Indian Economy-News & Updates
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buddyboyyash
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Rupee is back in 54 level ..
Die haters .. Die
damn...got a lil delay in my foreign remittance coz the rupee appreciated...else wud hav nicely enjoyed 3 ruppees extra per dollar
Sergi
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Dam .... How the hell Indian economy will fail now ???Rupee is back in 54 level ..
Die haters .. Die
And where is that Basic of economics fellow ???
Zeeshan360
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Rupee gained 105 paise in one day ..
Haha
Rupee ended at 54.38 per dollar
Someone post it from Times of India .. Me on mobile
Thise people don't even have power in their own country ..
Haha
Rupee ended at 54.38 per dollar
Someone post it from Times of India .. Me on mobile
Dam .... How the hell Indian economy will fail now ???
And where is that Basic of economics fellow ???
Thise people don't even have power in their own country ..
kurup
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Here is it dude .........
Rupee at six-week high, spurts by 105 paise vs dollar
MUMBAI: The rupee today gained by a massive 105 paise to close at a nearly six-week high of 54.38 against the US currency on increased capital inflows and offloading of dollars by banks and exporters.
"The rupee made sharp gains tracking positive sentiment in the share market and the market has found hopes in Prime Minister Manmohan Singh, who is also finance minister, pushing reforms," Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said.
At the Interbank Foreign Exchange (Forex) market, the rupee opened higher at 55.35 a dollar from yesterday's close of 55.43. It immediately touched a low of 55.44 on some hesitancy in stock markets and dollar demand.
However, the tide turned with exporters selling dollars and a fresh dose of capital inflows into stocks. FIIs pumped in nearly Rs 590 crore in the stock market, as per provisional data. This helped rupee bounce back sharply to a high of 54.35.
The domestic currency closed at 54.38, up by 105 paise or 1.89%, registering the fourth largest gain in absolute terms in the last decade.
"The rupee also appreciated due to improved sentiment domestically and FII auction supply that will come post allotment," said Moses Harding, head - ALCO and Economic & Market Research, IndusInd Bank.
The government last week had increased foreign investor limits in government debt by $5 billion and the increased limits will be auctioned tomorrow.
According to Hemal Doshi, currency strategist, Geojit Comtrade, the rupee has got support as sentiment improved in the market place on the back of expected policy action from the government soon.
Meanwhile, the Indian stock market benchmark sensex closed up by nearly 27 points or 0.15%.
Rupee at six-week high, spurts by 105 paise vs dollar - The Times of India
Rupee at six-week high, spurts by 105 paise vs dollar
MUMBAI: The rupee today gained by a massive 105 paise to close at a nearly six-week high of 54.38 against the US currency on increased capital inflows and offloading of dollars by banks and exporters.
"The rupee made sharp gains tracking positive sentiment in the share market and the market has found hopes in Prime Minister Manmohan Singh, who is also finance minister, pushing reforms," Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said.
At the Interbank Foreign Exchange (Forex) market, the rupee opened higher at 55.35 a dollar from yesterday's close of 55.43. It immediately touched a low of 55.44 on some hesitancy in stock markets and dollar demand.
However, the tide turned with exporters selling dollars and a fresh dose of capital inflows into stocks. FIIs pumped in nearly Rs 590 crore in the stock market, as per provisional data. This helped rupee bounce back sharply to a high of 54.35.
The domestic currency closed at 54.38, up by 105 paise or 1.89%, registering the fourth largest gain in absolute terms in the last decade.
"The rupee also appreciated due to improved sentiment domestically and FII auction supply that will come post allotment," said Moses Harding, head - ALCO and Economic & Market Research, IndusInd Bank.
The government last week had increased foreign investor limits in government debt by $5 billion and the increased limits will be auctioned tomorrow.
According to Hemal Doshi, currency strategist, Geojit Comtrade, the rupee has got support as sentiment improved in the market place on the back of expected policy action from the government soon.
Meanwhile, the Indian stock market benchmark sensex closed up by nearly 27 points or 0.15%.
Rupee at six-week high, spurts by 105 paise vs dollar - The Times of India
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Shinde to inaugurate new energy-efficiency scheme tomorrow
CHENNAI, JULY 3: The Power Minister, Mr Sushilkumar Shinde, will inaugurate the Perform, Achieve, Trade (PAT) scheme in New Delhi tomorrow.
