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Shardul.....the lion
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LG India to invest Rs 100cr
NEW DELHI: Ahead of the Olympics, Korean electronics giant LG beefed up its 3D TV line-up in India and said it will invest Rs 100 crore on brand promotion.
LG, which is eyeing 30% share of the flat-panel TV market this year, said that its 3D TV division is expected to account for a business of Rs 1,000 crore in 2012. "With 2012 Olympics to be broadcast in 3D and more than 30 English and Hindi 3D movies to hit Indian cinema halls, 3D entertainment is set to explode in India at a steady growth of 500%," LG India MD Soon Kwon said.
Coming under pressure from Pawar and Congress party, the government earlier this week had allowed cotton exports without any quantitative cap and lifted ban on casein exports
Besides Pawar, finance minister Pranab Mukherjee, Food Minister K V Thomas, Commerce Minister Anand Sharma, PMEAC Chairman C Rangarajan and Planning Commission Deputy Chairman Montek Singh Ahluwalia attended today's meeting.
Apprehending that storage crunch would damage foodgrain during monsoon season, it was also decided to set up a panel, headed by Rangarajan, to recommend ways to handle surplus foodgrains stock lying in the central pool.
The committee, comprising officials from Agriculture, Commerce, Food and Finance Ministries, has been asked to submit its recommendation in a shortest span as possible.
The country is estimated to have produced a record 103.41 million tonnes of rice and 90.23 million tonnes of wheat in the 2011-12 crop year.
Out of the total 4 million flat panel TV market last year, 3D TVs accounted for a small 3% share. LG said this share is likely to get higher this year on the back of new product launches by companies.
NEW DELHI: Ahead of the Olympics, Korean electronics giant LG beefed up its 3D TV line-up in India and said it will invest Rs 100 crore on brand promotion.
LG, which is eyeing 30% share of the flat-panel TV market this year, said that its 3D TV division is expected to account for a business of Rs 1,000 crore in 2012. "With 2012 Olympics to be broadcast in 3D and more than 30 English and Hindi 3D movies to hit Indian cinema halls, 3D entertainment is set to explode in India at a steady growth of 500%," LG India MD Soon Kwon said.
Coming under pressure from Pawar and Congress party, the government earlier this week had allowed cotton exports without any quantitative cap and lifted ban on casein exports
Besides Pawar, finance minister Pranab Mukherjee, Food Minister K V Thomas, Commerce Minister Anand Sharma, PMEAC Chairman C Rangarajan and Planning Commission Deputy Chairman Montek Singh Ahluwalia attended today's meeting.
Apprehending that storage crunch would damage foodgrain during monsoon season, it was also decided to set up a panel, headed by Rangarajan, to recommend ways to handle surplus foodgrains stock lying in the central pool.
The committee, comprising officials from Agriculture, Commerce, Food and Finance Ministries, has been asked to submit its recommendation in a shortest span as possible.
The country is estimated to have produced a record 103.41 million tonnes of rice and 90.23 million tonnes of wheat in the 2011-12 crop year.
Out of the total 4 million flat panel TV market last year, 3D TVs accounted for a small 3% share. LG said this share is likely to get higher this year on the back of new product launches by companies.
Shardul.....the lion
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April services PMI rises, optimism at 10 month high: HSBC
Driven by a rise in new businesses, services sector growth picked up momentum in April to 52.8, up from 52.3 in the previous month, and business optimism hit its highest level since last June, according the HSBC services PMI (purchasing managers index) survey released here today.
HSBC's business activity index or services PMI, compiled by its service Markit, rose to 52.8 in April from 52.3 in March, the bank said in a statement. However, the report said though positive this is a below-trend rate expansion of services output.
The data come a day after the bank reported higher PMI for the manufacturing sector, which also showed growth inching up on rising orders. The services index has been staying above the 50-mark which separates growth from contraction for six months now.
Services firms benefited from a rise in new business sub-index to 55.1 from 54.8 in March, allowing them to add jobs for the second month in a row and at the fastest pace since last June, said the bank.
"Services sector activity accelerated slightly in April on the back of a rise in new business, which supported a marginal pick-up in sequential employment growth. Moreover, survey respondents were significantly more optimistic about the outlook over the coming 12 months," HSBC chief economist for India and Asean Leif Eskesen said, adding confidence regarding future business also rose to its highest in 10 months.
