MONTHLY ECONOMIC REPORT - AUGUST 2016

NOV 2016- As per the estimates of Gross Domestic Product (GDP) for the first quarter (April-June) 2016-17, released by the Central Statistics Office (CSO) on August 31, 2016, the growth rate of GDP in Q1 of 2016-17 was 7.1 per cent as compared to the growth of 7.5 per cent in Q1 of 2015-16 and 7.9 per cent in Q4 of 2015-16.

FSSAI ISSUES NEW RULES FOR ENSURING QUALITY IMPORTS

JAN 2016- India's food regulator issued new rules for importing products, seeking to address concerns over the entry of sub-standard items and simplify the process by setting shelf-life norms and relaxing labelling guidelines. No food article will be allowed unless it has 60% of its shelf life remaining when it is cleared from customs, according to the new rules. Companies must register with the Directorate General of Foreign Trade and possess a valid import-export code, apart from an FBO licence to import food. The Food Safety and Standards (Import) Regulations, 2016, will come into force when they are notified by publication in the Official Gazette.

REVIEW OF FDI POLICY ON CONSTRUCTION DEVELOPMENT SECTOR

JUNE 2015- The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, approvesl for amending the existing Foreign Direct Investment (FDI) policy on the 'Construction Development Sector' in line with the Budget announcement of the Government. The amendments in the relevant paragraphs of the extant FDI policy as contained in the Consolidated FDI Policy Circular 2014 are as follows

BUDGET PROPOSES NEW RS 8,000-CRORE DAIRY INDUSTRY FUND

FEB 2017- The dairy industry is awaiting the fine print of the proposed Rs 8,000-crore Dairy Processing and Infrastructure Development Fund to be set up under the NABARD. In his Budget speech, FM Arun Jaitley has said the fund, with an initial corpus of Rs 2,000 crore and to be quadrupled in three years, would be used to enable expansion of milk processing capacity in the country. But there are no further details, including in the expenditure budget statement of the Department of Animal Husbandry, Dairying and Fisheries or even the Department of Financial Services.

INDIAN E-COMMERCE MARKET TO TOUCH $50-55 BILLION BY 2021

FEB 2017- E-Commerce market is expected to be at $50-55 billion by 2021 from the current $6-8 billion, according to a recent report. The report by Retailers Association of India and Boston Consulting Group revealed that on decoding the digital opportunity, sectors that could see maximum e-commerce penetration would be consumer electronics, apparel, homeware and furniture, luxury, health, FMCG and food, and grocery. By 2025, consumer electronics would see the maximum penetration of e-commerce between 38-42 per cent compared to 13-15 per cent currently, while food and grocery could see the least growth with one to three per cent of e-commerce penetration from the current under one per cent, the report noted.

E-COMMERCE IN INDIA - A GAME CHANGER FOR THE ECONOMY

SEPT 2016- e-Commerce has transformed the way business is done in India. With attractive and convenient shopping options at the core of the consumer facing business, the e-Commerce industry offers the power to create innovative, sustainable, consistent and seamless shopping experience across all channels. In the last 4 years, while the e-Commerce B2C segment has grown significantly leading to creation of many Unicorns, the focus of the Investors going forward seems to have shifted to profitable growth to achieve a stabilization of the economic model. This seems to be resulting in collaborations and partnerships across the value chain with the aim to optimize the costs. Simultaneously, the e-Commerce B2B segment is showing signs of rapid digital adoption which is likely to feed the significant rise of MSMEs and entrepreneurs from the Indian hinterland.

REPORT: THE CHEMICAL INDUSTRY IN INDIA

JULY 2016- The Indian Chemical Industry is an integral part of Indian economy . The industry has key linkages with several other downstream industries such as agriculture, infrastructure, textiles, food processing etc. This report on Indian Chemical and Petrochemical Industry is a part of FICCI and TATA Strategic Management Group (TSMG) Chemical Practice's endeavor to highlight the utility of Chemicals in day-to-day life.

GOVT. PLANS NATIONAL INVESTMENT GRID TO MAP BUSINESS OPPORTUNITIES ACROSS COUNTRY

FEB 2016- The idea is that this may encourage private investment, which has been a laggard. The proposed grid will have details of upcoming projects as well as those that are underway besides land available with the Centre, states, their agencies and public sector undertakings. "Such a grid will place investment opportunities in terms of projects upfront and make it easier for investors to access and explore," said an official of the Department of Industrial Policy & Promotion (DIPP), which is discussing the idea with states as part of the Invest India programme.

RAILWAYS WILL SOON INVITE BIDS FOR MORDERNISATION OF 400 STATIONS

JAN 2016- The railways will soon invite bids for modernisation of 400 stations, opening up more avenues for private investment in infrastructure. The government has also set up the National Investment and Infrastructure Fund (NIIF) and is in touch with global sovereign and pension funds to become partners in facilitating greater private investment.

Note: Individuals are requested not to send in resumes unless there is a suitable job posting relevant to their qualification

HR SERVICES

JAN 2016- One of the most important factors of running a successful business is the acquisition of qualified local staff. However, finding the right employees is not an easy task.

The Italian Trade Agency has been in India for 44 years and has been working closely with Italian and Indian corporates and associations. With the knowledge and insight gained from this experience, we are ideally placed to mediate on behalf of companies to recruit suitable candidates. We can provide consultation and advice on the most effective recruitment, compensation and handling of your personnel by combining global strategy with local sensitivity.

In the event your Indian office seeks to hire Italian talent/knowledge partners or in case Italian companies seek to hire Indian personnel for their foreign offices we could assist with posting of the job listing under our 'Jobs & Intern-ships' section of our website. Furthermore, we offer to manage the complete recruitment process for you.

Companies may send their requests to [email protected]

The import of food products into India is controlled by the Food Safety and Standards Authority of India (FSSAI).

APRIL 2016- The import of food products into India is controlled by the Food Safety and Standards Authority of India (FSSAI). The FSSAI has published various regulations and notification, which have to be followed while importing food products.