Reserve Bank’s survey of outside professional forecasters shows anticipation of a modest recovery with growth in 2013-14 at 6% from 5% and average WPI inflation to moderate to 6.5% from 7.3%. Surveys show that inflation expectations have moderated slightly, while business expectations remain subdued. In view of macro-financial risks that stay significant, headline inflation remaining above the threshold and consumer price inflation remaining high, the space for action for 2013-14 remains very limited. If some of the risks come to fore, policy re-calibration may become necessary in either direction. Slow-paced recovery is likely later in 2013-14, contingent on improved governance and concerted action to resolve structural bottlenecks, especially in infrastructure sector. Output gap is likely to reduce, but remain negative. Headline inflation is likely to remain range-bound in 2013-14, with some further moderation in H1 due to subdued producers’ pricing power and falling global commodity prices, before it increases somewhat in H2 largely due to base effects. Summary of macroeconomic and monetary developments in 2012-13 During 2012-13, slowdown persisted as mining and manufacturing activity stalled, agriculture output was affected by temporal and spatial deficiency in rains and services sector witnessed moderation. Growth is likely to have stayed low in Q4 of 2012-13. Growth is hobbled by structural bottlenecks. Shortages of power, coal and natural gas, stoppage of mining activity in some states following legal enforcements on illegal mining have emerged as a major constraining factor for industrial growth. Core industries have underperformed in this backdrop. The Reserve Bank’s Order Books, Inventory and Capacity Utilisation Survey show that the slack in capacity utilisation persisted in Q3 of 2012-13. New orders picked up marginally. Inventory as a ratio of sales, reached its lowest for finished goods, but highest for raw materials in the past five quarters. Aggregate demand remained sluggish with inflation adversely impacting real consumption and cyclical and structural factors impeding investment. Investment decline was accompanied by decline in saving rate as persistence of inflation eroded financial savings of the households. Corporate sales growth moderated in Q3 of 2012-13 to its lowest level since Q3 of 2009-10. Operating profits grew at a positive rate. Planned corporate investment moderated sharply in Q3 of 2012-13, thus continuing with the downturn that began in H2 of 2010-11. There is urgency for addressing bottlenecks in coal, power, road and telecommunication sectors to revive investment and growth. Momentum towards fiscal consolidation since middle of 2012-13 continues. As a result, fiscal risks have been lowered but they have not waned. If growth slows down further, it could result in revenue shortfalls and a resurgence of fiscal risks. Removing structural impediments and public investment stimulus to crowd-in private investment can turn around falling investment. However, this would need to be balanced by offsetting reductions in government’s current expenditures. Modest pick-up in exports in Q4 of 2012-13 and some deceleration in imports are likely to help moderate current account deficit (CAD) in Q4 of 2012-13 after a record high of 6.7% of GDP in Q3. Despite this, the CAD/GDP ratio for the year 2012-13 is expected to be around 5%, twice the sustainable level. High CAD in Q3 of 2012-13 was adequately financed by capital inflows, without any reserves depletion. CAD in 2013-14 is likely to benefit from moderation in global commodity prices. Yet, its sustainability continues to face risk from event shocks that may cause a sudden stop or reversal of capital inflows. External vulnerability indicators worsened further in Q3 of 2012-13. India’s external debt rose, reflecting continued dependence on ECBs and short-term borrowings to meet the widening CAD. Short-term debt on a residual maturity basis increased to 44% of total debt and 56% of the foreign exchange reserves by end-December 2012. Headline inflation and demand-side pressures have moderated, but inflation risks remain reflected in double-digit consumer price inflation, food supply constraints and suppressed inflation in energy segment, including diesel, coal and electricity. Persistent pressures from wages remain a major risk to inflation moderation. Although the pace of increase in rural wages moderated a bit, it remains high. Divergence between WPI and CPI inflation has widened on account of higher food inflation and other factors such as increase in housing rents and transportation costs. Globally, growth turned weaker in 2012 and is expected to stay sluggish in 2013. Fiscal adjustments will drag growth down in advanced economies and delay cyclical recovery in emerging market and developing economies. Outlook for global commodity prices, including metals and oil, remains benign. It should help reduce imported inflation, subject to broadly stable exchange rate. However, some risks remain from the large and continuous doses of quantitative easing. Global financial market conditions have improved as a result of unconventional monetary policy easing and supportive policy actions. However, tail risks remain significant, calling for committed action to reduce balance sheet exposures and prepare adequate buffers against possible contagion risks.