Yesterday, the bank said the manufacturing purchasing managers index inched up to 54.9 in April, from 54.7 in March, showing a positive move after three months of declines, despite the fact that the rate of expansion slowed fractionally, and was the weakest in 2012 so far.
Driven by a rise in new businesses, services sector growth picked up momentum in April to 52.8, up from 52.3 in the previous month, and business optimism hit its highest level since last June, according the HSBC services PMI (purchasing managers index) survey released here today.
HSBC's business activity index or services PMI, compiled by its service Markit, rose to 52.8 in April from 52.3 in March, the bank said in a statement. However, the report said though positive this is a below-trend rate expansion of services output.
The data come a day after the bank reported higher PMI for the manufacturing sector, which also showed growth inching up on rising orders. The services index has been staying above the 50-mark which separates growth from contraction for six months now.
Services firms benefited from a rise in new business sub-index to 55.1 from 54.8 in March, allowing them to add jobs for the second month in a row and at the fastest pace since last June, said the bank.
"Services sector activity accelerated slightly in April on the back of a rise in new business, which supported a marginal pick-up in sequential employment growth. Moreover, survey respondents were significantly more optimistic about the outlook over the coming 12 months," HSBC chief economist for India and Asean Leif Eskesen said, adding confidence regarding future business also rose to its highest in 10 months.
Yesterday, the bank said the manufacturing purchasing managers index inched up to 54.9 in April, from 54.7 in March, showing a positive move after three months of declines, despite the fact that the rate of expansion slowed fractionally, and was the weakest in 2012 so far.
Dance
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Indian Rupee Falls To Four-Month Low
MUMBAI—The Indian rupee sunk to a four-month low against the U.S. dollar early Thursday amid growing concerns about the country's gaping budget and trade deficits and worries capital inflows will remain weak due to slowing domestic economic growth.
The U.S. dollar was trading at 53.19 rupees in mid-morning trade. Earlier in the day, the dollar was up at 53.27 rupees, the local currency's lowest level in four months.
India's current account deficit, currently at about 4% of gross domestic product, has shaken investors, pushing Standard & Poor's last month to warn that it may downgrade India's long-term debt to junk status if things don't improve.
The deficit, which reflects that imports are outpacing exports, has been fueled by higher oil import costs. The government's burgeoning budget deficit, caused by large subsidies on fuel and massive welfare program spending--coupled with slowing economic growth--has added to investor concern.
The economy grew 6.9% in the year to March 31, below rates of almost 8% in recent years amid signs foreign investors are turning their backs on India due to impatience over the slow pace of business reforms.
"A turnaround in the rupee is likely to be delayed if the recovery in India's growth disappoints or crude prices gain more than expected in the fiscal second half," Standard Chartered Bank STAN.LN +0.10% said in a report.
For now, there're few signs of a turnaround in India's external trade picture. Data out earlier this week added to pressure on the local currency Thursday, analysts said.
On Tuesday, the government reported that India's merchandise exports fell 5.7% to $28.7 billion in March year-on-year. Imports grew 24.2% on-year to $42.6 billion, leading to a trade deficit in March of $13.9 billion.
Higher imports mean India is buying more dollars, whereas lower exports reduce the supply of dollars in India.
Abhishek Goenka, chief executive officer of Mumbai-based India Forex Advisors Pvt., said Indian importers were buying up dollars now expecting further weakness in the rupee in the near future, exacerbating pressure on the local currency. "That sort of fear thing is coming in the market," Mr. Goenka said.
The Reserve Bank of India's decision not to intervene aggressively in currency markets has added to importers' fears of further weakness, he added.
The central bank last month cut its key interest rate by half a percentage point to 8%, its first cut in three years, in a bid to boost economic growth. But the bank also cautioned that it might not have room to cut rates much further in months ahead due to lingering concerns about inflation, which remains around 7%-8%.
Some analysts are now saying the central bank may have been too quick to loosen its monetary policy.
India relies on imports for 80% of its oil needs and a sharp rise in global crude prices could balloon the trade deficit and add to inflationary pressure later this year, a risk flagged in the HSBC Manufacturing PMI data for April released Wednesday.
The seasonally adjusted HSBC Purchasing Managers' Index, prepared by Markit, rose to 54.9 in April from 54.7 in March, after slowing for two consecutive months.
