Indian Economy-News & Updates

[IndoCarib]

Worst May be Over on Balance of Payments

But, many analysts say the worst is over. India’s external position is likely to improve as the trade sector reaps the benefits of a weak rupee.

Still, many analysts contend the worst is over. The sharp fall in the Indian rupee against the dollar is likely to discourage imports, as companies will have to pay more rupees for goods priced in dollars. It also swells earnings from exports when converted into Indian rupees, which will encourage Indian companies to export more.

These simultaneous developments could reduce the current account gap.

Worst May be Over on Balance of Payments - India Real Time - WSJ

 

[IndoCarib]

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BEIJING: A factory slump in Asia's two biggest exporters China and Japan deepened in June as crumbling orders from abroad dragged activity to seven-month lows, heightening worries that the health of the global economy is deteriorating.

PMI reports on major exporters South Korea and Taiwan also indicated new orders from overseas were falling. The manufacturing sectors in these countries contracted in June for the first time in five months, the reports showed.

In India, where the economy is more reliant on domestic activity, the factory sector picked up in June. But its new export orders growth was the weakest in seven months.

HSBC manufacturing PMIs fall across Asia, but India at 4-month high - The Economic Times

 

[IndoCarib]

NEW DELHI: India today extended the ban on milk and milk products from China for another year till June 2013, according to the foreign trade office.

India extends ban on import of Chinese milk, milk products - The Economic Times

 

[Matrixx]

$100 bn Delhi-Mumbai Industrial Corridor: FinMin OK's 26% Japan stake

In order to give a big thrust to manufacturing sector, the Finance Ministry has given green signal to the DIPP's proposal to give 26 per cent stake to the Japanese government in the USD 100-billion Delhi-Mumbai Industrial Corridor project.

"We have received comments from the Finance Ministry and they have supported the proposal. Soon we will move the final note for Cabinet Committee on Economic Affairs approval. We had moved the draft cabinet note in December 2011 itself," a commerce and industry ministry official said.

All the other concerned ministries including the labour ministry have already supported the proposal of the Department of Industrial Policy and Promotion (DIPP).

As per the draft cabinet note on the DMIC Development Corporation (DMICDC) re-structuring, 49 per cent stake will be held by the government, 26 per cent by the Japanese government and 25 per cent with state-run institutions - Life Insurance Corporation, HUDCO and India Infrastructure Finance Company.

The DMIC Development Corporation (DMICDC) is a special purpose vehicle for the implementation of the Delhi-Mumbai Industrial Corridor (DMIC) project. It will run the trust fund into which the government, multilateral agencies and Japanese entities will invest to finance the project.

The official said timely restructuring would help in fast-tracking the ambitious project.

The manufacturing sector, which constitutes over 75 per cent of the index of IIP, grew barely 0.1 per cent in April, as against 5.7 per cent in April 2011.

The Corporation will develop industrial enclaves along the Delhi-Mumbai rail corridor encompassing seven states - Delhi, Uttar Pradesh, Haryana, Rajasthan, Gujarat, Maharashtra and Madhya Pradesh.

The Cabinet had approved equity restructuring of DMICDC and an expenditure of Rs 18,500 crore on development of infrastructure in September 2011.

This plan will make DMICDC a deemed government company. Japan, which has expressed keen interest in the DMIC project, intends to invest USD 4.5 billion in the project, which will cover 1,483 km between Delhi and Mumbai, over the next five years.

The DMIC project, which was conceptualised in 2006, is being developed in collaboration with Japan as a manufacturing and trading hub, though Japanese participation did not involve equity holding till now.

The project aims to create globally competitive environment and latest infrastructure to activate local commerce, enhance foreign investment, create employment opportunities, enhance exports and attain sustainable development.

According to experts, the progress and implementation of projects would depend upon the availability of land.

$100 bn Delhi-Mumbai Industrial Corridor: FinMin OK's 26% Japan stake - Indian Express

That's become $26 B Japan stake on it

 

[IndoCarib]

Europe has imposed an anti-dumping duty on China-made bicycles, and Indian manufacturers are zooming in on the continent with their premium offerings. Indian bicycle exports have the potential to grow into a $5-billion business from the present $200 million, feels Pankaj Munjal, MD of Hero Cycles and president of All India Cycle Manufacturers Association.