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Macro Economic and Monetary Developments India
South Asia drives World Economic Growth
The combined output of the three leading South economies—China, India, Brazil—will surpass the aggregate production of the United States, Germany, United Kingdom, France, Italy and Canada by 2020. According to United Nations Human Development Report 2013, the rise of the South is radically reshaping the world of the 21st century, with developing nations driving economic growth, lifting hundreds of millions of people from poverty, and propelling billions more into a new global middle class. The Report shows that more than 40 developing countries have made greater human development gains in recent decades than would have been predicted. These achievements, it says, are largely attributable to sustained investment in education, health care and social programmes, and open engagement with an increasingly interconnected world. Further, report reveals that this historic progress is creating opportunities for the South and the North to collaborate in new ways to advance human development and confront shared challenges such as climate change. Report pointed that the South as a whole is driving global economic growth and societal change for the first time in centuries, thereby providing a detailed look at fast-changing world. Some of the snapshots of report are: China and India doubled per capita economic output in less than 20 years—a rate twice as fast as that during the Industrial Revolution in Europe and North America. The Report projects that by 2020, the combined output of the three leading South economies—China, India, Brazil—will surpass the aggregate production of the United States, Germany, United Kingdom, France, Italy and Canada. With living standards rising in much of the South, the proportion of people living in extreme income poverty worldwide plunged from 43 percent in 1990 to 22 percent in 2008. Report notes that developing countries nearly doubled their share of world merchandise trade from 25% to 47% between 1980 and 2010. Trade within the South was the biggest factor in that expansion, climbing from less than 10% to more than 25% of all world trade in the past 30 years, while trade between developed countries fell from 46% to less than 30%. However, report projects that trade between countries in the South will overtake that between developed nations. The South is increasingly interdependent and interconnected. Brazil, China, India, Indonesia and Mexico now have more daily social media traffic than any country except the United States. The South’s growing global interconnections are personal as well virtual: migration between developing countries recently surpassed net migration from South to North. The world is witnessing an epochal “global rebalancing.” The tectonic shift has put developing countries on an upward curve. The Report predicts that the so-called “Rise of the South” should continue and could even accelerate as the 21st century unfolds. Global institutions have not yet caught up to this historic change. China, with the world’s second largest economy and biggest foreign exchange reserves, has but a 3.3 percent share in the World Bank, less than France’s 4.3 percent. India, which will soon surpass China as the world’s most populous country, does not have a permanent seat on the UN Security Council. And Africa, with a billion people in 54 sovereign nations, is under-represented in almost all international institutions. The report suggests that south itself has both the expertise and the resources to be a more powerful force in global development. Developing countries now hold two-thirds of the world’s total $10.2 trillion in foreign exchange reserves, including more than $3 trillion in China alone, and about three-quarters of the $4.3 trillion in assets controlled by sovereign wealth funds worldwide. The rise of the South is challenging existing global institutions to change and showing new ways that countries and regions can work together to confront shared challenges. As older international institutions fail to adapt, new mechanisms are emerging. Further, the South needs greater representation in global governance, which also requires assuming greater responsibility. It urges the convening of a new “South Commission” where developing countries can take the lead in suggesting constructive new approaches to effective global governance. Hence, the report lays emphasis on
the rise of the South and its potential for accelerating progress for future generations should be seen as beneficial for all countries and regions, as living standards improve and the world as whole becomes ever more deeply interdependent.
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Tagged Atotrney, Brazil, China, India, Law Firm, lawyer, South Asia drives World Economic Growth
Industry Workers Seek to Enforce Legal Rights
Whilst compensation claims for accidents in the workplace are seemingly commonplace these days, less is known about the rights for those suffering from other industry-related health issues. Anyone who has suffered an injury whilst in the course of their employment is entitled to seek advice on making a personal injury claim. Compensation may be payable for all sorts of industry-related health problems, from simple slips, trips and falls to more complex cases involving industrial deafness or industrial diseases such as mesothelioma, asbestosis or even vibration white finger. Responsibility: who is liable? In any kind of workplace, the employer has a legal responsibility to protect his employers, so far as is reasonably practicable, from known hazards. All reasonable precautions should be taken and the correct training and equipment should be given to all workers. This duty of care is well established in law and when breached, may leave the employer open to a claim for compensation from a sick or injured worker. Workers who come into contact with or handle dangerous chemicals might want to check whether or not such chemicals can reasonably be replaced by less harmful substances. If this is not possible, your contact with the chemicals should be kept to a minimum and