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Indian Economy-News & Updates
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Vinod2070
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How low cost computers are used for education, livelihood - Economic Times
This wave of low cost computing is really exciting for India. It will help us leapfrog as low cost the mobile technology did for us a decade back.
The gap is reducing every day. Exciting times for India.
This wave of low cost computing is really exciting for India. It will help us leapfrog as low cost the mobile technology did for us a decade back.
The gap is reducing every day. Exciting times for India.
SpArK
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India-China Trade to Touch $100 Bn in 4 Yrs: Assocham
India-China trade would touch USD 100 billion in the next four years from the present USD 63 billion, says industry body Assocham.
As per the Associated Chambers of Commerce and Industry of India, the two Asian giants can emerge as world's largest trading partners by 2030.
"China has already raced past United States, Britain and Japan to become India's largest trading partner. Indian companies can gain substantially by accessing Chinese capital goods at attractive prices by way of imports," Assocham said in a statement here.
Indian exports to China jumped 68.8 per cent to USD 19.6 billion in 2010-11, from USD 11.6 billion in the previous year. Imports increased 41 per cent to USD 43.5 billion from USD 30.8 billion in the same period.
India is the tenth largest trade partner of China, and its seventh largest export market. In India's total trade, China's share has increased to over 10 per cent.
However, Assocham expects that government's proposal to hike tariff and non-tariff barriers on imports of some Chinese goods or to impose a complete ban on items like power and telecom equipment will send negative signals to India's trade partners and affect investment climate in key sectors.
"Economic relations between India and China are among the most significant in current global economic scenario," Assocham Secretary General D S Rawat said in the statement, adding that the trade gap must come down.
"Indian companies must widen product portfolio to increase exports of finished, value-added products," he said.
India and China entered a trade agreement in 1984, granting each other the status of Most Favoured Nation (MFN).
"There are complementarities as India has excelled in services sector, especially in knowledge-based services, while manufacturing has emerged as mainstay of Chinese economy," Rawat said.
Indian exports to China mainly consist of metals, ores, iron and steel and cotton, while imports are electrical machinery and equipment, nuclear reactors and boilers, organic chemicals, fertilisers, iron and steel.
FILED ON: NOV 07, 2011
news.outlookindia.com | India-China Trade to Touch $100 Bn in 4 Yrs: Assocham
India-China trade would touch USD 100 billion in the next four years from the present USD 63 billion, says industry body Assocham.
As per the Associated Chambers of Commerce and Industry of India, the two Asian giants can emerge as world's largest trading partners by 2030.
"China has already raced past United States, Britain and Japan to become India's largest trading partner. Indian companies can gain substantially by accessing Chinese capital goods at attractive prices by way of imports," Assocham said in a statement here.
Indian exports to China jumped 68.8 per cent to USD 19.6 billion in 2010-11, from USD 11.6 billion in the previous year. Imports increased 41 per cent to USD 43.5 billion from USD 30.8 billion in the same period.
India is the tenth largest trade partner of China, and its seventh largest export market. In India's total trade, China's share has increased to over 10 per cent.
However, Assocham expects that government's proposal to hike tariff and non-tariff barriers on imports of some Chinese goods or to impose a complete ban on items like power and telecom equipment will send negative signals to India's trade partners and affect investment climate in key sectors.
"Economic relations between India and China are among the most significant in current global economic scenario," Assocham Secretary General D S Rawat said in the statement, adding that the trade gap must come down.
"Indian companies must widen product portfolio to increase exports of finished, value-added products," he said.
India and China entered a trade agreement in 1984, granting each other the status of Most Favoured Nation (MFN).
"There are complementarities as India has excelled in services sector, especially in knowledge-based services, while manufacturing has emerged as mainstay of Chinese economy," Rawat said.
Indian exports to China mainly consist of metals, ores, iron and steel and cotton, while imports are electrical machinery and equipment, nuclear reactors and boilers, organic chemicals, fertilisers, iron and steel.
