Tunisia’s already modest economic recovery almost halted in 2023, amidst a severe drought, tight financing conditions and the modest pace of implementing reforms. With this slowdown, the Tunisian economy
This report contains the "Natural Resource Accounting of Goa State' and the valuation of environment and forest ecosystem of Goa state. In this report basic concepts on environmental accounting and different approaches of valuation are described. More specifically report covers the valuation in the specific sectors viz., air, water, municipal solid waste, and forestry.
The West Bengal Power Development Corporation's Bakreswar Thermal Power Project in Birbhum district. WEST BENGAL has emerged as one of the fastest-growing States in India and is the third largest economy in the country. So its growing reputation as a preferred investment destination should come as no surprise. The State has registered a high growth in real State domestic product (SDP) over the past eight years and is one of the top-ranking States of the country in terms of growth in per capita income. Despite being one of the most populous States in the country and the State with the highest population density, West Bengal achieved a growth in per capita income of 5.72 per cent in 2004-05, well above the national growth rate of per capita income in the same year, which was 5.2 per cent. In the period between 1991 and 2004, West Bengal's share of foreign direct investment (FDI) was $1,789.3 million. However, between 2004 and 2006 alone, the State attracted FDI worth $119 million, spread over 178 new industrial units that are being set up now. The State's exports also grew from $816.1 million in 1995-96 to $3,769.5 million in 2004-05. In fact, with respect to the volume of export, it has been found that West Bengal ranks seventh amongst all the States. According to different human development index indicators such as literacy rate and life expectancy at birth, the State has performed impressively. In the National Census 2001, West Bengal's literacy rate was estimated to be over 69 per cent as against the national average of 65 per cent. Urban market The sheer volume of the State's market is its primary attraction. With a population of around eight crore, according to the 2001 Census, and with steady economic growth in terms of the net State domestic product (NSDP) and per capita income, West Bengal has more people with greater disposable income than many other States. West Bengal is, in fact, the third largest State in terms of savings, with the commercial banks accounting for almost Rs.855 billion. Besides, West Bengal is ideally located, with a vast hinterland, comprising Bihar, Jharkhand, Orissa, Sikkim and the north-eastern States, that increases the market size by about another 180 million consumers. West Bengal is also one of the most urbanised States in the country, with an urban population, according to the 2001 Census, of 22.5 million persons, 60 per cent of whom are below 30 years of age. This, in the context of rising incomes and the general boom in urban renewal and economic activity, has resulted in an increasing demand for quality goods and services. Kolkata, the State capital, alone accounts for a consumer profile of around 10 million, and major towns such as Siliguri, Durgapur, Asansol and Malda are also on an upswing. Rural market SUSHANTA PATRONOBISH South City, a Rs.10-billion multi-use project in the heart of Kolkata. It is not just the urban market that is undergoing a paradigm shift; it is happening in the rural sector too. With the enormous potential that exists in agriculture and farm products and food processing and agro-based industries, the State government is looking into investment proposals of considerable value from corporates for the procurement and large-scale marketing of agro products. This is expected to facilitate an increase in rural purchasing power and consumption profile. Agro industries With six agro-climatic zones, West Bengal offers an extensive variety of environments for the development of temperate, sub-tropical and tropical agricultural and horticultural produce. Agriculture contributes 30 per cent of the SDP and employs 57 per cent of the workforce. In fact, the State accounts for 30 per cent of India's potato production, 27 per cent of its pineapple production, 12 per cent of its banana production and 16 per cent of its rice production. The State ranks number one in the country in meat production (including poultry) and is one of the largest producers of fish, satisfying nearly 80 per cent of the country's carp seed demand. West Bengal also accounts for around 10 per cent of India's edible oil production and is the second largest tea-growing State in the country, contributing around 21 per cent of the total production in the country. A study conducted by the Government of India estimates that the investment potential in the State's food processing industry is Rs.154.52 billion over the next 10 years if the processing level is increased from the existing 2 per cent to 10 per cent in the same period. West Bengal has certain intrinsic strengths that give it an advantage in the field of food processing: vast agro raw material resources, six agro-climatic zones, an abundant supply of water from the many rivers across the State, fertile alluvial soil, low-cost and skilled labour, self-sufficiency in power, a large domestic market, and easy access to markets in the Asia-Pacific region, Bangladesh, Nepal and Myanmar. In a recent conference on industries, Chief Minister Buddhadeb Bhattacharjee emphasised the need for a modern market mechanism in the agricultural sector in the State. "Even though agricultural production is increasing, there is no proper method of preservation. As a result 10 to 20 per cent of the vegetable produce perishes every year mainly because of the lack of a modern marketing mechanism. We want more companies investing in this sector, and that will also help the economy in rural areas grow,' he said. Floriculture, including ornamental plant production, is an emerging industry in West Bengal. The State produces around 58,000 tonnes of flowers every year and has more than 10,000 acres (1 acre is 0.4 hectares) of land devoted to