Mumbai: Gems and jewellery exports rose sharply in October on re-stocking demand from retailers in developed countries including the US and the European Union. The growth was beyond traders expectations as the demand recovered from last year’s low.
Jewellery shipments were worth $2,922.58 million (Rs 12,979.19 crore) in October, registering a rise of 37.82 per cent (31 per cent in rupee terms) as compared to $2,120.64 million (Rs 9,907.61 crore) in the corresponding month of the previous year, data compiled by the apex trade body the Gems & Jewellery Export Promotion Council showed.
Rajiv Jain, chairman of the council, had estimated the jewellery demand to rise between 15-20 per cent for the current season on rising consumer and retailer demand for the upcoming festival season.
Between April-October period of the current financial year, total exports of gems and jewellery rose 41.64 per cent in dollar terms and 34.48 per cent in rupee terms at $21,395.13 million (Rs 98,088.53 crore) as compared to $15,105.77 million (Rs 72,937.90 crore) in the same period of the previous year.
Overall gems and jewellery imports were at $2,300.64 million (Rs 10,217.13 crore) in October, up 33.60 per cent (26.99 per cent in rupee terms) as compared to $1,722.03 million (Rs 8,045.32 crore) in the same period last year. Imports of rough diamonds were at $6,589.25 million (Rs 30,292.28 crore) in the first seven months, rising 44.86 per cent as compared with the imports at $4,548.65 million (Rs 21,958.11 crore) respectively in the same period of the previous year.
Success in my Habit
Monday, December 6, 2010
Independent authority to asses impact of government's flagship programmes
New Delhi: The government has decided to set up an independent authority to assess the impact of various public programmes and improve their effectiveness amid criticism of severe leakages in flagship schemes.
The union cabinet on Thursday approved the creation of an Independent Evaluation Office, having committed to such a body in the presidential address to the joint session of both Houses of Parliament in June, 2009.
On Tuesday finance minister Pranab Mukherjee had also sought detailed reports from the comptroller and auditor general (CAG) on whether government’s programmes are achieving their desired objectives and improving the quality of life of our people.
The independent evaluation office will be attached to the Planning Commission and funded by it as well. It will have a governing board chaired by the deputy chairman of the commission. It will have full functional autonomy to discharge its functions. The authority will advise the plan panel and the implementing agencies, helping them develop appropriate management systems.
The authority will draw from resources available from research organizations and its findings will be placed in the public domain.
The cabinet committee on economic affairs approved setting up of five more mega food parks in addition to 10 on going projects, involving a total govern-ment grant of Rs 250 crore.
The scheme which was approved by the government in September, 2008 envisages raising the processing of perishables in the country from the existing 6% to 20%, value addition from 20% to 35% and the share in global food trade from 1.5% to 3% by the year 2015.
The cabinet gave its nod to wind up the National Fund for Rural Development and transfer the residual funds to Council for Advancement of People’s Action and Rural Technology (CAPART), an autonomous body under the ministry of rural development.
The NFRD was set up in 1984 to mobilise funds from individuals, corporate and non-corporate bodies for undertaking rural development activities. The cabinet also approved additional Rs 71.28 crore for Bhopal gas leak victims in line with the the recommendations of the group of ministers.
The union cabinet on Thursday approved the creation of an Independent Evaluation Office, having committed to such a body in the presidential address to the joint session of both Houses of Parliament in June, 2009.
On Tuesday finance minister Pranab Mukherjee had also sought detailed reports from the comptroller and auditor general (CAG) on whether government’s programmes are achieving their desired objectives and improving the quality of life of our people.
The independent evaluation office will be attached to the Planning Commission and funded by it as well. It will have a governing board chaired by the deputy chairman of the commission. It will have full functional autonomy to discharge its functions. The authority will advise the plan panel and the implementing agencies, helping them develop appropriate management systems.
The authority will draw from resources available from research organizations and its findings will be placed in the public domain.
The cabinet committee on economic affairs approved setting up of five more mega food parks in addition to 10 on going projects, involving a total govern-ment grant of Rs 250 crore.
