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MARITIME SUMMIT 2016
By : Harveer Singh
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MARITIME INDIA SUMMIT 2016 Maritime India Summit 2016 (MIS 2016) is a
maiden flagship initiative of Ministry of Shipping, Government of India.
It provided a unique global platform for investors to explore potential business opportunities in the Indian Maritime Sector.
It showcase about 250 projects with an investment potential of US $6 billion.
It is an attempt to to attract investment and is being partnered by South Korea which is known for its ship-building capacities. /
Harveersir
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MIS SHOWCASED Shipbuilding, Ship Repair and Ship Recycling Port Modernization and New Port Development Port-based Industrial Development, Port-based
Smart Cities and Maritime Cluster Development Hinterland Connectivity Projects and Multi-Modal
Logistics Hubs Inland Waterways and Coastal Shipping for Cargo
and Passenger movement Dredging Lighthouse Tourism and Cruise Shipping Renewable Energy Projects in Ports Other Maritime Sector related services (Financing,
Legal, Design etc.)/
Harveersir
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/Harveersir
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BACKGROUND India has vast coast line of 7500 km
offers vast investment opportunities High logistics costs make Indian exports
uncompetitive. 95 per cent of India's trading by volume
and 70 per cent by value is done through maritime transport.
India has 12 major and 187 non-major ports. Cargo traffic, which recorded 1,052 million metric tonnes (MMT) in 2015, is expected to reach 1,758 MMT by 2017.
/Harveersir
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BLUE REVOLUTION It would be an Umbrella program.Envisages Integrated Development and
Management of Fisheries’.The outlay is of Rs. 3000 crore. It will cover inland fisheries,
aquaculture, marine fisheries including deep sea fishing, mari-culture and all activities undertaken by the National Fisheries Development Board (NFDB) towards realizing “Blue Revolution” /
Harveersir
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SAGARMALA PROJECT A National Perspective Plan (NPP) will
identify projects including integrated development of ports and efficient evacuation to and from hinterland.
National Sagarmala Apex Committee (NSAC) and Sagarmala Coordination & Steering Committee (SCSC) have been constituted.
There is provision for setting up Sagarmala Development Company (SDC) at the state level, for constitution of State Sagarmala Committees in maritime states.
/Harveersir
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GOVT ANNOUNCEMENTS Government of India plans to invest Rs
70,000 crore (US$ 10.5 billion) in 12 major ports in the next five years under 'Sagarmala' initiative.
Government of India is planning to set up low-cost non-major ports along coastline under the Sagarmala project and has asked all the 12 major ports to accord priority berthing to such vessels and to encourage quicker movement of cargo.
Up to 100 per cent FDI would be allowed under the automatic route for port development projects.
/Harveersir
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/Harveersir
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ELEMENTS OF SAGARMALA
Development of 10 CER (Coastal Economic Region)
Inward linkages through multiple freight options - rail, land & inland waterways
Infrastructure Upgrade for Major and Minor Ports/
Harveersir
CERInward Linkage
sPort Modernization
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THANK YOU
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CONSIDER THISWith changing business models, globalisation, elimination of trade barriers, some of the international tax rules are not working anymore. Some companies are not paying tax anywhere.
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ALSO CONSIDER A Purely Domestic company v/s MNCs in terms of tax minimization opportunity.
Large multinationals were able to use mismatches in domestic tax laws and gaps in the international tax system to dramatically reduce their corporate taxes
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BEPS is an effort by OECD-G20 to modernise international taxation policies amongst developed and developing economies to reflect the changed and ever changing reality.
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MAGNITUDE.. Each country has a sovereign right to protect
and increase its Tax Base. Due to the significant evolution of the
economy that is Digital economy and so on, the tax policy lags behind and corporates exploits these loopholes. (Double Non Taxation)
corporate income tax has a big role in public finance of many developing countries.
The Loss of revenue is estimated to be around $100-240 Bn.
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IT CONTAINS.. BEPS project aims to fulfil G20-OECD's 15
points action plan on multifarious aspects of international tax policy.
It includes 13 reports mostly related to double taxation , double non-taxation, Transfer Pricing (Earlier covered in the class), Interest Deductions, information sharing, storage based digital taxes etc.
It also looks at the nexus approach that is linking tax benefits directly to R&D expenditure.
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BEPS aims to complete (in 2016) the work on a multilateral tax treaty instrument .
countries signing on the multilateral instrument may not need to renegotiate their respective bilateral treaties.
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THE FOCUSCompanies with global turnover in excess of ^750 million (approximately Rs 6,000 crore) have to report details of revenues, profits and taxes paid on a country-by-country basis to their respective tax administrators.
Around 900 companies across the globe would be impacted.
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FOR INDIABEPS recommendations pave the
way for a contemporary cross-border taxation policy
It ensures stricter sourced based taxation of profits linked to place where economic activity and value creation substantially occurs.
Rather than looking it as anti-business, it should be seen as upgradation of taxation system.
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THANK YOU.
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TPP
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The pact aims to deepen economic ties between these nations, slashing tariffs and fostering trade to boost growth.
Member countries are also hoping to foster a closer relationship on economic policies and regulation.
The agreement could create a new single market something like that of the EU.
some 18,000 tariffs would be affected.
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Collective population of about 800 million - almost double that of the European Union's single market.
The 12-nation would-be bloc is already responsible for 40% of world trade.
If this has not happened before 4 February 2018, it will enter into force after ratification by at least 6 states, which hold together a GDP of more than 85% if the GDP of all signatories.
