Import Relief – Lost Worlds http://lost-worlds.com/ Sat, 15 Jan 2022 13:54:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://lost-worlds.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Import Relief – Lost Worlds http://lost-worlds.com/ 32 32 Elon Musk’s Tesla wants import duty reduction but won’t commit to manufacturing in India: government sources https://lost-worlds.com/elon-musks-tesla-wants-import-duty-reduction-but-wont-commit-to-manufacturing-in-india-government-sources/ Sat, 15 Jan 2022 13:54:00 +0000 https://lost-worlds.com/elon-musks-tesla-wants-import-duty-reduction-but-wont-commit-to-manufacturing-in-india-government-sources/

Two days after Tesla founder Elon Musk tweeted that the e-car maker was still working on numerous challenges with the government, sources said Tesla wanted the Center to lower import duties on cars without no production commitment in India.

Currently, Tesla can bring cars in completely knocked-down form (CKD) duty-free and assemble and sell them here. The government has introduced a PLI program for the automotive sector, particularly electric vehicles, which Tesla will benefit from if they produce here, sources said.

With such tweets, Tesla is trying to pressure the government, sources told Republic TV, adding that the automaker wants import duty relief without any commitment to produce locally.

Responding to a Twitter user, Elon Musk said on Thursday that the company faces “a lot of challenges” in India. However, he said Tesla was working on these challenges with the Indian government.

Telangana Min KT Rama Rao offers to help Tesla CEO Elon Musk settle in India

In response to Musk’s tweet, Telangana Industry and Trade Minister KT Rama Rao said he would be happy to partner with Tesla to work on the challenges the company is facing in India.

Rao wrote: “Hey Elon, I am the Minister of Industry and Commerce of Telangana State in India. is a champion of sustainable development initiatives and an excellent business destination in India.”

In July last year, Musk had expressed hope that Tesla electric vehicles would be able to enter Indian markets thanks to “temporary tariff relief” from the Centre. The billionaire acknowledged that India’s import duties are among the highest in the world. Additionally, he said temporary import duty relief for Tesla would be “much appreciated” and help launch its latest electric cars in the country as soon as possible.

Image: AP

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Sri Lanka braces for critical week in bid to stabilize economy https://lost-worlds.com/sri-lanka-braces-for-critical-week-in-bid-to-stabilize-economy/ Thu, 13 Jan 2022 22:00:49 +0000 https://lost-worlds.com/sri-lanka-braces-for-critical-week-in-bid-to-stabilize-economy/

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Sri Lankan leaders will face critical tests next week over how they plan to pull the South Asian nation out of an economic slump, with a bond payment due followed by an interest rate decision. interest, as well as a presidential address that will set political priorities as the island faces soaring inflation, dwindling reserves and wary investors.

While policymakers said they have allocated resources to service $500 million in bonds maturing Jan. 18, they have yet to reveal how they plan to pay off $1 billion in debt due in July. President Gotabaya Rajapaksa is expected to address parliament on Tuesday when he possibly outlines plans to tackle the challenges facing the economy.

Two days later, the Central Bank of Sri Lanka will have the first opportunity this year to tackle Asia’s highest negative real rates, which are dampening the appeal of the nation’s already rated assets at a time when global central banks are becoming warmongers. The monetary authority will have to balance the need for imported capital against the risks to economic growth of excessive tightening.

The CBSL is likely to resist any change in policy settings now as growth still remains weak with the omicron threatening economic activity, said Saurav Anand, South Asia economist at Standard Chartered Plc. Externally, the foreign exchange reserve situation is far from comfortable, he said.

Sri Lanka’s credit rating was further reduced to nil this week by S&P Global Ratings, which raised the likelihood of further deterioration in the country’s external financial situation, affecting its ability to service its debt this year. .

The country’s currency pile stood at $3.1 billion last month after it withdrew a $1.5 billion swap facility from China, with central bank governor Ajith Nivard Cabraal seeing the possibility of increased support from Beijing to honor its debt obligations. Colombo separately secured a $400 million currency swap from India, in addition to securing a $500 million settlement deferral from the Asian Clearing Union.

Yet investors like Carlos de Sousa, who oversees a $3.8 billion bond fund for developing countries at Vontobel Asset Management SA in Zurich, expect the South Asian country to lack money to pay its creditors by the middle of the year. Sousa is now waiting for Sri Lanka to default to add to the national debt.

Dollar bonds at 7.55% maturing in 2030 were flat, while dollar debt maturing in July this year was also little changed at 70 cents on the dollar.

Despite Sri Lanka’s weak external position, the country remains deeply reluctant to seek assistance from the International Monetary Fund as this would imply austerity measures.

