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Investor appetite for Indian markets is back: Mobius

Investment guru and executive chairman of Templeton Emerging Markets Group, Mark Mobius, is bullish on the Indian markets, which have outperformed its global peers, posting almost 11 percent gains in January.

In an interview with CNBC-TV18, Mobius says the bear market of last year was actually a correction in the ongoing bull market, which was caused by too many IPOs (initial public offers) in 2010. “As you know, it was about $540 billion of new emerging markets IPOs,” said Mobius. However, now that the correction phase is over, more foreign money is being pumped into overall funds — a sign that investor appetite is back.

Reuters
Surprisingly, the foreign money being pumped into emerging markets is not from Europe or the US, but from Asia and Latin America because their own pension funds are running out of options in their domestic markets, said Mobius.

He added that there are tremendous opportunities in emerging markets because of the very low debt-to-GDP levels, high foreign reserves and rapid growth.

On the Supreme Court ruling which cancelled 122 2G licences, Mobius said the move is a positive as further reforms in the telecom sector will only aid consolidation and improve sector efficiency.

http://www.firstpost.com/business/investor-appetite-for-indian-markets-is-back-mobius-202361.html
 
A good video regarding automobile manufacturing in India... :)

 
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Forex reserves up $673m to $294bn

MUMBAI: The foreign exchange reserves rose for the second consecutive week, increasing by $673.4 million to $293.93 billion on account of jump in foreign currency reserves.

The overall reserves had increased $731.8 million to $293.256 billion in the previous reporting week.

Foreign currency assets (FCAs), a major component of the forex kitty, rose by $614.1 million to $260.119 billion for the week ended January 27, the RBI data released said.

FCAs, expressed in the US dollar terms, include the effect of appreciation or depreciation of the non-US currencies, such as the euro, pound and the yen, held in the reserves, it said.

The gold reserves were unchanged at $26.62 billion. For the week under review, the special drawing rights rose by $36.8 million to $4.46 billion, while the reserve position with the IMF jumped by $22.5 million to $2.73 billion, the apex bank data showed.
 
Economic growth likely to slow down to 7-7.5% in FY '12: PM

Amid grim global situation and high domestic interest rates, Prime Minister Manmohan Singh today said country's economic growth is likely to slow down to 7-7.5 per cent this fiscal from 8.4 per cent last year.


"...growth in the current fiscal year is likely to be lower, between 7 and 7.5 per cent, in a large measure due to the continuing uncertainty in the global economic environment," he said at the Chief Secretaries conference.


India's economy had expanded by 8.4 per cent in 2010-11 financial year.


"This (8.4 per cent growth) was a creditable performance when seen in the background of a crisis-ridden world economy. But, monetary tightening together with a difficult global economic environment, particularly the lingering Euro Zone crisis, has impacted the rate of growth adversely," Singh added.



While price situation is showing signs of moderation, the Prime Minister said the key to controlling inflation in food articles on a sustainable basis is by increasing agricultural production and productivity.



"And it is here that the state governments have a crucial role to play," he said.



He asked states to give more attention to modern technology in agricultural research besides public investment in the sector and reforms in the farm marketing system and practices.



"There is a need to review and amend the Agriculture Produce Marketing Act to enable farmers to bring their products to retail outlets and also allow retailers to directly purchase from the farmers. This would bring better remuneration to farmers, check wastage and allow competitive prices to prevail in retail markets," Singh added.

7-7.5 from 6.9....huh
 

Economy to grow 9% in medium term, says Govt

India’s economy is expected to post a 9 per cent growth in the medium term but inflation is expected to remain sticky till December, the Finance Ministry said on Tuesday.
Inflation has refused to relent and stayed above 9 per cent for most part of the year.
A background note by the Finance Ministry circulated ahead of the Economic Editor’s Conference on Monday, said, “The fundamentals of the economy are strong and medium-term growth potential is around 9 per cent.”

It, however, said that maintaining growth momentum along and price stability remains the biggest policy challenge that India is facing in the recent times. “The headline inflation will be under pressure till December 2011 and start to moderate after the festive season,” the note said.

Prices of food and non-food items remained high for a major part of the year prompting the headline inflation to soar above 9 per cent for the tenth consecutive month in September.
Increase in administered petroleum prices in June, a significant increase in minimum support prices for some farm commodities, particularly rice and pulses, rise in non-food manufacturing inflation and depreciation of rupee vis-a-vis US dollar contributed to rising inflation.

