Indian Economy-News & Updates

[EjazR]

Trade pact a road to $1-trillion Gulf market for India: Bahrain :: Samay Live

New Delhi: The free trade agreement that India and Gulf countries hope to sign will give Indian firms greater access to the $1-trillion market in the Middle East, apart from a cost-competitive route to western economies like the US, a senior executive of Bahrain's Economic Development Board has said.
"The six GCC (Gulf Cooperation Council) countries are a $1-trillion market. This region is going to contribute sizeably to global economic growth," said the board's chief operating officer Kamal Ahmed here Monday.

"Bahrain is located at the heart of the Gulf, and is connected to two big economic zones, Saudi Arabia and Oman," Ahmed said at the World Economic Forum's (WEF's) India Economic Summit being held in the national capital.

As per the Associated Chambers of Commerce and Industry of India (Assocham), India has seen a four-fold increase in trade with GCC countries over the last five years.

With negotiations over the GCC Free Trade Agreement to be concluded soon, trade volume could increase to over $40 billion by 2010.

Bahrain is seeking to attract Indian companies from sectors that will provide high value services like information and communications technology and financial services, apart seeking to improve its non-oil trade with India.

It is also stepping up efforts to attract more professional talent.

"In the past five years, we issued about 500,000 work permits to overseas professionals. Of course this included workers also," Ahmed said.

"Though this number may drop, we will still continue to look for overseas talent."

Besides attending the WEF summit, Ahmed is also chairing a road show that he will be taking to Mumbai, Hyderabad and Chennai, besides Delhi, and which will showcase the benefits of establishing a base in Bahrain for Indian companies.

 

[amunhotep]

A survey of retail crime and loss in the world says India has the highest retail shrinkage at 3.2% in the world. Retail shrinkage is the loss of products due to shoplifting, employee theft, paperwork errors and supplier fraud. The country’s retailers complain that the main causes for the US $2.6 billion loss are shoplifting and employee theft.
The survey, the third annual Global Retail Theft Barometer 2009, covered 1,069 large retailers across 41 countries between July 2008 and June 2009.

India has consistently maintained its position in top spot with desi thieves preferring to steal electronic items, cosmetics, alcohol, apparel and jewellery over other goods because of their value and portability. The international list of most-stolen merchandise includes Wii games, printer cartridges, razor blades, branded watches and DVDs. ‘‘The smaller the gadget the more the chances of it getting stolen,’’ explains Nilesh Gupta, managing partner of electronics and durables retail chain Vijay Sales. ‘‘MP3 players and cell phones are the most stolen items,’’ he says.


here is the link


A nation of shoplifters? India No.1 in retail theft - India - The Times of India

 

[Bullhead]

OK, on a serious note. This is bad, very bad.

 

[Brainwashed]

since the theft happens so frequently, it's more likely the shoplifters sell the goods than simply use them. i guess the they kinda have a "industrial chain"---the shoplifters, the transporters, the distributers etc...the police really gotta do sth to stop these nasty things

 

[EjazR]

AFP: India's economy to grow 8 pct next year: official

NEW DELHI — India's economy will grow by eight percent next year and could return to nine percent the following year as the global economy picks up, a top government policy adviser said Wednesday.

The Indian economy, which was expanding by nine percent before the global financial crisis hit, is expected to grow by 6.5 percent this year, said Montek Singh Ahluwalia, deputy head of the Planning Commission.

"It will be a year of slowdown as a result of global developments but we will still have the world's second-fastest rate of growth (after China)," said Ahluwalia.

Ahluwalia, a close adviser to the prime minister, was speaking at the annual Economic Editors? Conference in New Delhi.

The driest monsoon in nearly four decades, which has hurt agricultural output, has also dragged down growth for the fiscal year to March 2010.

But the planning commission said as long as the annual rains are normal next year and the international economy continues to pick up, India will log eight percent growth next year and nine percent the following year.

The government says India needs at least nine percent growth to reduce crushing poverty.

Ahluwalia's upbeat assessment came as Commerce Minister Anand Sharma forecast that exports, which have been on the decline for the past 12 months, should start turning around by the end of the current financial year.

"We are on the way to recovery. In the final quarter of this fiscal year, we will see positive (export) growth," Sharma told reporters at the same media forum.

