Business And Economy 2010

 A 10 % dip in exports, targets seems unlikely:

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) predicted arrears of
abutting to 10 per cent in exports ambition for accepted budgetary due to arrest in exports
advance rate. This is for the reason that developing countries, like India, are those that are
already going in for budgetary alliance as their economies initiated fractional cycle aback of relief
packages, affect of which will be significantly seen on India’s consign gain in the ongoing fiscal,
said Secretary General, ASSOCHAM, Mr. D.S. Rawat. Approximations acknowledge that abutting
to $US 20 billion of exports’ gain are captivated in countries; including various European
countries in which sprawl in demand and consumption behaviors are getting carefully followed.
As an aftereffect of budgetary consolidation, India’s export transaction that nurtured at the
amount of 32.6 per cent in April 2010, it cut down to 35.1 per cent in the afterward months afore
advancing along to a point of 30.4 per cent in June, which slithered at dreadfully lower akin of
13.2 per cent in July this year and change about trend will abide with a few enhancements round
about in the remainder of the months of this fiscal, cumulatively astringent dip down of exports’
returns reaching at a point $US 180 billion by March 31st, 2011, said the Secretary General of the
body.
 Five Indian States;
Top Investment Magnets: Gujarat has come into view as a baton of the part of 5 apex parts of
India i.e. West (Maharashtra), South-East (Orissa), South (AP and Karnataka), in molding to be
the top preferred investment pit stops and in alluring 52.42 % of cumulative investment of tons of
Indian rupees for 20 States, according to a generalization undertaken by ASSOCHAM. While
making the study public, Chamber Secretary General, Mr. D S Rawat reported that Mahatma
Gandhi’s home state has alone drawn investment proposals of USD 268375 million,
Maharashtra’s also close to a staggering USD 231378 million, Orissa a gigantic USD 220171
million, AP a mountaineering USD 180794 million, Karnataka a whopping USD 163791 million
and the rest 15 states short listed equal to USD 1377299 million amounting for only proposals.
The heaviest bulk of investment has gone into ( in terms of percentages) electricity sector (40.3),
the service sector (22.6 ), manufacturing industry (22.1 ), realty and property division (9.9), mining
(2.4) and irrigation (2.3).
 India tipped to become vehicle giants:
“India has already accomplished this great landmark well around 6 years advanced of the
decided missions”, quoted by the Secretary for Ministry of Heavy Industry, Mr. B S Meena who
highlighted this while speaking in New Delhi at the Roundtable Conference. Meena added that for
the time span up to August 2010, the achievement of the automobile segment has been acutely
commendable with the assorted manufacturing of cars growing at 32.4% over the same epoch
the previous year. The commuter vehicles, business cars and bike segments have all embarked
on the absorbing advance ante of 32%, 49% and 31% appropriately during this interlude, he
further stated. The Secretary also brought to light that it is anticipated that the measurement of
the Indian commuter cars articulation in 2020 will be abutting to nine million units and two-
wheelers approx. thirty million pieces. Light motor vehicles’ construction in India is probable to
accustom the superlative rate of progress. The achievement of such a degree would place India
as one of the top 5 car creating nations all across the globe by the year 2020 with the local
utilization growing by 4-folds to US 120 billion dollars.
Business and Economy Current Affairs September 2010 News makers
Mukesh Ambani to be world’s richest in 2014’ – Forbes, Sandeep Nair elected President of
Manufacturers’ Association for Information Technology, Vijay Darda elected Chairman of Audit Bureau
of Circulations , V. N. Tripathi takes over as Member Staff, Railway Board. R. V. Verma is new CMD of
National Housing Bank, Shah Rukh Khan is the highest taxpayer among film stars

Sanjeev Kapoor, to launch “Indii” restaurants, Kishore Biyani joins New York Fashion Advisory Board,
Katrina Kaif appointed Yardley brand ambassador, Karisma Kapoor is new brand ambassador for
Kellogg’s Chocos

News in Detail

 Mukesh Ambani to be world’s richest in 2014’ – Forbes: With a net worth of $62 billion, Mukesh Ambani
would be the richest man on earth in 2014, according to a forecast issued by Forbes magazine in
September 2010. “One of the predictions is that Reliance Industries’ CEO Ambani, who currently has a net
worth of $ 29 billion and ranks fourth on Forbes’ list of the world’s billionaires, pips the world’s richest
man, Mexican businessman Carlos Slim to top Forbes’ rich list in 2014”, said Forbes in its special 2020
report titled “What happens next-our look ahead”. Other forecasts include:

 Sandeep Nair elected MAIT President: The Manufacturers’ Association for Information Technology (MAIT)
on September 17, 2010 said it had appointed Sandeep Nair as its President for 2010-11, while Canon India
Senior Vice-President Alok Bharadwaj would be the new Vice-President. Nair takes over from HP India
President (IPG) Ravi Aggarwal.