FILED ON: NOV 07, 2011
news.outlookindia.com | India-China Trade to Touch $100 Bn in 4 Yrs: Assocham
IndoCarib
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HOUSTON: India will continue to be at the forefront of the development of knowledge process outsourcing (KPO) industry for the foreseeable future, says a report.
However, in the recent years, a number of other viable KPO sourcing hubs have emerged in the Asia-Pacific region, says a report from independent technology analyst firm Ovum.
The potential KPO delivery locations, including China, the Philippines and Sri Lanka, are unlikely to challenge India's dominant position in the market, but they have enabled many vendors to pursue a multi-shore strategy, it said.
India will continue to dominate KPO sector: Report - The Times of India
---------- Post added at 10:10 AM ---------- Previous post was at 10:10 AM ----------
India likely to grow at 7-8% in next 3-5 yrs: Barclays - Hindustan Times
However, in the recent years, a number of other viable KPO sourcing hubs have emerged in the Asia-Pacific region, says a report from independent technology analyst firm Ovum.
The potential KPO delivery locations, including China, the Philippines and Sri Lanka, are unlikely to challenge India's dominant position in the market, but they have enabled many vendors to pursue a multi-shore strategy, it said.
India will continue to dominate KPO sector: Report - The Times of India
---------- Post added at 10:10 AM ---------- Previous post was at 10:10 AM ----------
India likely to grow at 7-8% in next 3-5 yrs: Barclays - Hindustan Times
India Inflation is out of control
India’s Food Inflation Quickens to 12.21%, a Nine-Month High - Businessweek
India’s Food Inflation Quickens to 12.21%, a Nine-Month High - Businessweek
---------- Post added at 12:10 AM ---------- Previous post was at 12:07 AM ----------
India is in danger, Food inflation hits 9-month high at 12.2%
http://www.indianexpress.com/news/Food-inflation-hits-9-month-high-at-12-2-/870539/
---------- Post added at 12:11 AM ---------- Previous post was at 12:10 AM ----------
India is in danger, Food inflation hits 9-month high at 12.2%
http://www.indianexpress.com/news/Food-inflation-hits-9-month-high-at-12-2-/870539/
India’s Food Inflation Quickens to 12.21%, a Nine-Month High - Businessweek
India’s Food Inflation Quickens to 12.21%, a Nine-Month High - Businessweek
---------- Post added at 12:10 AM ---------- Previous post was at 12:07 AM ----------
India is in danger, Food inflation hits 9-month high at 12.2%
http://www.indianexpress.com/news/Food-inflation-hits-9-month-high-at-12-2-/870539/
---------- Post added at 12:11 AM ---------- Previous post was at 12:10 AM ----------
India is in danger, Food inflation hits 9-month high at 12.2%
http://www.indianexpress.com/news/Food-inflation-hits-9-month-high-at-12-2-/870539/
IndoCarib
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Why are you changing the titles of the articles ??
We are not worried about inflation as much as you are.
Financial services company Nomura has said inflation in India is likely to "drop considerably" by end of the current fiscal and the Reserve Bank is expected to pause its policy of monetary tightening.
Inflation in India to 'drop considerably' by March 2012: Nomura - Economic Times
Varad
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India's growth likely at 7-8% in next 3-5 yrs: Barclays Capital
NEW DELHI: Global financial services major Barclays Capital today said India's economy is likely to register an annual growth rate of 7-8 per cent, below the country's full potential, in next 3-5 years.
"We expect India to register growth of 7-8 per cent over the next 3-5 years, depending on the global growth cycle and the absence of any large-scale weather aberrations. While this appears a decent growth rate, it is lower than India's growth potential," Barclays Capital said in its issue of 'Emerging Markets Research'.
According to the financial services firm, India's growth pattern remains skewed towards the services sector and is heavily dependent on domestic consumption, which it said, raises the possibility that the imbalance between the services and other sectors may widen even further.