India's exports fell by 13.8 percent in September to 13.6 billion dollars from a year earlier, data released the previous day showed.

But the export decline was smaller than the 19.4 percent fall logged in August, signalling the damage to trade from the global downturn could be easing, economists said.

 

[SinoIndusFriendship]

India still likes dollars despite buying gold: FM

............

The International Monetary Fund kicked off its planned sale of more than 400 tonnes of gold with an announcement Monday that it had sold almost half to India, the world's biggest gold consumer, at near-record prices.

...........

BUY HIGH, SELL LOW!!!

BUY HIGH, SELL LOW!!!

BUY HIGH, SELL LOW!!!


....... I think India got it backwards. It's supposed to be "Buy low, sell high."

 

[amunhotep]

since the theft happens so frequently, it's more likely the shoplifters sell the goods than simply use them. i guess the they kinda have a "industrial chain"---the shoplifters, the transporters, the distributers etc...the police really gotta do sth to stop these nasty things

Quite possible my friend, but as far as i know , most of the shoplifters are habituated kleptomaniacs , who shoplift for pleasure than for need

 

[Balance]

Yeh, I know few teenagers who just shoplift because it's 'thrill'.

Then they would go chest-thumping "how I fooled the keeper"!!

I don't know what should be done. Should these kids be handled roughly or their acts should be neglected under label of 'teenager mischievousness'. Kids do have such habits and this habit is less harmful than shooting fellow students.

 

[TopCat]

3.2% is way too high and can not be done only by shop lifters or some sick kleptomaniac. Its the employee who steals or dont deposit sales cash...

 

[mltr]

LONDON: The 'Incredible India' campaign, an initiative by the Indian government to promote tourism, has won the World Travel Award 2009 for being
the best campaign of the year.

The reigning Miss World, Ksenia Kukhinova of Russia, presented the award to India's Tourism Minister, Kumari Selja at a gala function held at the Grosvenor House here.

Selja, who is here to participate in the World Travel Market, also received the Asian Guild Award for promoting the 'Incredible India' campaign at a function held at the House of Lords last evening.

The Award and Fellowship of the Asian Guild was presented to her by Lord Peter Archer of Sandwell.

The Guild also bestowed the Fellowship on Jagdish Chander, Director, India Tourist Office here for his "hard work to carry out the conviction of Incredible India Campaign in the UK.

"Suresh Joshi, Joint Director General of the Asian Guild, said "Incredible India has enriched the status of the Asian in British Society by broadening the tradition and culture of India.

Shelja said "Incredible India initiative was conceived in the year 2002, when we decided to brand the country as a unique, vibrant and inclusive identity.

"Through this branding, an attempt was made to create a distinct image for the country."

 

[arihant]

@ India has the highest retail shrinkage and one of the main reason is theft. Why you are degrading title with your words. It is should be "India no 1 in retail shrinkage and not theft"

 

[Iggy]

BUY HIGH, SELL LOW!!!

BUY HIGH, SELL LOW!!!

BUY HIGH, SELL LOW!!!


....... I think India got it backwards. It's supposed to be "Buy low, sell high."

Apart from usual ranting and trolling care to put some useful information in to the thread??or would you mind stay away from posting??

 

[Brainwashed]

Quite possible my friend, but as far as i know , most of the shoplifters are habituated kleptomaniacs , who shoplift for pleasure than for need

then they'll need a shrink as well as the police

 

[Absar]

The country’s retailers complain that the main causes for the US $2.6 billion loss are shoplifting and employee theft.

Oops .. Shoplifting and employee theft .. $2.6 billion loss due to that

 

[Ratus Ratus]

Yeh, I know few teenagers who just shoplift because it's 'thrill'.

Then they would go chest-thumping "how I fooled the keeper"!!

I don't know what should be done. Should these kids be handled roughly or their acts should be neglected under label of 'teenager mischievousness'. Kids do have such habits and this habit is less harmful than shooting fellow students.

No you are seriously wrong here.
Their actions don't help the overall economic growth and what is worse they are not helping the black market growth. This black market aspect has also not been factored into the overall economic forecast.

But their actions will definitely prepare them to be good bureaucrats.