Leif Eskesen, chief economist for India and Southeast Asia at HSBC, said inflation accelerated with both output and input prices rising at a quicker pace in April.
"This suggests that upside risks to inflation remain and that the Reserve Bank of India's rate cut could turn out to have been premature and too aggressive," Eskesen said.
Kumar Rachapudi of Barclays Capital said the fundamental picture for the rupee remains negative given the weak trade data. A poor global economic picture--with the deepening euro-zone debt crisis and a shaky recovery in the U.S.--have added to pressure on the rupee as investors look for U.S. dollar safe-haven investments.
"In the near term, there are pressures as (the) global backdrop remains weak and portfolio flows are muted, creating a pressure on the rupee," he said. "Further depreciation in the rupee will be due to a broader dollar strength and a sharp decline in the euro from the current levels," he added.
Indian Rupee Falls To Four-Month Low - WSJ.com
MUMBAI—The Indian rupee sunk to a four-month low against the U.S. dollar early Thursday amid growing concerns about the country's gaping budget and trade deficits and worries capital inflows will remain weak due to slowing domestic economic growth.
The U.S. dollar was trading at 53.19 rupees in mid-morning trade. Earlier in the day, the dollar was up at 53.27 rupees, the local currency's lowest level in four months.
India's current account deficit, currently at about 4% of gross domestic product, has shaken investors, pushing Standard & Poor's last month to warn that it may downgrade India's long-term debt to junk status if things don't improve.
The deficit, which reflects that imports are outpacing exports, has been fueled by higher oil import costs. The government's burgeoning budget deficit, caused by large subsidies on fuel and massive welfare program spending--coupled with slowing economic growth--has added to investor concern.
The economy grew 6.9% in the year to March 31, below rates of almost 8% in recent years amid signs foreign investors are turning their backs on India due to impatience over the slow pace of business reforms.
"A turnaround in the rupee is likely to be delayed if the recovery in India's growth disappoints or crude prices gain more than expected in the fiscal second half," Standard Chartered Bank STAN.LN +0.10% said in a report.
For now, there're few signs of a turnaround in India's external trade picture. Data out earlier this week added to pressure on the local currency Thursday, analysts said.
On Tuesday, the government reported that India's merchandise exports fell 5.7% to $28.7 billion in March year-on-year. Imports grew 24.2% on-year to $42.6 billion, leading to a trade deficit in March of $13.9 billion.
Higher imports mean India is buying more dollars, whereas lower exports reduce the supply of dollars in India.
Abhishek Goenka, chief executive officer of Mumbai-based India Forex Advisors Pvt., said Indian importers were buying up dollars now expecting further weakness in the rupee in the near future, exacerbating pressure on the local currency. "That sort of fear thing is coming in the market," Mr. Goenka said.
The Reserve Bank of India's decision not to intervene aggressively in currency markets has added to importers' fears of further weakness, he added.
The central bank last month cut its key interest rate by half a percentage point to 8%, its first cut in three years, in a bid to boost economic growth. But the bank also cautioned that it might not have room to cut rates much further in months ahead due to lingering concerns about inflation, which remains around 7%-8%.
Some analysts are now saying the central bank may have been too quick to loosen its monetary policy.
India relies on imports for 80% of its oil needs and a sharp rise in global crude prices could balloon the trade deficit and add to inflationary pressure later this year, a risk flagged in the HSBC Manufacturing PMI data for April released Wednesday.
The seasonally adjusted HSBC Purchasing Managers' Index, prepared by Markit, rose to 54.9 in April from 54.7 in March, after slowing for two consecutive months.
Leif Eskesen, chief economist for India and Southeast Asia at HSBC, said inflation accelerated with both output and input prices rising at a quicker pace in April.
"This suggests that upside risks to inflation remain and that the Reserve Bank of India's rate cut could turn out to have been premature and too aggressive," Eskesen said.
Kumar Rachapudi of Barclays Capital said the fundamental picture for the rupee remains negative given the weak trade data. A poor global economic picture--with the deepening euro-zone debt crisis and a shaky recovery in the U.S.--have added to pressure on the rupee as investors look for U.S. dollar safe-haven investments.
"In the near term, there are pressures as (the) global backdrop remains weak and portfolio flows are muted, creating a pressure on the rupee," he said. "Further depreciation in the rupee will be due to a broader dollar strength and a sharp decline in the euro from the current levels," he added.