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Tariffs on US manufactured goods and almost all US farm products will go almost immediately once the deal is ratified.
Countries would also to co-operate on wider issues such as employment practices, intellectual property and competition policies.
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ISSUESInvestor-state dispute settlement (ISDS)
Food and Environment Safety
Health/MedicinesJob LossNo exit clause.
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WHAT INDIA SHOULD DO? Should go ahead with India-EU FTA
Concluding RCEPBlocking effort of these mega blocks to bypassTraditional KnowledgeWTO rules on Labor, environment,
public procurement etc
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SS Tarapore, served as deputy governor at RBI. He worked under C Rangarajan, the then RBI Chairperson.
The mutual understanding and respect led them to reform India’s financial sector and put it on a sound footing.
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After retiring, he chaired two committees on full capital account convertibility and one on how to streamline the RBI.
Between 1997 and 2016, he wrote and lectured on a scale that is hard to emulate.
He remained steadfast in his belief that RBI knew what it was doing and ought to be left alone (Autonomy) to get on with its job, which was maintaining the monetary stability of India.
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itter.com/iastoss
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CAPITAL ACCOUNT CONVERTIBILITY
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Freedom to convert local financial assets into foreign ones at market-determined exchange rates.
Leads to free exchange of currency at lower rates and an unrestricted mobility of capital.
India currently has full convertibility of the rupee in current accounts such as for exports and imports.
36Harveer Singh twitter.com/iastoss
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The Capital can be of any entity/type: Some of these areForeign Direct Investment (FDI)ADRs and GDRs by Indian CompaniesECBsG-SECs Joint Ventures/ SubsidiariesDisinvestmentForeign Venture Capital Investment (FVCI)FIIsCommodity HedgingOverseas Investment by Indian Mutual FundResident’s borrowings in Foreign Currency
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However, India’s capital account convertibility is not full.
There are ceilings on government and corporate debt, external commercial borrowings and equity.
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DEBATE Inflow of foreign investment increases, and
transactions are much easier and occur at a faster pace.
It also initiates risk spreading through diversification of portfolios.
It could destabilise an economy due to massive outflow of the country.
It could cause currency appreciation/depreciation and worsen balance of trade.
39Harveer Singh twitter.com/iastoss
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Real liberalization was initiated in 1991 aftermath balance of payment crises.
Rangarajan Committee report outlines the reforms in the external sector.
Recommendations dismantling of trade restrictions transition to market determined exchange rates gradual opening of capital account
40Harveer Singh twitter.com/iastoss
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1997 S.S.TARAPORE COMMITTEE-I Provided the initial roadmap for the
liberalisation of capital account transactions. A set of preconditions to be achieved prior to
liberalisation of capital account. fiscal deficit to GDP ratio has to come down from a
budgeted 4.5 per cent in 1997-98 to 3.5% in 1999-2000.
Inflation (3-5%) Bring down NPAs to 5% and CRR 3% Debt Service Ration 20% ( Then it was 25%)
It was the time when banking sector reforms were also instigated on the proposition of Narasimhan committee.
41Harveer Singh twitter.com/iastoss
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2000: FEMA over FERA- All the current account transactions are permitted under FEMA and no prior permission of RBI is required for any such transactions, while there remain restrictions on capital account.
Under FEMA some capital account transactions are completely permitted, some are totally prohibited while some are allowed within a fixed ceiling.
Sectoral rules have also been shaped and enforced with FEMA rules.
42Harveer Singh twitter.com/iastoss
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2006: TARAPORE COMMITTEE II It also did not recommended unlimited
openings of Capital account but preferred a phased liberalisation of controls on outflows
and inflows.
43Harveer Singh twitter.com/iastoss
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The committee suggested 3 phases of adopting the full convertibility of rupee in capital account. First Phase in 2006-7 Second phase in 2007-09 Third Phase by 2011.
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Allow NRIs to invest in Capital Market
Give Tax benefit to NRI deposit
Prohibit FIIs from investing in P-Notes
Raise ceiling on ECB for automatic route.
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SHOULD INDIA GO FOR FULL CAPITAL ACCOUNT CONVERTIBILITY ?
Looking at the fragile economic structure and underlying problems with the free capital flow in world economy, India must be cautious.
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THANK YOU.
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INTELLECTUAL PROPERTY INDEX BY GLOBAL INTELLECTUAL PROPERTY CENTRE (GIPC)
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Released by U.S. Chamber of Commerce’s Global Intellectual Property Center (GIPC)
There are 6 Categories and 30 Criteria. Categories include patent, copyright and
trademark protections, enforcement, and engagement in international treaties
India remains at the bottom of the Index for the fourth year in a row.
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The 38 economies benchmarked in the 2016 Index accounts for nearly 85 per cent of the global GDP.
In BRICS Russia ranked 20th, China (22nd), South Africa (26th) and Brazil (29th).
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WHAT INDIA’S WEAKNESSES ARE? The use of compulsory licensing (CL) for
commercial and non-emergency situations, and the expanded use of CL being considered by the Indian government.
Poor application and enforcement of civil remedies and criminal penalties.
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DO YOU AGREE THAT THE IP PROTECTION SYSTEM IN INDIA IS LAX. ELABORATE.
Is it because India relatively lacks culture of innovation.
Is it because of huge affordability- aspiration gap.
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SEPARATE ISSUE: WHY INDIA LAGS IN INNOVATION?
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THANK YOU