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India Inflation Unexpectedly Steadies, Opening Rate Cut Room
India’s inflation unexpectedly slowed in September, potentially reviving calls for an interest rate cut to spur flagging growth.
Key Points
India's factory output grows sharply at 4.3% in August
India’s industrial output grew sharply 4.3 percent in August, highest in nine months, showing signs of recovery, aided by an expansion in the manufacturing sector.
The government today revised July’s factory output growth to 0.9 percent in July, as compared with an earlier estimate of 1.2 percent.
The recovery in industrial output is a clear indication that the companies have begun restocking and building fresh inventories after clearing up the stockpile in June ahead of the Goods and Services Tax’s (GST’s) roll out from July 1.
Factory output measured by the index of industrial production (IIP) is the closest approximation for measuring economic activity in the country’s business landscape.
Manufacturing sector, which accounts for more than three-fourth of the entire index, continued to growth at 3.1 percent in August, compared with 0.1 percent growth in July, government data showed.
Capital goods output, which is reflective of the private sector investment scenario, rose 5.4 percent in August compared with (-) 0.1 percent contraction in July.
Mining production showed a substantial jump of 9.4 percent in August from 4.8 percent in July.
Electricity production increased 8.3 percent in August as compared with 2.1 percent a year ago.
Primary goods’ production grew sharply at 7.1 percent in August as compared with 2.3 percent jump last month. Similarly, consumer non-durables grew nearly 7 percent, which contracted (-) 0.1 percent in July.
http://www.moneycontrol.com/news/bu...ows-sharply-at-4-3-in-august-2411241.html/amp
India's per capita energy consumption to double in next 6-7 years
India’s energy needs are going to double in the next 6-7 years at the present rate of growth of the economy, according to the Minister of State (Independent Charge) for Power and Renewable Energy, R K Singh.
Speaking at the curtain raiser for RE-Invest 2017, Singh said, “We expect India's per capita energy consumption to double in the next 6 to 7 years, and then double again after 5 years.”
RE-Invest 2017 is the flagship event of the Ministry of New and Renewable Energy to highlight the achievements and attract investments in the clean energy sector.
Commenting on the record low tariffs for solar energy in the country, Singh said, “As demand for solar energy increases, I see tariffs and price of cells and modules falling further.”
Also speaking at the event, Secretary, MNRE, Anand Kumar, said that RE-Invest 2017 is likely to be inaugurated by the Prime Minister, Narendra Modi, in December this year.
An official statement said, “The industry and developers had committed for 293 GW of renewables and against this, 39.3 GW capacity is commissioned or under implementation. As against the financial pledge of Rs 4 lakh crore by banks, Rs 1.8 lakh crore have been sanctioned.”
Of the disbursals by banks, none of the foreign banks have met their commitment of lending Rs 12,000 crore for 2,400 MW of renewable energy projects. The highest compliance has come from private sector non-banking financing companies that have sanctioned 79.38 per cent or Rs 49,611.25 crore of their Rs 62,500-crore commitment.
http://m.thehindubusinessline.com/e...to-double-in-next-67-years/article9901708.ece
India’s industrial growth clocks nine-month high of 4.3% in August
Consumer inflation marginally eases to 3.28% in September.
India's industrial production growth hit a nine-month high of 4.3% in August, according to data published by the Central Statistical Organisation (CSO) on October 12.
Economists surveyed by Reuters had forecast 2.4% growth in output compared with a revised 0.9% year-on-year increase in July.
The annual consumer inflation in September marginally eased to 3.28% from a year ago, the CSO data said.
http://www.thehindu.com/business/Ec...onth-high-of-43-in-august/article19846242.ece
India’s inflation unexpectedly slowed in September, potentially reviving calls for an interest rate cut to spur flagging growth.
Key Points
- Consumer prices rose 3.28 percent in September from a year earlier, the Statistics Ministry said in a statement in New Delhi on Thursday
- That was slower than the 3.53 percent median estimate in a Bloomberg survey of 40 economists
- Food price index rose 1.25 percent, compared with August’s 1.52 percent increase
- August’s inflation rate was revised lower to 3.28 percent from 3.36 percent
The weaker-than-expected inflation could add pressure on central bank Governor Urjit Patel to cut rates to revive growth that has been slowing for the past five quarters. It raises questions about the Reserve Bank of India’s forecast that inflation for the second half of this fiscal year -- October to March -- would surge to 4.2 percent to 4.6 percent from the previous projection of 3.5 percent to 4.5 percent.
