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You have to have confidence in your ability, and then be tough enough to follow through. (Rosalynn Carter)
Indian consumers more optimistic than six months ago: survey
The Indian consumers continued to be optimistic slightly more than what they were six months ago. As per the latest MasterCard Worldwide Index of Consumer Confidence survey, the Indian consumers are more optimistic than six months ago (68.0) and a year ago (63.9). Both Mumbai (79.1 vs. 61.7) and Chennai (95.2 vs. 61.3) consumers have become more optimistic than they were six months ago, while New Delhi (49.4 vs. 79.3) has experienced a dip in consumer confidence score. As per the survey, the consumers across Asia/Pacific, Middle East and Africa markets are approaching the next six months with optimism. As the global economy recovers, 21 of the 24 markets polled reflected positive consumer sentiment looking ahead, including Vietnam (90.3), Nigeria (89.4), Qatar (89.2), UAE (86.1) and China (85). Developed markets in the region have seen a quick recovery in consumer confidence. UAE leapt up in confidence with the largest Index score increase of the markets last surveyed six months ago (29.6 to 86.1). Sharp improvements were also evident for Singapore with a strongly optimistic Index score of 79.4, up from a pessimistic 31.2 in previous survey.
Advance tax kitty swells 20% during Apr-Dec
The corporate advance tax collections have exceeded 20% growth in the first nine months of FY10, while the direct tax collections from top 100 corporates have registered 30% rise over the same period last year. Automobiles, consumer goods and metals have led the pack of industries which paid highest taxes in Q3FY10. Advance tax payments by industries increased to Rs. 1.13 lakh crore from Rs. 0.94 lakh crore in the year-ago period. Among the major companies, SBI paid an Rs. 46.95 bn advance tax till Dec'09, as against Rs. 39.23 bn in the year-ago period, while ONGC paid Rs. 37.13 bn (Rs. 41.23 bn) and RIL paid Rs. 23.05 bn (Rs. 14.75 bn). Other top payers include: SAIL (Rs. 22.63 bn), Maruti Udyog (Rs. 7.57 bn) and Bajaj Auto (Rs. 5.4 bn). Meanwhile, the Government expects the direct tax collections for the current fiscal to well exceed the budget target of Rs. 3.7 lakh crore.
Exit from fiscal deficit will be the key to India's growth: ICRIER
Asserting that India's limited contraction following the global economic crisis was due to rapid monetary response and pre-crisis government expenditures, Dr. Shankar Acharya, Honorary Professor and Board Member, Indian Council for Research on International Economic Relations (ICRIER) stressed that exit from high fiscal deficit will have to be prioritized to resume high growth. Speaking at a session on 'Rising to the Global Economic Challenge: Lessons Learnt', organized by Aspen Institute India, Dr. Acharya said that India has benefited from global growth and must not resort to avoiding globalization. Although the world economy may not revert to earlier rapid growth, India can leverage opportunities through reducing fiscal deficit, curbing inflow of 'hot money', and prudently managing capital account convertibility and financial liberalization. Dr Rajiv Kumar, Director and Chief Executive, ICRIER, emphasized that the world must not resort to protectionism to protect national interests. He suggested that contracting global demand could be propped up by meeting huge infrastructure needs in Asia through an Asian Investment Bank. India should also take the lead on South Asian regional economic integration and infrastructure development, he added.
Japanese PM to visit India from Dec 27
Japanese Prime Minister Yukio Hatoyama will undertake his first visit to India this week for talks with his Indian counterpart Dr. Manmohan Singh on counter-terrorism measures, a free trade agreement and climate issues. He will also undertake a trip to the country's financial hub Mumbai before returning to Japan in the early morning of December 30. The plan for his visit took time to be finalized due to extended consultations on the compilation of Japan's fiscal 2010 budget.
Christmas waves a magic wand over this world, and behold, everything is softer and more beautiful…!!!
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