The services sector contributes to around 55 per cent of the country's Gross Domestic Product (GDP).
According to Barclays, over the next five years, infrastructure bottlenecks, normally blamed for holding the country's growth back, are expected to ease in certain areas.
"We expect this to occur in the areas of financial, urban and human capital infrastructure, which are likely to be of greatest benefit to the services industry," it said.
The firm, however, added that absence of large-scale improvements in basic and rural infrastructure would mean that agriculture and manufacturing sectors are likely to continue to be hampered by weak productivity growth and capacity constraints.
While Barclays has projected 7-8 per cent annual average growth for India, the Planning Commission is looking at achieving 9 per cent annual growth during the 12th Five-Year Plan (2012-17).
The economy is expected to end the current 11th Plan (2007-12) with an average annual growth of 8.1 per cent, below the original estimate of 9 per cent.
"Whilst India's engagement with the global economy has increased, its leverage to global growth remains relatively low. Even in an environment of generally subdued global economic activity, we think India should broadly be able to remain on its own growth path if it can manage its domestic economy well," Barclays said.
It, however, warned that rise in commodity prices could dent India's relative competitiveness in exports.
The report termed the bottlenecks hindering the country's economic growth as "self-inflicted".
India's growth likely at 7-8% in next 3-5 yrs: Barclays Capital - The Economic Times
---------- Post added at 02:57 PM ---------- Previous post was at 02:54 PM ----------
India October Exports Rise 10.8% To $19.9 Billion - Trade Secretary
NEW DELHI -(Dow Jones)- India's merchandise exports in October grew 10.8% from a year earlier to $19.9 billion, Commerce Secretary Rahul Khullar said Tuesday.
The pace of growth was far slower than the previous month's 36.3% year-on-year expansion.
Imports in October rose 21.7% from a year earlier to $39.5 billion, Khullar said at a news conference.
The trade deficit was at $19.6 billion in October and $93.7 billion in the April-October period.
"At this rate, it [trade gap] will breach $150 billion" for the fiscal year, Khullar said.
India October Exports Rise 10.8% To $19.9 Billion - Trade Secretary
NEW DELHI: Global financial services major Barclays Capital today said India's economy is likely to register an annual growth rate of 7-8 per cent, below the country's full potential, in next 3-5 years.
"We expect India to register growth of 7-8 per cent over the next 3-5 years, depending on the global growth cycle and the absence of any large-scale weather aberrations. While this appears a decent growth rate, it is lower than India's growth potential," Barclays Capital said in its issue of 'Emerging Markets Research'.
According to the financial services firm, India's growth pattern remains skewed towards the services sector and is heavily dependent on domestic consumption, which it said, raises the possibility that the imbalance between the services and other sectors may widen even further.
The services sector contributes to around 55 per cent of the country's Gross Domestic Product (GDP).
According to Barclays, over the next five years, infrastructure bottlenecks, normally blamed for holding the country's growth back, are expected to ease in certain areas.
"We expect this to occur in the areas of financial, urban and human capital infrastructure, which are likely to be of greatest benefit to the services industry," it said.
The firm, however, added that absence of large-scale improvements in basic and rural infrastructure would mean that agriculture and manufacturing sectors are likely to continue to be hampered by weak productivity growth and capacity constraints.
While Barclays has projected 7-8 per cent annual average growth for India, the Planning Commission is looking at achieving 9 per cent annual growth during the 12th Five-Year Plan (2012-17).
The economy is expected to end the current 11th Plan (2007-12) with an average annual growth of 8.1 per cent, below the original estimate of 9 per cent.
"Whilst India's engagement with the global economy has increased, its leverage to global growth remains relatively low. Even in an environment of generally subdued global economic activity, we think India should broadly be able to remain on its own growth path if it can manage its domestic economy well," Barclays said.
It, however, warned that rise in commodity prices could dent India's relative competitiveness in exports.