Indian Rupee Falls To Four-Month Low - WSJ.com
DMLA
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Textiles export may touch $38 bn this fiscal
NEW DELHI: India is looking to set textiles export target at $38 billion this fiscal, 12 per cent higher the previous year, despite slowdown in the Western markets as the country opens new avenues for shipments.
"Though there is economic uncertainty in the US and Europe, growing demand in new markets like Latin America and Africa will help India's textiles exports.
"We are setting a target of $38 billion for this fiscal," a senior Textiles Ministry official said.
The US and European markets account for over 50 per cent of the country's exports and facing economic slowdown.
Textiles export was about $34 billion in 2011-12, as against $26.8 billion in 2010-11.
Experts said, meanwhile, that there is a need to focus on ways to boost textiles shipments.
India's textiles export performance has continued to lag its global competitors in the last few years. It has a meagre 4.3 per cent share of the world market, compared to China's 28.3 per cent.
"We need to focus on new markets like Latin America and Africa. Huge demand is there. We hope that our textiles exports would touch $38 billion this fiscal," Federation of Indian Export Organisations (FIEO) President Rafeeq Ahmed said.
Apparel Export Promotion Council (AEPC) Chairman A Sakthivel said the combined effort of the government and exporters to explore new markets would "give better fruits" this fiscal.
"The Indian apparel industry is facing several challenges like labour, safety and health compliances in the global market. There is a need to focus on those issues to increase our competitiveness in the global market," Sakthivel added.
The Economic Survey 2011-12 too has said that India needs to diversify its export markets as its trading partners may resort to protectionist measures in the wake of global economic uncertainty.
According to estimates, the share of textiles and clothing as a per centage of the country's overall export basket decreased from 15.97 per cent in 2004-05 to 8.9 per cent in 2010-11.
The sector, which is the country's second largest employment generator after agriculture, employing 35 million people, was hit hard by the global economic slowdown.
Textiles export may touch $38 bn this fiscal - The Economic Times
NEW DELHI: India is looking to set textiles export target at $38 billion this fiscal, 12 per cent higher the previous year, despite slowdown in the Western markets as the country opens new avenues for shipments.
"Though there is economic uncertainty in the US and Europe, growing demand in new markets like Latin America and Africa will help India's textiles exports.
"We are setting a target of $38 billion for this fiscal," a senior Textiles Ministry official said.
The US and European markets account for over 50 per cent of the country's exports and facing economic slowdown.
Textiles export was about $34 billion in 2011-12, as against $26.8 billion in 2010-11.
Experts said, meanwhile, that there is a need to focus on ways to boost textiles shipments.
India's textiles export performance has continued to lag its global competitors in the last few years. It has a meagre 4.3 per cent share of the world market, compared to China's 28.3 per cent.
"We need to focus on new markets like Latin America and Africa. Huge demand is there. We hope that our textiles exports would touch $38 billion this fiscal," Federation of Indian Export Organisations (FIEO) President Rafeeq Ahmed said.
Apparel Export Promotion Council (AEPC) Chairman A Sakthivel said the combined effort of the government and exporters to explore new markets would "give better fruits" this fiscal.
"The Indian apparel industry is facing several challenges like labour, safety and health compliances in the global market. There is a need to focus on those issues to increase our competitiveness in the global market," Sakthivel added.
The Economic Survey 2011-12 too has said that India needs to diversify its export markets as its trading partners may resort to protectionist measures in the wake of global economic uncertainty.
According to estimates, the share of textiles and clothing as a per centage of the country's overall export basket decreased from 15.97 per cent in 2004-05 to 8.9 per cent in 2010-11.
The sector, which is the country's second largest employment generator after agriculture, employing 35 million people, was hit hard by the global economic slowdown.
Textiles export may touch $38 bn this fiscal - The Economic Times
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Bharti Airtel rolls out 4G in Bangalore
KOLKATA: Bharti Airtel, the country's largest mobile operator by subscribers, launched wireless broadband services in Bangalore on Monday, less than a month after it became the first Indian telco to unveil fourth generation services in Kolkata.
Bharti bought 4G airwaves in four service areas in the 2010 auctions for Rs 3314.36 crore. It will next launch wireless broadband services in Pune and Chandigarh. Bharti's network gear supplier in Bangalore is China's Huawei.
