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Volkswagen, Suzuki: Joining forces
Volkswagen, Europe’s largest car maker, has bought 19.9 per cent stake in Suzuki Motor Corporation, Japan’s third largest carmaker, for $2.5 billion. Of course, Suzuki’s strength is in small cars and Volkswagen’s stated mission is to become the world’s largest car company, ahead of Toyota and General Motors. And that’s not possible unless you have a bevy of small cars in your portfolio. A full takeover would have given Volkswagen annual volumes of 4.4 million cars — way ahead of Toyota’s 3.5 million. At the moment, Volkswagen-Suzuki is merely an alliance.

Credit offtake remains subdued at 11% in 2009
Credit offtake remained subdued at 11 per cent during the one-year period ending December 18, indicating the economic activity is yet to fully pick up momentum.

News of the day

Rs 5,000 cr loss expected for NACIL last fiscal: Patel
The National Aviation Company of India (NACIL), which runs flag carrier Air India, is expected to register a loss of about Rs 5,000 crore during 2008-09 fiscal, Rajya Sabha was informed today.
Small Business

Indirect tax mop-up declines 21.6% in Apr-Oct

Stimulus packages and economic slowdown have hit the exchequer hard as indirect tax collections shrunk by 21.6 per cent to Rs 1.27 lakh crore in the first seven months of this fiscal, against Rs 1.62 lakh crore a year ago. - GST to subsume central excise, VAT among other levies - FinMin may resume release of monthly indirect tax data - Excise collections fall by 49% in North India - Excise collections growth at 32.48% - Tractors exporters to get 4% duty refund - 'EOU-made goods sold in DTA must pay 3.09 pc excise' All the three components of indirect tax — excise, customs and service tax — have registered decline in collections. Customs declined the most, by 31.8 per cent at Rs 45,412 crore indicating lower imports because of economic slowdown and decline in petroleum prices. Excise duty collection was also down by 18.8 per cent at Rs 52,566 crore, a finance ministry statement said. The pace of slowdown could be gauged from the fact that services sector, which is a significant contributer to the Indian economy, fetched 5.4 per cent lower revenue at Rs 28.926 crore. Analysts attribute the fall in indirect tax collections to both stimulus packages, which cut excise duty by 6 per cent and service tax by 2 per cent, as well as economic slowdown. However, fall in indirect tax collection slowed down in October, declining by 13 per cent, compared to an average of over 21 per cent in the seven month period. Decline in each component of indirect tax has come down in October against earlier months. Customs duty collections fell by 18 per cent to Rs 7,505 crore in October, while excise duty slipped by 8 per cent at Rs 8,952 crore. Service tax collection dipped by 11.6 per cent at Rs 5,736 crore. Total indirect tax collections during the first seven months of this fiscal constituted 47.4 per cent of the budget estimates at around Rs 2.70 lakh crore for the entire fiscal, the statement said. As stimulus is taking a heavy toll on the exchequer, talks have already begun about when to withdraw it. Prime Minister Manmohan Singh had said it will be phased out from next fiscal, while Finance Minister Pranab Mukherjee had said it will continue till the global economy recovers.


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