“BRICS” to talk economic coordination, not yuan – China
BEIJING (Reuters) – Leaders from five of the world’s top emerging economies will discuss a coordinated stance on economic issues such as commodity price fluctuations, but the yuan’s exchange rate is off the agenda, a senior Chinese diplomat said on Saturday.

Read more on Reuters via Yahoo! India News

Rousseff rides economic boom to Brazil’s presidency
By Brian Winter

Read more on Reuters via Yahoo! Philippines News

A look at economic developments around the globe
By The Associated Press A look at economic developments and activity in major stock markets around the world:

Read more on FOX 12 Idaho

IMF cites need to tighten policies in Asia as the region leads global economic recovery
MANILA, Oct. 22 (PNA) – The International Monetary Fund (IMF) raised the need for economies in Asia, which is leading global economic growth, to start tightening as attractiveness of emerging economies (EMs) poses pressures on its inflation and domestic prices.

Read more on Positive News Media

I would like economic statistics of the indices given below in a tabular form so that I can make charts on them. What I want is links to daily weekly monthly or quarterly data ( absolute numbers, or percentages or increase decrease over earlier periods ) from 2003 ( or even a lesser period ) Even if there is no historical data available I would like some links from where I can get these numbers starting now.

First point – I am Indian, so I am interested in data of India and USA, next all important world indices like Japan, Europe, China, S Korea. Another point – the indices are listed randomly, in no particular order, ignore any indice that does not make sense, – I may have made a mistake

ISM non manufacturing index
Purchase managers Index
Durable Goods orders ( this is a proxy for business inventory )
IMS Manufacturing data
Producer Prices
Retail sales
Factory Orders US
Factory activity
Factory and home sales
sales of new homes
sales of existing homes
Nationwide House Prices
Supply Demand Gap
Japanese Industrial production
Total Vehicle Sales

Consumer confidence index
Current situation index
Futures expectation component index
Employment confidence index
Consumer spending index
Euro Zone Economic sentiment
Supply manufacturing factory index ….

unemployment rate
non farm payroll
citizen unemployment
US workers cut
Eurozone unemployment
Initial Jobless Claims US
Continuing Claims US
Challenger Job Cuts

WORLD INDICES
nasdaq
dow
nikkei
hangseng
shanghai
msci world index
msci india index
msci em index
msci ac pacafic index
Nomura’s Composite leading index

Growth and GDP
Wholesale Price Index
Consumer Price Index
Inflation figure – consolidated
Inflation figure – food
fy09 provisional average inflation
new car sales
industrial production
Index of Industrial Production – Consolidated
Index of Industrial Production – Mining
Index of Industrial Production – manufacturing
Index of Industrial Production – electricity
10 year bond yield
10 years gilt
10 year g sec yield
1 year g sec yield
91 day Treasury Bills
Libor – us uk eur
Mibor
Fiscal stimulus ( % of GDP )
Credit Supply
Federal Funds Rate
Money Supply MS1 MS2 MS3
Government Purchases
RBI / FED Policy Rate
BANK RATE
REPO
Reverse Repo
CRR
SLR
Agricultural Credit
ECB Interest Rates

Corporate Earnings growth
Construction spending
MBA Mortgage Applications
EPFR ( this tracks funds flows )

Indicator of NPL
Net Performing Assets ( NPA )
Sub BPLR loan
Bank purchasing manufacturers index
( the above is a key barometer from 500 cos)
US Fed Rate
ECB rate
Consumer credit

India specific (& USA / International where applicable )
Swap Rates
Dollar and Other Currencies
fiscal deficit
imports & exports – % & absolute & yoy
oil & non oil import bill
net outflow, inflow
Overall / quarter balance of payment Defecit
Fiscal BOP defecit
Current A/c defecit
Merchandise trade def
Trade def numbers
Capital account defecit
total reserves
Foreign current assets
Gold
SDR
Reserves in IMF
External debt
FII, DII inflows
Mutual Funds

Scope exists for expanding modest Indo-Cambodian economic ties: Pratibha Patil
By Praful Kumar Singh, Phnom Penh (Cambodia), Sept.15 : Making a pitch for India as an investor-friendly destination, visiting Indian President Pratibha Devisingh Patil on Wednesday said the modest level of economic ties between India and Cambodia needed to be broadened.

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Most India Stocks Fall, Led by Software Exporters on U.S. Economic Concern
Most Indian stocks fell, with the benchmark index set for the first weekly decline in four, amid concern the U.S. will lower its second-quarter growth estimate.

Read more on Bloomberg

World in brief: Cuba reducing economic role – Mon, 02 Aug 2010 PST
HAVANA – Raul Castro said Sunday that his government will scale back controls on small businesses, lay off unnecessary workers and allow more self-employment – significant steps in a country where the state dominates nearly every facet of the economy. Cuba’s president, however, quashed notions of a sweeping overhaul to the country’s communist economic system in response to the financial crisis …

Read more on The Spokesman-Review

Pranab sees double-digit economic growth in two yrs
Kolkata, July 4 (PTI) Pinning hopes on a normal monsoon, Finance Minister Pranab Mukherjee today said the Indian economy will expand by 8.5 per cent this fiscal and achieve double-digit growth in the next two years.

