In a meeting conveyed by Finance minister Pranab Mukerjee, on Saturday, the minister showed optimism in banks refraining from increasing lending rates in-spite of the fact that some public sector banks including SBI indicated probable hikes in lending and deposit rates.

Mr. Mukerjee said, “Though there is some tightening of monetary policy by the RBI we do not expect banks to raise the lending rates. The banks are aware of the actual liquidity position. They (banks) seem to have adjusted their lending plans accordingly.”

In the recent monetary policy unveiled by RBI on July 27, it is found that for commercial banks short-term borrowing and lending rates (repo rate and reverse repo rate) have been heightened. This is done to adjust the excess liquidity in the money market. With such hikes there is apprehension that banks will raise lending rates as cost of borrowing has increased. Lending rates of PSU banks such as Punjab National Bank and Union Bank of India have increased. SBI so far did not make hikes in lending or deposit rates.

O P Bhatt, SBI Chairman, present in the meeting, said, “RBI is always sensitive enough to see that liquidity level is always maintained at reasonable level to meet the fund requirements of banks.” When asked what could be the possible hike in rates, Bhatt said, “It will differ from bank to bank depending on individual bank’s business strategy. But we think if at all there will be any hike it will be marginal—much less than 75 basis points.”

Reviewing the performance of PSU banks, Mukherjee appealed to banks to step up credit disbursements to sectors of the economy like agriculture and industry especially the job oriented SMEs. The minister also urged banks for issuance of Kissan Credit Cards (KCDs) by 20 per cent increase in the current fiscal.

Tags: Banks, Disapprove Rate Hikes, Kissan Credit Cards, money market, public sector banks, Punjab National Bank, RBI, Union Bank of India
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India’s solar power target, part of $19 billion, 30-year plan to fight global warming, will be unveiled soon. India’s goal is to go from near zero to 20 gigawatts by 2020. When the plan is fully implemented, solar power use would be equivalent to one-eighth of India’s current installed power base, going a long way to limit reliance on dirty coal and closing power deficits, said LiveMint.com. Prime Minister Dr. Manmohan Singh has yet to formally adopt the solar power plan. голова болит секс жена трахает мужа порно большие сиськи

Tags: dirty coal, global warming, India’s solar power target, power deficits
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The Delhi Exporters Association (DEA) has presented a five-point action plan for the revival of exports.The plan was proposed as a reaction to specific concerns that were not addressed in the budget earlier this month. The plan targets bringing down transaction costs to make exports more competitive, Mr. S.P. Agarwal, President of the DEA, told the SME Times.

Revival of income tax concessions under 80 HHC, service tax exemptions, resolution of VAT-related issues, lowering of credit costs and upgrading infrastructure are the issues covered in the plan.

Tags: 80 HHC service tax exemptions, credit costs, Delhi Exporters’ Association (DEA), exports, five-point action plan, income tax concessions, transaction costs, upgrading infrastructure, VAT-related issues
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The Union Budget gives some small businesses the benefit of not paying advance taxes in the 2010-11 fiscal year.

Businesses with an annual turnover of less than Rs 40 lakh have the option to not maintain their books of accounts and pay a fixed income tax of 8 percent of their revenue, said the SME Times.

Other positive reforms include doing away with the fringe benefit tax, income tax surcharge and the commodity transaction tax, which could make raw materials cheaper for small business owners.

The introduction of an 8 percent excise duty on man-made fiber and yarn was a surprise hit to small businesses. However, there is an extension of the interest subvention for the textile industry has been extended to March 2010. массаж интим с выездом к клиенту

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Tags: commodity transaction tax, excise duty, fringe benefit tax income tax surcharge, income tax, interest subvention, small businesses, textile industry, The Union Budget
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There are signs of recovery from the global crisis as the index of industrial production rose 1.4 percent the first gain in 17 monthsEleven of 17 industry groups showed, according to new data from the Organization of Economic Cooperation and Development (OECD).

Eleven of 17 industry groups showed a positive growth in April, compared to the same time last year.

The furniture and fixtures sector showed the highest growth at 31.4 percent, followed by wool, silk and man-made fiber textiles, with a 12.6 percent growth rate, said the International Business Times.

On the other hand, food product production showed a negative growth of 34.4 percent, followed by a 12.4 percent decline in leather and fur products.

Tags: global crisis, industrial production, textiles
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The Federation of Indian Export Organizations (FIEO) is looking for fiscal and non-fiscal support from the Finance Ministry, especially for export markets, which have suffered the most during the global economic crisis. The association wants to increase the sector’s competitiveness at a global level while helping SMEs recover from losses and regain confidence.
The talking points of the President of FIEO A. Sakthivel with the Commerce Minister are detailed at

Tags: export markets, Federation of Indian Export Organizations (FIEO), Finance Ministry, SMEs
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Small businesses are hopeful that the forthcoming 2009 government budget will provide further financial relief. MSME believes a rationalization of taxes would give the industry a revitalizing shot in the arm.

Specifically, MSME wants tax holiday extensions for export-oriented units (EOUs) and software technology parks (STPs), benefits under Section 80-IA, and giving infrastructure status to social sectors such as health and education, according to a senior tax professional from Ernst & Young.

Tags: 2009 government budget, education, Export Oriented Units (EOUs), health, infrastructure, MSME, Section 80-IA, social sectors, software technology parks (STPs)
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