• Glass industry: Abolish customs duty on Soda Ash

    By Capital market | Y! Money – Tue 13 Mar, 2012 9:23 AM IST

    Higher cost of input particularly Soda ash, which constitutes about 30% of cost of production of glass products, is one of the major factors contributing to the higher cost of glass and glassware.

    The Glass industry consists of four main segments-Container glasses, Specialty glass, Flat glass and Fibreglass. Container glass, which is the largest segment in the glass sector, comprises of glass packaging for consumer goods and pharmaceuticals. Next largest segment is the specialty glass, which is mainly used, in technical applications such as electronics and engineering. Flat glass segment comprises of float glass and rolled glass, which are mostly used in architectural and automotive applications.

    The Indian Glass industry has been growing across all segments. This growth has been driven primarily by India's growing automotive and construction sectors in which glass is used. The container glass industry benefits from growing awareness on account of rising hygienic packaging demand,

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  • Jute industry wants nil excise duty on mill machinery

    By Capital market | Y! Money – Tue 13 Mar, 2012 9:16 AM IST

    Indian Jute Mills Association (IJMA) has set out the following proposals for consideration of Finance Ministry in the upcoming Union budget 2012/13

    • Continue full exemption of all jute products from excise duty.
    • Reduce cost of production of Jute goods by abolishing Excise Duty on various input items like Bailing, Hooks, Buckles (which are currently attracting excise duty of 10% each respectively) and Jute Batching Oil (14%).
    • Restart Duty Draw Back scheme which has been abolished from October 11, So as to improve competitiveness of domestic jute industry.
    • Continue "nil" excise duty on purchase of jute mill machinery. Also allow Duty Free Import of High-Tech Jute Mill Machinery to speed up the process of modernization of jute industry.
    • Increase the list of countries like Brazil, Egypt, Ghana, and Turkey to the list under Focus Market Scheme and also increase assistance from current 3% to 5%. Jute and its products may be brought
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  • Automotive manufacturers association wishlist

    By Capital market | Y! Money – Tue 13 Mar, 2012 9:14 AM IST

    Technology Upgradation & Development Scheme (TUDS) for the Auto Component Industry

    As per the Automotive Mission Plan 2016 (AMP) objective:

    "To emerge as the destination of choice in the world for design and manufacture of automobiles and auto components with output reaching a level of  USD 145 billion accounting for more than 10% of GDP and providing additional employment to 25 million people by 2016".

    In keeping with the above objective, the industry needs to invest in technology and scale capacity to support local automotive industry growth and to become world-class, world-scale industry. It is in critical need of significant infusion and absorption of technology to build domestic capability and to support faster product development plans of OEMs. India possesses competitive advantage in low-cost, high-quality engineering capabilities. Needs to maintain and further enhance its competitiveness. Auto component industry faced with major threat of imports, currently 21% of total

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  • IATA suspends Kingfisher Airlines ticket sales

    By Yahoo! India Finance | Y! Money – Wed 7 Mar, 2012 5:09 PM IST

    The International Air Transport Association (IATA) has suspended Kingfisher Airlines ticket sales due to non-payment of dues, TV reports suggest. This news has come in just after the tax department froze 19 more accounts of the beleaguered airline. Negotiations between IATA and Kingfisher, however, are still underway.

    "This is because the airline did not settle their ICH (IATA Clearing House) account within the stipulated deadline. Kingfisher's participation in the ICH will be reinstated after the airline fulfills the ICH requirements," Albert Tjoeng said in an email to Reuters.

    The airline has cancelled 32 out of the 240 flights that it operates each day. The Directorate General of Civil Aviation on Monday asked Kingfisher Airlines to explain why it has cancelled a large number of flights since Saturday, while the government again ruled out providing any aid to the loss-making carrier.

    More than 50 pilots have resigned in the past week, according to media reports.

    Kingfisher Airlines

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  • Cut imports, hike import duty on refined palm oil from 7.5% to 15-20%

    By Naveen Mathur, Associate Director – Commodities & Currencies, Angel Broking | Y! Money – Wed 7 Mar, 2012 10:39 AM IST

    Although commodity markets have come a long way in terms of volumes on the national level commodity bourses, further reforms are necessary to maintain the long-term sustainability. With respect to agriculture, the 2011-12 union budget mainly focused on the four aspects i.e. agricultural production, reduction in wastage of produce, credit support to farmers and a thrust to the food-processing sector. Although inflation has come under control, we expect the 2012-13 budget to focus on agriculture by retaining and even increasing the target of credit flow to the sector by banks and financial institutions so as to keep inflation under check. Some of the reforms expected from the Mr. Finance Minister in the coming budget from the commodity market perspective are as follows:

    1.       Abolishment of excise duty on gold

    Much ahead of the budget, the government had already increased import duty on gold and silver. The switch over to the new duty regime will be a major deterrent to growth in

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