KOLKATA: Bharti Airtel, the country's largest mobile operator by subscribers, launched wireless broadband services in Bangalore on Monday, less than a month after it became the first Indian telco to unveil fourth generation services in Kolkata.
Bharti bought 4G airwaves in four service areas in the 2010 auctions for Rs 3314.36 crore. It will next launch wireless broadband services in Pune and Chandigarh. Bharti's network gear supplier in Bangalore is China's Huawei.
Dance
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India shares fall 2.2 pct; GAAR worries revived
May 8 (Reuters) - India's main stock index posted its biggest fall since Feb. 27 on Tuesday after analysts warned about the continued lack of clarity regarding taxation for foreign investors, while the fall in the rupee also weighed.
Stock accelerated their falls late in the session, especially in the Nifty index after stop losses were triggered in futures and options markets.
Blue chip sectors such as software services exporters and banks led decliners, with Tata Consultancy Services and HDFC Bank ending among the big losers on Tuesday.
Despite the government's changes to the General Anti-Avoidance Rule, foreign investors have sold a net of 10.3 billion rupees in Indian stocks on Monday and Tuesday, according to provisional data from the National Stock Exchange.
Analysts said the changes were still vague, and added the uncertainty would continue at least until May 31, when a government committee is expected to provide guidelines.
"Not all potential concerns in regard to GAAR are completely addressed. We still have to be clear how exactly it is going to be implemented," said Pranav Sayta, a tax partner at Ernst & Young.
The 30-share BSE index fell 2.17 percent to 16,546.18 points, while the 50-share NSE index lost 2.23 percent to 4.999.95 points
Foreign investors, who are critical in Indian stock markets, have been net sellers, albeit of a modest 6.3 billion rupees for last month, though analysts have warned selling could accelerate should the uncertainty over GAAR proposals.
Blue chips were heavily hit on Tuesday, especially in the technology sector.
Shares in Tata Consultancy Services fell 5.7 percent after JP Morgan downgraded it to "neutral" from overweight" saying the stock price was now "fully valued" at current 19 time forward fiscal 2013 earnings.
Sentiment for the sector was also hit after U.S.-based Cognizant Technology Solutions Corp lowered its full-year forecast, citing weak demand from North American financial services clients.
Second-ranked Infosys lost 1.8 percent on the day.
Banks also fell, reversing the prior sessions gains. HDFC Bank lost 3.2 percent, while State Bank of India lost 3.6 percent.
Other recent strong performers were among the top decliners. Cigarette maker ITC slumped 4 percent, having gained 17.4 percent in the year to date as of Monday's close.
Reliance Industries shares fell 1 percent on lingering concerns about a standoff with the government over pricing of gas and recovery of input costs from projects.
But among gainers, gas utility stocks benefitted on speculation the government was planning to raise liquefied natural gas imports to meet gas demand, traders said. Shares in Indraprastha Gas added 0.37 percent.
India shares fall 2.2 pct; GAAR worries revived | Reuters
Indian rupee hits 6-month low
MUMBAI, May 7: India’s rupee slid to a near six-month low against the dollar on Monday, prompting the central bank to intervene to prop up the struggling currency, traders said.
The Indian unit fell to an intraday low of 53.74 rupees to the dollar — a level last seen in December — but then recovered marginally to 52.89.
“The rupee is in a challenging environment, the headwinds are too strong.
It is unlikely to appreciate in a hurry,” said Sonam Udasi, head of research at IDBI Capital. The partially convertible currency has been hurt by global uncertainty, weak domestic economic data, slowing overseas funds inflows and pressure from oil imp-orters who have to exchange rupees for dollars when they purchase crude.
Energy-hungry India imp-orts four-fifths of its crude oil needs to fuel its economy.
“The RBI likely intervened” to lift the currency of its intraday lows, a dealer with a Mumbai-based brokerage said, declining to be named. The RBI typically intervenes — by buying rupees — to prevent volatility and has a policy of not co menting on movements of the forex market. Traders said it was the eleventh time in 2012 that the central bank is believed to have stepped into the market to prop up the rupee. The currency was also boosted by news that India’s government had deferred by a year plans for a proposal which aims to crack down on tax evasion, which had caused concern among foreign investors.
