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GOVERNMENT OF INDIA
DIRECTORATE GENERAL OF SUPPLIES &DISPOSALS
JEEVAN TARA BUILDING, SANSAD MARG,
NEW DELHI - 110 001.
Sub : Summary of Economic Intelligence Bulletin.
Economic Intelligence Bulletin includes abstracts of important economic/commercial/
technical development and reviews as reported in the issues of financial dailies. The
Bulletin pertains to the fortnight ending 15th July, 2013.
GOVT SLASHES PRICES OF 51 ESSENTIAL DRUGS
In the third phase, the government has reduced prices of 51 drugs enlisted in the National List of Essential Medicines, National Pharma Pricing Authority came up with price
caps for 51 essential drugs, which means drugmakers would have to slash rates within next 45 days. This include painkiller Tramadol. Anti-allergy Cetrizine, anti-biotic Amoxicillin Clavulinic acid among others.
(ECONOMIC TIMES 2ND JULY, 2013)
DOMESTIC RUBBER PRICES SURGE ON SUPPLY CRUNCH, BUCK GLOBAL
Natural rubber prices have surged, contrary to the trend in global markets, with a serious supply crunch in the country’s main producing centre, Kerala. The local price of the bench-mark grade, RSS-4, is now Rs. 192 a kg, from Rs. 177 a kg at end June. Even at this level, sheet rubber is a scare commodity in major markets. And, prices abroad are moving in the opposite direction. The Bangkok market today quoted Rs. 155 a kg; a week before, it quoted Rs. 161 a kg. On the last trading day of June, it was Rs. 168 a kg.
(BUSINESS STANDARD 11TH JULY, 2013)
INDIA’S TRADE DEFICIT WITH CHINA BALLOONS TO $12 BILLION
The India-China trade deficit increased by 34% to reach $12 billion in the first five months of the year, presenting a bleak picture for Indian exports as bilateral trade continued to decline, denting hopes of achieving a trade volume of $100 billion by 2015. According to the data released by Chinese Customs, the India-China bilateral trade touched $26.5 billion till May 2013. The trade deficit for India has widened year-on-year to $12 billion, up by 34%. The trade volume was lowered by over $two billion compared to last year.
(ECONOMIC TIMES 2ND JULY, 2013)
TELECOM COMMISSION NOD TO 100% FDI IN TELECOM
In what came as good news for foreign telcos, as well as their debt-laden domestic peers, the Telecom Commission (TC) on Tuesday approved the proposal to raise the cap on foreign direct investment (FDI) in the telecom sector to 100 per cent from the present 74 per cent telecom commission. The decision now has to be cleared by the Union Cabinet and is expected to find opposition from the ministries of home affairs and defence over security concerns. However, if cleared, it will enable foreign telcos to easily buy out their Indian partners with which they had to join hands to meet the FDI norms for running companies in the country. It will also do away with the need for a foreign telco to look for another Indian partner if an earlier one decides to walk out. The decision will also enable Indian telcos, sitting on a total debt of 2,50,000 crore – 50 per cent of that in foreign debt – to reduce exposure by bringing in cash and retiring debt through equity infusion.
(BUSINESS STANDARD 3rd JULY, 2013)
RBI NOTIFIES FDI GUIDELINES ON CONTROL, TRANSFER OF
The Reserve Bank of India (RBI) on Thrusday notified guidelines for Foreign Direct Investment (FDI) , defining control over the company and transfer of ownership. Now, a firm will be said to be controlled by non-residents if they have powers to appoint majority of the directors. The FDI norms become legally enforceable amidst debate over control of Jet Airways post-UAE’s Etihad buying stake.