Read more on Press Trust of India

INDIAN SPECIAL ECONOMIC ZONE (SEZ)  CONCEPT –  A STITCH IN TIME

Prof. A.C. Shukla

(e-mail : shuklaac@indiatimes.com)

Introduction:

 Indian Economy is one of the fastest growing economies of the world.  Export contribution towards growth is the backbone of Indian economy.  To strengthen the export, India was one of the first Asian Countries to recognize the effectiveness of Export Processing Zone (EPZ) model.  In order to give colours  to its dream, Asia’s first EPZ was set up in Kandla (India) in 1965.  After few years,  China made experiment on Special Economic Zone (SEZ), and, embarked upon their SEZ experiment In 1979-80.  It was a great impact in Chinies Economy, and from closed economy model (at that time), it registered 25.97 billion Yuan (about 3.13 billion US dollars) in gross domestic product (GDP) in the first six months of the year 2008-09, from the contributon given by Hainan Province, China’s largest special conomic zone (SEZ).

(source – http://english.peopledaily.com.cn/200107/31/eng20010731_76176.html)

 With a view to boost export in open economy, Government of India  announced the Special Economic Zones (SEZs) Policy in April 2000. This policy intended to make SEZs an engine for economic growth supported by quality infrastructure complemented by an attractive fiscal package, both at the Centre and the State level, with the minimum possible regulations. The impact of SEZs was very responsive, and export figures increased tremendously. 

At present, 1943 units are in operation in the SEZs. In the SEZs established prior to the Act coming into force, there are 1143 units providing direct employment to over 1.97 lakh persons; about 37% of whom are women. Private investment by entrepreneurs in these SEZs established prior to the SEZ Act is of the order of over Rs. 5626.24 crore.  

 Present scenario:

 SEZs provide good infrastructure and make it cost – effective for manufactures to set up manufacturing units.  The environment is conducive  the timely production of export goods and manufacturers receive exemptions from the payment of excise and income tax.  Moreover, SEZs enable manufacturers to receive faster clearances from various government departments.  Manufacturers  in SEZs may also be able to use resting and analytical facilities at concessional rates.

At present, 1016 units are in operation in the SEZs, providing direct employment to over 3.49 lakh persons; about 40 per cent of whom are women. Private investment by entrepreneurs in the SEZs established prior to the SEZ Act is of the order of over Rs. 81000 crore. In the 63 notified SEZs which have come up after 10th February 2006, investment of Rs. 13,435 crore has already been made in less than one year.

 Visible Gains from SEZs :                                                                                                    

Direct Employment in Special Economic Zones

(Source: http://www.sezindia.nic.in/HTMLS/visiblegains-sez.html)

Total employment in SEZs: 3,49,203 Lakh persons

Total incremental employment generated in SEZs since Feb., 2006: 2,14,499 persons

Break up:

( A ) DIRECT Employment created in notified SEZs (as of 30.6.08):

       100885 persons (all Incremental Employment generated after February 2006)

(B) DIRECT Employment in Private/State Govt. SEZs which came into force prior to           SEZ     Act, 2005 (as of 30.6.08):

      48988 persons (Incremental employment generated since Feb.  2006: 36,250  persons)

DIRECT Employment in 7 SEZs established by the Central Government (as of 30.6.08)  

   1,99,330 persons (Incremental employment generated since Feb. 2006: 77,094 persons)  

 Private Investment in Special Economic Zones

 (Source: http://www.sezindia.nic.in/HTMLS/visiblegains-sez.html)

Total investment in Special Economic Zones as of 30.6. 2008: Rs. 81093 crore

Incremental investment since February, 2006: Rs. 77058 crore

Investment in notified SEZs (as of 30.6.08)

Rs. 73348 crore (all Incremental Employment generated after February 2006))

Investment in Private/State Govt. SEZs which came into force prior to SEZ Act, 2005 (as of 30.6.08) 

Rs. 3701.91 crore   (incremental investment generated since Feb. 2006 is Rs. 1946 crore)

Investment in 7 SEZs established by the Central Government (as of 30.6.08.)

Rs. 4043.28 crore (incremental investment generated since Feb. 2006 is Rs. 1764.08 crore)

 Exports in Special Economic Zones

(Source: http://www.sezindia.nic.in/HTMLS/visiblegains-sez.html)

Physical exports in the year 2007-08 accounted for 84% of the total turnover of SEZs

381% increase in exports over four years (2003-04 – 2007-08)

Year

Value  Of Physical Exports  From SEZs (Rs. Crore)

Growth Rate (over previous year)

2003-2004        13,854      39%

2004-2005        18,314       32%

2005-2006        22,840      24.70%

2006-2007        34,615      52%

2007-2008        66,638       92%

 Tax and other incentives being offered to the SEZs:

As per circular  Epces circular no. 39 dated 28-2-2007, issued by EXPORT PROMOTION COUNCIL FOR EOUs & SEZ UNITS (Ministry of Commerce & Industry, Government of India)

