Business Buzz: India’s GDP growth, Olivepad, Rolls-Royce Sales and GST
At trak.in we bring you our views on some of the most buzzing India-centric stories, however, we do miss out on some of them – Going forward we will have a regular section called – Business Buzz – that will feature snippets of buzzing India-centric Business news.
India’s GDP set to grow at 9% from Next Fiscal – To become $ 5 trillion Economy soon.
Defying any remaining recessionary pressures, India’s GDP is set to exceed 9% growth in next Fiscal according to Prime Minister’s Office. This year India growth is expected to be at 8.5% thanks to Agricultural growth on back of normal Monsoon expectations. After peaking at 9 percent in 2007, India’s GDP fell to 6.7 percent in 2008 followed by 7.2 percent in 2009.
Citing this growth, US Consul General Paul Folmsbee said that the Indian economy has the potential to grow further and is likely to touch the USD five-trillion mark in the near future.
India’s first 3G tablet – Olivepad – set to hit market in August
India will have its first 3G tablet launched in market as soon as August. Mobile handset manufacturers, Olive Telecom, will soon be launching its 3G tablet Olivepad next month.
Olivepad is expected to be priced between 20k – 25k rupees and will be first Indian device that will marry notebook & smartphone features. It will sport a 7-inch capacitive touchscreen and comes loaded with Google’s Android OS.
The differentiating factor between other tablets and Olivepad is that it will allow users to make voice-calls as well, making it a truly universal mobile device.
Super Luxury Car Rolls-Royce sees huge growth in India
Rolls-Royce is epitome of luxury, and very few select Individuals across the globe own it. Although, India may not boast the roads and infrastructure that would do justice to these cars, quite a few Indians already own it.
Rolls-Royce expects to sell over 50 cars in this financial year in India alone. Remember, Rolls Royce costs in crores not in Lakhs. The recently launched Ghost costs close to 3 crore rupees. Now imagine this super luxury car running on Indian pothole-filled roads !
Petroleum products, alcohol and power will not come under purview of GST
The implementation of GST expected to affect prices of nearly every goods & services consumers avail. However, There are 3 areas that will not be affected by proposed Goods and Services Tax (GST) system.
Currently, alcohol and electricity are State subjects for taxation purposes. Petroleum products are already out of the existing VAT (value added tax) regime, and sales of these products are subject to sales tax determined by the States. At present, it is only the States that can levy tax at the retail stage, and not the Centre.