The note, however, was optimistic of food inflation moderating further when the kharif crop hits the market. Food inflation dropped from a peak of 22 per cent in December 2010 to around 9 per cent recently. However, price pressure on perishable items, particularly in fruits, onions, potatoes, meat, milk, eggs and fish continue due to supply mismatch with the rising demand of such items.

Economy to grow 9% in medium term, says Govt

Contradictory isn't it?? :undecided:
 
Kobelco starts production at AP crane plant

Japanese construction equipment manufacturer Kobelco Cranes commenced commercial production at its plant in Andhra Pradesh on Thursday.

This is the company’s first production facility outside Japan. Kobelco is the first foreign company to own a facility in India that specialises in the manufacture of complete crawler cranes, according to a press release issued here.

The manufacturing plant, set up in Sri City, a 7000-acre private industrial park in Chittoor district with an investment of Rs 280 crore, would produce 90 units of 100-tonne, 150-tonne and 250-tonne class cranes during the current year.
“The India plant would soon cater to the markets in the neighbouring countries, and would help us sustain and increase our market share in the growing construction equipment market in the county,” said Sin Suke Izumi, president and director of Kobelco Cranes India.

The local manufacturing of cranes would reduce the cost of the cranes and will be made available in the price range of Rs 2.5 crore to Rs 10 crore. The company expects to acquire a market share of 20 per cent by 2015, according to the press release.

“It is an achievement to have two subsidiaries of the Kobelco Steel Group to start operations within Sri City. We are positive that the success of Kobelco will attract more Japanese companies apart from the 12 that have already established their presence over here,” said Ravindra Sannareddy, managing director of Sri City.

Kobelco starts production at AP crane plant

---------- Post added at 10:20 AM ---------- Previous post was at 10:18 AM ----------

Looks like Indian companies are on an aggressive mode in African nations... Good for us i guess

Kenya: UAE and India Beat China to Top Trading Position With Nation

The United Arab Emirates (UAE) has reclaimed its position as the largest exporter of goods to Kenya, relegating China to third spot.

The value of UAE exports to Kenya rose to Sh177.8 billion or 23.3 per cent of Kenya's total imports in the first 11 months to November compared to China's Sh132.9 billion or 17.4 per cent of imports, according to the Kenya National Bureau of Statistics (KNBS).

The increase was helped by petroleum exports.

China was Kenya's largest source of imports in 2010 after Beijing deepened its presence in East Africa with mega infrastructure development projects.

But increased consumption of expensive petroleum products and rising interest of Indian companies in the Kenyan economy have combined to push China to the third spot in what could intensify the rivalry between the two Asian giants.

Though the rivalry between India and China has played out as a battle of the Asian giants, the biggest losers have been the traditional Western trading partners such as Britain whose share of the market has been on a steady decline.

UAE share of the export business has increased to 23.3 per cent last year from 19.5 per cent while China's has dropped to 17.4 per cent from 19.8 per cent with India's stake increasing to 18 per cent from 16.4 per cent.

"We will witness cyclic trading patterns between China and Kenya because unlike India, it is trying to establish a stable trading base," said Gerishon Ikiara, an economics lecturer at the University of Nairobi.

He said India was reaping from its large community in Kenya that has been a steady market for its produce that has been backed by its high value exports like pharmaceuticals, industrial machinery and vehicles.

China's exports to Kenya include heavy machinery, electronics, vehicles, textiles and a range of household goods.

The two Asian tigers have deepened their presence in Kenya with intense economic diplomacy since President Kibaki came to power in 2003.

The rivalry has benefited Kenya in terms of foreign direct investments, a wider variety of consumer goods and as new sources of technical and financial assistance.

For UAE, it maintained the pole position mainly because of the large quantities of petroleum it supplies to East Africa and also got a lift from the high fuel prices--which rose by an average of 30 per cent last year compared to 2010.

"More than 90 per cent of crude oil imported by Kenya comes from the Abu Dhabi National Oil Company (ADNOC), a company in the UAE," said Kaburu Mwirichia, the director general of Energy Regulatory Commission (ERC).

Kenya's consumption of fuel products rose to 3.5 million tonnes last year compared to 3.1 million tonnes in 2010, with international crude oil prices rallying from $76.3 per barrel in January 2010 to $107.9 last month.

China's share of Kenya's imports appear to be easing as major road infrastructure projects such as the Thika super highway --which have fuelled China's exports of construction machinery--are nearing their completion.