The much-awaited, path breaking scheme that could engender an energy efficiency industry is meant to give a boost to energy conservation efforts in the country. It basically creates a market for energy efficiency, through tradeable energy savings certificates, or ESCerts.
You consume less energy against a benchmark, you get an ESCert that you can sell. It will be bought by an entity whose consumption is above the norm. Therefore, the scheme operates pretty much on the same principle as carbon credits or the renewable energy certificates.
A Ministry of Power press release issued on Monday describes the PAT mechanism as an innovative programme with no precedence anywhere else in the world. The Ministry expects the mechanism to bring about a transformational change in energy efficiency.
PAT is a step taken under the National Mission for Enhanced Energy Efficiency, one of the eight National Missions under the National Action Plan of Climate Change.
The scheme provides the option to trade any additional certified energy savings with other designated consumers to comply with the Specific Energy Consumption reduction targets, says the press release.
The Energy Savings Certificates (ESCerts) so issued to those who exceed their saving targets, will be tradable on special trading platforms to be created in the two power exchanges (Indian Energy Exchange and Power Exchange India), it says.
The Ministry of Power has notified 478 designated consumers, 8 industrial sectors (and railway workshops) for the operation of the scheme.
The Government has notified targets for the 478 industrial units and thermal power stations as of March 30, 2012. These targets are to be achieved by 2014-15. Any additional saving will qualify for earning EScerts which could be sold to designated consumers who fall short of the target.
The Bureau of Energy Efficiency will set up a company, Energy Efficiency Services Ltd, which will function as an implementation and monitoring agency for the scheme.
BEE had estimated that the capital investments that would be made in 2011-14 at Rs 30,603 crore.
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Ease of Doing Business - 132
Starting a new Business - 166
And the Government is in no mood to pass the New Companies Act bill and other reforms
Doing Business
Doing Business in India 2009
Hello_10
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June services PMI expands for 8th month
Reuters / New Delhi Jul 04, 2012, 10:32 IST
Country's services sector in June expanded for the eighth straight month although at a slower clip, but new orders picked up and firms hired workers at the fastest pace in a year, a business survey showed on Wednesday.
HSBC's services purchasing managers' index, which gauges the activity of around 400 firms in India, dropped to 54.3 in June from 54.7 in May. However, it has kept above the 50 mark that signifies growth since November.
The survey showed order books filled at their strongest pace in four months, riding high on domestic consumption.
But sagging demand from India's major trading partners abroad - the United States, the euro zone and Britain - dented hopes for the future among Indian companies in June.
"While service sector activity grew at a slightly slower pace, new orders grew faster and this should hold up activity in coming months," said Leif Eskesen, economist at HSBC.
The services sector contributes nearly 60 percent to the overall Indian economy.
The survey also showed firms added jobs at a faster pace in June to deal with the surge in new business and cut backlogs. Its jobs index rose to 51.1 in June from 50.5 in May.
"And businesses remained relatively optimistic about the outlook for the coming 12 months, although sentiment eased a bit from the previous month," Eskesen added.
India once held the baton for the growth story of emerging nations, but it faces a tough battle to keep up with emerging peers China and Brazil.
Abroad, the euro zone continues to reel from its sovereign debt crisis, despite a summit of European leaders last week that put forward some steps to ease the region's economic troubles.
That, combined with stuttering growth in the United States, has crimped on global economic sentiment and has hit confidence about the future in corporate boardrooms across the world.
The Indian services PMI business expectations index fell four points since May.
India's economy grew at an annualised pace of 5.3 percent between January and March this year - its slowest pace in nine years and a far cry from the nearly 10 percent growth regularly clocked before the onset of the crisis in 2008.
The PMI showed consumers continued to be charged high prices for finished goods as input prices rose at the same pace as last month, offering the Reserve Bank of India little room for maneuver.
"Inflation readings for input and output prices were broadly unchanged from May and remain high by historical standards. Together with manufacturing PMI, these numbers suggest that it is hard to build a strong case for policy rate cuts in the near term," said Eskesen.
The RBI unexpectedly kept interest rates on hold at eight percent at its meeting last month, as inflation worries persist, placing the onus onto the government to revive the economy.
India's factory output rose at a faster pace as production and employment levels increased but reduced foreign demand has taken its toll on new export orders, another PMI showed on Monday.
