Indian Economy-News & Updates

[EjazR]

India is UAE`s largest non-oil trading partner



India has become UAE`s largest non-oil trade partner in 2008-2009. It has surpassed United States and China as trade volume between both countries reaches to USD 44 billion.

This was disclosed by consul general of India Venu Rajamony in Dubai. He said that numbers of UAE companies are involved in India`s development projects as country has taken big initiatives regarding its infrastructure development schemes along with other developmental programs.

He called upon Indians livening in UAE to support the government in its march towards progress.

Government of Dubai, Mariam Matar said that centuries old relations of people of both the countries are the foundation of India-UAE relations. A large number of distinguished Indians and local citizens were present on the occasion.

http://www.myiris.com/newsCentre/storyShow.php?fileR=20090914085831203&dir=2009/09/14&secID=livenews

 

[Neutral]

India received the 13th highest inflow of foreign direct investment (FDI) during 2008 which stood at about $40 billion, nearly double of what was seen in the previous year when it was ranked 19th, the World Investment Report prepared by United Nations Conference on Trade and Development (Unctad) said on Thursday. This increase in inflow of foreign investments came about even as India 's position slipped behind China as the third most attractive destination for FDI in an earlier survey of the UN agency.................More here

 

[EjazR]

Global Times - India overtakes China in auto exports this year

Suzuki Motor Corp., Hyundai Motor Co., and Nissan Motor Co. are making India a hub for overseas sales of minicars as incentives lift demand for smaller, fuel-efficient autos. Helped by cheaper labor and a surging local market, India this year overtook China in auto exports and is challenging Thailand and South Korea as an alternative production center in Asia.

"There is a worldwide shift toward fuel-efficient, compact cars," said Jayesh Shroff, who helps manage about $7 billion of assets including carmaker shares at SBI Asset Management Co. in Mumbai. "This offers a huge potential for India and it can emerge as a leader in the small car segment."

Maruti Suzuki India Ltd.'s exports more than doubled to 79,860 this year. It aims to ship 130,000 vehicles in the year to March, 86 percent more than last year, said Chairman R.C. Bhargava.

Maruti Suzuki sold a monthly record 14,847 vehicles overseas in August. India's exports of minicars and hatchbacks gained 44 percent between January and July to 201,138, according to the Society of Indian Automobile Manufacturers. Total exports, including vans, sport-utility vehicles and trucks, rose 18 percent to 229,809. Cars are exported to over 100 countries, and don't include the US or Japan.

In contrast, China's exports slumped 60 percent to 164,800 between January and July, according to government data. Vehicles produced in Thailand for export declined 43 percent to 263,768, according to the Thai Automotive Club.

Full Control

South Korean exports dropped 31 percent to 1.12 million units, according to the Korea Automobile Manufacturers Association. Japan, the world's largest automobile producer and exporter, shipped 1.77 million cars, trucks and buses. Of those, 135 were minicars and 439,849 were compacts.

Besides the attraction of serving a market where three of four cars bought are compacts, automakers will favor India to set up an export base as China requires companies to form local joint ventures and India doesn't, said Ashvin Chotai, London- based managing director of Intelligence Automotive Asia Ltd.

 

[Bushroda]

Congratulations.. Now lets see if India maintains the pace or fizzles out next year.

 

[jaunty]

UK loans Tata $16 mn for electric car plan

18 Sep 2009, 2205 hrs IST, REUTERS

LONDON: Britain is to lend Tata Motors 10 million pounds ($16.35 million) to develop and make electric vehicles in the UK, the government said on Friday.
The loan towards Tata's 25-million-pound plan to build an electric car in England is the first under the government's Automotive Assistance Programme (AAP) to encourage low-carbon vehicle production.

"The government is determined to help the car industry to exploit fully the opportunities offered by green manufacturing," Business Secretary Peter Mandelson said in a statement.

"This loan will strengthen our electric vehicle manufacturing expertise, securing and creating high value engineering jobs in the West Midlands."
Tata has developed an electric vehicle based on its Indica Vista passenger car and plans to begin production within months.

"The Tata Indica Vista EV will be the first four-seater electric car with a range of up to 200 km (124 miles) to become available this year in Europe," the company said in a statement.

The Tata Motors European Technical Centre (TMETC) opened in Warwick, central England in 2005.

UK loans Tata $16 mn for electric car plan- Automobiles-Auto-News By Industry-News-The Economic Times

 

[jaunty]

Drought-Struck India Aims for Near-Record Wheat Crop

By Thomas Kutty Abraham

Sept. 18 (Bloomberg) -- India, the world’s second-biggest wheat grower, aims to harvest a near record crop this year as a revival in monsoon over the past month raises water levels in major reservoirs, the farm ministry said.

Output may be 79 million metric tons, compared with last year’s record 80.6 million tons, the ministry said. Production target for the winter-sown rice was set at 14.5 million tons and barley at 1.55 million tons, it said on its Web site.

Almost half of India, the world’s largest producer of rice, wheat and sugar, is reeling from a drought caused by the driest monsoon in at least seven years. Rains have returned in the past month, increasing soil moisture and benefiting early winter crop growth, the farm ministry said.

“Crops are in better condition now than two weeks ago,” Agriculture Commissioner N.B. Singh told reporters in New Delhi. “We’re gearing up” for early sowing of winter crops, he said.