The “general anti-avoidance rule”, or GAAR, was intended to stop foreign companies evading capital gains tax by routing investments through popular tax havens such as Mauritius. The Indian unit, Asia’s worst performing currency in 2011, hit a record low of 54.30 against the dollar in mid-December and then rebounded to 48.67 rupees in February, led by strong foreign fund buying of Indian assets.—AFP
Indian rupee hits 6-month low | DAWN.COM
May 8 (Reuters) - India's main stock index posted its biggest fall since Feb. 27 on Tuesday after analysts warned about the continued lack of clarity regarding taxation for foreign investors, while the fall in the rupee also weighed.
Stock accelerated their falls late in the session, especially in the Nifty index after stop losses were triggered in futures and options markets.
Blue chip sectors such as software services exporters and banks led decliners, with Tata Consultancy Services and HDFC Bank ending among the big losers on Tuesday.
Despite the government's changes to the General Anti-Avoidance Rule, foreign investors have sold a net of 10.3 billion rupees in Indian stocks on Monday and Tuesday, according to provisional data from the National Stock Exchange.
Analysts said the changes were still vague, and added the uncertainty would continue at least until May 31, when a government committee is expected to provide guidelines.
"Not all potential concerns in regard to GAAR are completely addressed. We still have to be clear how exactly it is going to be implemented," said Pranav Sayta, a tax partner at Ernst & Young.
The 30-share BSE index fell 2.17 percent to 16,546.18 points, while the 50-share NSE index lost 2.23 percent to 4.999.95 points
Foreign investors, who are critical in Indian stock markets, have been net sellers, albeit of a modest 6.3 billion rupees for last month, though analysts have warned selling could accelerate should the uncertainty over GAAR proposals.
Blue chips were heavily hit on Tuesday, especially in the technology sector.
Shares in Tata Consultancy Services fell 5.7 percent after JP Morgan downgraded it to "neutral" from overweight" saying the stock price was now "fully valued" at current 19 time forward fiscal 2013 earnings.
Sentiment for the sector was also hit after U.S.-based Cognizant Technology Solutions Corp lowered its full-year forecast, citing weak demand from North American financial services clients.
Second-ranked Infosys lost 1.8 percent on the day.
Banks also fell, reversing the prior sessions gains. HDFC Bank lost 3.2 percent, while State Bank of India lost 3.6 percent.
Other recent strong performers were among the top decliners. Cigarette maker ITC slumped 4 percent, having gained 17.4 percent in the year to date as of Monday's close.
Reliance Industries shares fell 1 percent on lingering concerns about a standoff with the government over pricing of gas and recovery of input costs from projects.
But among gainers, gas utility stocks benefitted on speculation the government was planning to raise liquefied natural gas imports to meet gas demand, traders said. Shares in Indraprastha Gas added 0.37 percent.
India shares fall 2.2 pct; GAAR worries revived | Reuters
Indian rupee hits 6-month low
MUMBAI, May 7: India’s rupee slid to a near six-month low against the dollar on Monday, prompting the central bank to intervene to prop up the struggling currency, traders said.
The Indian unit fell to an intraday low of 53.74 rupees to the dollar — a level last seen in December — but then recovered marginally to 52.89.
“The rupee is in a challenging environment, the headwinds are too strong.
It is unlikely to appreciate in a hurry,” said Sonam Udasi, head of research at IDBI Capital. The partially convertible currency has been hurt by global uncertainty, weak domestic economic data, slowing overseas funds inflows and pressure from oil imp-orters who have to exchange rupees for dollars when they purchase crude.
Energy-hungry India imp-orts four-fifths of its crude oil needs to fuel its economy.
“The RBI likely intervened” to lift the currency of its intraday lows, a dealer with a Mumbai-based brokerage said, declining to be named. The RBI typically intervenes — by buying rupees — to prevent volatility and has a policy of not co menting on movements of the forex market. Traders said it was the eleventh time in 2012 that the central bank is believed to have stepped into the market to prop up the rupee. The currency was also boosted by news that India’s government had deferred by a year plans for a proposal which aims to crack down on tax evasion, which had caused concern among foreign investors.
The “general anti-avoidance rule”, or GAAR, was intended to stop foreign companies evading capital gains tax by routing investments through popular tax havens such as Mauritius. The Indian unit, Asia’s worst performing currency in 2011, hit a record low of 54.30 against the dollar in mid-December and then rebounded to 48.67 rupees in February, led by strong foreign fund buying of Indian assets.—AFP
Indian rupee hits 6-month low | DAWN.COM
lepziboy
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dont worry india will make a come back
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Iran plans $25b domestic import from India soon
After facing sanctions from the west, Iran is now eyeing imports worth $25 billion from India to meet its domestic requirements in coming years. A five-member trade delegation from Iran, led by Yahya Ale Eshagh, president of the Iran chamber of commerce, industry and mining, met commerce secretary Rahul Khullar on Monday to moot the proposal for enhancing imports from India.
