pay for itself.
 
Shashank said:
India jumps 73 spots to 26 rank in World Bank’s electricity accessibility list

India has climbed up to twenty sixth position in World Bank’s electricity accessibility ranking in the current year from 99th spot in 2014, power minister Piyush Goyal has said.

“Our ranking has improved to 26 position from 99. So, it is truly very redeeming feature and satisfying for me that Prime Minister’s vision particularly to take electricity to every home, particularly to make electricity access very easy, particularly to make energy affordable is being furthered very rapidly,” the minister said here.

He also exuded confidence that by 2019, three years ahead of its original schedule, the government would able to take power to every household.
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Now , this is Great news! Its a relevant precursor to economic activity.
 
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Sathya said:
Bonds surge most since 2013 as PM Modi surprises on borrowing - Times of India

@Nilgiri

Can you dumb it down for the mortals ?
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I take some interest in economy but even I find it bit tough to understand the whole article.:confused::confused:

Few things which I understood:
1). Bond yields is decreasing, because of currency performance. Rupee depreciation and higher interest rates in USA is the main cause.
2). The writer is happy & some economist are happy becoz the govt decided to cut borrowing in the first half of this FYI. But I don't know why they are happy ? May be fiscal deficit ? thats where @Nilgiri comes.:ROFLMAO:
3). Everybody is looking for short term bond i.e 1-4 years, obviously they want money asap. And also long term bonds i.e one with 10 years period, but they are now looking more costly for GoI as their yield has increased recently, once again due to currency performance.

That's all from me.(y)
 
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Pundrick said:
I take some interest in economy but even I find it bit tough to understand the whole article.:confused::confused:

Few things which I understood:
1). Bond yields is decreasing, because of currency performance. Rupee depreciation and higher interest rates in USA is the main cause.
2). The writer is happy & some economist are happy becoz the govt decided to cut borrowing in the first half of this FYI. But I don't know why they are happy ? May be fiscal deficit ? thats where @Nilgiri comes.:ROFLMAO:
3). Everybody is looking for short term bond i.e 1-4 years, obviously they want money asap. And also long term bonds i.e one with 10 years period, but they are now looking more costly for GoI as their yield has increased recently, once again due to currency performance.

That's all from me.(y)
Click to expand...


Has government planned to borrow less ?
And pass on less amount debt bonds to public ?
 
Sathya said:
Has government planned to borrow less ?
And pass on less amount debt bonds to public ?
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GoI has planned to borrow less in just the first half of this FY, I don't know whether they'll sell the 52% remaining in the 2nd half, actually nobody knows. They'll have to if they have to meet the expenditure otherwise more tax will be levied which is unlikely as 2019 election is approaching.

Bonds are first offered to Primary dealers, i.e. HSBC, S&P, SBI, etc the big buyers who are registered with SEBI. The common people come under secondary market and we'll get 2nd preference. If the govt borrows more then as the article says it will dry the funds for corporate and that'll affect economy. Thats why some are asking to increase the foreign investment limits to encourage more investment from them to ease some pressure on govt.
 
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Pundrick said:
2). The writer is happy & some economist are happy becoz the govt decided to cut borrowing in the first half of this FYI. But I don't know why they are happy ? May be fiscal deficit ? thats where @Nilgiri comes
Click to expand...

Sathya said:
Has government planned to borrow less ?
And pass on less amount debt bonds to public ?
Click to expand...

Basically govt is more confident in its own revenue based funding (i.e internally has projected less shortfall and extra liquidity needed to smooth this over). Not surprising given the solid timeframe that direct and indirect taxes have been shored up now growth wise and base wise....and also the long term trends involving GST etc and whatever govt has analysed so far from the demonetisation paper trails.

This helps bond market players, because less injection helps stability + projection (which helps credit rating) and of course helps prices since less supply increase and demand remains strong/consistent/growing etc. Bond market dictated simply by demand forces are theoretically the highest stability, highest long term return and also gives the strongest quality liquidity base to private sector long term.
 
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February GST collections: GST collection falls to Rs 85,174 crore in February; only 69% file returns

NEW DELHI: GST collections slid for the second straight month to Rs 85,174 crore in February as only 69 per cent of the assessees filed returns.

Around 59.51 lakh GSTR 3B returns were filed for the month of February till March 25. This is 69 per cent of total taxpayers who are required to file monthly returns, the finance ministry said in a statement.

"The total revenue received under GST for the month of February 2018 (received up to March 26) has been Rs 85,174 crore," it said.

The collection in January was Rs 86,318 crore, while in December and November was Rs 88,929 crore and Rs 83,716 crore respectively.

Of the Rs 85,174 crore collected as GST for the month of February, Rs 14,945 crore have been garnered as Central GST and Rs 20,456 crore as State GST. Beside, Rs 42,456 crore has been collected as Integrated GST and Rs 7,317 crore as compensation cess.


A total amount of Rs 25,564 crore is being transferred from IGST to CGST/SGST account by way of settlement.


"Thus, the total collection of CGST and SGST up to 26th March (for February) is Rs 27,085 crores and Rs 33,880 crore respectively, including transfers by way of settlement," the statement added.


Till March 25, 1.05 crore taxpayers have been registered under GST. Of these, 18.17 lakh are composition dealers which are required to file returns every quarter and the rest of 86.37 lakh taxpayers are required to file monthly returns.


According to a finance ministry reply to the Lok Sabha, GST collections were Rs 93,590 crore in July, Rs 93,029 crore in August, Rs 95,132 crore in September and Rs 85,931 crore in October.
 
vstol Jockey said:
Keeping rupee value down by buying dollars from market is a stupid move in my opinion. let the rupee appreciate as that will bring more benefits to India. They are doing it just to keep more revenue from taxes on oil.
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Indian exports are suffering because of this. We have to be competitive to take advantage of the global trade recovery which we are not.
 
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