But China has aggressively sought to diverse into other sectors with its supplies of shoes, textiles, batteries, and motor vehicles parts. President Kibaki has actively encouraged this shift to the East and has backed it up with exchange of high-level diplomatic visits that have yielded multi-billion shilling trade and investment deals.

The UAE, China and India combined share of the export business has increased from 27.7 per cent in 2006 to 36 per cent in 2010.Last year, India sent its largest business delegation to Nairobi where big government deals were closed. A communiqué released after a meeting between Prime Minister Raila Odinga and India's minister of Commerce and Industry, Anand Sharma, said the two countries had agreed to increase the value of bilateral trade to Sh240 billion ($2.5 billion) in the next two years.

These ambitions have deepened India's rivalry with China which has gained significant economic clout in the past three years.
 
A good read on LOOK EAST policy

India

India’s nascent eastern pivots

Since 1992, “Look East” has been a policy objective which successive Indian governments crafted on stone, only to celebrate it as an archaeological masterpiece. From conception to birth and now baby steps, it has taken close to two decades. But, as they say, it’s never too late.

India’s invitation to Thai Prime Minister Yingluck Shinawatra, the third successive dignitary from the “East” to grace the Republic Day celebrations, is being interpreted as lending the “take-off” to Look East. The young Yingluck was the second Thai premier to call on New Delhi in less than a year. Her predecessor, Abhisit Vejjaveva, made a three-day bilateral only in April 2011. Those who feared that his defeat in the election would lead to another period of prolonged hang were reassured when the new leader, who incidentally has a background in business management, took the process forward.

However, the biggest impetus to India’s Look East Policy could be the Thai premier’s interest in developing the Dawei project in Burma. If India goes ahead with Yingluck’s plan, this strategically important deepwater port — being touted as the biggest infrastructure project ever in Southeast Asia — would outmatch China’s showpiece Gwadar port project in Pakistan, Hambantota in Sri Lanka and Kyauk Phyu in Burma. Moreover, Dawei offers a viable chance to unite the fast-growing South India region with the ASEAN.

The process of foreign policy making is fundamentally an exercise in the choice of ends and means in an international setting. Therefore, with the formulation of a broad goal that gives a sense of purpose and direction to foreign policy, short-term policies are planned to make it look more contemporary. In this respect, the importance of India’s Look East Policy lies in various external and internal compulsions, and expectations of India in the changed international environment.

China’s growing assertiveness in the Asia-Pacific, and the success stories of the East Asian Tiger economies forced India to rethink the basic parameters of its foreign policy. And thus the Look East Policy took birth in 1992. But it got momentum with the realisation of ill-effects of lopsided liberalisation, which led to the rapid formation of regional economic organisations.

The first outcome of India’s concerted efforts was the India-Myanmar Trade Agreement signed in January, 1994. Free trade agreements with Singapore, South Korea, Malaysia, Japan and ASEAN provide substantive economic linkages at a time when traditional markets in Europe and the US appear mired in economic stagnation.

The importance of the Look East Policy for India in contemporary times is two-fold. It is an extended security trajectory to project India’s concerns over the perceived Chinese build-up in the region. The second is a strategy of economic cooperation based on globalisation in the pursuit of becoming an economic power in the region.

India has strengthened relations with Singapore, Indonesia and Vietnam. From East Asia, Singapore was India’s first and closest partner, while Indonesia has emerged as a strong advocate of greater cooperation between India and Southeast Asia.

Much to the chagrin of China, Vietnam recently granted access to its gas reserves in the South China Sea and invited the Indian Navy to send its ships on courtesy visits. With more than half of India’s trade passing through the Straits of Malacca, New Delhi has been increasingly firm about the need to safeguard its own national interests, carrying out naval manoeuvers and marine exploration even in the face of Chinese objections. And therefore, India’s spat with China over oil exploration in South China Sea is a fruitful aggressive behaviour to install itself as a regional power.

Similarly, India was successful in influencing Japan, which brought India into ASEAN+6 to dilute the ASEAN+3, where China is dominant. Japan has also lobbied for India’s membership in the Asia-Pacific Economic Cooperation.

There are welcome indications from Rangoon that the Burmese junta, which notoriously kowtowed to Beijing throughout its vice-like grip over the country, is undergoing an India tilt. After the United States and the EU imposed economic sanctions against Burma following the junta’s brutal crackdown on protests in 1988, China emerged as Burma’s most dependable ally. Without Chinese economic assistance, the dysfunctional Burmese economy would have probably completely collapsed.