that purpose. Flowers are mainly grown in Kalimpong, Panskura, Ranaghat, Thakurnagar, Bagnan and in regions around the State. The main flowers produced are tuberose, gladiolus, rose, gerbera, carnation and cockscomb, and the countries that import flowers from West Bengal include the Netherlands and the United Kingdom and West Asian states, mainly Sharjah. The State government has already set up a floriculture park at Mungpoo in north Bengal, and a mega flower mart is also coming up in Kolkata at a project cost of Rs.250 million. Apart from these, there is a multi-storied flower market at Panskura, and another floriculture park is being developed at Jagulia in Nadia district. The State government recently received a $33-million proposal for setting up an open-air floriculture park on 200 acres of land at Rajarhat in Kolkata. Iron and steel PTI Haldia Petrochemicals Ltd. is India's second largest integrated petrochemical complex. Apart from being one of the main priorities of the State government's industrial drive, the iron and steel sector is one of the oldest industries in the State. The establishment of the Bengal Iron Works at Kulti in Bardhaman district in 1870 ushered in the era of iron and steel in the State. The growth of the industry in the State is largely related to the proximity of raw materials, skilled manpower, port facilities and the vast market for iron and steel products. In the period 1991-2004, as many as 243 new iron and steel units were set up, involving a total investment of $1,856.8 million. In fact, between 2002 and 2004 alone, 108 iron and steel projects, with a total investment of $414.3 million, were implemented. According to the State government, the largest investment in 2007 also came in the steel sector. JSW Steel of the Sajjan Jindal Group is setting up the 10 million-tonne-capacity integrated steel plant
The fact that the boom in growth has been consumption-induced, services-dominated and credit-fuelled has implications for its sustainability. WITH the release of the quick estimates of national income, which show that gross domestic product (GDP) growth in 2006-07 touched 9.6 per cent, the government can legitimately claim that the recent acceleration in growth is not a short-lived phenomenon. After taking into account the performance in 2006-07, GDP growth as estimated by the Central Statistical Organisation (CSO) averages 8.75 per cent during the four-year period from 2003-04 to 2006-07 compared with just 4.67 per cent during the first three years of this decade. And, if forecasts by the Reserve Bank of India (RBI) and other sources are an indication, the advance estimates for 2007-08 are unlikely to be below this level. Five years of near 9 per cent growth do point to a new growth story. Underlying this turnaround in growth is a sudden step-up in the rates of investment (and saving) in the economy. Compared with an average level of 24.6 per cent during the four years from 1999-2000 to 2002-03, the gross domestic investment rate rose to 28.2 per cent in 2003-04 and then continued to climb to touch 35.9 per cent in 2006-07
Union Budget 2008-2009.
A bag full of surprises: Madhya Pradesh Finance Minister Raghavji arrives at the Vidhan Sabha in Bhopal to present the State Budget on Wednesday. Finance Minister Raghavji on Wednesday presented in the State Assembly the Madhya Pradesh Budget for 2008-09 with a budgetary deficit of Rs.91.43 crore. The Minister announced a reduction in entry tax on raw material inputs for textile industry and removal of entry tax on sponge iron and iron scrap for induction furnace. He also announced a reduction in VAT on diesel from 26 per cent to 25 per cent. Mr. Raghavji went on to announce pension and medical facilities to those detained under the dreaded MISA (Maintenance of Internal Security Act) during the infamous Emergency. Those who served six months or more behind bars would get Rs.6,000 per month as "Loknayak Jayaprakash Samman Nidhi' (monthly pension) while there would be a pension of Rs.3,000 for those jailed for more than three months but less than six months. One of the major budgetary announcements was that wheat would be available to each BPL family at the rate of Rs.3 per kg and rice at Rs.4.50 per kg . The budget for 2008-09 has a revenue surplus of Rs.2839.78 crore and the fiscal deficit for year is estimated at Rs.4741.00 crore, which is 3 per cent of the GSDP. The Finance Minister told media persons later that one of the important goals was to focus attention on gender budgeting to ensure equality for women, economic empowerment and women's participation in developmental schemes covered by 21 State departments. The Budget provides Rs.1371.47 crore for Energy, Rs.1656 crore for construction of roads and Rs.484 crore for road maintenance. The Finance Minister incorporated the Chief Minister's recent announcements at a Kisan Mahapanchayat here and told the House that there would be budgetary provision for a bonus of Rs.100 per quintal of wheat procured by government agencies for the public distribution system, reduction in rate of interest from 7 per cent to 5 per cent on short-term agriculture loans, relief in payment of old outstanding electricity bills, and increase in the rate of grant from 10 per cent to 30 per cent on drip/sprinkler irrigation. Mr. Raghavji said that additional irrigation capacity for 4.80 lakh hectare had been created in last four-year period and for the next fiscal, there would be a provision of Rs.1815.57 crore for irrigation purpose. He said colleges of excellence would be set up in each of the 38 backward districts. He also told the House that 254 girls' hostels would be constructed and 448 middle schools would be upgraded to the high school level. The Government would also be launching several scholarships for students belonging to the weaker sections, he added. The Finance Minister told the House that there was provision of Rs.566.88 crore (State share) for creation of employment in rural areas, Rs.100 crore for the District Poverty Initiative Programme Phase-II and Rs.93.23 crore for Rural Livelihood Project. He said the State employees would get dearness allowance and dearness relief at the rate of 4 per cent from this coming April 1 onward.