The nation also faces a soaring import bill amid rising world prices and as the government tries to make up for a shortage of everything from food to fuel. The government unveiled a billion-dollar relief package last week as President Rajapaksa sought to temper growing public anger over soaring prices for basic necessities such as food and medicine.

The Sri Lankan cabinet this week approved the import of 300,000 tonnes of rice from India in a bid to cool prices which have risen in part due to crop failures. Import controls and last year’s government ban on the use of chemical fertilizers and the import of agrochemicals, which was revoked amid farmer protests, have led to depleted harvests and soaring prices.

But Governor Cabraal expects inflation – driven by what he sees as supply-side shocks – to decline in the coming months. He is also betting on the Sri Lankan economy growing by 5.5% this year, despite the challenges posed by the pandemic.

©2022 Bloomberg LP

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Land Line Now Community Notice Board – January 11, 2022 https://lost-worlds.com/land-line-now-community-notice-board-january-11-2022/ Tue, 11 Jan 2022 21:44:50 +0000 https://lost-worlds.com/land-line-now-community-notice-board-january-11-2022/

Land Line Now Community Notice Board for January 11, 2022.

Find a place to keep a pet

If you need to find a place to keep your pet near your current location, you can use the directory at the website of the International Boarding and Pet Services Association.

Operation Roger helps pets

If you need to transport a pet, or if you know of one separated from its owner or needing to be transported to a new owner, contact Operation Roger. You can send an SMS to 682-622-1172 or complete the request at Operation Roger website. You can go to the same SMS number or the same website to volunteer and help by becoming an Operation Roger driver.

Freightliner and Western Star trucks recalled for non-compliant tires

Daimler is recalling more than 400 trucks from the 2011 through 2022 Freightliner and Western Star model years after discovering a problem with the tires. The tires and rims on the trucks were not approved and rated for these vehicles and do not meet federal motor vehicle safety standards.

Learn more here: Freightliner and Western Star Trucks Recalled for Non-Compliant Tires.

Need a meal on the go? Check here

If you or a trucker you know needs a meal, message the Meals for 18 Wheels group through their Facebook page. Anyone wishing to volunteer can register on the same page.

Minneapolis parking ban begins January 1

Minneapolis has enacted a ban on truck parking on all city streets. It applies to any truck weighing more than 26,000 pounds. Quotes will start writing on January 1, first for $ 150, then up to $ 250 from a year later.

Read more: Minneapolis City Council Approves Truck Parking Order.

Wisconsin Offers Diesel Emissions Reduction Grants

The Wisconsin Department of Natural Resources is accepting applications for clean diesel grants. Grants are used to finance projects that reduce emissions from diesel vehicles. The deadline is January 7th.

Get the details and apply here.

St. Christopher’s Fund lowers diabetes

The St. Christopher Fund offers two types of free diabetes prevention programs. Both Driving Down Diabetes programs are open to professional drivers at risk of developing type 2 diabetes. The 2022 program begins January 10.

Where to go to transport emergency loads

If you want to transport relief loads in disaster areas, contact the American logistical assistance network. The network can ensure that you are carrying a necessary load and can enter the disaster area with relief.

Entering Canada? Using ArriveCAN

The Canada Border Services Agency reminds all travelers entering Canada to submit their mandatory information in ArrivalCAN. You can be full details of the measures in place online.

Ohio Toll Surcharges

If you have an Ohio E-ZPass, verify the account it’s linked to. Ohio toll highway says about 6,000 E-ZPass customers were overcharged up to $ 250 recently due to a software coding error.

If you have been affected, contact Highway.

Measures at Canada’s COVID Border

As of January 15, all truck drivers – whether Canadian or American – will need to be fully vaccinated against COVID-19 before entering Canada. The Canadian government’s move follows a similar move by U.S. officials.

Washington I-5 rest areas closed

Several rest areas, including truck parking, are closed along 83 miles of Interstate 5 between Everett, Washington, and the Canadian border. This includes parking at Everett, Smokey Point and Custer. The state’s DOT suffers from a staff shortage.

Learn more about Washington State DOT website.

DHS asks truckers to monitor

The Department of Homeland Security asks truckers to keep an eye out for suspicious activity. If you see anything suspicious that doesn’t reach the level of a 911 call, contact the TSA at 844-TSA-FRST.

Questions about EPN? Check here

If you have any questions about California EPN Program or Employer Pull Notice, if this program has adversely affected you, or if you have other compliance questions, call OOIDA Business Services at 816-229-5791.

Road closures in Colorado wildfire

Colorado has faced road closures following wildfires. If you are heading to the area, check COTrip.org Before leaving.

CVSA Webinar on Decommissioning Criteria

The Commercial Vehicle Safety Alliance is offering a webinar at 1 p.m. on January 20 on the latest version of its retirement criteria. These go into effect on April 1 – and replace and cancel all previous versions. You can register for the webinar in line.