SEZ units are provided exemption from Income Tax under Section 10AA of the Income Tax Act, as given in the 2nd Schedule of the SEZ Act, 2005. Section 10AA of the Income Tax Act, as given in 2nd Schedule of the SEZ Act, 2005 has been amended by the Finance Bill, 2007. The Finance Bill, 2007,

 Accordingly, Tax benefit has been provided only for new units in Special Economic Zones : Sections 10AA of the Income-tax Act, provides that in computing the total income of an entrepreneur, from his unit in the special  economic zone, the following deduction shall be allowed:—

 (i) hundred per cent. of profits and gains derived from the export made in eligible business for a period of five consecutive assessment years beginning from the year in which such business commences;

(ii) fifty per cent. of such profits and gains for further five assessment years and thereafter;

 (iii) an amount not exceeding fifty per cent of the profit debited to the profit and loss account of the previous year in respect of which the deduction is to be allowed and credited to a reserve account to be created and utilized for the purposes of the business in the specified manner, for the next five consecutive assessment years

 Based on the above regulations, Sec. 10AA of Income Tax Act prescribes the following formula for computation of such Income tax benefits:

 Profit of the SEZ unit    x      Export Turnover of the SEZ unit

————————————————————————

Total Turnover of the Business of the Assessee

 Case let (one):

  Mr. Entrepreneur is having three manufacturing units.  Unit one- established in SEZ, unit-two and unit-three are situated in DTA (Domestic Tariff Area).  The profit and turnover figures of the three units are as follows:

 Year (2008-09)   Unit – one (SEZ)         Unit – two (DTA)          Unit – Three (DTA)

Net Profit              Rs. 122.50 Lakhs      Rs. 80.70  Lakhs           Rs. 92.60  Lakhs

Export Turnover   Rs. 630.00 Lakhs               Nil                                 Nil

DTA Turnover                   Nil                  Rs. 340.00 Lakhs           Rs.  365.00 Lakhs

Calculation of Tax Benefits:

 Exempted Profit =       Profit of the SEZ unit   x      Export Turnover of the SEZ unit

                                 ———————————————————————

                                   Total Turnover of the Business of the Assessee

                            =        122.50     x    630.00

                                 —————————

                                    (630 + 340 + 365)

                            =       Rs. 57.81  Lakhs    (47.19%)        

  Case let (Two)

 Ms. Smart Lady is having only one manufacturing unit in SEZ.  The profit and turnover figures of the unit are as follows:

Year (2008-09)                Unit – one (SEZ)

Net Profit                         Rs. 122.50  Lakhs

Export Turnover              Rs. 630.00 Lakhs

DTA Turnover                          Nil

Total Turnover                 Rs. 630.00 Lakhs

Calculation of Tax Benefits:

Exempted Profit =       Profit of the SEZ unit  x   Export Turnover of the SEZ unit

                                 ———————————————————————

                                   Total Turnover of the Business of the Assessee

                           =        122.50     x    630.00

                                 —————————

                                                630

                            =       Rs. 122.50  Lakhs         (100%)

  Critical analysis of the two cases:

Section 10AA of the Indian Income Tax Act 1961 allows exemption in respect of export profits  of a unit located in a Special Economic Zone (SEZ), as per the provision, export profit required to be calculated for the purpose of exemption, with the reference of the total turnover of the assessee. This has resulted in discriminatory treatment of the assesses having units located both in SEZ and the Domestic Tariff Area (DTA),  in compression with the assesses having units located in the SEZ only.

Valuable suggestions:

 India is one of the fastest growing economy of the world.  Concept of SEZ is becoming a major pillar of the economic structure.  So far, SEZs  have provided job opportunity, contributed in foreign exchange reserves, developed infrastructure etc.   In future, it is advisable to provide more fiscal and non-fiscal  incentives to the developers as well as entrepreneurs,  Tax  incentives and subsidies, should be provided on rational basis.  Continuous planning and execution of the plans, periodic review and appraisal of the plans are required to be more strengthened. Overall cooperation and dedicated services are required from merchant exporters and manufacturer exporters, business and industry as partners of Government in the achievement of its stated objectives and goals           

In order to obviate the need for litigation and nurture a constructive and conducive atmosphere, a suitable Grievance Redressal Mechanism should be established, which, would, hopefully reduce litigation and further, it will create a healthy atmosphere among developers, entrepreneurs and government

 Conclusion:

 SEZs can provide a generic framework to develop automatic systems that offer comprehensive approaches and tools to assist developers and entrepreneurs  to establish their own standard establishments in less time and with lower costsTo overcome the shortcomings experienced on account of the multiplicity of controls and clearances; absence of world-class infrastructure, and an unstable fiscal regime and with a view to attract larger foreign investments in India, it is necessary to continue study considering the international scenario of this concept, as it is done now, and suggest form time to time and in the light suggestions from individuals and participation entrepreneur and Government should revise and update it policy not only to sustain its share in the development but also to increase it in the interest of the control and development of country as a whole.