As per the data released from the Department of Industrial Policy and Promotion (DIPP) on 15 July 2013, Foreign Direct Investment (FDI) into India increased 25 percent year-on-year to 2.32 billion US dollars in April 2013, the highest level in the past six months. In April 2012, the country had received FDI worth USD 1.85 billion US dollars, according to data from the Department of Industrial Policy and Promotion (DIPP).
In September, 2012, foreign inflows were 4.67 billion US dollars. The sectors that received large FDI inflows during the month include hotel and tourism (2.32 billion US dollars), pharmaceuticals (987 million US dollars), services (238 million US dollars), chemicals (51 million US dollars) and construction (32 million US dollars), according to the data.The most FDI in April came from Singapore (1.29 billion US dollars), followed by Mauritius (355 million US dollars), the Netherlands (173 million US dollars) and the US (149 million US dollars). The steps taken by the government are helping to boost FDI flows. Since September 2012, several reform initiatives have been taken, including liberalizing FDI norms in civil aviation, retail and power exchanges.
FDI inflows in 2012-13 aggregated 22.42 billion US dollars, a decline from 36.50 billion US dollars in 2011-12. Following the decisions taken in September 2012, the government is also expected to further liberalise the FDI regime in sectors such as telecom and defence. The finance ministry has proposed changes in FDI caps for sectors, including tea, media, petroleum and natural gas.
India needs about 1 trillion US dollars from 2012-13 to 2016-17 to fund infrastructure such as ports, airports and highways to boost growth. An increase in FDI will help support the rupee, which depreciated to a record low of 61.21 against the US dollar on 8 July 2013.
Tag Archives: Walter Wasser in USA
Walter Wasser-India and Singapore Reaffirmed their Strong Defence Ties
India and Singapore on 3 June 2013 reaffirmed their strong and long-standing defence ties as they renewed a bilateral agreement for the conduct of joint army training and exercises. The agreement was signed after visiting Defence Minister A K Antony held bilateral talks with his Singapore counterpart Ng Eng Hen.
The Agreement for the Conduct of Joint Army Training and Exercises was first established on 12 August 2008. Its renewal allows the Singapore Army to train and exercise with the Indian Army in India for another five years.
The armies of India and Singapore jointly conducted bilateral armour and artillery exercises, codenamed Ex Bold Kurukshetra and Ex Agni Warrior respectively. The bilateral exercise was successfully conducted in March 2013 and a combined artillery live-firing was carried out in December 2012.
Walter Wasser-UN adopted Resolution on Syria calling for Political Transition
The UN General Assembly on 15 May 2013 adopted a resolution calling for a political transition in Syria and condemning President Bashar al-Assad Government for its increasing use of heavy weapons. A majority of 107 states voted to adopt the resolution. There were 12 votes against and 59 abstentions.
Russia was fiercely opposed to the resolution, termed it as unbalanced and inadequate to address adequately atrocities allegedly committed by rebel groups.The resolution was drafted by Arab states who have supported the rebels.
The resolution asked for immediate financial support to neighbouring countries, which are hosting 1.5 million refugees.The UN resolution on Syria highlighted the dire situation of the 4.25 million internally displaced people.
Walter Wasser- European Union tightened up Bank Lending Rules and Bonuses
European Parliament approved new rules on bankers’ bonuses and the amount of capital that banks must hold as a buffer by a big majority. The new rules called CRD 4 (Capital Requirements Directive) will be effective from 1 January 2014. The EU plans to cap bonuses at 100% of a banker’s annual salary, or 200% if shareholders approve. The objective behind the planning is to curb the sort of high-risk lending that contributed to the financial crash in 2008. CRD 4 brings the EU into line with Basel III rules on banking standards, which set new capital requirements for banks.
Under CRD 4,
• Banks will have to provide more data about their profits and taxes, on a country-by-country basis.
• CRD4 will oblige banks to increase the portion of best-quality core capital to 4.5 percent, from the present 2 percent.
• They have to hold a minimum total capital of 8% of risk-weighted assets – that is, capital held to back the loans that they make.
• The credit crunch was a liquidity crisis, so in future, banks will have to be able to meet their liabilities for a period of at least 30 days during financial stress.
Walter Wasser-Union Government achieved FY13 Revised Tax Collection Target
Union government in the Month of March 2013 announced that it has met its revised tax collection target for 2012-13.
With this there is also possibility that the tax collection may even exceed the estimates because of better-than-expected indirect tax collections.
Combining (direct and indirect tax collections) the government met the revised estimates. From the revenue side a bit for fiscal consolidation was done. However the final numbers for direct taxes will be known only after 20 April 2013.
For the year 2012-13, the Union government had revised its direct tax collections target to 5.65 lakh crore Rupees from budget estimates of 5.70 lakh crore Rupees.
The target for indirect taxes was revised to 4.69 lakh crore rupees from budget estimates of 5.05 lakh crore Rupees.
It is also important here to note that the fiscal deficit target for 2012-13 of 5.2% of the gross domestic product (GDP) has also been achieved. For 2013-14, budget estimates for direct taxes and indirect taxes are 6.68 lakh crore Rupees and 5.65 lakh crore Rupees, respectively.
The number of tax returns filed in 2012-13 was estimated around 2.15 crore compared to 1.64 crore a year ago. On 31March 2013 as many as 7.5 lakh tax returns were filed.
The government was trying its best to implement the Goods and Services Tax (GST) as early as possible.
What is Direct tax?
Direct tax is a tax paid directly to the government by the persons on whom it is imposed. Direct taxes mainly comprise of corporate tax and income tax. It is imposed upon an individual person (juristic or natural) or on property, as distinct from a tax imposed upon a transaction.