“Iran has shown interest in imports from India. The country will shortly provide us a list of top 100 items, worth $25 billion, that it needs for its domestic requirement and we will evaluate if it is commercially viable for us to export,” an official of the federation of Indian exports organization (Fieo) told Financial Chronicle.
According to the official, Iran showed interest in Indian pharmaceuticals as they were nearly one-sixth of the cost in India vis-à-vis the price that Iran pays for importing from Europe. The visit of Tehran traders comes one-and-a-half month after Fieo had led 80-memeber Indian business delegations to Iran in March to explore export opportunities.
While there is no official confirmation, it is learnt that Iran is also looking at joint venture in mining, hydropower and railways, IT and IT enabled services, tourism and medical tourism.
Raising exports from India to Iran would also benefit India, as the country is itself looking at diversifying markets in the wake of slowdown in EU and the US.
Besides, with enhanced exports India would be able to balance out the payment issues with Iran, which India depends heavily for its oil requirements.
According to the official, Iran has also expressed concern on the difficulties being faced by their companies and banks in India. “The two important issues that came up for discussion with the commerce secretary include the problem of Iranian companies in getting themselves registered in India as well as the difficulty that Persian banks are at present facing in opening up branches in India,” he added.
Iran plans $25b domestic import from India soon | mydigitalfc.com
After facing sanctions from the west, Iran is now eyeing imports worth $25 billion from India to meet its domestic requirements in coming years. A five-member trade delegation from Iran, led by Yahya Ale Eshagh, president of the Iran chamber of commerce, industry and mining, met commerce secretary Rahul Khullar on Monday to moot the proposal for enhancing imports from India.
“Iran has shown interest in imports from India. The country will shortly provide us a list of top 100 items, worth $25 billion, that it needs for its domestic requirement and we will evaluate if it is commercially viable for us to export,” an official of the federation of Indian exports organization (Fieo) told Financial Chronicle.
According to the official, Iran showed interest in Indian pharmaceuticals as they were nearly one-sixth of the cost in India vis-à-vis the price that Iran pays for importing from Europe. The visit of Tehran traders comes one-and-a-half month after Fieo had led 80-memeber Indian business delegations to Iran in March to explore export opportunities.
While there is no official confirmation, it is learnt that Iran is also looking at joint venture in mining, hydropower and railways, IT and IT enabled services, tourism and medical tourism.
Raising exports from India to Iran would also benefit India, as the country is itself looking at diversifying markets in the wake of slowdown in EU and the US.
Besides, with enhanced exports India would be able to balance out the payment issues with Iran, which India depends heavily for its oil requirements.
According to the official, Iran has also expressed concern on the difficulties being faced by their companies and banks in India. “The two important issues that came up for discussion with the commerce secretary include the problem of Iranian companies in getting themselves registered in India as well as the difficulty that Persian banks are at present facing in opening up branches in India,” he added.
Iran plans $25b domestic import from India soon | mydigitalfc.com
Shatterpoint
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I love reading the news and seeing India up there, the good and the bad, in just this last month India has captured the world attention once again, you guys should have every right to be proud in your great nation.
angeldemon_007
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US sanctions turns out to be a gold mine for India. If this gets successful, India will increase its oil imports from Iran, rather than reducing as this way, India will be able to dramatically increase its exports.
All these sectors can hugely benefit India.
Chabahar port is also getting ready and so is the railway line from Afg to Iran. It looks like Iran is getting more and more important for India. Indian diplomacy will be tested in the future....
Shatterpoint
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I think the USA wants to invest in the port in Kolkata? Would India be interested? Would be a massive boost to the economy of the whole region really. Do you guys agree or disagree?
Can't wait to get to India and travel around your great country.
Can't wait to get to India and travel around your great country.
illusion8
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Kolkata port already is a highly developed port, the US interest in developing it is news to me
.Shatterpoint
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I think I might have got my wires crossed after listening to Hillary on NDTV? Didn't she say something about the new silk road with Kolkata the heart of it all?