Maryland E-ZPass Surcharges

Maryland E-ZPass users may have been overcharged. Baltimore’s WBAL-TV reports that some drivers are complaining that they were recently overcharged – at least one of them claiming the overcharging was in the hundreds of dollars. The Maryland Transportation Authority says it is looking into the issues.

Florida DOT Truck Parking Meeting

The Florida Department of Transportation is hosting a meeting to discuss parking alternatives at 5:30 p.m. on January 26 at the Central Florida Zoo and Botanical Gardens. You can find out more in line.

Additional public meetings for possible truck parking alternatives along the I-4 corridor are scheduled in Orange, Osceola and Volusia counties in February.

Vermont Bridge Strike Fines

Lyndon, Vermont, triples the fine for collision with one of the city’s historic covered bridges. The fines are $ 5,000 for the first strike, $ 10,000 for the second and $ 15,000 anytime thereafter. The move comes after six bridge collisions in 2021.

Port to charge empty container fee

The Port of Los Angeles will begin charging a $ 100 fee for empty containers that linger for at least nine days at marine terminals. The decision takes effect on January 30. It is separate from persistent import container charges.

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Will severe flooding slow growth in December? https://lost-worlds.com/will-severe-flooding-slow-growth-in-december/ Mon, 10 Jan 2022 00:41:07 +0000 https://lost-worlds.com/will-severe-flooding-slow-growth-in-december/

EXPORTS remained robust in November 2021, while accelerating imports of consumer goods and capital goods signaled continued expansion in domestic demand.

But by December 2021, when flash floods hit, momentum had likely slowed due to short-term disruptions in manufacturing and ports.

The floods affected eight states including Selangor, where the Klang Valley industrial hub is located, and Kuala Lumpur.

Floods, which are generally concentrated in northeastern states like Terengganu, had even affected the economic center of Johor.

Heavy flooding in the Port Klang and Shah Alam areas could impact in terms of supply chain disruptions and would have significantly affected production.

Already, there is an expected decline in trade growth in 2022; Hopefully the disruption caused by the flooding will not damage it too badly.

A rebound in commodity prices and a recovery in global demand, driven by advanced economies, has been a major boost to Malaysia’s trade growth this year (an increase of 24.6% year-on-year over the years. 11 months of 2021), setting a high base for 2022.

“Export growth is expected to moderate from 24.8% yoy in 2021 to 10.2% yoy in 2021, while import growth is expected to be 22.4% lower yoy in 2021-18 , 6% in 2022, “CGS-CIMB Research said.

This is when the favorable commodity winds fade and global economic growth slows.

Flood damage is between RM1 and 1.5 billion, according to estimates from various parties, including the Department of Public Works.

This represents around 0.1% of gross domestic product (GDP).

“As economic output will be affected, especially for factories that have been affected, reconstruction efforts will offset the decline in GDP,” said Lee Heng Guie, executive director of the Center for Socioeconomic Research.

There is no doubt that the disruption dealt a severe blow as truck fleets and roads were damaged, but there was reportedly a compensating increase in production of Chinese New Year (CNY) products in December.

On a month-to-month basis (December vs.November 2021) there may not seem to be too much of a drop, but there will likely be an impact of a benchmark year-over-year, said the former Inter-Pacific. Head of research titles Pong Teng Siew.

In terms of logistics, a big problem is that many CNY goods that were imported and ready for delivery were stored in warehouses when the floods hit.

“All the goods in our warehouse are totally damaged, we still have containers for which the liners charge demurrage and detentions, in the port yard waiting to be picked up,” said Vincent Low, director of Big Tree Logistics Sdn Bhd. “Our operations are greatly impacted. “

Due to the flooding, Big Tree Logistics’ warehouse could not receive any containers, so CNY goods had been stuck in the port yard for some time.

Big Tree Logistics had around 100 containers in the harbor yard, which are charged for detention and demurrage by each liner.

The company is forced to rent a new warehouse to continue operations and begin collecting containers while damaged goods are still inside the flooded warehouse.

The main export period is before November 2021, to allow time for the products to be ready for Christmas.

As such, the current flood disruptions, while very damaging to lives and property, will have less of an effect on world trade.

“The regulatory uncertainty surrounding blue sky days in China, which has closed factories to reduce smog levels, has a bigger impact on that country’s exports,” said Chris Eng, chief strategy officer. Etiqa Insurance & Takaful Bhd.

Based on anecdotal evidence, this had resulted in longer delivery times for products from China, both semi-finished and finished products.

In terms of semi-finished tools and manufacturing, this in turn has a ripple effect on the productivity of Malaysian businesses, which is compounded by other effects of a limited supply chain.

“As such, we see the economy (even if Omicron does not lead to further bottlenecks) remain somewhat limited until April 2022,” added the engineer.