The report termed the bottlenecks hindering the country's economic growth as "self-inflicted".
India's growth likely at 7-8% in next 3-5 yrs: Barclays Capital - The Economic Times
---------- Post added at 02:57 PM ---------- Previous post was at 02:54 PM ----------
India October Exports Rise 10.8% To $19.9 Billion - Trade Secretary
NEW DELHI -(Dow Jones)- India's merchandise exports in October grew 10.8% from a year earlier to $19.9 billion, Commerce Secretary Rahul Khullar said Tuesday.
The pace of growth was far slower than the previous month's 36.3% year-on-year expansion.
Imports in October rose 21.7% from a year earlier to $39.5 billion, Khullar said at a news conference.
The trade deficit was at $19.6 billion in October and $93.7 billion in the April-October period.
"At this rate, it [trade gap] will breach $150 billion" for the fiscal year, Khullar said.
India October Exports Rise 10.8% To $19.9 Billion - Trade Secretary
Varad
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Bihar's economic growth causing labour shortages, higher wage bills in other parts of India
NEW DELHI: Bihar's recent economic growth has created a peculiar problem for real estate and infrastructure firms in other parts of the country.
Migrant labour from the state constitutes around 50% of the unskilled workers employed in these sectors nationally, but increased government expenditure and private investment has caused rural migration from Bihar to fall by a third in recent years, resulting in labour shortages and 35-50% higher wage bills for real estate firms.
"There is a huge shortage of labour and that is leading to higher cost of construction as well as project delays," says Ajay Chandra, managing director of Unitech, one of the country's top three real estate companies. The company has a number of projects under development simultaneously and Chandra and his team have had to juggle labour between these projects.
For many years, Bihar had trailed the rest of the country in terms of growth while some other states such as Maharashtra, Gujarat, Tamil Nadu and even neighbouring Uttar Pradesh became hotspots for investments.
But since the Nitish Kumar government assumed power in 2005, the economy has rebounded and government expenditure has gone up substantially. Deputy Chief Minister Sushil Modi says Bihar's economy grew by 14% in 2010-11, the fastest among all the states in the country.
Migration from Bihar down 30%
The budget plan expenditure for Bihar this year is Rs 24,000 crore, up from Rs 18,000 crore last year. This is being spent on building roads, hospitals, and schools. Construction is seeing a 20% year-on-year growth in the state and minimum wages are also being implemented strictly," says Modi.
But while this bodes well for people in the state who are finding employment avenues at home, it has slowed down the influx of labour to big cities such as Delhi and Mumbai.
Bihar's economic growth causing labour shortages, higher wage bills in other parts of India - The Economic Times
NEW DELHI: Bihar's recent economic growth has created a peculiar problem for real estate and infrastructure firms in other parts of the country.
Migrant labour from the state constitutes around 50% of the unskilled workers employed in these sectors nationally, but increased government expenditure and private investment has caused rural migration from Bihar to fall by a third in recent years, resulting in labour shortages and 35-50% higher wage bills for real estate firms.
"There is a huge shortage of labour and that is leading to higher cost of construction as well as project delays," says Ajay Chandra, managing director of Unitech, one of the country's top three real estate companies. The company has a number of projects under development simultaneously and Chandra and his team have had to juggle labour between these projects.
For many years, Bihar had trailed the rest of the country in terms of growth while some other states such as Maharashtra, Gujarat, Tamil Nadu and even neighbouring Uttar Pradesh became hotspots for investments.
But since the Nitish Kumar government assumed power in 2005, the economy has rebounded and government expenditure has gone up substantially. Deputy Chief Minister Sushil Modi says Bihar's economy grew by 14% in 2010-11, the fastest among all the states in the country.
Migration from Bihar down 30%
The budget plan expenditure for Bihar this year is Rs 24,000 crore, up from Rs 18,000 crore last year. This is being spent on building roads, hospitals, and schools. Construction is seeing a 20% year-on-year growth in the state and minimum wages are also being implemented strictly," says Modi.