June services PMI expands for 8th month
June PMI highest in four months; fades away hopes of any immediate monetary action from RBI
3 Jul, 2012, 0444 hrs IST, ET Bureau
NEW DELHI: India's manufacturing sector grew at its fastest pace in four months during June, with stronger domestic demand contributing to higher levels of new orders, according to a private sector survey of purchasing managers.
The HSBC India Manufacturing PMI rose to '55' in June from '54.8' in the previous month, signaling improvement in business confidence. A reading of 50 separates growth from contraction.
As factories tried to accommodate higher levels of output, employment, too, expanded, touching a 13-month high.
"Activity in the manufacturing sector kept up the pace in June with output and employment expanding at a faster pace," Leif Eskesen, chief economist for India and ASEAN at HSBC, said in a statement.
India's PMI reading is in stark contrast to that of the rest of Asia where manufacturing activity slowed further in June. HSBC's PMI for Japan fell below the 50-point mark to 49.9 in June, while that of China slipped to 48.2 from 48.4 in May on a sharp moderation in demand from the US and the EU.
HSBC's Eskesen said a decline in export orders suggested moderation ahead for India too.
"New order growth decelerated slightly led by export orders while stock levels rose, suggesting a slight moderation in output growth going ahead," he said.
The improvement in June PMI suggests a pick up in manufacturing sentiment, although the index has been out of sync with the official gauge of industrial activity-the index of industrial production or IIP-for the last few months.
India's industrial growth contracted 3.2% in March and rose only 0.1% in April even though the PMI was 54.7 and 54.9 in these months.
Sub-components of the index showed that new orders, from both the overseas and local market, dropped and inventories rose, suggesting the rebound was partly because of stocking up in anticipation of an improvement in demand.
Inflation continued to pose a threat to growth. Input prices rose to a nine-month high, while output prices climbed to the highest since 2005, the survey showed.
"Bottom-line: demand remains weak, though we do not believe it plummeting as suggested by industrial output data, while inflationary pressures remain strong," Sonal Varma of Nomura said in a note.
The PMI data diminished hopes of any immediate monetary action from the Reserve Bank. The central bank had kept key rates unchanged at its last policy meeting held on June 17 even as manufacturing stagnated in April.
"Input and output prices rose at a faster pace than in May, keeping inflation high by historical standards," said Eskesen. "In light of these numbers, the RBI does not have a strong case for further rate cuts, which could add to lingering inflation risks."
Citi India economist Rohini Malkani agreed. "While the growth outlook is weak with the monsoon playing truant, price trends are sticky," she said in a note. "Given RBI's priority to tackle inflation, even if it means sacrificing growth, monetary easing may be delayed further."
June PMI highest in four months; fades away hopes of any immediate monetary action from RBI-Indicators-Economy-News-The Economic Times on Mobile
Reuters / New Delhi Jul 04, 2012, 10:32 IST
Country's services sector in June expanded for the eighth straight month although at a slower clip, but new orders picked up and firms hired workers at the fastest pace in a year, a business survey showed on Wednesday.
HSBC's services purchasing managers' index, which gauges the activity of around 400 firms in India, dropped to 54.3 in June from 54.7 in May. However, it has kept above the 50 mark that signifies growth since November.
The survey showed order books filled at their strongest pace in four months, riding high on domestic consumption.
But sagging demand from India's major trading partners abroad - the United States, the euro zone and Britain - dented hopes for the future among Indian companies in June.
"While service sector activity grew at a slightly slower pace, new orders grew faster and this should hold up activity in coming months," said Leif Eskesen, economist at HSBC.
The services sector contributes nearly 60 percent to the overall Indian economy.
The survey also showed firms added jobs at a faster pace in June to deal with the surge in new business and cut backlogs. Its jobs index rose to 51.1 in June from 50.5 in May.
"And businesses remained relatively optimistic about the outlook for the coming 12 months, although sentiment eased a bit from the previous month," Eskesen added.
India once held the baton for the growth story of emerging nations, but it faces a tough battle to keep up with emerging peers China and Brazil.
Abroad, the euro zone continues to reel from its sovereign debt crisis, despite a summit of European leaders last week that put forward some steps to ease the region's economic troubles.
That, combined with stuttering growth in the United States, has crimped on global economic sentiment and has hit confidence about the future in corporate boardrooms across the world.
The Indian services PMI business expectations index fell four points since May.
India's economy grew at an annualised pace of 5.3 percent between January and March this year - its slowest pace in nine years and a far cry from the nearly 10 percent growth regularly clocked before the onset of the crisis in 2008.