Economist Takeaways
- Once the effect of insufficient rainfall and firmer commodity prices is factored in, "we could expect the inflation rate to rise,” said NR Bhanumurthy, Delhi-based economist at the National Institute of Public Finance. "The industrial output numbers, however, seem to indicate that there seems to be a mild recovery in August."
- Food and beverage prices rose 1.76 percent
- Clothing and footwear rose 4.63 percent
- Fuel and lighting rose 5.56 percent
- Factory output rose 4.3 percent compared with the 2.6 percent survey estimate.
India's factory output grows sharply at 4.3% in August
India’s industrial output grew sharply 4.3 percent in August, highest in nine months, showing signs of recovery, aided by an expansion in the manufacturing sector.
The government today revised July’s factory output growth to 0.9 percent in July, as compared with an earlier estimate of 1.2 percent.
The recovery in industrial output is a clear indication that the companies have begun restocking and building fresh inventories after clearing up the stockpile in June ahead of the Goods and Services Tax’s (GST’s) roll out from July 1.
Factory output measured by the index of industrial production (IIP) is the closest approximation for measuring economic activity in the country’s business landscape.
Manufacturing sector, which accounts for more than three-fourth of the entire index, continued to growth at 3.1 percent in August, compared with 0.1 percent growth in July, government data showed.
Capital goods output, which is reflective of the private sector investment scenario, rose 5.4 percent in August compared with (-) 0.1 percent contraction in July.
Mining production showed a substantial jump of 9.4 percent in August from 4.8 percent in July.
Electricity production increased 8.3 percent in August as compared with 2.1 percent a year ago.
Primary goods’ production grew sharply at 7.1 percent in August as compared with 2.3 percent jump last month. Similarly, consumer non-durables grew nearly 7 percent, which contracted (-) 0.1 percent in July.
http://www.moneycontrol.com/news/bu...ows-sharply-at-4-3-in-august-2411241.html/amp
India's per capita energy consumption to double in next 6-7 years
India’s energy needs are going to double in the next 6-7 years at the present rate of growth of the economy, according to the Minister of State (Independent Charge) for Power and Renewable Energy, R K Singh.
Speaking at the curtain raiser for RE-Invest 2017, Singh said, “We expect India's per capita energy consumption to double in the next 6 to 7 years, and then double again after 5 years.”
RE-Invest 2017 is the flagship event of the Ministry of New and Renewable Energy to highlight the achievements and attract investments in the clean energy sector.
Commenting on the record low tariffs for solar energy in the country, Singh said, “As demand for solar energy increases, I see tariffs and price of cells and modules falling further.”
Also speaking at the event, Secretary, MNRE, Anand Kumar, said that RE-Invest 2017 is likely to be inaugurated by the Prime Minister, Narendra Modi, in December this year.
An official statement said, “The industry and developers had committed for 293 GW of renewables and against this, 39.3 GW capacity is commissioned or under implementation. As against the financial pledge of Rs 4 lakh crore by banks, Rs 1.8 lakh crore have been sanctioned.”
Of the disbursals by banks, none of the foreign banks have met their commitment of lending Rs 12,000 crore for 2,400 MW of renewable energy projects. The highest compliance has come from private sector non-banking financing companies that have sanctioned 79.38 per cent or Rs 49,611.25 crore of their Rs 62,500-crore commitment.
http://m.thehindubusinessline.com/e...to-double-in-next-67-years/article9901708.ece
India’s industrial growth clocks nine-month high of 4.3% in August
Consumer inflation marginally eases to 3.28% in September.
India's industrial production growth hit a nine-month high of 4.3% in August, according to data published by the Central Statistical Organisation (CSO) on October 12.
Economists surveyed by Reuters had forecast 2.4% growth in output compared with a revised 0.9% year-on-year increase in July.
The annual consumer inflation in September marginally eased to 3.28% from a year ago, the CSO data said.
http://www.thehindu.com/business/Ec...onth-high-of-43-in-august/article19846242.ece