About 83% of Indian companies expect a rise in revenues in the coming year, as compared to 70% globally, according to a new report
More Indian companies, as compared to their global peers, expect a rise in revenues in the coming year, a survey has said, reports PTI.
About 83% of Indian companies expect a rise in revenues in the coming year, as compared to 70% globally, the bi-annual Regus Business Tracker survey said.
Indeed, 74% of large-sized businesses compared to a 42% global average had experienced a rise in revenues, when the survey was conducted, it said.
“As a result, 20% more large businesses than the global average (70%) expect the rising revenue trend to continue in the coming year,” the survey said.
When asked about measures they believed would be most effective in aiding recovery, 40% of medium businesses (globally 19%) advocated a rise in interest rates to curb inflation.
About 39% of medium-sized businesses (37% globally) stressed on the need for public investment in infrastructure. Overall, 59% of all local companies wanted better infrastructure investment.
The survey also analysed sector differences, finding that in India, 34% more consultancy businesses than average had experienced a rise in revenues (globally 42%).
Exports touch Rs4,373 crore; reach total volume of 2,57,469 tonnes in the last fiscal
India’s tobacco exports surged 29% to reach Rs4,373 crore in the 2009-10 fiscal on higher demand from Europe and the US. India is the third largest tobacco exporter in the world.
In volume terms, tobacco exports—comprising raw tobacco and its products—rose by 14% to 2,57,469 tonnes in FY2010 from 2,24,867 tonnes in the previous fiscal, a senior Tobacco Board official said, reports PTI.
“The shipments rose both in value and volume terms. India exported tobacco worth Rs4,373 crore in the 2009-10 fiscal against Rs3,388 crore in the same period last year,” he said.
The export of tobacco surged as lower production in countries such as Europe and the US boosted global demand, the official said.
The board official further said, “The rise in exports was also due to higher price realisation for Indian tobacco. The average export price for our tobacco was $3 per kg in FY2010 as against $2.50 per kg in FY2009.”
India shipped Rs748.95 crore worth of tobacco products like cigarettes and Rs3,624 crore worth of unmanufactured tobacco like flue-cured Virginia (FCV) tobacco in FY2010, the board said.
In volume terms, exports of tobacco products stood at 29,772 tonnes, while unmanufactured tobacco shipments totalled 2,27,697 tonnes in the review period, it said.
The shipment of FCV tobacco, the major export variety, increased in volume to 1,73,701 tonnes from 1,50,174 tonnes during the period, it added.
The board said that tobacco was exported largely to Belgium, Russia, South Korea, the Netherlands and South Africa.
Tobacco production in the country is likely to touch 335 million kg in the 2009-10 season, against 317 million kg in the previous year, it added.
The harvesting season varies in Andhra Pradesh and Karnataka, the two biggest tobacco producing States in India. At present, tobacco is being harvested in Andhra Pradesh.
The information will bring about more transparency by providing prospective policyholders clear information about the amount that has been collected from them as brokerage or commission
The Insurance Regulatory and Development Authority (IRDA) has asked life insurers to disclose the commission paid to agents for unit-linked insurance plans (ULIPs) amid a debate over huge payouts given to them as against mutual funds, reports PTI.
“It has been decided to disclose the commission or brokerage payable to an agent or broker explicitly, from (an) enhanced transparency viewpoint,” said IRDA in a circular.
The information will bring about more transparency by providing prospective policyholders clear information about the amount that has been collected from them as brokerage or commission, the circular said. The new rule will come into effect from 1 July 2010.
The decision to disclose commission comes at a time when market regulator SEBI and IRDA are locked in a battle for control over ULIPs.
The commission paid on ULIPs has been a long-standing grouse of the mutual fund industry.
Mutual funds have been complaining that the hefty amounts paid to agents as commission on ULIPs has led to agents pushing only unit-linked plans.
The insurance watchdog’s decision also comes seven months after SEBI decided to ban entry load on mutual fund schemes, which includes commission that investors pay at the time of purchase.
The ban on entry load virtually dried up the source of commission for mutual fund agents, thus forcing them to shift to selling other insurance products.
“It is essential that investors are fully aware of the key components of the product pricing, which includes mortality charges and the commission. We are maturing as an industry and IRDA’s decision will further help establish insurance products as a viable long-term investment option,” said Metlife India Insurance’s managing director Rajesh Relan.