Mamata Banerjee, the country's Railway Minister, today laid the foundation for the country's first ever automobile logistics hub at Shalimar in Howrah, while simultaneously announcing that similar hubs will be, over the coming time, set up at nine more places across the country.
A report released by the Associated Chambers of Commerce and Industry has revealed that in India, the heavy taxes of over 18% imposed on "branded processed agricultural products" is having an adverse effect on the sector's competitiveness, as only about 2% of the country's fruit and vegetable produce is processed, and that worth about Rs. 50,000 every year is wasted.
On the back of improved performance in the petroleum, refinery products, electricity and finished steel sectors, India's important infrastructure industries, for the month of October, recorded a 3.5% growth. These industries account for about a quarter of the country's industrial production.
In October of 2008, these industries recorded a 2% growth.
Samsung's popular slider phone, the C5130 has been announced for launch in India, and the phone is being seen as an affordable solution for users who do not want to shell out a lot of money to buy a smartphone, but still want to make most of the 3G and social networking integration features.
Honda Motorcycles and Scooters India recently confirmed that the company is in "the final stage" of preparations to enter into the 100-cc segment of the country's two-wheeler market and will be unveiling its first ever 100-cc motor bike at the Auto Expo 2010.
A recent research by IBM has revealed that Indian Chief Information Officers are more progressive in the World and are more dedicated for expanding the business of their organization. The study is based on a survey of 100 Indian CIOs out of which 70 percent are blending technology and business to bring about innovations in the organization.
Sugar mills in UP are all set to begin crushing from November 18 by offering Rs 180 per quintal of sugarcane to the farmers. The state government has announced the minimum support price for sugarcane at Rs 165-170 a quintal which is less than what are announced by the Uttar Pradesh Sugar Mills Association in the state, the country's second-largest producer of sugar.
The Indian stock market did well last week, recovering all losses suffered in the previous week. The NSE Nifty and BSE Sensex closed at 5,000 mark and 17,000 mark respectively due to large scale transactions by foreign institutional investors (FIIs) and hopes of faster recovery after good Index of Industrial Productivity (IIP) numbers.
Government’s move to go for disinvestment of Public Sector Undertakings also pushed the market upwards.
India reported 46 per cent increase in its tea import bill due to large import by Indian tea industry for re-export purpose. The country imported tea worth Rs 110 crore between January and July as compared to Rs 75 crore during the corresponding period last year.
Tea import stood at 13.2 million kg during first seven months of the current financial year as compared to 10.3 million kg in 2008.
Central Government would extend every financial help to the States for developing required IT infrastructure to implement new tax regime under the proposed Goods and Services Tax (GST).
Union Finance Ministry has announced to allot Rs 1,100 crore for the States for implementing tax structure transition.
Meanwhile, Karnataka has approached the Central Government seeking funds worth Rs 70 crore to develop required IT infrastructure for adopting new tax regime.