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India approves 11 FDI proposals worth 1.83 bln rupees

REUTERS - The government has approved eleven foreign direct investment proposals (FDI) worth about 1.83 billion rupees, and deferred nine others, the government said in a statement on Monday.
The central government has also recommended three proposals to the Cabinet Committee on Economic Affairs, including one by Walt Disney Company seeking to raise foreign shareholding to up to 100 percent from 48.02 percent, the statement said.
In July this year, Walt Disney, the largest shareholder in India's UTV Software Communications, proposed to buy most of the shares it does not already own in the company and delist them from all bourses.

India approves 11 FDI proposals worth 1.83 bln rupees - Reuters -
 
Here are some excerpts from an NPR interview of Siddhartha Deb, the author of "The Beautiful and The Damned":

......
DEB: Well, I was interested in the changes that were happening there. Obviously, it's a lot of people experiencing change in new ways, in some sense, and I had gotten the impression that there was a very triumphalist version of this change, which is that the country is doing very well.

There was even a slogan that was coined by one of the political parties. It was called India Shining. And I was going back. I was writing feature articles. I was a freelance writer. And I was somewhat skeptical of this. It was pretty obvious that at the upper levels people were much better off materially than they had been in the past.

But certainly large numbers or swaths of people seem to be untouched or mired in the same poverty, or sometimes even worse because they could now see this incredible contrast. So I wanted to examine that. I wanted to do that by checking, by looking at the new rich. I wanted to look at people who were in the middle, people who were middle class.
----------

DONVAN: Well, and the style in which the book is written still reads like a novel. It is full of color and texture and even sights and sounds and smells.

DEB: Thank you. That was very much the intention, to write something like a nonfiction novel, if that's possible. So the facts aren't made up, they're very scrupulously researched. I've tried to be as accurate as possible, but I wanted the texture, the flavor of a novel, of people in motion in some sense.

DONVAN: Can I say that the story that you've written reads to me as a very sad story?

DEB: That would be - that's a fairly, I think, reasonable, actually, interpretation. I think it's a sad story to me too, in many ways.

DONVAN: Even among those who feel that you describe - you describe an engineer named Chuck who is building a house. He had lived in the United States, and he's now building a house in the American model. He gives you a tour. He even uses American language. This is the open-plan kitchen, this is the master bedroom.

And yet you portray him as - his desires as being somewhat hollow, as though he's not a happy man himself.

DEB: Well, I mean, I think Chuck would see himself as a happy man, and I think that's reasonable. I've tried to allow people that space. But yes, I as a narrator come in, and I do sometimes question what some of my characters are saying.

So when someone like Chuck says, you know, he did say this, that there are these incredible contrasts in India, but that's okay, we're kind of one big happy family, and I question whether that's really the case, when, you know, you have at the very top end of the country, say you have, say, something like 66 billionaires.

And these numbers might be slightly old, but there are probably a few more billionaires since I last checked. But 66 billionaires who seem to have something like 30 percent of the country's wealth.

On the other end, you have like 800 million people, over 800 million people living on less than $2 a day. When you have a country where 40 percent of the children under the age of five suffer from malnutrition, it seems to me that these contrasts aren't really healthy. They're not just differences. They are really like living different worlds within the same country.

So yes, I actually come in as a narrator, and I question when, say, Chuck is a character, he sees his life as striving and successful. And I think that's reasonable, again, but I also question the fact that this house, this special zone in which the house is constructed, is being built on what is a demolished village, and I have very hard questions......

Undercover In India, 'Beautiful' And 'Damned' : NPR

---------- Post added at 07:47 PM ---------- Previous post was at 07:45 PM ----------

Pakistan has created more jobs, graduated more people from schools and colleges, built a larger middle class and lifted more people out of poverty as percentage of its population than India in the last decade. And Pakistan has done so in spite of the huge challenges posed by the war in Afghanistan and a very violent insurgency at home.

The above summary is based on volumes of recently released reports and data on job creation, education, middle class size, public hygiene, poverty and hunger over the last decade that offer new surprising insights into the lives of ordinary people in two South Asian countries. It adds to my previous post on this blog titled "India and Pakistan Contrasted in 2010".

Haq's Musings: India and Pakistan Comparison Update 2011
 
At the current inflation rate approaching 10%, India's nominal GDP could be a lot higher than $ 4 trillion in 2015!

Haq's Musings: Indian Economy Slowing to "Hindu Rate of Growth"?

Interesting. India has measures in place and tools to control inflation. If there is a requirement, they will be used and some growth will have to be sacrificed. India's economic growth rate will not go lower than 7% as long as India's motive is Economic growth.

As for the "Hindu rate of growth" crap, have a look at what's happening inside the Islamic Republic of Pakistan everyday with an even higher inflation rate. I would not even dare to call what Pakistan is experiencing as "Growth". I would infact prefer bad growth rates rather than uncontrollable volatility.
 
SIAM, India's auto-industry lobby, forecasts sales growth will slow to 2% to 4% for the year ending April, about one-tenth of what it was last year, according a report in the Wall Street Journal.

Rising prices are usually something auto makers welcome. Not in India.

As recently as April, some Indian auto makers were struggling to produce enough cars to meet demand as sales hit successive monthly highs.

But thanks to rising interest rates, buyers are hitting the brakes.

