Economy | India needs to take more responsibilities: US

Economy | India needs to take more responsibilities: US
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First Published: Tue, Mar 03 2009. 11 45 PM IST
Updated: Tue, Mar 03 2009. 11 45 PM IST
Washington: As among the fastest growing economies of the world, India, China and Brazil not only have developed a new level of influence at the global level, but are expected to take increased level of responsibilities to smoothen world trade, an official US report has said.
The US Trade Representative in its “2009 Trade Policy Agenda and 2008 Annual Report” has identified India, China and Brazil as the key emerging markets of the world.
“As today’s fastest growing economies, China, Brazil and India have enjoyed a new level of influence and will be expected to take on an increased level of responsibility to make the trade liberalizing decisions and contributions,” the report said.
“That would benefit not only their own economic interests, but also promote global economic growth and development to the benefit of all developing countries,” it added.
The US appreciated World Trade Organization director general Pascal Lamy’ decision to convene a Group of Seven leadership meeting at Geneva in July last year to tackle the most difficult issues on agriculture and non-agricultural market access, and including India.
“This was a significant development, effectively providing China, Brazil and India with a seat at this leadership table, in addition to the United States, the European Communities, Japan and Australia,” it said.
— PTI
Central PSUs contribute Rs1.66 trillion revenue
New Delhi: The contribution of the Central public sector units, or PSUs, during 2007-08 rose to Rs1.66 trillion, almost 40% higher than the government’s collection as personal income tax.
The contribution to the exchequer by 242 PSUs, which include excise duty, customs duty, corporate tax and dividend, increased by more than 11% during the year, according to the 48th Public Enterprises Survey 2007-08.
The PSUs paid a total of Rs1.18 trillion during the year.
The survey further pointed out that the major component of the taxes paid to the government by the public sector units was excise duty (41.53%) followed by corporate taxes (24.5%).
More than half the excise duty collected by the Central government came from the 242 PSUs during 2007-08. The PSUs paid Rs68,932 crore as excise duty out of the total excise duty collection of Rs1.28 trillion.
However, PSUs’ dividend and interest paid to the government totalled Rs20,172.5 crore in 2007-08, marginally down from Rs20,942 crore in the previous year.
— PTI
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First Published: Tue, Mar 03 2009. 11 45 PM IST