A 111-year-old law is one of the key options the government could invoke to handle the challenges arising out of the possible denotification of three Special Economic Zones (SEZs) in Goa. Last week, the inter-ministerial Board of Approvals had recommended starting talks with the Goa government on denotifying the three SEZs following strong local protests in Goa last year, creating a precedent that is being closely watched by potential investors in India and abroad. This is because the process of denotification itself is complex and could be long-drawn. The SEZ Act, 2005, does not have specific provisions for denotification. The Act, however, has provisions empowering the central government to issue policy directions to the Board of Approvals (under subsections 5 and 6 of Section 9). This power is derived from the General Clauses Act of 1897, an umbrella law covering all Acts and government notifications passed by the Centre. Section 21 of this Act empowers the government to add, amend, vary or rescind sections in notifications, orders, rules or bylaws issued by it. This means the central government is, on reading the two laws together, empowered to override the SEZ Act to account for measures like denotification. The other two denotification routes are amendment of the SEZ Act through Parliament and through a presidential ordinance. The latter has been ruled out since Parliament is in session and there is nothing to stop the developers of the three SEZs from going to court if the government waits for the session to end. An amendment of the SEZ Act will not only need approval from the commerce ministry, but also may provoke political opposition from the Congress itself. For this reason, the government is unlikely to follow this route. There are, however, some aspects of the denotification that the government cannot escape
Let's be clear at the outset
TALK of the 2008-09 budget as a
THE burden of financing basic education is directly on the tax payer through the 2% education cess. Indications are that for the next financial year (2008-09), the cess will account for a sizeable portion of the Rs 21,100 crore allocated for Sarva Shiksha Abhiyan and the mid-day meal programme. For 2007-08, the cess accounted for 57.7% (Rs 10, 393 crore) of the Rs 17,995.02 crore dedicated for these two programmes. So even as allocations in the Budget for these programmes increase, the gross budgetary support provided for the programmes has been on the decline. The 2% education cess was levied in the Budget 2004-05, ostensibly to ensure that more money flowed into the basic education segment as promised in the UPA government's common minimum programme. The education cess is levied on all central taxes, such as corporate tax, income tax, service tax, custom duty. It is not that the government isn't committed to providing basic education
The Confederation of Indian Industry (CII)-Rajasthan Council has welcomed the emphasis laid by the 2008-09 State Budget, presented on Monday, on development of infrastructure, saying it would ensure delivery of goods and services of a high standard and meet public aspirations. CII Rajasthan chairman R.K. Poddar said here on Tuesday that the State Government had agreed to some of the recommendations made by CII in its pre-Budget memorandum and taken steps to reduce the time involved in the value added tax (VAT) refunds and provided for annual self-assessment and exemption to employers using e-filing from submitting audit reports. Mr. Poddar said the Budget had taken care of social sectors such as health, nutrition, drinking water and education and would speed up economic growth of the State. Other important announcements included those on skill development projects, electrification of all villages by the year 2009 and reduction of VAT on marble and finished Kota stone from 12.5 per cent to four per cent. CII Panel on Economic Affairs convenor Kishore Khaitan pointed out that the reduction in tax on aviation spirit from 28 per cent to 4 per cent and entertainment tax from 35 per cent to 30 per cent would lead to high revenue earnings for the State Exchequer.