As for Singapore, which was one of the first countries to respond to India’s Look East Policy, it has been conducting joint naval exercises with India since 1993. The improvement of post-liberlisation economic relations led to Singapore supporting India’s bid to become a permanent member of the UN Security Council and expand its role and influence in the ASEAN.

India and Singapore signed the Comprehensive Economic Cooperation Agreement (CECA) to increase trade, investments and economic cooperation, and expanded bilateral cooperation on maritime security, training forces, conducting joint exercises, developing military technology and fighting terrorism. Following its independence in 1965, Singapore was concerned with China-backed Communist threats as well as domination from Malaysia and Indonesia and sought a close strategic relationship with India. The bilateral trade between India and Singapore under the CECA was close to Singapore $30.5 billion (Rs 1.24 lakh crore) in 2010. However, the

India-Singapore CECA require some amendments, particularly in the area of mutual recognition of professional qualification in order to make it relevant to the present business relations between the two countries.

Relationship with Indonesia is also getting better. In 1950, the then Indonesian President Soekarno was the chief guest at the first Republic Day function. Trade between the two countries touched $11.7 billion in 2010. With an archipelagic coastline of 54,716 km, stretching 5,271 km east to west and 2,210 km north to south dominating key international waterways — the Malacca, Sunda, Lombok and Makassar straits — Indonesia controls all or part of the very major waterway between the Pacific and the Indian Ocean. Given their locations and capabilities India and Indonesia have a critical role to play as sentinels guarding these vital lifelines in the interest of their own security.

However, the road to a ‘successful’ Look East Policy is not so smooth. There has been much talk about the potential of Look East Policy in transforming the India’s Northeast. India’s trade with countries bordering the Northeast has witnessed remarkable growth, with the share going up more the five times from 1.7 per cent in 1992-93 to 8 per cent in 2003-04. But this impressive expansion of trade with India’s eastern neighbours has had a little impact on the economy of the Northeast as this trade expansion has taken place mainly through the seaports.

Despite two decades of Look East, India has still not shown Asia its mettle for regional leadership. It is high time for India to concretely articulate its vision for its broader role in Asia, particularly with respect to the region’s key security concerns.
 
NMDC eyes four more overseas buys each in Russia, Brazil, Mozambique and Australia

HYDERABAD: India's largest iron ore producer NMDC, which has acquired a 50% stake in the Australian iron ore firm Legacy Iron Ore recently, is set to begin due diligence process to acquire four more overseas mines, one each in Russia, Brazil, Mozambique and Australia.

"The four mines include one coking coal mine each in Russia, Mozambique and Australia and an iron ore mine in Brazil. Along with the rock phosphate mine of Minemakers in Australia for which negotiations have already began, we are currently pursuing five foreign acquisitions," the NMDC CMD NK Nanda told ET.

Refusing to identify the overseas coal and iron ore firms that NMDC is looking to acquire, Nanda said, "We have signed non-disclosure agreements with these companies and the due diligence process is going to begin shortly."

State-owned NMDC, which has a net worth of 14,200 crore, is entitled to spend 5,700 crore on its overseas acquisitions as per the terms of the Indian government regulations for public sector enterprises. Nada said the company is aiming to complete the due diligence process for at least two overseas mines - coking coal and rock phosphate mines in Australia - by March-end and complete the due diligence exercise for the other three foreign mineral resources by June.

"Of the three coal mines in Mozambique, Russia and Australia, we are sure of closing deals with at least two during next fiscal and may end up buying all the three by March 2013. We expect to complete the acquisition process for the Brazilian iron ore asset by mid of next fiscal. In all, along with Minemakers, we plan to buy five foreign mines during 2012-13," he said.

Nanda said the iron ore giant has recently dropped its plans to acquire two overseas coking coal mines, one each in Russia and US, at the advanced stage of negotiations. "This is because we found during our due diligence exercise that these entities have their roots in certain tax heavens of British Virgin Islands and we wanted to be away from companies with links to tax heavens as [a matter of] abundant caution."

The Russian coal mine NMDC is negotiating with has some 80 million tonne coking coal, involving an investment of $200 million that includes around $80 million towards acquisition and the balance for development.

With around 60 million tonne reserves, the Australian coal mine is estimated to involve a total investment of $200 million, which includes some $10-15 million towards acquisition and the balance for development. This mine is currently producing 20,000 tonne coal a year. Nanda said the Brazilian iron ore mine, located close to the coast, has huge reserves of 1.5 billion tonne and is waiting for exploration works.