the correct safety clothing and equipment should be used. Once training and equipment have been provided, it is the responsibility of the employee to utilise that training and wear the right equipment; however, employers are still ultimately responsible. Making a claim If you feel that you have suffered an industrial illness or disease, or indeed have suffered an industrial accident, after seeking help from a medical practitioner you should seek personal injury claim advice. Seeking advice as soon as you are aware of a potential problem can be enormously beneficial, as you will receive information about the sort of evidence that you will need and will find out if indeed you may have a valid claim. Professional advice will also allow you to ask any questions that you may have either about the claims process itself or about the sort of compensation figure that you may be entitled to should your claim be successful. Your initial enquiry will not, however, place you under any obligation whatsoever to pursue a claim in the future. It should be noted that many industrial diseases and illnesses can get progressively worse, even when the sufferer is removed from the environment that gave rise to the problem in the first instance. This is another good reason to seek advice early on, as although you may not feel as though you want to claim now, as your problem worsens, you could start to see a real need not only to get compensation, but also to bring your employer to task and make him improve safety procedures for other employees. Seeking personal injury claim advice early does not irrevocably tie you to making a claim, but will be of enormous benefit should you decide that this is the route that you wish to take. AUTHOR BIO Andy is a junior lawyer who specialised in helping industrial illness sufferers seek the compensation that they deserved. When not travelling with his husband, he writes for a number of industry-specific blogs and websites about various personal injury claim advice matters. For more legal advice to the workers ,author suggests this site for more information : www.phclaw.com
Lithuania
Lithuania is a modern, dynamic North European country of high technologies and innovations. It’s a country of unique cultural riches, lovely, authentic countryside, unspoiled coastal area and unforgettable UNESCO World Heritage masterpieces. Lithuania is also a primary North European transport centre. Excellent Strategic Location Lithuania is the geographic centre of Europe – it is a lively crossroad between the North, East and West. Lithuania has a convenient proximity to Scandinavia, Western Europe, Russia and the CIS. The country is the EU’s prime transport hub and an interconnection of two major pan-European transport corridors, linking the huge Eastern markets with the rest of Europe via air, sea, rail and highway routes. Lithuania is part of the EU, NATO and Schengen area. Smart, Well-Educated People Lithuanians are among the best educated EU citizens – more than 90% having secondary or higher education, over 30% – higher education. Moreover, Lithuanians are among EU’s most multilingual people – 90% speak at least one foreign language. Lithuanians are flexible, hard-working and creative people, known as innovators and authors of world-scale inventions, for example, in the fields of biotechnology, lasers and ICT. World-Class Business Infrastructure Lithuania offers world‘s-leading ICT resources – the world’s fastest internet download and upload Internet and Europe’s highest fiber penetration. The country is a hub of five integrated R&D valleys, six business development (FEZes and IPs) and four logistic centres. Investor-Friendly Business Environment Lithuania offers one of the lowest-costs locations in the EU, characterized by low salaries and relatively low and flat taxes. The country offers generous investing incentives ( for example, the INVEST LT+ program, designed to cover expenses of FDIs, may offer up to EUR 3.5 million in support) and highly attractive corporate profit tax reductions for new technologies and R&D.
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Tagged Law Firm Europe, Law Firm India, Law Firm Lithuania, Lithuania
Bad Faith Trademark Law India
Evidence to support a claim under section 11(10) of the Act must be particularly focused as this is a very serious claim. Section 11(10) of the Act states that the registrar shall take into consideration the bad faith involved either of the applicant or the opponent. In Gromax Plasticulture Ltd v. Don & Law Nonwavens Ltd [1999] RPC 367, Lindsay J stated at page 379: “I shall not attempt to define bad faith in this context. Plainly it includes dishonesty and, as I would hold, includes also some dealings which fall short of the standards of acceptable commercial behaviour observed by reasonable and experienced men in the particular area being examined. Parliament has wisely not attempted to explain in detail what is or is not bad faith in this context; how far a dealing must so fallshort in order to amount to bad faith is a mater best left to be adjudged not by some paraphrase by the court(which leads to the danger of the courts then construing not the Act but the paraphrase) but by reference to the words of the Act and upon a regard to all material surrounding circumstances”. And in Royal Enfield case the Appointed Person, held: “An allegation that a trade mark has been applied for in bad faith is a serious allegation. It is an allegation of a form of commercial fraud. A plea of fraud should not be lightly made (see Lord Denning M.R. in Associated Newspapers (1970)2 QB 450 at 456) and if made should be distinctly alleged and distinctly proved. It is not permissible to leave fraud to be inferred from the facts (see Davy v. Garrett(1878) 7 Ch.D.473 at 489). It should not be made unless it can be fully and properly pleaded and should not be upheld unless it is distinctively proved and this will rarely be possible by a process of inference” Therefore a claim under section 11(10)) must be supported by evidence of dishonest activities or dealings or at the least commercial behaviour or activities below the standard regarded as acceptable by the community at large.