The effect of flooding is difficult to quantify but depends a lot on the duration of the situation and the speed with which relief can be deployed.

This is the time of year when economic activities tend to slow down seasonally, hence the comparative impact could be a bit more attenuated, said OCBC Bank economist (M) Bhd Wellian Wiranto.

OCBC Bank (M) ‘s GDP forecast for 2022 of 5.0% is unlikely to be clouded due to the flooding, especially if there is hope that the situation can be brought under control in the coming weeks. .

While there may be some impact on factories in flooded areas, most companies have factories and factories elsewhere.

“Overall I don’t foresee a major impact on growth, if any this could be in the short term,” said Danny Wong, CEO of Areca Capital Sdn Bhd.

The impact of severe flooding might be minimal, at this stage, on overall economic growth, but on an individual basis, has caused untold suffering and the spillover effects can also have economic damage.

Yap Leng Kuen is a former StarBiz editor. The opinions expressed here are those of the author.

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FM Nirmala Sitharaman assures industry BCD on solar modules to be implemented from April 1, CFO News, ETCFO https://lost-worlds.com/fm-nirmala-sitharaman-assures-industry-bcd-on-solar-modules-to-be-implemented-from-april-1-cfo-news-etcfo/ Sat, 08 Jan 2022 04:28:00 +0000 https://lost-worlds.com/fm-nirmala-sitharaman-assures-industry-bcd-on-solar-modules-to-be-implemented-from-april-1-cfo-news-etcfo/ Finance Minister Nirmala Sitharaman assured that basic tariffs on solar modules will be implemented from the scheduled date of April 1, 2022, a decision that will prevent domestic players from fierce price competition for solar panels. imported modules, according to the industrial organization NIMMA.

A delegation made up of representatives from NIMMA, the Association of Indian Solar Product Manufacturers and the Association of Solar Industries of India met with Sitharaman on Thursday and raised concerns about the manufacturing units that are on on the verge of closing due to the current franchise period on solar panels and cells from China. and other countries.

The Minister of Finance assured them that the BCD (Basic Custom Duty) would be implemented on schedule from April 1, 2022, according to a statement from NIMMA.

The delegation also asked her to exempt the plant and machinery of modules and cell lines from import duties, she said.

“The meeting with the Minister was promising, as she recognized that the industry will need political assistance to develop and realize its full potential.

“The implementation of the BCD will bring relief to the domestic manufacturing industry. We hope that additional measures to address the gaps in the supply chain will be considered. In addition, it is the peak time for the developers of the BCD. ‘buy modules, and I ask them to promote Atmanirbhar of Bharat government and install Indian modules, “said Manish Gupta, president of the North India Module Manufacturers Association (NIMMA).

Bharat Bhut – Co-founder and director of Goldi Solar, a solar power maker, said the move is a boon for Indian module makers who have faced stiff price competition from imported modules.

Goldi Solar has also increased its module manufacturing capacity to 2.5 GW and plans to expand it to 5 GW to align with the government’s vision of becoming energy independent with Made in India modules.

In the delegation, Manish Gupta, Vineet Mittal, Arpit Agarwal, Manish Agarwal and Sandeep Gupta were present on behalf of the solar associations.

NIMMA was established in October 2017 to promote PV solar module manufacturers in India and voice the concerns of small and medium enterprises in the sector.

NIMMA helps its members to develop, promote and improve product and manufacturing standards, common marketing strategies and supports the concerns of its members with relevant authorities.

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Decompression Devices Market Optimized Strategies to Enhance Growth Opportunities, Key Players -Paramount Bed Holdings Co., Ltd Medline Industries Inc. Talley Group https://lost-worlds.com/decompression-devices-market-optimized-strategies-to-enhance-growth-opportunities-key-players-paramount-bed-holdings-co-ltd-medline-industries-inc-talley-group/ Thu, 06 Jan 2022 09:48:26 +0000 https://lost-worlds.com/decompression-devices-market-optimized-strategies-to-enhance-growth-opportunities-key-players-paramount-bed-holdings-co-ltd-medline-industries-inc-talley-group/

the Pressure relief devices the market is expected to grow at a CAGR of 6.74% and is expected to reach $ XX Billion by 2028 from $ XX Billion in 2021

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Sri Lanka’s actions reach new high after government relief plan; exit of foreigners https://lost-worlds.com/sri-lankas-actions-reach-new-high-after-government-relief-plan-exit-of-foreigners/ Tue, 04 Jan 2022 15:20:56 +0000 https://lost-worlds.com/sri-lankas-actions-reach-new-high-after-government-relief-plan-exit-of-foreigners/

ECONOMYNEXT – Sri Lanka stocks closed at a new all-time high on Tuesday (04) and gained for the fourth session in a row, breaking through the 12,800 ASPI benchmark as excess liquidity in the market at higher interest rates Lower helped buy a day after the government announced Rs 229 billion relief package, brokers said.