NMDC eyes four more overseas buys each in Russia, Brazil, Mozambique and Australia - The Economic Times
 
State to give priority to green projects

PUNE: The state government has decided to put its weight behind green and environment-friendly industrial projects, and such projects will be given preference in terms of expedited clearance and other non-financial benefits.

This was stated by Valsa Nair Singh, state environment secretary, while addressing the conference, 'Green co - the next wave for sustaining growth,' organised by the Confederation of Indian Industry (CII) in Mumbai on Friday.

According to a statement issued by the CII's Pune office, Singh said India is extremely vulnerable to the challenges of climate change with 65% areas being drought-prone, 12% being flood-prone and 8% under cyclone threat. The per capita water availability is set to decrease from 1,820 cubic metre per year to 1,140 cubic metre. The Union government will fund the state based on the environment protection index constituted by the Planning Commission. This will be subject to the state spending 2% of the funds on environment related activities, Singh said.

The statement said the state government has also taken initiatives, such as sponsoring PhDs and MPhil candidates and disbursing funds to foster research in environment protection.

In her welcome address, Leena Nair, chairperson, CII Maharashtra state council and executive director - human resources, Hindustan Unilever Ltd, said, "The CII has been driving several initiatives in the area of green buildings and climate change. It has also developed a code for ecologically sustainable business growth, which has drawn voluntary commitment from 450 organisations."

Naushad Forbes, chairman, CII western region sub-committee on climate change and sustainability and director, Forbes Marshall Private Ltd, said the CII and Indian Green Building Council are working for the cause of reducing environmental impact of buildings.

He said in a bid to promote energy efficiency and reduce industrial carbon emission levels, the government has evolved a perform, achieve and trade regime designed by the National Mission for Energy Efficiency. Under the scheme, BEE has set energy efficiency targets for industrial units and issued them energy saving certificates against those targets. Units that exceed targets for energy efficiency can sell the certificates to units that fall short of targets. He stated that the energy efficiency trading scheme that was currently being piloted in Gujarat should be extended to other states.

S Raghupathy, executive director, Confederation of Indian Industry said the CII has plans to promote green technology all over the country and make India a global leader in green buildings by 2015. Currently India, with 1.05 billion sq ft space of green building, is second only to the US, Raghupathy said

.Pradeep Bhargava, deputy chairman, CII western region and managing director, Cummins Generator Technologies India Ltd, and H N Daruwalla, conference chairman and convenor, CII Maharashtra Energy and Environment Panel, and executive vice-president and business head (E&E Services), Godrej & Boyce Mfg Co also spoke on the occasion.

State to give priority to green projects - The Times of India
 
Cars, software, services threaten European Union-India trade deal

BRUSSELS/NEW DELHI: Hopes of India and the European Union striking a free trade deal at a summit this week are fading fast, with differences over duties on cars and market access for software and service companies standing in the way of an accord.

At stake is an agreement that would create one of the world's largest free-trade zones by population - covering 1.8 billion, or more than a quarter, of the world's people.

Disagreement over duties on car imports, India's tariff on European cars is nearly 10 times greater than Europe's on Indian vehicles, and a dispute over access for Indian software companies to the EU market are set to scupper an agreement, with time running out on negotiations.

EU leaders will meet their Indian counterparts in New Delhi on February 10, having declared at a summit last year that they hoped to sign a free-trade deal before the meeting.

Publicly, officials in both Brussels and New Delhi are remaining upbeat.

"We're trying to wrap things up, see what you can close, see what you can't close," said one senior Indian government official, speaking on condition of anonymity. "Things are slowly but surely falling into place."

But not everyone is hopeful. The EU ambassador to India suggested in January that the best that could be expected from the summit was a "political framework" for a deal further down the road, without a timeline being set.

With the Doha round of global trade talks effectively dead, the world's major economies are looking more to bilateral trade agreements. The European Union, the world's largest trading bloc by value, struck a deal with South Korea last year and is in negotiations with Japan, Canada, Malaysia and others.

For India, an Free Trade Agreement (FTA) would help its rapidly growing companies expand into the EU, the country's biggest trade partner, the buyer of more than 40 billion euros worth of Indian goods and services in 2010. Europe, large parts of which probably sank into another recession last quarter, wants access to a vast, young, vibrant market of 1.3 billion potential customers.