Across the industry, sales fell 16% in July compared with last year and 10% in August. September's decline was a relatively mild 1.4%, the Society of Indian Automobile Manufacturers reported Monday, though sales figures in the three ...

Heard on the Street: India's Challenging Car Chase - WSJ.com

Here's more from Reuters:

NEW DELHI, Oct 10 (Reuters) - Car sales in India are expected to rise just 2 to 4 percent this fiscal year, an industry body said, cutting its forecast for the second time this year, as high interest rates and rising costs continue to hit demand in Asia's third-largest economy.

The growth forecast is down from the earlier estimate of 10 to 12 percent by the Society of Indian Automobile Manufacturers (SIAM), and 16 to 18 percent before that. Car sales had jumped 30 percent in the fiscal year 2010/11 that ended March.

"If the government continues to raise fuel prices and interest rates continue to go up the demand for cars will remain subdued," S Sandilya, President, SIAM and Chairman, Eicher Motors , told reporters.

Indian car sales last grew in single digits in 2008/09, at 1.39 percent.

Demand for cars in the world's second-fastest growing auto market after China has also been dented in recent months by rising vehicle costs, with many first-time buyers plumbing for motorcycles or scooters.

Car sales fell 1.8 percent in September to 165,925 cars, data released by SIAM showed on Monday. Demand for cars shrunk in July for the first time in nearly three years.

However, sales of commercial vehicles, a key pointer to the country's economic activity, rose 18.05 percent to 70,634, while motorcycle sales rose 19.93 percent to 933,465 vehicles.

India's central bank has raised interest rates 12 times since March last year in an effort to battle stubbornly high inflation, a move that has hurt credit-based purchases and slowed economic growth.

The Indian car market, which saw a 10 percent decline in August, is driven by a burgeoning and aspirational middle class that mostly relies on bank loans for purchases.

Maruti Suzuki , India's largest car maker, and 54.2 percent owned by Japan's Suzuki Motor Corp , posted a 21 percent drop in September sales, but rival Tata Motors , which makes both commercial vehicles and cars, reported a 22 percent increase for the month.

"The way things have been going in the last few months, this is a realistic number. While there is some uptick in festive demand, it's nowhere close to what it was in the last two years," said Vineet Hetamasaria, auto analyst at Mumbai's PINC Research.

SIAM raised its growth forecast for commercial vehicles to 13 to 15 percent, from the earlier forecast of 12 to 14 percent.

"Demand for movement of goods still remains, because the economy is still growing at 7 to 8 percent," SIAM's Sandilya said.

UPDATE 1-India industry body cuts FY12 car sales growth forecast | Reuters

Haq's Musings: Indian Economy: Hard or Soft Landing in 2011?
 
Hindu rate of growth has long beaten the Islamic rate of growth of Pakistan.

By several times. ;)
 
Car sales in Pakistan: ~100000 per year
Car sales in India: >2 million per year (20 times), per capita three times

Car sales in Delhi: 240000 per year, 2.5 times of whole of Pakistan.

Where did you get those figures? They are wrong.

Total car sales volume in India in 2010 was 1.87 million units, according to the Wall Street Journal. Here's an excerpt from the WSJ story:

Sales climbed to 1.87 million cars from 1.43 million in 2009, the Society of Indian Automobile Manufacturers said Tuesday.

India 2010 Car Sales Rise 31% - WSJ.com

Auto sales in Pakistan hit a two year high, jumping 61% in July, 2011 to 17,563 units from 10,942 units in the same month of last year. Pak Suzuki Motor Company led the auto sales up with 116 percent rise to 11,997 units from 4,503 seen in the same period last year. This is in sharp contrast to a Reuters report of 16% decline in auto sales in July across the border in India.

Haq's Musings: Pakistani Middle Class Pushes Car Sales Up 61%

---------- Post added at 08:39 PM ---------- Previous post was at 08:37 PM ----------

Here's where India leads the world:
India led the world with an estimated one quarter (26%, up from about 20% in previous years) of all TB cases, and China and India combined accounted for 38% of the global cases in 2010, according to the World Health Organization 2011 report titled "Global Tuberculosis Control 2011".

Haq's Musings: WHO Says India Leads the World in TB Cases
 
GST may push up India's GDP by 1.4 -1.6%: Assocham

New Delhi: Industry body Assocham on Thursday said implementation of the Goods and Services Tax (GST) is expected to push the country's economic growth up by 1.4 percent to 1.6 percent.

The chamber added that GST may add Rs 1.5 lakh crore annually to the government's revenues.

"The GST, likely to be introduced next year, will lead to buoyancy in government revenues by Rs 1.5 lakh crore and increase the country's GDP by 1.4 to 1.6 percent," it said.

It said to give a competitive edge to the Indian manufacturers, introduction of the GST will be a crucial reform to remove cascading of taxes and it would also lead to reduction in prices of most manufactured goods by about 10 percent.

"The tax GDP ratio too may go up by 1.5 to 2 percent with net revenue jumping by Rs 1.5 lakh crore a year," it added.

Once implemented, GST will subsume indirect taxes like excise duty and service tax at the central level and VAT on the state front, besides other local levies.

The proposal for roll-out of GST, touted as the most significant indirect tax reform since the introduction of state-level VAT, has been hanging fire on account of persisting differences between the Centre and the states on the GST Constitution Amendment Bill.


http://zeenews.**********/business/economy/gst-may-push-up-indias-gdp-by-1-4-1-6-assocham_31759.html
 
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