The scheme which was approved by the government in September, 2008 envisages raising the processing of perishables in the country from the existing 6% to 20%, value addition from 20% to 35% and the share in global food trade from 1.5% to 3% by the year 2015.
The cabinet gave its nod to wind up the National Fund for Rural Development and transfer the residual funds to Council for Advancement of People’s Action and Rural Technology (CAPART), an autonomous body under the ministry of rural development.
The NFRD was set up in 1984 to mobilise funds from individuals, corporate and non-corporate bodies for undertaking rural development activities. The cabinet also approved additional Rs 71.28 crore for Bhopal gas leak victims in line with the the recommendations of the group of ministers.
Govt fuels electric cars with Rs 1 lakh incentive
New Delhi: The Society of Manufacturers of Electric Vehicles (SMEV) expects sales of electric two-wheelers to double in the coming months, on the back of a Rs 95 crore incentive scheme announced by the Ministry of New and Renewable Energy (MNRE) today.
Under the scheme, the government will provide financial incentives for each electric vehicle sold in India during the remaining part of the 11th Plan. The scheme, which will come into effect immediately, envisages incentives of up to 20 per cent on ex-factory prices of the vehicles, subject to a limit.
The cap on the incentive will be Rs 4,000 for low-speed electric two-wheelers, Rs 5,000 for high speed electric two- wheelers and Rs 1,00,000 for an electric car.
Sohinder Gill, director, SMEV said, “This could have an immediate impact on sales of electric two-wheelers. In terms of monthly sales, we expect an immediate doubling of sales.” Gill added, a meeting would soon be convened among members to pass on benefits to consumers.
“The incentive is for manufacturers to invest in research activities and enhance capacities. But we are looking at ways to partially pass on the benefits to customers”, added Gill. Electric two-wheelers are priced between Rs 25,000 and Rs 40,000 depending on the speed range.
Manufacturers would, however, have to register with SMEV for availing of the scheme. Registration would be provided on meeting eligibility norms, which include having 30 per cent indigenous content in the vehicles sold, a sizeable operation in retail and after sales outlets and a multi-point check system for accounting the retail sale.
The notification says, the government will take up “dissemination of two-wheelers, three -wheelers and four-wheelers Battery Operated Vehicles (BOV) and R&D and technology demonstration and other activities in the area of Alternative Fuels for Surface Transportation at a total cost of Rs 95 crore during the remaining period of the 11th Plan”.
In 2010-11, the government will subsidise 20,000 units of low speed electric two-wheelers and another 10,000 units of high speed two-wheelers. In 2011-12, the numbers would increase to 80,000 units and 20,000 units low-speed and high-speed two-wheelers respectively. Additionally, the government has also decided to incentivise 100 units of three-wheelers and 140 units of passenger cars in the rest of this year, which would be upped to 166 units and 700 units in the next financial year. The Indian electric two-wheeler market, at present, stands at about 85,000 units annually. Some of the leading electric two-wheeler manufacturers include Hero Electric, Avon Cycles, BSA Motors and Lohia Auto.
Under the scheme, the government will provide financial incentives for each electric vehicle sold in India during the remaining part of the 11th Plan. The scheme, which will come into effect immediately, envisages incentives of up to 20 per cent on ex-factory prices of the vehicles, subject to a limit.
The cap on the incentive will be Rs 4,000 for low-speed electric two-wheelers, Rs 5,000 for high speed electric two- wheelers and Rs 1,00,000 for an electric car.
Sohinder Gill, director, SMEV said, “This could have an immediate impact on sales of electric two-wheelers. In terms of monthly sales, we expect an immediate doubling of sales.” Gill added, a meeting would soon be convened among members to pass on benefits to consumers.
“The incentive is for manufacturers to invest in research activities and enhance capacities. But we are looking at ways to partially pass on the benefits to customers”, added Gill. Electric two-wheelers are priced between Rs 25,000 and Rs 40,000 depending on the speed range.
Manufacturers would, however, have to register with SMEV for availing of the scheme. Registration would be provided on meeting eligibility norms, which include having 30 per cent indigenous content in the vehicles sold, a sizeable operation in retail and after sales outlets and a multi-point check system for accounting the retail sale.