A revival in rains from mid August has replenished water levels in reservoirs. Farmers use this water to grow wheat and oilseeds planted between October and December. The nation’s 81 main reservoirs were 57 percent full on Sept. 16, up from 51 percent a week ago.

Wheat, sowed in October and harvested starting March, makes up for more than 70 percent of India’s winter grain output.

Wheat for December delivery dropped 1.2 percent to $4.6175 a bushel in Chicago yesterday. Prices have declined 36 percent in the past year, touching a two-year low on Sept. 15, because of rising global supplies.

World production is forecast at 663.72 million metric tons, the second-biggest harvest after last year’s record, increasing stockpiles before next year’s crop by more than 52 percent from two years ago, according to the U.S. Department of Agriculture.

Drought-Struck India Aims for Near-Record Wheat Crop (Update2) - Bloomberg.com

 

[Zovc]

That's pretty big. The Indian auto industry continues to amaze me.

 

[Gabbar]

Indica electric vehicle to be launched in Europe this year

Tata Motors today disclosed that the vehicle will be Europe's first four-seater electric car with a range of up to 200km.

It research centre in the UK, Tata Motors European Technical Centre plc has received a £10-million loan from the UK government, under its Automotive Assistance Programme, to develop and manufacture the Tata Indica Vista electric vehicle in the UK with an investment of £25 million.

TMETC is a wholly owned subsidiary of Tata Motors in the UK, engaged in design engineering and development of automobiles, working synergistically with Tata Motors.

In addition to developing the electric version of the Indica, Tata Motors, which also has a technology licensing deal with MDI of France to develop a car engine that runs on compressed air (See: And now, a car that runs on air from the Tata stable), has indicated that its low-cost Nano would be available in an electric version.

In March this year, around the time the UK government was dithering on its decision to provide a guaranttes for an approved £340-million from the European Investment Bank loan, it had indicated that Jaguar would receive a £27-million loan to build a all new mini-4x4 'green' car, based on the Land Rover's LRX Concep

 

[EjazR]

Well China mainly caters to the US/Japanese markets and because of the recession, there has been a 60% drop. If that market picks up then China can be back to where it was initially.

India caters to markets outside the US/Japan. Hence the recession did not affect Indian auto industry as much.

The other factor is labor costs are slightly cheaper in India than China. So external companies in the future may prefer setting up manufacturing plans in India than China as Chinese minimum wage demands increase

 

[oct605032048]

is there anyone can tell me how many million cars were produced in india please?
thx

 

[beckham]

is there anyone can tell me how many million cars were produced in india please?
thx

Indian exported a total of 2.30 lakh cars,vans,suvs and trucs between Jan and Jly 2009 with a growth of 18% as China’s exports tumbled 60% in the same period with 1.65 lakh units.

 

[oct605032048]

what is a lakh?

 

[Jako]

Lakh is 100000

 

[beckham]

India overtakes China in Auto Exports

: India, whose auto market is 19% of China’s, has the edge in exports. Suzuki Motor Corp, Hyundai Motor Co, and Nissan Motor Co are making India a hub for overseas sales of minicars as incentives lift demand for smaller, fuel-efficient autos. Helped by cheaper labour and a surging local market, India this year overtook China in auto exports and is challenging Thailand and South Korea as an alternative production centre in Asia.

“There is a worldwide shift toward fuel-efficient, compact cars,” said Jayesh Shroff, who helps manage about $7 billion of assets including carmaker shares at SBI Asset Management Co in Mumbai. “This offers a huge potential for India and it can emerge as a leader in the small car segment.”

Maruti Suzuki India Ltd’s exports more than doubled to 79,860 this year. It aims to ship 130,000 vehicles in the year to March, 86% more than last year, said chairman RC Bhargava. Maruti Suzuki sold a monthly record 14,847 vehicles overseas in August.

India’s exports of minicars and hatchbacks gained 44% between January and July to 201,138, according to the Society of Indian Automobile Manufacturers. Total exports, including vans, sport-utility vehicles and trucks, rose 18% to 229,809. Cars are exported to over 100 countries, and don’t include the US or Japan.

In contrast, China’s exports slumped 60% to 164,800 between January and July, according to government data. Vehicles produced in Thailand for export declined 43% to 263,768, according to the Thai Automotive Club.

South Korean exports dropped 31% to 1.12 million units, according to the Korea Automobile Manufacturers’ Association. Japan, the world’s largest automobile producer and exporter, shipped 1.77 million cars, trucks and buses. Of those, 135 were minicars and 439,849 were compacts.

Besides the attraction of serving a market where three of four cars bought are compacts, automakers will favour India to set up an export base as China requires companies to form local joint ventures and India doesn’t, said Ashvin Chotai, London- based managing director of Intelligence Automotive Asia Ltd. “It makes companies more comfortable to have an export strategy when they have full control,” he said. “They don’t have to give up some parts of the profits to their partner.”

Small cars will account for 95% of the 690,000 passenger vehicles India will export in 2015, according to Tim Armstrong, Paris-based director of IHS Global Insight Inc. In 2016, India may share the top slot with Japan as the world’s biggest small car producer, building as many as 3 million units. “All of India’s expertise has been the small car,” Armstrong said. “So, obviously, it’s a natural place to turn to” to set up export units

 

[Evil Flare]

Where is OIL ??



Just Kidding