However, foreign investors sold Rs 596.1 million net of shares. The stock market suffered over Rs 50 billion from foreign capital outflows last year.

A Colombo-based analyst said foreign investors had left due to speculation that the local rupee would depreciate sharply, with the central bank holding it around 200 against the US dollar, while local importers say they are forced to buy dollars above 250. rupees on the gray market amid severe import restrictions.

Sri Lanka faces the risk of defaulting on its sovereign debt after a series of credit downgrades by the three global rating agencies, but the government has said it will repay all loans despite falling reserves to their fullest. low in more than a decade in November of last year. However, the central bank said reserves had jumped to around $ 3.1 billion by the end of 2021 without revealing the source of the inflows.

On Tuesday, the index gained 174.72 points, to 12,800.54, another highest close on record, a day after the previous day’s record gain of 399.81 points. The gain is due to local sentiment over excess liquidity, falling interest rates and the Rs 229 billion government aid package announced later Tuesday, brokers said.

“The market continues to have the same positive sentiment for the fourth session. There is no volatility in the market at the moment, we are seeing very strong buying interest mainly on the retail side, ”a senior market analyst told ECONOMYNEXT.

Last year, CSE had 13 share issues, raising nearly Rs. 12 billion.

ASPI increased by 80.5% in 2021 compared to the end of the previous year by 6774.22 points.

The S&P SL20 of the most liquid index rose 2.72% or 114.99 points to 4,348.24.

Turnover for the day was 10.8 billion rupees, more than double last year’s daily average of around 4 billion rupees.

On Tuesday, LOLC Holdings and its mainly LOLC Finance subsidiary pushed ASPI towards its record gain.

LOLC gained 5.29% to close at Rs 1,273.50 per share, LOLC Finance gained 12.69% to close at Rs 30.20 per share, while LOLC Development Finance rose 10.73% to close at 376.75 rupees per share.

Another market analyst said there is a lot of interest in LOLC shares as investors speculate on Chinese investments in the company after the Chinese Foreign Minister’s next visit to the island later this week.

Expolanka, the market heavyweight, which has export and freight business, turned the tide and fell 1.16% to Rs 382.25 per share.

(Colombo / Jan04 / 2022)

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Rising Imports, Computer Raids Improve GST Collection In India https://lost-worlds.com/rising-imports-computer-raids-improve-gst-collection-in-india/ Sun, 02 Jan 2022 14:18:36 +0000 https://lost-worlds.com/rising-imports-computer-raids-improve-gst-collection-in-india/

Photo used for illustration purposes.

Gross GST revenue collected in December 2021 was Rs.129,780 crore, 13% more than GST revenue collected in the same month of 2020 and 26% more than GST revenue in December 2019.

In December 2021, income from imports was 36% higher and income from domestic transactions (including import of services) was 5% higher than income from these sources collected in the same month of 2020.

The average monthly gross GST collection for the third quarter of the current fiscal year was Rs 1.30 lakh crore against the average monthly collection of Rs 1.10 lakh crore and Rs 1.15 lakh crore in the first and second quarter, respectively.

GST collection for December 2021 was close to Rs1.30 lakh crore despite a 17% reduction in the number of electronic invoices generated in November 2021 (6.1 crore) compared to October 2021 (7, 4 crore). crore) due to better tax compliance and better tax administration by central and national tax authorities.

Coupled with the economic recovery, anti-evasion activities, especially measures against bogus billers, have contributed to the increase in the GST. The improvement in revenues is also attributable to various rate rationalization measures taken by the GST Board to correct the inverted tariff structure. The positive trend in revenues is also expected to continue in the last quarter, the finance ministry said.

Gross GST revenue collected in December 2021 was Rs.129,780 crore, including rupee 22,578 crore, SGST rupee 28,658 crore, IGST rupee 69,155 crore (including rupee 37,527 crore Rs levied on importation of goods) and cess Rs 9,389 crore (including Rs 614 crore levied on importation of goods).

The government settled Rs25.568 crore to CGST and Rs21.102 crore to SGST from IGST as regular settlement. Total Central and State revenues in December 2021 after the settlements were Rs 48,146 crore and Rs 49,760 crore, respectively.

GST collection in India increased by 13% in December 2021 on an annual basis to reach Rs 1,29,780 crore.

However, collections for December have declined on a sequential basis from the Rs 1,31,526 crore reported for November.

“The revenue for the month of December 2021 is 13% higher than the GST revenue for the same month of last year and 26% higher than the GST revenue for December 2019,” the finance ministry said in a statement. .

