document.writeln("
GDP
goes up 8.2 per cent
New Delhi: According to the 'revised estimates'
of national income for 2003-04, released by the Central
Statistical Organisation (CSO) here today, the country's
Gross Domestic Product (GDP) grew by 8.2 per cent in real
terms, compared to 4 per cent during 2002-03. Only on
three occasions earlier has the GDP growth surpassed the
8 per cent mark - 8.1 per cent in 1967-68, 9 per cent
in 1975-76 and 10.5 per cent in 1988-89. And on each of
these occasions, the key driver was the farm sector recovering
from drought-induced declines.
The
revised estimates show that the industry and services
sectors have also performed better, registering growth
rates of 6.7 per cent and 8.7 per cent during 2003-04,
against their corresponding previous fiscal levels of
6.4 per cent and 7.1 per cent, respectively.
The country's national income or Net National Product
stood at Rs 22,38,495 crore during 2003-04. This figure,
for an estimated population of 107.3 crore, translated
into an annual per capita income (technically called per
capita NNP at factor cost) of Rs 20,862.
Back
to News Review index page
Government
will introduce Excise Tariff amendment bill
New Delhi: The Union Cabinet has approved the introduction
of a Central Excise Tariff (Amendment) Bill, 2004, in
the Parliament which will seek to have a common harmonised
system of nomenclature (HSN)-based eight-digit classification
code for central excise in line with the existing eight-digit
classification code being adopted for customs and the
Exim statistics. The main objective of the proposed legislation
is to have a common classification code for both customs
and central excise in alignment with the code followed
by the Directorate General of Foreign Trade (DGFT) and
the Directorate General of Commercial Intelligence Services
(DGCIS).
At present, manufacturers and exporters/importers have
to follow different codes for central excise duty and
for countervailing duty (for imports) and drawback (for
exports). The common classification code is expected to
eliminate problems due to divergence in different classifications
and facilitate electronic data processing (EDP). The Bill
also proposes to incorporate standard units of measurement.
These standard units are taken from the World Customs
Organisation-evolved internationally accepted standard
units.
Back
to News Review index page
Congestion
at JN port continues
Mumbai: Exporters and importers have been severely
affected by the congestion that has clogged the Jawaharlal
Nehru port, including the P&O-operated Nhava Sheva
International Container Terminal (NSICT). The NSICT terminal
is overflowing with uncleared containers, with the pendency
soaring to 14,000 TEUs. The problem has been compounded
by the inability of Concor to supply adequate wagons to
clear the containers. Export cargoes at NSICT have been
stranded for more than a week due to the congestion.
Back
to News Review index page