But while this bodes well for people in the state who are finding employment avenues at home, it has slowed down the influx of labour to big cities such as Delhi and Mumbai.
Bihar's economic growth causing labour shortages, higher wage bills in other parts of India - The Economic Times
Tangent
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Hope that Bihar can bring back some of it's lost glory....
Nitish Kumar can be a viable alternate to Modi for PM for NDA...( provided BJP's second grade 'leaders' agrees)..
But a BIG NO to Congress & Raul.
IndoCarib
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NEW DELHI: Under impact of domestic demand compression and declining growth in exports, India's industrial economy is showing signs of slowdown, as evident from initial data on tax collection and export shipments released on Tuesday.
While Eurozone crisis has begun biting the exports growth, indirect tax collections dropped because of slowdown and cut in customs and excise duties on petroleum products. Factors like high inflation and rising cost of borrowing weighed on industrial demand.
Slowdown visible as tax mop-up down, exports growth drops - The Times of India
While Eurozone crisis has begun biting the exports growth, indirect tax collections dropped because of slowdown and cut in customs and excise duties on petroleum products. Factors like high inflation and rising cost of borrowing weighed on industrial demand.
Slowdown visible as tax mop-up down, exports growth drops - The Times of India
Quick MIK
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Varad
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Lack of reforms affecting India's growth: Expert
New Delhi: India has the potential to register double-digit growth but lack of reforms is holding the country back, a senior economist said Tuesday.
"Some will say 7.5 or 8 percent growth is good enough. But this does not do justice to the growth potential of India," said Claude Smadja, former managing director of the World Economic Forum and founder and president of Smadja and Associates Strategic Advisory firm.
"Reforms have stalled in the last four years," said Smadja, adding that higher growth in the recent years was propelled by the reforms undertaken in 1990s and the first half of the last decade.
Indian economy is projected to grow at around 7-8 percent in 2011-12, against the government's budgetary target of 9 percent.
Smadja welcomed the recently announced National Manufacturing Policy would boost growth, but said such policies should have been introduced much earlier.
India recently unveiled its first National Manufacturing Policy that aims to increase the share of manufacturing in the country's gross domestic product (GDP) to 25 percent by 2022, from the current around 16 percent.
Smadja said in comparison to the countries like China, where manufacturing sector accounted for around 36 percent of the GDP, India's target was "too late and slow".
http://zeenews.**********/business/economy/lack-of-reforms-affecting-indias-growth-expert_33573.html
New Delhi: India has the potential to register double-digit growth but lack of reforms is holding the country back, a senior economist said Tuesday.
"Some will say 7.5 or 8 percent growth is good enough. But this does not do justice to the growth potential of India," said Claude Smadja, former managing director of the World Economic Forum and founder and president of Smadja and Associates Strategic Advisory firm.
"Reforms have stalled in the last four years," said Smadja, adding that higher growth in the recent years was propelled by the reforms undertaken in 1990s and the first half of the last decade.
Indian economy is projected to grow at around 7-8 percent in 2011-12, against the government's budgetary target of 9 percent.
Smadja welcomed the recently announced National Manufacturing Policy would boost growth, but said such policies should have been introduced much earlier.
India recently unveiled its first National Manufacturing Policy that aims to increase the share of manufacturing in the country's gross domestic product (GDP) to 25 percent by 2022, from the current around 16 percent.
Smadja said in comparison to the countries like China, where manufacturing sector accounted for around 36 percent of the GDP, India's target was "too late and slow".
http://zeenews.**********/business/economy/lack-of-reforms-affecting-indias-growth-expert_33573.html
Inqhilab
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Key reformist finance laws all set for passage
The UPA government, shrugging aside corruption scandals and political criticism that has paralysed parliament for the better part of this year, has lined up a slew of financial sector legislations which it expects to be passed in the forthcoming winter session, in a move aimed at blunting widespread talk of a policy paralysis.
