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India
India can grow 8-9% for 20 years: Montek Ahluwalia
India can grow at between 8 or 9 percent for the next 20 years with a supportive global environment, its Planning Commission's Deputy Chairman Montek Singh Ahluwalia has said. "In the five years prior to the crisis, the Indian economy grew at an average rate of 9 percent.
Following the crisis, it slowed down to an average of just over percent," Ahluwalia said Thursday during a UN General Assembly debate on "State of the World Economy and Finance in 2012".
"We believe India has the potential to grow at rates between 8 or 9 percent for the next twenty years and to do so in an inclusive manner."
Noting that there are many challenges India has to face domestically to achieve this target, Ahluwalia said it "would be greatly helped if the global environment is supportive, and we are willing to work with others to make it so."
Ahluwalia cited several things that the global community do to restore growth in the developing world. These included an early agreement on the resolution of the sovereign debt problem in the Eurozone and a well functioning international financial system channelling resources efficiently around the world.
"Given the much higher growth potential in developing countries, a well functioning financial system should ensure a sufficient flow of long term capital towards them," he said.
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Source: The Hindustan Times
Pakistan
Crops to grow at over 4pc
The overall agriculture sector is projected to grow at 4.1 per cent during the upcoming fiscal year (2012-13) against the expected growth of 3.1 during the current fiscal year.The agriculture production is expected to reach at Rs.1,322 billion during the upcoming fiscal year against the projected production of Rs.1,269 billion during 2011-12, official documents revealed.
The details show that among the agriculture sector, the major crops production is expected to increase from Rs.405 billion (3 percent) in 2011-12 to Rs.421 (3.2 percent) billion during upcoming year 2012-13.The overall major crops were targeted to grow at 3 percent in 2011-12 but due to better performance, it is expected to record growth of 3.2 percent when compared to the growth of last fiscal year 2010-11.It is pertinent to mention here that the production of major crops in 2010-11 was recorded at $392 billion.
As compared to the growth of fiscal year 2010-11, minor crops witnessed negative growth of 1.3 percent in 2011-12, however robust growth of 4.5 percent is expected during the upcoming fiscal year.The minor crops production in 2010-11 was recorded at 130 billion and was expected to reach Rs.135 billion in 2011-12 but the actual production during this year is projected at Rs.128 billion.According to the date, the production of minor crops will touch Rs.134 billion figure during the upcoming fiscal year.
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Source: The Nation
Sri Lanka
Trading Friday
Sri Lanka’s tiny stock market closed flat on Friday on lacklustre trade, with buying interest in selected blue chip counters, brokers said.
The 280-stock All Share Price Index added 3.38 points or 0.06 percent to close at 5,224.91, while the 25-stock Milanka Price Index crept-up 15.49 points or 0.33 percent to end at 4,695.41, according to Colombo Stock Exchange figures.
Friday’s turnover of 157.69 million rupees was the fourth lowest for the year, after sales of 132.9 million rupees was recorded on April 9. On Thursday, the bourse clocked a turnover of 168.4 million rupees.
Top trades in terms of turnover came from Commercial Bank of Ceylon PLC, Dialog Axiata and John Keells Holdings PLC.
Commercial Bank, one of Sri Lanka’s most profitable banks, accounted for 12.3 million rupees of the day’s turnover on shares of 117,109. The counter closed down 10-cents to 105.00 rupees.
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Source: Lanka Business Online
Bangladesh
Tax lawyers urge govt to allow undisclosed money in all sectors
The government should allow investment of undisclosed money in all sectors in the next fiscal year with a flat tax to boost new investments and create new jobs, said the chief of a platform of tax lawyers yesterday.
The move will increase the government's revenue income, said Advocate Shah Zikrul Ahmed MP, president of Bangladesh Tax Lawyers Association.
Currently, investment of black money is allowed in the stockmarket by paying a flat tax at 10 percent.
A huge amount of money will be laundered if the government does not allow undisclosed money for investments in the country, said Ahmed, also a member of the parliamentary standing committee on the agriculture ministry.
At a press conference at National Press Club in the city, leaders of the association urged the government to increase tax rebate to 15 percent from 10 percent for individual taxpayers to encourage them for new investments.
Bangladesh Tax Lawyers Association and Dhaka Taxes Bar Association jointly organised the press meet.
“We proposed the income tax threshold should be raised to Tk 2.5 lakh from Tk 1.8 lakh as living cost and inflation rose sharply,” Syed Iqbal Mostafa, general secretary of Dhaka Taxes Bar Association, said in his key note.
Non-food inflation rose 13.16 percent in January -- which is the highest in the last fifteen years, while food inflation shot up by 10.9 percent in the same month from the previous month's 10.4 percent. However, inflation dropped to single digits in April.
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Source: Daily Star
Last Updated: 18/05/2012
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