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Inis nry scurity
Ky issus imctin t Inin
oi n s sctor
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Frwr
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Is r rwt
vr ru 8 r
t t st ,
t 6.5 r t
rwt t r
ry. v t rt
rwt vs,
ry s xt
t tu t rs; rs
ry s, tur, v rw tttt t rt ry surty. ry
surty s sur y urt tr trs
vty, ssty rty
ry rsurs.
C, tur s r t st rtt
surs rry ry I. Iut
st sus ts yrrs r
r t utry t rs ts rt .
W t utry rs y t
rts, t s s t t tt suy
tur s, w ws xt t vt
ur ry surty r t w st
]d\k$j]eYafko]ddZ]dgohjgb][lagfk&G^dYl]$
rv y rt ty t
wr rt st
rut, Is rts v rs.
Gfl`]_dgZYd^jgfl$\]eYf\^gj`q\jg[YjZgfk
s rs; suty, I s
ts rts t sur ry surty. T
-t stut s r t
ssty rsurs ur sts.Irs strt rsrvs, us
r uty vst y v
ur u r.
Gfl`]\ge]kla[^jgfl$Yegn]lgoYj\kY
\an]jka]\^m]dZYkc]llg_]l`]joal`Y^g[mkgf
]^[a]fl]phdgjYlagfYf\[gfkmehlagfg^]f]j_q
rsurs s . ty, rt
vt ry rstrutur, u
rsur vt t u-
_jY\YlagfYj]c]qYj]Yk^gjY[lagf&9egj]
uv y vrt u wt
tv rutry r s, wtut ut, t
ss r rt rwt st ry
rsurs. ry surty s trt
Y[lagfZqYddklYc]`gd\]jk&
Ts ttv Ntion Sminr or Enry
Scurity Zjaf_klg_]l`]jYddl`]klYc]`gd\]jk
w w rstr t ru ssus
rt t ry surty I wt t t
tv rt r r t utur.
FICCI rst u v ty rr
l`akcfgod]\_]j]hgjlo`a[`hjgna\]kl`]ZYkak
us r t susss. T r
rvws t urrt sr rs ry
I w s t rs
rts rv rry y
st rut. It s rvws
l`][mjj]flhgda[qYf\j]_mdYlgjq^jYe]ogjc
vr Is s strs, t
t srts sust rrs.
Alakgmj`gh]l`Ylqgmoaddf\l`akhYh]jYf\l`]
uts t Nt Sr r ry
Surty rtv u sur
ry surty r t utry.
Dr. Riv Kumr
Srtry r
FICCI
>
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Contnts
Inis imnin nry crisis 3
Ky issus imitin rowt n vomnt o Inis oi n s inustry 5
. Ustr 5
B. Mstr 8
C. Dwstr
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3
;mjj]fl]f]j_q\][alk[]fYjag
Currty, I s t wrs stst-rw
s. Dur t r tw 2006
2010, t utrys rss st rut (DP)
rs t CR 8.2%, w DP
rs t CR 4.5%.1
T r rs tvty s y rs
ry sut. Dur t r tw
2006 2010, Is rry ry sut
rs t CR 8.3%, r 381.4 ts
g^gad]imanYd]flELG=!lg*&*ELG=&gYd$gad
tur s r r surs rry ry
I, ut r 52.%, 2.6% 10.6%,
rstvy, t rry ry sut.
tu t utry s t wrs urt-rst
rsrvs, t -suy
s sstty rs, wt st
hjg\m[lagfmfYZd]lgc]]hhY[]oal`l`]\]eYf\&L`]
\][al$af[Yk]g^gadYf\_Yk$ak]n]fegj]&Af\aY`gd\kust 0.7% t wrs rv rsrvs w
ut r 3.% t sut
tus rt 73% ts su. Sry, t
utry s 0.8% t wrs rv tur s
rsrvs, w ut r 1.% t wrw
s sut, w rsuts I rt
ry 20% ts tur s su tru N.2
Inis imnin nry crisis
MMT
Percentage
F11: urs r rvs
Sur: Ptru P yss C, rst u yss
iur 1: Inis risin nnc on oi imorts
34 34.1 33.5 33.7 37.7
120.7128. 133.6
137.8 141.8
71.