Trade between the two is growing - the total value of EU-India goods and services exchanged was 86 billion euros in 2010. While trade with India represented just 2.4 percent of the EU's total, the percentage has been gradually increasing.

But while there are advantages to be gained on both sides from closer trade ties, the current economic fortunes of the two could not be more different.

SOMETHING FOR EVERYONE?

India, Asia's third-largest economy after China and Japan, has enjoyed two decades of rapid growth powered by IT and outsourcing, even if manufacturing has lagged, weighed down by red tape and creaky infrastructure.

Europe has been mired in financial difficulties, with rising unemployment and a debt crisis that has forced three countries to seek emergency loans and left several others on the brink.

Autos are a core export for Europe. Premium brands such as BMW AG and Volkswagen Group's Audi would like to sell more to India's newly wealthy.

But Indian places tariffs of 60 percent on imported EU cars, while the EU takes just 6.5 percent of the price of cars imported from India, according to the European Automobile Manufacturers' Association (ACEA).

As a result, the EU exported just 4,002 cars to India in 2010, compared to 223,000 imported from India.

"These are prohibitive tariffs," said Ivan Hodac, ACEA's secretary general. "The market is basically closed to us."

Last year, with FTA negotiations under way, a high-profile Indian politician wrote to Prime Minister Manmohan Singh asking for autos to be excluded from any deal.

"The industry people here...would like a few more years before they feel that they are really able to match up with the global players," said Biswajit Dhar, a New Delhi-based trade expert. "We're still not right out there in terms of scale."

So far, negotiations have established that India would be prepared to cut tariffs to 30 percent, according to Hodac, but it may not be sufficient to make a deal possible.

"Negotiating between equals means that at the end somewhere in time, not too far from now, we have to open markets - zero tariffs," said Philippe de Buck, director general of lobby group Business Europe.

"You can't open the market without any reciprocity." For its part, India wants to ease visa regulations that restrict growth for the software and services companies, such as Tata Consultancy Services or Wipro, that have driven Indian growth. The companies want to deliver services to European customers in a way that involves engineers staying for a short period in the EU to do things such as installing systems. But some EU countries are wary of allowing more foreign workers at a time of rising joblessness.

"If we're entering into an FTA there has to be some preferential treatment for the partner country, otherwise why are you entering into an FTA?" said Manab Majumdar, Assistant Secretary General of the influential business lobby group FICCI.

The EU has its own wish-list for better access to growing Indian sectors, such as in legal services or supermarkets.

In November New Delhi decided to open its supermarket sector to foreign retailers such as Tesco and Carrefour, only to row back on the decision after protests from domestic retailers and opposition politicians. Brussels wants to see that big-ticket reform back on track.

As recently as November, India's trade minister said India and the EU expected to finalise an FTA by early 2012.

link : Cars, software, services threaten European Union-India trade deal - The Times of India
 
India GDP growth to slow at 6.9% for 2011

7, Feb, 2012

NEW DELHI -- India’s gross domestic product or GDP growth is expected to be lower than 7% at 6.9 per cent, according to advance estimates for the year ending March 2012.

India’s government predicted the weakest economic expansion this year since 2009, the Central Statistical Office said in a statement in New Delhi today. This is the slowest growth after 2008-09 when India registered a growth rate of 6.7 per cent.

In December, Goldman Sachs' Jim O'Neill called India the most disappointing of the BRICS countries, and warned of a risk of a balance of payments crisis if policymakers were not careful.

The rupee, Asia’s worst performer last year with a 16 percent slide against the dollar, strengthened 0.4 percent to 48.9375 per dollar as of 11:01 a.m. local time.


GDP Growth Fiscal year


(2011) = FY 12: 6.9% ( Advance Estimate )

(2010) = FY 11: 8.4%

(2009) = FY 10: 8.4%

(2008) = FY 09: 6.7%


India GDP growth to slow at 6.9% for 2011-12

India Predicts Slowest Growth Since ’09, Adding to Rate-Cut Case - Businessweek

Key political risks to watch in India - Reuters -
 
S&P - India Rating may shift towards negative

MUMBAI: India is facing challenges to keep its stable rating outlook with high inflation, weak fiscal position and slower economic growth weighing, according to Standard & Poor’s rating service.

“The balance of risk factors for the sovereign credit rating may be shifting slightly toward the negative,” S&P, which has an investment grade BBB rating with a stable outlook on India, said in a report. – Reuters

S&P: India faces rating challenges
 
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