The notification says, the government will take up “dissemination of two-wheelers, three -wheelers and four-wheelers Battery Operated Vehicles (BOV) and R&D and technology demonstration and other activities in the area of Alternative Fuels for Surface Transportation at a total cost of Rs 95 crore during the remaining period of the 11th Plan”.
In 2010-11, the government will subsidise 20,000 units of low speed electric two-wheelers and another 10,000 units of high speed two-wheelers. In 2011-12, the numbers would increase to 80,000 units and 20,000 units low-speed and high-speed two-wheelers respectively. Additionally, the government has also decided to incentivise 100 units of three-wheelers and 140 units of passenger cars in the rest of this year, which would be upped to 166 units and 700 units in the next financial year. The Indian electric two-wheeler market, at present, stands at about 85,000 units annually. Some of the leading electric two-wheeler manufacturers include Hero Electric, Avon Cycles, BSA Motors and Lohia Auto.
Environmental accounting & reporting set to become mandatory for companies: Govt
New Delhi: The government will make it mandatory for companies to report measures taken to prevent environmental damage as it steps up drive to encourage cleaner production methods .
The ministry of corporate affairs is revising the guidelines on corporate social responsibility (CSR) issued last year to add detailed norms on environmental sustainability. The fresh norms relate to efforts to prevent wasteful use of natural resources and ensure scientific treatment of industrial waste.
The existing guidelines, while urging companies to be environmentally conscious, left it for them to take steps. It failed to provide a clear framework for compliance, leading to companies not taking adequate steps.
“The idea is to make companies responsible for the environmental impact of their products and activities,” said a senior official in the ministry of corporate affairs. The rule will come into force by the end of the current fiscal year, he said.
A comprehensive accounting standard on environmental reporting is being worked out by the Institute of Chartered Accountants of India to guide companies in the process. Though the norms are voluntary, they will require companies to report their performance in this regard in the form of disclosures in their annual reports. “The review will put in place an implementation format whereby the work can be effectively monitored,” said another official, who is privy to the review process.
Environmental reporting in India is at a nascent stage, even though its importance has gained significance world-wide.
“While the move to ask a company to report on its environmental sustainability measures is welcome, it could effectively mean that a company would have to comply or explain steps taken,” said an official with industry body Confederation of Indian Industry .
Indian companies have taken sustainability measures as part of their business goals, he said, requesting anonymity. Some big companies such as ITC, for instance, devote significant resources to sustainable development. The company has a sustainability committee to help integrate social and environmental objectives with business strategies and set goals in contributing to climate change mitigation.
The ministry of corporate affairs is revising the guidelines on corporate social responsibility (CSR) issued last year to add detailed norms on environmental sustainability. The fresh norms relate to efforts to prevent wasteful use of natural resources and ensure scientific treatment of industrial waste.
The existing guidelines, while urging companies to be environmentally conscious, left it for them to take steps. It failed to provide a clear framework for compliance, leading to companies not taking adequate steps.
“The idea is to make companies responsible for the environmental impact of their products and activities,” said a senior official in the ministry of corporate affairs. The rule will come into force by the end of the current fiscal year, he said.
A comprehensive accounting standard on environmental reporting is being worked out by the Institute of Chartered Accountants of India to guide companies in the process. Though the norms are voluntary, they will require companies to report their performance in this regard in the form of disclosures in their annual reports. “The review will put in place an implementation format whereby the work can be effectively monitored,” said another official, who is privy to the review process.
Environmental reporting in India is at a nascent stage, even though its importance has gained significance world-wide.
“While the move to ask a company to report on its environmental sustainability measures is welcome, it could effectively mean that a company would have to comply or explain steps taken,” said an official with industry body Confederation of Indian Industry .
Indian companies have taken sustainability measures as part of their business goals, he said, requesting anonymity. Some big companies such as ITC, for instance, devote significant resources to sustainable development. The company has a sustainability committee to help integrate social and environmental objectives with business strategies and set goals in contributing to climate change mitigation.
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