Various ministries and departments including market regulator Securities and Exchange Board of India (SEBI) have raised concerns about the ultimate control of Jet once the deal with Etihad goes through. The notification of Press note 2 and 3 of the Department of Industrial Policy and Promotion, which has been pending for the last four years, will be used to ensure that foreign direct investments comply with FDI ceilings and other norms. As per the Press Notes, a company is considered as ‘controlled’ by resident Indian citizens if the power to appoint a majority of the directors on its board is held by Indian companies and citizens. On the other hand, a company is considered as ‘owned’ by resident Indians if more than 50 per cent of the equity is held by the entities in India. Similarly, it would be a foreign company, if over 50 per cent of the equity is held by a non-resident. It further said as regards investments made between February 13, 2009 and the date of publication of the notification, Indian companies are required to intimate, within 3 months, the detailed position where the issue of shares or down streams investment is mot in conformity with the regulatory framework now being prescribed. As
per the norms, investment in Indian companies can be made by non-resident as well as resident entities. Any non-resident investment in an Indian company is direct foreign investment. Investments by resident Indian entities could again comprise both resident and non-resident investments. Thus, such an Indian company would have indirect foreign investment if the Indian investing company has foreign investment in it. The indirect investment can also be a cascading investment,that is through multi-layered structure.
(BUISNESS STANDARD 5TH JULY, 2013)
FDI UP 25% IN APRIL AT $2.3 B
Foreign direct investment (FDI) into India increased 25% year-on-year to $2.32 billion in April, the highest level in the past six months. In April 2012, the country had received FDI worth $1.85 billion, according to data from the Department of Industrial Policy and Promotion. In September, 2012 foreign inflows were $4.67 billion. The sectors that received large FDI inflows during hotel and tourism ($2.32 billion), pharmaceutical
($987 million), services ($238 million), chemicals ($51 million), and construction ($32 million), according to the data. The most FDI in April came from Singapore ($1.29 billion), followed by Mauritius ($355 million), the Netherlands ($173 million) and the US ($149 million). According to an official, steps taken by the government are helping to boost FDI flows Since September, several reform initiatives have been taken, including liberalizing FDI norms in civil aviation, retail and power exchanges. FDI inflows in 2012-13 aggregated $22.42 billion, a decline from $36.50 billion in 2011-12.
(ECONOMIC TIMES 15TH SEPTEMBER, 2013)
EXPORT & IMPORT POLICY
GEMS, JEWELLERY EXPORTS DECLINE 16.5% IN MAY
Gems and jewellery exports declined 16.5% year-on-year to $2.70 billion in May due to a weak demand from western markets, an industry body said on Monday. In May 2012, these exports stood at $3.24 billion, according to the data by the Gems and jewellery Export Promotion Council (GJEPC). The gems and jewellery exports in May were also lower compared to the previous month when the exports were at $3.38 billion, a robust 33% growth over the year ago period.
(ECONOMIC TIMES 2nd JULY, 2013)
SLUGGISH CORE, WEAK PMI FAIL TO ENTHUSE
Industrial activity has been sluggish in the first three months of the current financial year and there is little indication of a pick-up anytime soon, tow separate sets of data released on Monday showed. The combined output of eight core sector industries rose 2.3% in May, a tad less than 2.4% in the previous month, according to data released by the commerce and industry ministry. Core sector output had risen 7.2% in May 2012. The eight core sector industries – including coal, natural gas , crude, fertilizers and electricity – have a combined weight of 37.9% in the Index of Industrial Production (IIP), making the core index a lead indicator of industrial production. Industrial production rose only 2.3% in April. Data for May will be released on July 12. Steel production was up 4.1% in May, better than the 1.9% rise in April. Electricity generation grew 6.2% in May against 3.5% in April. Cement production was up 3%, lower than 8.2% rise in April. Manufacturing expanded by just 1% in 2012-13, and the data so far suggests no significant recovery.
(ECONOMIC TIMES 2ND JULY, 2013)
RESERVE BANK MIGHT RAISE WPI INFLATION ESTIMATE
Economists are in the process of revising their Wholesale Price Index (WPI) inflation estimates upwards for 2013-14. Input costs, particularly of imported raw materials, have risen significantly. As firms pass at least some of these cost increases to consumers, core inflation – measured by the CRISIL Core Inflation Indicator- will begin to rise again. WPI inflation fell to 4.7 per cent in May from 4.9 per cent in April.
(BUSINESS STANDARD 12TH JULY, 2013)
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