The PMI showed consumers continued to be charged high prices for finished goods as input prices rose at the same pace as last month, offering the Reserve Bank of India little room for maneuver.
"Inflation readings for input and output prices were broadly unchanged from May and remain high by historical standards. Together with manufacturing PMI, these numbers suggest that it is hard to build a strong case for policy rate cuts in the near term," said Eskesen.
The RBI unexpectedly kept interest rates on hold at eight percent at its meeting last month, as inflation worries persist, placing the onus onto the government to revive the economy.
India's factory output rose at a faster pace as production and employment levels increased but reduced foreign demand has taken its toll on new export orders, another PMI showed on Monday.
June services PMI expands for 8th month
June PMI highest in four months; fades away hopes of any immediate monetary action from RBI
3 Jul, 2012, 0444 hrs IST, ET Bureau
NEW DELHI: India's manufacturing sector grew at its fastest pace in four months during June, with stronger domestic demand contributing to higher levels of new orders, according to a private sector survey of purchasing managers.
The HSBC India Manufacturing PMI rose to '55' in June from '54.8' in the previous month, signaling improvement in business confidence. A reading of 50 separates growth from contraction.
As factories tried to accommodate higher levels of output, employment, too, expanded, touching a 13-month high.
"Activity in the manufacturing sector kept up the pace in June with output and employment expanding at a faster pace," Leif Eskesen, chief economist for India and ASEAN at HSBC, said in a statement.
India's PMI reading is in stark contrast to that of the rest of Asia where manufacturing activity slowed further in June. HSBC's PMI for Japan fell below the 50-point mark to 49.9 in June, while that of China slipped to 48.2 from 48.4 in May on a sharp moderation in demand from the US and the EU.
HSBC's Eskesen said a decline in export orders suggested moderation ahead for India too.
"New order growth decelerated slightly led by export orders while stock levels rose, suggesting a slight moderation in output growth going ahead," he said.
The improvement in June PMI suggests a pick up in manufacturing sentiment, although the index has been out of sync with the official gauge of industrial activity-the index of industrial production or IIP-for the last few months.
India's industrial growth contracted 3.2% in March and rose only 0.1% in April even though the PMI was 54.7 and 54.9 in these months.
Sub-components of the index showed that new orders, from both the overseas and local market, dropped and inventories rose, suggesting the rebound was partly because of stocking up in anticipation of an improvement in demand.
Inflation continued to pose a threat to growth. Input prices rose to a nine-month high, while output prices climbed to the highest since 2005, the survey showed.
"Bottom-line: demand remains weak, though we do not believe it plummeting as suggested by industrial output data, while inflationary pressures remain strong," Sonal Varma of Nomura said in a note.
The PMI data diminished hopes of any immediate monetary action from the Reserve Bank. The central bank had kept key rates unchanged at its last policy meeting held on June 17 even as manufacturing stagnated in April.
"Input and output prices rose at a faster pace than in May, keeping inflation high by historical standards," said Eskesen. "In light of these numbers, the RBI does not have a strong case for further rate cuts, which could add to lingering inflation risks."
Citi India economist Rohini Malkani agreed. "While the growth outlook is weak with the monsoon playing truant, price trends are sticky," she said in a note. "Given RBI's priority to tackle inflation, even if it means sacrificing growth, monetary easing may be delayed further."
June PMI highest in four months; fades away hopes of any immediate monetary action from RBI-Indicators-Economy-News-The Economic Times on Mobile
eachus
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if you want to sleep and have a day dream, that is indeed a good news.
==========
I like to post data and facts, plus reasonable conclusion base on math and real numbers.
CNN posted some picture not long ago, I just read it and found some mistake, let discuss the numbers here.
[video]http://www.fyjs.cn/bbs/attachments/Mon_1207/159_66_6f7a87367f5c384.jpg[/video]
the year 2012 was estimated by CNN. the US number is ok, I dont agree the Chinese number on 2012. China had 7.5T last year, what made China suddenly slows down to 6% and US 3.3% growth? let me summary and do the calculation for you.
in the last a few years, I followed Chinese GDP closely, they had RMB gdp growth 16% - 18% per year, plus RMB appreciation 4-5%. Chinese GDP growth in dollar was around 18%.
