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Foreign Investment: An Overview
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Indian Cuisine - Tantalizing taste buds worldwide
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The Great Rail Journeys of India
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02. TRADE AND ECONOMY |
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India's Foreign Trade: April - March, 2005-2006
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EXPORTS
Exports during April-March, 2005-2006 are valued at US $ 100606.92 million which is 24.71% higher than the level of US $ 80672.41 million during April-March, 2004-2005. In rupee terms, the exports were Rs. 445657.97 crores, during April-March, 2005-2006, which is 23.15% higher than the value of exports during April-March, 2004-2005.
Exports during March, 2006 are valued at US $ 10906.21 million which is 20.63% higher than the level of US $ 9041.31 million during March, 2005. In rupee terms, the exports were Rs. 48511.93 crores, which is 22.81% higher than the value of exports during March, 2005.
IMPORTS
Imports during April-March, 2005-2006 are valued at US $ 140237.65 million representing an increase of 31.52% over the level of imports valued at US $ 106630.51 million in April-March, 2004-2005. In Rupee terms, the imports increased by 29.80%.
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Oil imports during April-March, 2005-2006 are valued at US$43844.26 million which is 46.84% higher than oil imports valued at US $ 29858.28 million in the corresponding period last year.
Non-oil imports during April-March, 2005-2006 are estimated at US $ 96393.39 million which is 25.56% higher than the level of such imports valued at US $ 76772.23 million in April-March, 2004-2005.
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Imports during March, 2006 are valued at US $ 13811.65 million representing an increase of 18.68% over the level of imports valued at US $ 11637.67 million in March, 2005. In Rupee terms the imports increased by 20.83%.
TRADE BALANCE
The trade deficit for April-March, 2005-2006 is estimated at US $ 39630.73 million which is higher than the deficit at US $ 25958.10 million during April-March, 2004-2005. |
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BUDGET 2006-07
Economic Overview: 2005-06
GDP growth is likely to be 8.1% with manufacturing sector growth at 9.4%.
Flagship Programmes: Substantial enhancement in allocations for Flagship Programmes like Bharat Nirman, Urban Renewal Mission, Sarva Siksha Abhiyan etc.
e-Governance: National e-Governance plan to be approved shortly. 25 projects in Mission mode will be launched in 2006-07. Among them is project MCA-21 to enable companies to file returns, registrations etc.electronically. It will also involve providing information and large amount of common services for citizens online.
Customs duty rate reduced: Peak rate of customs duty on non agricultural products were reduced from 15% to 12.5%.
Tax Rationalisation: Excise duty on small cars reduced from 24% to 16% as one of the planned step to make India a manufacturing hub for small cars. Customs and excise duty rates were reduced from various items of food processing sector with a view to promote the sector.
GST Regime by 2010: The Budget proposes to set up Goods and Service Tax (GST) from April 1, 2010.
Modernising tax administration
The Government of India is undertaking Business Process Re-engineering nationwide to connect 745 income tax offices in 510 cities and 550 customs and central excise offices in 245 cities. This will create national databases, enabling jurisdiction free filing of returns, online tracking of status of accounts and refunds and similar other services being rendered by the Indian Income Tax administration.
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India US Strategic Partnership
While, making Joint Statement during recent visit of US President George W. Bush, he and Prime Minister Manmohan Singh expressed satisfaction with the great progressmade in advancing the strategic partnership to meet the global challenges of the 21st century.
Investment Opportunities in Petroleum Sector
New Exploration Licensing Policy now has made biggest offer of 55 blocks in an area of 355,000 sq. mtrs. An investment of US$ 6 billion is expected in next few years in refinery sector alone. A task force will be set up to draw roadmap for setting up 3 large PC&P Investment Regions to be developed in 2006-07.
Investment Opportunities in Mega Power Projects
The Central Budget provides for setting up 5 ultra mega power projects of 4,000 MW each for which contracts will be awarded before December 31, 2006. 2 pit head projects are planned in Chhattishgarh and Madhya Pradesh, while, 3 costal projects in Gujarat, Karnataka and Maharashtra will be based on imported coal / gas. Power Progress: 82 projects under construction will add 33,000 MW of additional capacity. Power Reforms Committee set up. Benefits under Income Tax Act were extended upto 2010.
FoxConn plans India Unit
Foxconn, a Taiwan-based company into electronic contract manufacturing and is to invest about $ 110 million in India. The company will manufacture mobile handset and components at Nokia’s special economic zone (SEZ). The Company has signed an MoU with the Government of Tamil Nadu. The |
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Company also known as Honhai is one of the largest producer of Precision Electronics in the world. Their annual turnover is more than US$ 3 billion.
National Maritime Development Programme
To develop Indian shipping and port sector, the Government of India has approved a National Maritime Development Programme. Port sector alone will require US$ 11 billion. At present, work is in progress in 101 projects for inland waterways, shipping and ports. More projects with various financing models are planned.
1000 Kms of Express Ways
1000 Kms of Express Ways will be built on Design Build Finance and Operate (DBFO basis between Vadodara - Mumbai, Delhi - Chandigarh, Delhi - Jaipur, Delhi - Meerut, Delhi - Agra, Bangalore - Chennai and Kolkata - Ahmedabad. The contracts will be issued by the end of the year.
Telecommunications Expansion
Present tele-density of 11.75% will provide base for the ambitious target to reach 250 million connections by December 2007.
FDI Policy Rationalization
FDI caps and procedures were liberalized for a large number of sectors including coal & lignite mining for captive consumption, Petroleum marketing infrastructure and diamonds/ precious stones mining.
FDI Statistics: 61% growth
FDI in January 2006 showed a 340% increase valued at US $ 647.7 million as against US $ 152 million in January 2005. April 05 -Jan 06 FDI at 4.34 billion was 61% higher than the corresponding period last year.
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