These include raising the foreign direct investment (FDI) limit in insurance firms from 26% to 49%, passing the Pension Fund Regulatory and Development Authority (PFRDA) Bill to pave the way for social security to millions of employees through efficient intermediation of long-term household savings, the Banking Laws (Amendment) Bill to align voting rights of foreign shareholders in banks to their equity holdings and the Microfinance Institution Bill to regulate small lenders.
Most of these legislations are expected to be placed in Parliament for passage in the winter session, a government source said.
The draft Microfinance Institution Bill, which was released for public debate in July, gives the Reserve Bank of India (RBI) sweeping powers to regulate lending rates and margins apart from fixing capital adequacy and other norms.
At the same time, the Bill provides for delegation of powers by the RBI to National Bank for Agriculture and Rural Development (NABARD).
The Banking Laws (Amendment) Bill 2011 and the PFRDA Bill were tabled in the Lok Sabha in March and the standing committee on finance is currently finalising its recommendations.
However, the PFRDA Bill steers clear of making any specific mention of a ceiling on foreign direct investment (FDI) in the sector. The government is expected to separately notify the FDI ceiling.
The Bill also allows for part investment in stock markets, although Left Front leaders are against the equity investment option given to investors in pension schemes.
The Left parties have traditionally taken a hard stand against the states money flowing into capital markets.
The Banking Laws (Amendment) Bill also seeks to empower the RBI with powers to the supersede a banks board to protect the interests of depositors. Finance minister Pranab Mukherjee in his budget speech had made a strong pitch for financial sector reforms, promising to push ahead with major legislations including politically contentious insurance and pension laws.
Key reformist finance laws all set for passage - Hindustan Times
I hope these laws will be passed this session. Alone GST bill can Boost India's growth By 2%
'A well-designed GST can boost GDP growth by 2%' - Business Today - Business News
The UPA government, shrugging aside corruption scandals and political criticism that has paralysed parliament for the better part of this year, has lined up a slew of financial sector legislations which it expects to be passed in the forthcoming winter session, in a move aimed at blunting widespread talk of a policy paralysis.
These include raising the foreign direct investment (FDI) limit in insurance firms from 26% to 49%, passing the Pension Fund Regulatory and Development Authority (PFRDA) Bill to pave the way for social security to millions of employees through efficient intermediation of long-term household savings, the Banking Laws (Amendment) Bill to align voting rights of foreign shareholders in banks to their equity holdings and the Microfinance Institution Bill to regulate small lenders.
Most of these legislations are expected to be placed in Parliament for passage in the winter session, a government source said.
The draft Microfinance Institution Bill, which was released for public debate in July, gives the Reserve Bank of India (RBI) sweeping powers to regulate lending rates and margins apart from fixing capital adequacy and other norms.
At the same time, the Bill provides for delegation of powers by the RBI to National Bank for Agriculture and Rural Development (NABARD).
The Banking Laws (Amendment) Bill 2011 and the PFRDA Bill were tabled in the Lok Sabha in March and the standing committee on finance is currently finalising its recommendations.
However, the PFRDA Bill steers clear of making any specific mention of a ceiling on foreign direct investment (FDI) in the sector. The government is expected to separately notify the FDI ceiling.
The Bill also allows for part investment in stock markets, although Left Front leaders are against the equity investment option given to investors in pension schemes.
The Left parties have traditionally taken a hard stand against the states money flowing into capital markets.
The Banking Laws (Amendment) Bill also seeks to empower the RBI with powers to the supersede a banks board to protect the interests of depositors. Finance minister Pranab Mukherjee in his budget speech had made a strong pitch for financial sector reforms, promising to push ahead with major legislations including politically contentious insurance and pension laws.
Key reformist finance laws all set for passage - Hindustan Times
I hope these laws will be passed this session. Alone GST bill can Boost India's growth By 2%
'A well-designed GST can boost GDP growth by 2%' - Business Today - Business News
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