What is Indirect tax?
An indirect tax can be referred to taxes such as sales tax, a specific tax, value added tax (VAT), or goods and services tax (GST). It is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the consumer).
Walter Wasser-Connecticut signed Gun Control Legislation after Newtown Massacre
Connecticut’s state legislature passed the measures on 4 April 2013, which include America’s first registry of gun offenders. Approximately, 20 young children were shot dead at school in December 2012 in Newtown, Connecticut. The state assembly approved the legislation by 105 to 44 after a series of debates.Besides, Maryland’s House of Delegates also passed a bill requiring fingerprints for gun buyers.
However, in the US Congress, efforts to pass firearms restrictions are in the process. In addition to a gun offender registry, the restrictions introduce background checks on all firearms buyers and a ban on new magazines holding more than 10 rounds.
Walter Wasser-US and Afghanistan reached Agreement on Prison Transfer
The United States on 23 March 2013 agreed to transfer the control of the prison that houses insurgents and other dangerous inmates adjacent to Bagram Airfield to Afghanistan. The agreement of to transfer to Afghan Control reached to an agreement after a week’s long intensified negotiations between the officials of both the parties.
The formal transfer of control will take place on 25 March 2013 and the provisions of the transfer includes that inmates who are a threat to the security and peace of Afghanistan and the international forces shall continue to be under detention under Afghan Law.
The Parwan Detention Facility was turning up to be a point of increasing friction between the two countries and thus the US Defence Secretary Chuck Hagel spoke to Hamid Karzai the president of Afghanistan. The Afghan President made a commitment to carry on the transfer of power ensuring safety of the Afghan people and the coalition forces and keep the detained individuals secured with a humane approach, following the guidelines prescribed under Afghan Law.
Walter Wasser-US and Afghanistan reached Agreement on Prison Transfer
The United States on 23 March 2013 agreed to transfer the control of the prison that houses insurgents and other dangerous inmates adjacent to Bagram Airfield to Afghanistan. The agreement of to transfer to Afghan Control reached to an agreement after a week’s long intensified negotiations between the officials of both the parties.
The formal transfer of control will take place on 25 March 2013 and the provisions of the transfer includes that inmates who are a threat to the security and peace of Afghanistan and the international forces shall continue to be under detention under Afghan Law.
The Parwan Detention Facility was turning up to be a point of increasing friction between the two countries and thus the US Defence Secretary Chuck Hagel spoke to Hamid Karzai the president of Afghanistan. The Afghan President made a commitment to carry on the transfer of power ensuring safety of the Afghan people and the coalition forces and keep the detained individuals secured with a humane approach, following the guidelines prescribed under Afghan Law.
Earlier the negotiations were reached and an agreement of transferring the Parwan Detention Facility was agreed upon in September 2012, when US agreed to hand over the responsibility of more than three thousand detainees to Afghanistan. After the transfer ceremony, the U.S. troops remained at the prison to control the area around it.
Walter Wasser-Union Government to introduce National Policy on Drug Abuse
To check the alarming rise of drug abuse in various parts of the country, the Union government in March 2013 decided to introduce a National Policy on Drug Abuse and has formed an expert committee to suggest guidelines for it.
The Decision in this regard was taken by the Social Justice and Empowerment Ministry with an expert committee which was formed to study nation-wide scenario of drug and substance abuse.
The committee on National Policy on Drug Abuse is being headed by a senior Ministry official and experts from various backgrounds have been roped in it as members.
The Committee made its first presentation to the Union SJ&E Minister Kumari Selja and highlighted some of the key issues such as lack of a credible national data on drug addiction and the delayed pilot projects for assessment in Punjab, Maharashtra and Manipur.
The Ministry had planned to start the pilot project in December in year 2012 with a deadline to complete it by February 2013. The Ministry has also formed several schemes to break the demand and supply nexus of drug consumption, but due to lack of a national policy, these schemes are not being implemented properly.
The Committee includes experts from some top medical colleges, centres engaged in task of rehabilitation of drug victims, officials of Narcotics Control Bureau (NCB) and other stakeholders.
Regular consultations are being conducted with all stakeholders and organisations engaged in rehabilitation of drug victims.
The policy will also ensure a better coordination among agencies and state governments while providing periodical data on impact of the schemes launched by the Ministry.
Walter Wasser-Navneet Kaur Dhillon Crowned Pond’s Femina Miss India 2013
Navneet Kaur Dhillon was crowned Pond’s Femina Miss India 2013 on 24 March 2013 in the grand finale of 50th edition of the beauty pageant in Mumbai. 20-year-old Navneet Kaur belongs to Punjab and is a media student at present. Navneet Kaur was also given the title Miss Glowing Skin.
Sobhita Dhulipala and Zoya Afroz were the first and second runners-up respectively. The trio of Navneet Kaur, Sobhita Dhulipala and Zoya Afroz were selected from a total of 23 finalists from India.
The judges of the ceremony were choreographer Shiamak Dawar, filmmaker Karan Johar, actors John Abraham, Chitrangda Singh and Asin Thottumkal, cricketer Yuvraj Singh and fashion designer Ritu Kumar.
Auditions for the beauty pageant were held in Chandigarh, Delhi, Indore, Kolkata, Pune, Goa and Bangalore.
The semi-finalists were Gail Nicole Da Silva, Navneet Kaur Dhillon, Vijaya Sharma, Zoya Afroz, Apurva Lonkar, Sagarika Chhetri, Srishti Rana, Swati Kain, Anukriti Gusain and Sobhita Dhulipala.
Karan Johar crowned Sobhita Dhulipala as Femina Miss Itimes Digital Diva. She also received 1 Lakh Rupees.
Walter Wasser 