Indian cycles may benefit from EU

 

[laman12345]

India's Cities facing severe power cuts

3/7/2012

The city continues to face rampant power rostering especially at a time when it has missed date with monsoons. The rostering hours have also increased manifold. If a fault occurs in a transformer or electricity pole, the number of hours of rostering goes up. On an average the city is just getting power for some 16-18 hours a day. The power production has declined considerably at various power plants in the state. As a result, leaving apart the cities like state capital, Allahabad, Kannauj, Etawah, Mainpuri, other districts of the state are facing severe power rostering including Kanpur.The power scenario is so poor in the city that rostering (though done in phases) is witnessing powercuts for nearly five to seven hours each day. The repairing of the faults (if occurs any in transfromers) takes another two-three hours. The total number of rostering hours therefore, goes upto 7-8 hours each day.


India’s land area with deficient or scanty monsoon rainfall has increased to 83 per cent from 74 per cent last week, according to figures released by the India Meteorological Department today.

More than half the land area has received deficient rainfall (20 per cent to 59 per cent below average), and 30 per cent of the country has had scanty rainfall (60 per cent or more below average).

Rain hope with rider

 

[Android]

Rupee gains 25 paise against dollar - Hindustan Times

 

[Zeeshan360]

No power cuts in my city since a year ..

I dunno where 16-18 hrs powercut R present

 

[lepziboy]

Rupee touches 4-week high, gains 57 paise against dollar


Mumbai: The rupee gained a hefty 57 paise to move past the 55 level against the dollar for the first time in nearly four weeks on sustained capital inflows amid government measures to revive the economy, and continued selling of the American currency by exporters.

The local unit opened marginally higher at 55.41 at the Interbank Foreign Exchange (Forex) market, and rose by 57 paise to trade at 54.86, a level last seen on June 7.

The rupee had ended 18 paise higher at 55.43 against the dollar following sustained selling of the American currency by exporters and some banks in yesterday's trade.

Forex dealers said apart from government's steps to revive slowing economy and falling rupee, robust capital inflows by foreign funds also supported the local unit.

Strengthening of euro and other currencies against the dollar in the overseas market and firm domestic equity market also supported the rupee.

Meanwhile, the BSE benchmark Sensex was trading 79.99 points, or 0.46 percent, higher at 17,478.97 at 1145 hrs.

Rupee touches 4-week high, gains 57 paise against dollar

 

[lepziboy]

We might always critize MMS on his job as the PM but when it comes to economics and being a finance minister no one comes close to him.my mom just came from.india and she said that the people who work at the bank say that the economy is going to make a comeback because MMS is back alot of respect to MMS.for me best.combination would me PM =modi and FM= MMS

 

[IND151]

Europe has imposed an anti-dumping duty on China-made bicycles, and Indian manufacturers are zooming in on the continent with their premium offerings. Indian bicycle exports have the potential to grow into a $5-billion business from the present $200 million, feels Pankaj Munjal, MD of Hero Cycles and president of All India Cycle Manufacturers Association.


Indian cycles may benefit from EU

very good news

i hope we take advantage of this

 

[Zeeshan360]

Rupee is back in 54 level ..

Die haters .. Die

 

[IndoCarib]

India mobile phone sales cross 50 mn mark in Jan-Mar: Study | The Asian Age

 

[IndoCarib]

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India’s Wealthy Consumers Continue to Spend Despite Weak Economy

India’s ultra-high-net-worth individuals (HNIs) have not curtailed their spending on luxury items given the current economic slowdown, but they have turned cautious in their investments, according to a study by Kotak Wealth Management and CRISIL Research.

Diamonds.net - India

 

[subincb]

Rupee is back in 54 level ..

Die haters .. Die

Expatriates who want to send money home and exporters I think 57 would have been good.. Lot of Indian products are exported now, even major companies like Nissan and Toyota export cars made in India. It allows them to reduce prices here. Just my opinion