“During the month, income from importing goods was 36% higher and income from domestic transactions (including importing services) was 5% higher than income from these sources over the course of the month. from the same month last year. “

Accordingly, the overall collection includes CGST of Rs22.578 crore, SGST of Rs28.658 crore, IGST of Rs69,155 crore and cess of Rs9.389 crore.

In addition, the Center settled Rs25.568 crore to CGST and Rs21.102 crore to SGST from IGST as regular settlement.

Therefore, the total income of the Center and States last month after settlements is Rs 48,146 crore for CGST and Rs 49,760 crore for SGST.

“GST collection during the month is close to Rs1.30 lakh crore despite a 17% reduction in the number of electronic invoices generated in November 2021 (Rs 6.1 crore) compared to October, 2021 ( Rs7.4 crore) due to better tax compliance and better tax administration by central and state tax authorities. “

“The average monthly gross GST collection for the third quarter of the current year was Rs1.30 lakh crore against the average monthly collection of Rs1.10 lakh crore and Rs1.15 lakh crore in the first and second quarters respectively. “

In addition, the ministry said that the economic recovery, anti-evasion activities, especially actions against bogus billers, have contributed to the increase in the GST.

“The improved revenue is also due to various rate rationalization measures taken by the Council to correct the inverted tariff structure.”

“The positive trend in revenues is also expected to continue in the last quarter.”

Meanwhile, India Inc welcomed the GST Council’s decision to postpone the proposed GST hike on textiles.

According to reports, the council deferred the proposal on the backs of state government and industry reservations.

The proposal was to increase the rate of the GST on clothing from 5 to 12 percent.

“A great relief for the textile and clothing industry – we enter 2022 with new optimism as the great fear recedes – a great and timely gift from the GST Council,” said Sanjay K. Jain, Chairman and CEO of the ICC National Textiles Committee, TT Limited.

“I cannot express in words the great relief we feel, having lived in fear since September.” According to Bimal Jain, chair of the IDT PHDCCI committee, the postponement will provide much needed boost and support to the sector.

“A large number of small and medium taxpayers were concerned about the proposal to increase GST rates and this decision of the GST Council is a step in the right direction and it is advisable to build the confidence of traders before raising rates. GST in the future. ” Meanwhile, the Confederation of All Indian Traders (CAIT) also welcomed the decision.

In addition, the confederation urged to postpone the decision to also increase the rate of GST on footwear.

CAIT urged Union Finance Minister Nirmala Sitharaman to form a “task force” to examine the intricacies of the tax system, its simplification and streamlining, increasing the tax base and revenue for the government. government.

The task force, CAIT said in a statement, could be formed under the chairmanship of the chairman of the Central Indirect Taxation Council, which is expected to include trade representatives alongside senior officials.

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Year 2021 – Resilient Now Never! https://lost-worlds.com/year-2021-resilient-now-never/ Fri, 31 Dec 2021 15:34:33 +0000 https://lost-worlds.com/year-2021-resilient-now-never/

Durability:

The boom-bust life cycle in Pakistan seems cyclical than sustainable in the past. This is reflected in the past global commodity, political or economic shocks of 1998, 2009 and 2018 where the economy collapsed in a very short period of time.

Unlike in the past, the Pakistani government of Tehreek-e-Insaf (PTI) has succeeded in bringing sustainability to the macroeconomy.

Despite the most devastating health and economic shocks of the century, namely COVID-19 and the recent shock of high commodity prices over several decades, the Pakistani economy has demonstrated the greatest resilience, unprecedented in the past. 74 years of Pakistani history.

Pakistan’s macroeconomic performance has been widely accepted by all international macroeconomic financial institutions (including IMF, World Bank, AfDB, Moody’s, S&P and Fitch, etc.)

The government’s response to the COVID-19 pandemic has been widely hailed and recognized.

Pakistan has been ranked number 1 in the “economists” global normality index, according to The Economist, as the country lifted most of its COVID-19 restrictions imposed to curb the spread of the virus.

The Economist Normality Index offers evidence of how people react to restrictions in real time. Pakistan is followed by Nigeria, Britain and Germany on the list which was updated on November 5, 2021.

Pakistan has deployed the largest social safety net in Pakistani history.

According to the World Bank report “Global Social Protection Responses to COVID-19” (May-2021), Pakistan ranks 4th in the world in terms of number of people covered and 3rd in the world in terms of percentage of population covered among those that covered more than 100 million people. The World Bank said only a few countries have reached impressive six-figure levels in this regard. The Ehsaas Emergency Cash from Pakistan is one of them.

Response to COVID:

It is important to note that Pakistan’s response to the COVID-19 pandemic is more effective and timely than the rest of the world despite budget constraints. Prime Minister Imran Khan’s vision of implementing smart lockdown is the most appropriate one that has allowed the economy to grow.