2000--2010 Chinese GDP growth 18%： 1.2T * （1.18^10) = 6.2T vs the actual was 6.2T, not 5.9T
2000--2010 USA GDP growth 5%： 10T * （1.05^10) = 16.3T vs actual 14.5T, well short, 5% was over estimate.
if you compare with 2010 to 2011, US growth was 3%, Chinese growth was 7.5T / 6.2T = 21% growth in one year.
from 2000 to 2010, Chinese growth was 18%, 2011 GDP was 21% on dollar base, what made CNN to believe this year China will grow 6% while US grows 3.3% in 2012?
the the last picture, 2011 to 2017, 6 years of growth. that should be:
2017 USA gdp： 15T * （1.04^6) = 19.0T
2017 USA gdp： 7.5T * （1.18^6) = 20.25T
more conservately
2017 USA gdp： 15T * （1.03^6) = 17.9T
2017 USA gdp： 7.5T * （1.17^6) = 19.24T
China will surpass USA by GDP in 2016, in the first quarter of 2017 will have tons of news to confirm.
IND151
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Backbencher
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Rupee hits 7-week high on withholding tax talk
MUMBAI: Rupee is trading at 54.36/38 after rising as high as 54.18 earlier, its strongest since May 17.
That rise had been sparked after Bloomberg-UTV report reported the government may remove the withholding tax on bonds for foreign investors, without citing sources.
"The rupee started rallying after the withholding tax removal talk, though it is only in the proposal stages even now," a senior dealer with a foreign bank said.
Traders add foreign funds were selling dollars and buying rupees via custodian banks as they gear up for the debt limit auction later in the day.
Equity market-related inflows also seen hitting USD/INR, traders say.
-----------------------------------------------------------------------------------------------------------------------------------
Manmohan knows how to attract Foreign Investment, "black or white" money does not matter. I suggest that India should make Capital Gain Tax at Zero on active investments. Just imagine the flow of all "Black" Dollars and Euros.
MUMBAI: Rupee is trading at 54.36/38 after rising as high as 54.18 earlier, its strongest since May 17.
That rise had been sparked after Bloomberg-UTV report reported the government may remove the withholding tax on bonds for foreign investors, without citing sources.
"The rupee started rallying after the withholding tax removal talk, though it is only in the proposal stages even now," a senior dealer with a foreign bank said.
Traders add foreign funds were selling dollars and buying rupees via custodian banks as they gear up for the debt limit auction later in the day.
Equity market-related inflows also seen hitting USD/INR, traders say.
-----------------------------------------------------------------------------------------------------------------------------------
Manmohan knows how to attract Foreign Investment, "black or white" money does not matter. I suggest that India should make Capital Gain Tax at Zero on active investments. Just imagine the flow of all "Black" Dollars and Euros.
eachus
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=============
you can do your own calculation based on 2011 GDP,
from year 2000, Indian GDP was around 600B dollar,
last year, Indian GDP was around 1.7T, a nice 180% growth.
this year, since Indian Rupee devalued, 1.7T GDP may keep or may not.
then, go to last picture 2017, grows from 1.7 to 2.9 is 71% growth.
since India is an import country, its currency has tendency of devalue.
in the next 6 years, I predict Rupee will continue to lose value,
it may have short time rebound, in overall, 71% growth is not easy target.
you can do your own calculation based on 2011 GDP,
from year 2000, Indian GDP was around 600B dollar,
last year, Indian GDP was around 1.7T, a nice 180% growth.
this year, since Indian Rupee devalued, 1.7T GDP may keep or may not.
then, go to last picture 2017, grows from 1.7 to 2.9 is 71% growth.
since India is an import country, its currency has tendency of devalue.
in the next 6 years, I predict Rupee will continue to lose value,
it may have short time rebound, in overall, 71% growth is not easy target.
IndoCarib
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India's services sector, the backbone of the country's economy grew at a marginally slower pace in June even as significant rise in new orders may "hold up" activity in the coming months, according an HSBC survey.
"While service sector activity grew at a slightly slower pace, new orders grew faster and this should hold up activity in coming months," HSBC Chief Economist for India and ASEAN Leif Eskesen said in a statement.
India's services sector outlook better: HSBC Index - PTI -
"While service sector activity grew at a slightly slower pace, new orders grew faster and this should hold up activity in coming months," HSBC Chief Economist for India and ASEAN Leif Eskesen said in a statement.
India's services sector outlook better: HSBC Index - PTI -