73.5
74. 75.6
73.4
60
62
64
66
68
7072
74
76
78
0
20
40
60
80
100
120
140
160
F07 F08 F0 F10 F11
Dst ru rut( ts)
Dst tru rutssut ( ts)
Irt (%)
Rs rt s us r r
Gn]jl`]hYkl^]oq]Yjk$l`][gmfljqk\]h]f\]f[]
rt s sty rs s rsut
stt st rut rs .
Ts rt ru s
ka_fa[Yflaehda[Ylagfkgf]f]j_qk][mjalqYf\l`]
gn]jYddfYf[aYd`]Ydl`g^l`][gmfljq&
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4
Dsrut ru sus s wys
us r r r I. T M st Nrt
r, w sus 60% Is rurts
v wtss r t vtty
rt ts.3 T rt uv t M st,
sy y yt trr r ru
rut t r, rsut rs
[jm\]gadhja[]k\janaf_mhafYlagfafAf\aY& 4 r
t Ss, t rs r y US10
r rr u tty sw Is DP rwt
Zq&*Yf\eYqafYl]l`][mjj]flY[[gmfl\][al
y 0.4%.
5
I t, t rs rs uj]kmdlafm[lmYlagfkaf^gj]a_f]p[`Yf_]j]k]jn]k&
T rt rt t ru rs t st
ru rts r I, w tur s
lgaf[j]Yk]afafYlagfYjqhj]kkmj]kgfl`]][gfgeq&
mjl`]j$jakaf_gadaehgjlkaehY[lgmjljY\]\][al&
Nty, t rt ru ruts rs
r US50.3 F06 t US115.
F11.6AfQ*laddG[lgZ]j*!$aehgjlklgm[`]\
US75 .7Gn]jl`]dgf_jmf$l`]oa\]faf_ljY\]
\][aleYqj]kmdlafl`]hYm[alqg^^gj]a_f]p[`Yf_]
rsrvs r t utry t y tr rt
rstrutur s rts.
s srts rsst,
twtst rut
[gee]f[af_^jgef]o]d\k
Currty, ru 32% r s t
utry s ut s st sus r t
ut u t t urrt . I F10,
t st s suy sr rv, wt t
?
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T I s ustry s t wt
yr ssus. W s t s su s
rutry urtty, susz tru rs
Yf\j]_mdYl]\_Ykhja[]kYj]kh][a[lgl`]\ge]kla[
s ustry, yrs st t rss
jYehYfl_dgZYdakkm]kkm[`YkeYfhgo]j\][alYf\
t t ut rstrutur.
S t rtt ssus rss t vu
r suss w.
Mhklj]Ye
Iut ustr
rstrutur11
T ustr s rstrutur I s
ut u t urvstt t st.s rsut, t rut s r
klY_fYflYf\`YkfglZ]]fYZd]lgc]]hmhoal`l`]
rs . T str s t rtt
r r rvt yrs s s vs r
tr rtt Nw xrt
s Py (NP) rus. Fr st, tt
21 r s rtt NP-VII
*!l]f^gj]a_f[gehYfa]klggchYjlaf=
AAA*!$o`ad]gfdq]a_`l[gehYfa]klggchYjlaf
NP-IX (2011).12 Furtr, s v st ust
US7.2 , ut tr vstt tt
US20.7 ut NP VII.13
tut uxr stry r t utry
rs r 41% F t 12% F10, t
v xrt w v t urtr rs t
rs yrr rut.14
K`gjlY_]g^gad]d\k]jna[]k15
T rs r s s rsut
rs xrt tvts wrw,
lgl`]k`gjlY_]g^gad]d\k]jna[]k$hYjla[mdYjdq
wtr rs. I wt t tr, I s
^Y[af_Yk`gjlY_]g^gad]d\k]jna[]k$]kh][aYddq\jaddaf_
ut. Cs r rsy srt
tr xrt trts wt
[gklgn]jjmfkYf\\]dYqkafogjc[geeale]flk&L`]
akkm]akY[[]flmYl]\Zql`]dY[cg^\ge]kla[]ph]jlak]
t utur rs, rtury wtr rs,
t t t vry w rs. Furtr,
st t r ssts y I s r
Y_af_&Gn]jl`]f]pl^]oq]Yjk$l`]k]gd\ja_k]al`]j
v t rtr r sustty ur t r
gh]jYlagfYd$o`a[`akdac]dqlg^mjl`]jaf[j]Yk]l`]
srt. I t t rs, tr s srty
tr ustr-rt rstrutur su s rss
trs, s, t stts tr
sur ts t trsrt s r ws t
vry ts.