Following the initiatives provided by the PTI government and the State Bank of Pakistan (SBP) for the relief of the masses.

  • A tax relief plan of Rs 1.240 billion to provide relief to neutralize the socio-economic impact of COVID-19.
  • Globally Rs 2,073 billion in relief from the SBP.
  • Introduction of the financing facility underway for hospitals and new industrial investments (TERF).
  • Introduction of the Rozgar Scheme to prevent layoffs by funding the wages and salaries of employees.
  • Provided relief for restructuring loans to borrowers.
  • The SBP cut the key rate by 625bp.
  • Concessions on electricity bill Rs 46 billion and to SMEs Rs 50.6 billion.
  • Reduction of winter rates @ 11.97 / KWh & @ 12.96 / KWh in 2020 & 2021.
  • Help for 8 million families under the Ehsas program against 3.7 million before the PTI government.
  • Total release of funds of Rs 232 under the Ehsas program in 2021 against Rs 102 billion in 2014.
  • 106 billion under Mera Pakistan MeraGhar, loans for low cost housing programs have been approved by banks.

Growth:

It is important to note that the economy has exceeded expectations; GDP growth remained at 4%, tax collection exceeded targets, reserves improved and the current account was at its lowest since 2011.

The key to note is that this growth was achieved as the rest of the world faced a massive contraction in production. India (-8%), United Kingdom (-10%), United States (-3.7%), Iran (-6.5%)

While Pakistan’s growth was widespread. Against the target of 2.1%, growth stood at 3.94%. The growth of agriculture was registered at 2.77%, industry at 3.57% and services at 4.43%.

It is relevant to note that record harvests were recorded in 2021 and that the trend is also expected to continue next year. Rice reached 8.4 million tonnes (7.4 million tonnes last year), maize 8.5 million tonnes (7.9 million tonnes last year), wheat 27.5 million tonnes (25.2 million tonnes last year) and cotton 7.1 million bales (9.1 million bales last year).

By 2022, sugar cane is expected to reach 87.7 million tonnes, wheat 28.9 million tonnes and rice 8.8 million tonnes.

Business sector:

Interest rates remained lower for most of the year at 7%, which gave a boost to the private sector.

The aggregate after-tax profit of 100 KSE in the third quarter of 2021 is 258 billion rupees. Highest in the last 10 years.

Growth is widespread, the corporate sector posted a record profitability of Rs 929 billion in FY21, compared to Rs 587 billion in 2018.

Overall, a 247% growth in business formation (69,380 businesses reported from July 2018 to December 21, compared to 19,996 businesses in the last three years of the Pakistan Muslim League government (PML-N )). 44% of the total of 157,000 registered companies in Pakistan were formed within 3 years of the PTI.

In terms of sector, the growth of real estate (494%), the IT sector (194%), and tourism (136%), was observed from 2018 to 21.

The record number of 19 IPOs worth Rs 85 billion has been executed in the past three years.

External sector:

Remittances and exports are above the pre-COVID level of 2019-2020. This, in turn, the current account deficit posted a 10-year low to US $ 1.9 billion in FY21.

Merchandise exports amounted to US $ 25.6 billion, up 14% in FY21.

For the first time in the past 10 years, export indicators look promising and average monthly exports now target US $ 3 billion versus US $ 2 billion as in PML-N time

Another area where significant improvements have been observed is service exports. Services exports in FY21 also increased by 10% to reach US $ 5.9 billion

Exports of the computer sector have doubled since the PML-N period and are expected to reach 3.5 to 4 billion US dollars, up 300% by the end of this government’s mandate.

While remittances accumulated to a record high of US $ 29.4 billion, from US $ 23.1 billion a year earlier.

The other feature of the PTI government during its three years has been the contraction of unnecessary imports and import substitution. However, the recent commodity price shock has pushed up imports.

According to our analysis, 80-85% of the import surge is due to the price effect and 15-20% is quantitative in line with economic growth.

Recent policy measures are already bearing fruit and import growth is expected to slow.

In addition, given the outlook for a better than expected agricultural harvest, food imports will be reduced.

Tax:

Federal taxes grew at a record high in FY21 and amounted to nearly one trillion rupees above the 2018 level of 4.764 billion rupees.

Likewise, the growth of non-tax revenues has increased massively to reach Rs 1,630 billion.

Overall, the deficit situation improved to 7.1% of GDP from 8.1% in FY20.

The primary balance is also contained at 1.4% against 1.8% of GDP a year earlier.

This year the fiscal situation is even better than last year and Pakistan is expected to post a tax target of Rs 6 trillion and over Rs 1,200 billion in a single year.

So far, thanks to excellent tax collection, the primary balance has shown a surplus of Rs 206 billion during the first four months of the current 2021-22 fiscal year.