 Darda appointed ABC chairman for 2010-2011: Vijay Jawaharlal Darda, Rajya Sabha MP and chairman
and managing director of the Lokmat group of newspapers, was on September 17, 2010 unanimously
elected as the chairman of the Audit Bureau of Circulations (ABC) for 2010-2011. Sam Balsara, the CMD of
Madison Communications, was unanimously elected as the deputy chairman of ABC. The members of the
ABC’s council of management include Mr T. Venkattram Reddy, the chairman of Deccan Chronicle
Holdings, among others.

 V. N. Tripathi takes over as Member Staff, Railway Board: V. N. Tripathi on September 17, 2010 took
over as new Member Staff, Railway Board and ex-officio Secretary to Government of India.

 R. V. Verma is new CMD of NHB: R. V. Verma was appointed as the new Chairman and Managing Director
of National Housing Bank (NHB) on September 15, 2010. NHB is currently a subsidiary with Reserve Bank of
India.

 Shah Rukh Khan is the highest taxpayer among film stars: Shah Rukh Khan on September 18, 2010,
emerged as the No.1 tax payer for the second quarter (July-Sept) of 2010-11. The actor paid Rs. 5 crores
to the Income Tax (IT) Department as compared to Rs. 3.5 crore that he paid during the same quarter last
 year. Other leading taxpayers among film stars include Akshay Kumar (Rs. 4.5 crore), Aamir Khan (Rs. 4
crore), Saif Ali Khan (Rs. 2.5 crore) and Ranbir Kapoor (Rs. 2.5 crore). Among actresses, Katrina Kaif was
the top taxpayer having paid Rs. 1.3 crore as Income Tax for the second quarter of 2010-11 followed by
Kareena Kapoor who paid taxes to the extent of Rs. 1 crore.

 Sanjeev Kapoor, to launch “Indii” restaurants: Better Value Brands (BVB) in September 2010 joined
hands with Master Chef and gourmet food expert, Sanjeev Kapoor, to launch the country’s first global
chain of Indian restaurants, called “Indii.” The Rs. 100-crore joint venture plans to set up 70 Indii outlets
across the country, and also aims to reach out to the Indian diaspora in different continents in the next 12
months.

 Kishore Biyani joins New York Fashion Advisory Board: The Managing Director and CEO of Pantaloon
Retail, Biyani was on September 19, 2010 appointed a member of the New York Fashion Advisory Board,
after being invited by New York City Economic Development Corporation (NYCEDC).

 Katrina Kaif appointed Yardley brand ambassador: Wipro Consumer Care and Lighting (WCCL) on
September 16, 2010 appointed actress Katrina Kaif as brand ambassador for its Yardley range of products.

 Karisma Kapoor is new brand ambassador for Kellogg’s Chocos: Kellogg India, the Indian subsidiary of
Kellogg Company, in September 2010, signed actor Karisma Kapoor as the new brand ambassador for
Kellogg’s Chocos Rs 10 pack.
What is the Direct Taxes Code (DTC) Bill 2010 ?

October 22nd, 2010

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The Direct Taxes Code (DTC) Bill was introduced in Parliament on August 31, 2010. The DTC, which
seeks to replace the Income-Tax Act, 1961, is slated to come into force from April 2012 as against the
original schedule to shift to DTC from April 2011. The Finance Minister, Pranab Mukherjee, proposes to
mainly rationalise the income slabs so as to reduce the overall tax burden. The lower end of the
taxpayers, who account for 90 per cent of the income-tax payers, will benefit the most. Major features
of the DTC are as follows:

Personal Income Tax: The Bill proposes to increase the exemption limit for individuals from Rs 1.6
lakhs to Rs 2 lakhs. Those with a taxable income of Rs 2-5 lakhs will be taxed at 10 per cent; those in
the Rs 5-10 lakhs bracket will have to pay 20 per cent; while taxable income of over Rs 10 lakhs will
attract a 30 per cent tax. The additional exemption limit (Rs 1.80 lakh) so far available to women
taxpayers will be withdrawn once DTC comes into effect.

PERSONAL INCOME-TAX RATES

Rate Slab Now Slab Proposed in DTC

0% Income upto Rs 1.6 lakh for men, Rs Income upto Rs 2 lakh

1.8 lakh for women for both men & women

10% Rs 1.6 lakhs to 5 lakhs for men, Rs Rs 2 lakhs to 5 lakhs

1.8 lakhs to 5 lakhs for women

20% Rs 5 lakhs to 8 lakhs Rs 5 lakhs to 10 lakhs

30% Above Rs 8 lakhs Above Rs 10 lakhs