Ky issus imitin rowt n vomnt
o Inis oi n s inustry
A.
Af\aYakf\af_al\a^[mdllg[gee]j[aYda]alkgad
s svrs. S t trut
NP 1, tr v 60 svrs,
ut w 51 r s svrs. Hwvr,
ut ts 51 svrs, y tw v
tr rut s.
11. ?YkAf\aY?jgol`af[`Ygk$gemjYAfl]jfYlagfYd$EYq*$naYL`gekgfJ]k]Yj[`
12. =A?dgZYdgadeYbgjkk`mfAf\aYkg^ ]jg^gadYf\_YkZdg[ck$The Economic Times, 2 Mr 2011, v Ftv, 2011 T Ts
g^Af\aY?jgmhZa\kj][]an]\^gj]phdgjYlagfZdg[ckg^ ]j]\mf\]j=AA$j]kkAf gjeYlagfmj]Ym$+mf]*glYc]jk
^gj`Yd^g^f]o]dhZdg[ck$_dgZYdeYbgjkeakkaf_$Indian Express$+G[lgZ]j*$naYY[lanY$*Af\aYf=phj]kklq&l\
13. Af\aYGadYf\?Yk$EY[imYja]=imala]kJ]k]Yj[`$/mf]*$naYL`gekgfJ]k]Yj[`
14. DH 2010 u rrt15. Af\aYGadYf\?Yk$EY[imYja]=imala]kJ]k]Yj[`$/mf]*$naYL`gekgfJ]k]Yj[`
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surt y t ttvs t Cs
vrt, r t vst s rstrutur
rts t rvs st s t utrs
o`]j]l`]qYj]k]]caf_Y[[]kklggadYf\_Ykj]k]jn]k&
T I s ur I s t x
tr vrss rts. Hwvr, Is vrss
vstts s tt Cs
s. W I s vw vrss
rts s r tvty sty
ur ssts s rturs, Cs t
s r t ry t vry r ssts
lgklj]f_l`]f]f]j_qk][mjalq$gn]jdggcaf_hjgb][ls. Tu I s urrty v
Ykk]lkaf`a_`jakc[gmflja]kkm[`YkKm\YfYf\KqjaY$
ty w strty s t urs t ssts
rtvy s utrs. I trst, Cs
s r t vrs t vst ust
rs.
S t tr ssus r t rwt t
af\mkljqaf[dm\]l`]^gddgoaf_
LYpYf\j]_mdYlgjqakkm]k
L`]?gA`Yk[j]Yl]\YjgZmklj]_mdYlgjq^jYe]ogjc
surt t rwt t st s
af\mkljq&Kge]g^l`]c]qafalaYlan]kaf[dm\]
GadYf\_Yk]d\kYj]gh]flg\ge]kla[Yko]ddYk
^gj]a_f[gehYfa]kmf\]jl`]=^jYe]ogjc&
U t 100% Fr Drt Ivstt (FDI) s
rtt svr s- u-sz]d\kl`jgm_`[geh]lalan]Za\\af_&
Crt wstr ustr rutr.
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7
r rut r tur
_YkafZdg[ckda[]fk]\mf\]j=AAAYf\
Zdg[ckda[]fk]\mf\]jgYd]\E]l`Yf]E!
IV. ry, ut s v r
hjg\m[lagfg^fYlmjYd_YkafZdg[ckda[]fk]\mf\]j
tr NP CBM rus .
No otion or cimin tx oiy unr sction
80IB(9) o t Act: Tx y ur st
A!akYnYadYZd]lgYfmf\]jlYcaf_$o`a[`ak
]f_Y_]\afl`][gee]j[aYdhjg\m[lagfgjj]faf_
r r sv yrs u t
sssst yr. Hwvr, t t yrsl`]j]ak`Yj\dqYfqhjgllglYc]Y\nYflY_]g^l`]
lYp`gda\Yqkaf[]mf\]jlYcaf_kaf[mj[gfka\]jYZd]
]ph]f\almj]lgk]lg^^Yf\`]f[]$Y[lmYdZ]f]lg^
lYp`gda\Yq\g]kfglgolgl`]e&
Fg]p]ehlagfg gadYf\_Ykhjglk^jge
Minimum Atrntiv Tx (MAT):L`]Z]f]l
rt y wy tx y s rty st
s xt s rt r vy
MT.