Inflation:

After the FY22 budget, global commodity prices reached unprecedented levels, triggering pressure on currencies and pushing inflation up around the world.

  • According to the Food and Agriculture Organization (FAO); world food prices soared 27%, a 10-year high.
  • The CRB index climbed 37.67% year-on-year.
  • The Bloomberg Commodity Index rose 28.4% in one year.
  • The United States’ CPI rose 6.8% in November, the fastest pace since 1982.
  • German inflation at 5.2% in November, the highest rate since June 1992.
  • UK 10-year high inflation rate at 5.1%
  • Factory inflation in China hits 26-year high at 12.9%
  • India WPI hits record 14.23%

The CPI in Pakistan collapsed to 11.5% in November 2021 while it is interesting to note that recently the price of food has seen a significant drop. Onions down 25% year on year, Pulse Moong 25%, Tomatoes 17%, Eggs 10%, Chicken 10% and Potatoes 8%. While the prices of wheat flour, rice and sugar represented stability of the Ehsaas program:

Under the Ehsaas Emergency Cash Program, the government disbursed 179.3 billion rupees to 14.8 million beneficiaries to provide immediate cash assistance of 12,000 rupees whose livelihoods have been severely affected by the pandemic.

Other progress:

The government has cleared the outstanding amount of the electricity sector to the tune of more than Rs 220 billion and repayments of more than Rs 250 billion.

The power supply remained uninterrupted, resulting in double-digit export and industrial production growth.

After a very long period, the rural economy strengthened with record growth in crop yields and prices.

The country is also witnessing the construction boom led by the construction package announced by Prime Minister Imran Khan.

More than Rs 1,000 billion projects have been approved in one year.

Dam construction has started, which will double water storage from the current 13 million acre-feet and the addition of 10,000 megawatts of electricity.

The country has achieved good results overall on the health front, over 150 billion vaccines have been administered. Almost US $ 2 billion was spent on vaccines without provincial contribution.

The largest number of social and economic programs launched, for example Kamyab Pakistan, Sehat card, Ehsas Rashan, Kamyab Jawan, Mera Pakistan Mera Ghar, Kissan card, etc.

The introduction of winter relief tariffs for industries, businesses and households.

Introduction of policies on textiles, automobiles and SMEs.

Emphasis on unconventional products and market exports for diversification, especially IT sector-related incentives

Implementation of the FATF’s toughest action plan in a limited time

Better administrative controls and productivity growth have lowered the prices of essential food items, for example wheat flour, sugar, onion, potatoes, tomatoes and pulses

Outlook:

Going forward, we expect growth to remain at 5%, exports at US $ 31 billion, remittances at US $ 32 billion, taxes at Rs 6 trillion and the trade deficit. to be reduced in the second half of the year 22.

Recent pressures on the current account are due to the commodity shock, but the risks are receding with the right policy measures.

Source: Ministry of Finance

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Penny Stock Plant Product Loss Rises Almost 1,000% in 2021 https://lost-worlds.com/penny-stock-plant-product-loss-rises-almost-1000-in-2021/ Thu, 30 Dec 2021 06:22:55 +0000 https://lost-worlds.com/penny-stock-plant-product-loss-rises-almost-1000-in-2021/

Shares of little-known edible oil maker Vegetable Products Limited have jumped 975% or 11 times in calendar year 2021. The BSE-listed penny stock has been hitting the upper circuit daily since November 25 and its filter circuit rate was revised to 5 percent from 20 percent last month. In the past 27 sessions, the stock has jumped 430%.

Kolkata-based Vegetable Products Limited manufactures edible herbal oil and markets under the brand name Pratap Vanaspati. The sharp increase in the stock price of plant products can be attributed to the reduction in import tariffs by the government following a spike in global commodity prices, analysts said.

Earlier this week, major edible oil producers cut maximum retail prices for their products by 10% to 15% to provide relief to consumers, the industry body Solvent Extractors Association (SEA) said.

The government reduced import duties on December 20 when the base tariff on refined palm oil was reduced to 12.5%, from 17.5% at the end of March 2022.

During the quarter ended September 2021, Vegetable Products did not record any operating income and its other income amounted to Rs 8.27 lakh. The company recorded a net loss of Rs 18.23 crore in the second quarter of the current fiscal year.

In the first quarter of the current fiscal year, plant products posted a profit of Rs 2.95 lakh on zero operating income and Rs 9.25 lakh on other income income.

The November 30 stock exchange requested clarification from the company regarding the movement in the price of its shares and the company said it was not aware of the reason for a large movement in the price of the company’s shares. “The movement of the share price is purely determined by the market and can be a combination of various factors, including market conditions,” Vegetabl Products said in its November 30 clarification.

Vegetable Products share price was in high demand as there were pending buy orders for 3.73 lakh of shares while no seller was seen on BSE.

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