Gad]d\k]jna[]k
Rimbursmnt o xns tx unr sction
44BB o t Act (or srvic rovirs): 9ka_fa[Yfl
ur uts v tt t ut
rv s rurst xss s t
ru r rs r t rr y srvs
ur t trt , r t rt t
trtu rvus. T rursts r
rst uts st y t trtr
t r ry, t s t
sttut t s t trtr.
L`]J]n]fm]Yml`gjala]k`Yn][gfkakl]fldqlYc]fY
trry st tt rvss St 44BB
t t y t uts rv trs s r rt trtt rst
rurst xss. ry, t Rvu
utrts v suty tx rursts
xss.
L`]j]f]jqk][lgjakgh]flgbgaflk][lgjhmZda[
rvt rtrs) s w s rvt str
hYjla[ahYlagf^gjf]oj]f]ja]k&
Fr tru ruts str, FDI s
rtt u t 100% tru utt rut.
FDI u t 100% s rtt r tur s N
wt rr vrt rv.
FDI u t 100% s rtt utt rut
eYjc]laf_g^h]ljgd]mehjg\m[lk&
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Comrison o iin nsity 010
Sourc o s W ric (US/mmbtu)
Fs-PM 4.2
D6 4.2
N (Ctrt)
D tr
7.5 t 8
N (St) 14 t 16
YffYEmclY 5.57 t 5.73
"9E9\eafakl]j]\_Ykhja[]
Kgmj[]
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t tr st u ustr susry r rt
srt vs wt t y tt w try
us xrt rut tvts.28 Hwvr,
u ur-rvrs v ru s rsrvs, w
eYqhj]n]flGEk^jgeafn]klaf_kmZklYflaYdYegmflklg
s u tr ustr usss.
Cs v CD
f]logjck
Afkm^[a]fl_Ykkmhhda]k$hggjdq\]n]dgh]\hah]daf]
rstrutur urtty vr rutry s
r s t trs trr t rwt t
[alq_Yk\akljaZmlagf?
Af\aY`YkY?
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Af\aYoadd`Yn]lggn]j[ge]ka_fa[Yfl[`Ydd]f_]k$
tr s w s xtr, t v ry
surty. Rutry urtty u
tur s r s v rsut vst
uxr ss ut ustr
tvts t utry. I t, t s
g^kcadd]\eYfhgo]jYf\hggjdq\]n]dgh]\mhklj]Ye
af^jYkljm[lmj]akj]kmdlaf_afYka_fa[Yfllae]dY_
tw s svrs rut. v
t srty yrr rsrvs rss t
t rs , I w v t rsy
t wt tr ts t sur ry sus.gkkadZYk]\^m]dkoadd\]fal]dqj]eYafl`]\geafYfl
sur ry t r utur. Ntss,
t tr, I w v t xr trtv
ry surs t strt ts ry surty.
ustry w rur ru 4,500 vr t
xt w yrs.30 S t tr s tt
y r t rwt t st CD ustry
Af\aYaf[dm\]l`]dY[cg^kY^]lqklYf\Yj\kYf\f]logjc
r ut surs.
Tx rutry ssus
Rutry r
J]faf_
Sunst cus or tx oiy or minr oi
j]f]ja]k2Tx y ur st 80IB t
9[loaddfglZ]YnYadYZd]lgeaf]jYdgadj]f]ja]kl`Yl
[gee]f[]j]faf_Y^l]j+EYj[`**&
;alq_Yk\akljaZmlagf
Absnc o cr rutory rmwor or
voin CGD ntwors: T s r
rutry rvss s r t vt
t st CD ustry. ss r CD
rts ur ru 2 ru 3 CD
r yt t wr. Mrvr, t urtty vr
t rtr rty t t t
t urt ru CD . ty rtr
^gj?
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Fgl]k
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9jlogjcZq
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About Ernst & oun
rst u s r ssur, tx, trst
vsry srvs. Wrw, ur 152,000 r
ut y ur sr vus uwvr tt
lgimYdalq&O]eYc]Y\a ^]j]f[]Zq`]dhaf_gmjh]ghd]$gmj
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rt ut ur rzt, s vst www.y.
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r r u y. It s t t t susttut r t rsr
r t xrs rss ut. Ntr rst u Pvt. t. r
y tr r t rst u rzt t y
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IN1112-141
Ernst & oun Pvt. Lt.
ssur | Tx | Trsts | vsry