Indian Economy - News & Updates - Archive

[Nihat]

Inflation for week-ended March 14 at 0.27% vs 0.44%


The wholesale price index (WPI) is very close to the 0% mark. Inflation for week ended March 14 came in at 0.27% — still in positive terrain — compared with 0.44% week on week (WoW)

Inflation for week-ended March 14 at 0.27% vs 0.44%

 

[Nihat]

IBM plans 5,000 lay offs, moves jobs to India

Press Trust Of India



New York: International Business Machines Crop plans to lay off about 5,000 US employees, with many of the jobs being transferred to India, a media report said on Thursday.

The technology giant has been steadily building its work force in India and other locations while reducing the number of employees based in the US.

Foreign workers accounted for 71 per cent of Big Blue's nearly 4,00,000 employees at the start of the year, up from about 65 per cent in 2006, the Wall Street Journal said.

The latest round of cuts target the company's global business-services unit, which does everything from running corporate data centers to managing human resources for clients like Procter and Gamble, the paper reported.

Some of the jobs are being eliminated because customers have ended contracts or the company has automated tasks.

But employees were quoted as saying in many cases that they have been training IBM workers from India to do work that will now be moved overseas.

However, an IBM spokesman, the paper said, declined to comment.

The company has said it expects to spend about $300 million to $400 million on severance-related charges this year, with most of it in the first half.

IBM plans 5,000 lay offs, moves jobs to India

 

[shrivatsa]

didnt find any technology thread so posting it here,

Indian Geek Develops 'Sixth Sense' Device

To briefly describe what this sixth sense is all about, we need to understand how the current dissemination of information from current electronic devices takes place. Most of the information from computers, mobile phones and other devices are confined to screen or paper - if we decide to take a print. However, the sixth sense, according to Mistry, bridges this gap "bringing intangible digital information out into the tangible world, and allowing us to interact with this information via natural hand gestures". The concept falls under "wearable computing" -- the same category under which the ubiquitous mobile phone falls as well.



The equipment list for the sixth sense might seem a tad crude, but it does its job quite well. It comprises a pocket projector; mirror and web camera bundled in a wearable pendant-like mobile. With the help of the projector, you can turn any material surface into a touchscreen. The camera is used to "see" the hand gestures. The user will however need to wear color-coded gloves on the index finger and the thumb so that the hand movements can be recorded and decrypted.



Some of the interesting hand gestures include drawing a square frame which will trigger a command to take a picture, drawing the @ sign will let the user access his email. You can even write e-mails with the help of the projector, which projects an image of a virtual keyboard so that you can type. All this costs around $350 (Rs. 17,000) to build - which is not a bad for something as futuristic as this!



Mistry has been approached by a couple of Indian companies who seem to be interested in his project. However, he wants the technology to be a little cheaper before it comes to India

Techtree.com India > News > Gadgets > Indian Geek Develops 'Sixth Sense' Device

 

[NSG_BlackCats]

India emerges 2nd in medical tourism race

India spends 1.2% of its GDP on health, but takes care of foreign patients — the country ranks second in medical tourism. In 2007, Indian
hospitals treated 4.5 lakh patients from other countries against topper Thailand's 12 lakh.

A two-year study by healthcare researchers Deloitte revealed there's always been an inflow of patients from neighbouring countries and West Asia, but now there's a significant rise in patients from the US, UK and Europe.

Cheaper treatment is a huge attraction and, during recession, that's a big fact. But other factors, too, have contributed to the growth of medical tourism in India. "Indian clinical and paramedical talent is globally appreciated and with JCI accreditation of some hospitals, international standard is proven. Third-party intervention through health insurance has also given it a boost," said Vishal Bali, CEO, Wockhardt Group of Hospitals.

"Thailand, which revolutionized medical tourism, is more into cosmetic surgery; India focuses on cardiac, neurological or orthopaedic problems," Bali said.

Another significant factor is long patient waiting list, especially in the UK and Europe. The per-capita healthcare expenditure in Korea is $720 against India's $94. Treatment cost is lowest in India — 20% of the average cost incurred in US; in Singapore, Thailand and South Africa, it's 30% of the US cost.

Medical tourism showcases the potential of Indian healthcare sector to the world which dreaded India for the incidence of AIDS, tuberculosis, cancer, malaria and diabetes.

Link

 

[duhastmish]

India emerges 2nd in medical tourism race

India spends 1.2% of its GDP on health, but takes care of foreign patients — the country ranks second in medical tourism. In 2007, Indian
hospitals treated 4.5 lakh patients from other countries against topper Thailand's 12 lakh.

A two-year study by healthcare researchers Deloitte revealed there's always been an inflow of patients from neighbouring countries and West Asia, but now there's a significant rise in patients from the US, UK and Europe.

Cheaper treatment is a huge attraction and, during recession, that's a big fact. But other factors, too, have contributed to the growth of medical tourism in India. "Indian clinical and paramedical talent is globally appreciated and with JCI accreditation of some hospitals, international standard is proven. Third-party intervention through health insurance has also given it a boost," said Vishal Bali, CEO, Wockhardt Group of Hospitals.

"Thailand, which revolutionized medical tourism, is more into cosmetic surgery; India focuses on cardiac, neurological or orthopaedic problems," Bali said.

Another significant factor is long patient waiting list, especially in the UK and Europe. The per-capita healthcare expenditure in Korea is $720 against India's $94. Treatment cost is lowest in India — 20% of the average cost incurred in US; in Singapore, Thailand and South Africa, it's 30% of the US cost.

Medical tourism showcases the potential of Indian healthcare sector to the world which dreaded India for the incidence of AIDS, tuberculosis, cancer, malaria and diabetes.

Ah enough alright - dude - health care is horrible here . we need to do something serious about it .
And yeh we lead in most of these diseases : AIDS, tuberculosis, cancer, malaria and diabetes. because we get most number of cases and people dying with these desease.
A few few private good healthcare center - dont prove a damn thing.
Reality is - health care is hopeless.
I went to indore - a few days back - and on the way - i was sitting in my car - 2 kids came all nangu pangu - they didnt have no cloth to wear. i asked the shop keeper - about them- he said they got aids in their family so nobody touches them.
I did my bit by calling up an NGO. but there are lacs of cases like this - Healthcare scene is horrible here.

 

[NSG_BlackCats]

Ah enough alright - dude - health care is horrible here . we need to do something serious about it .
And yeh we lead in most of these diseases : AIDS, tuberculosis, cancer, malaria and diabetes. because we get most number of cases and people dying with these desease.
A few few private good healthcare center - dont prove a damn thing.
Reality is - health care is hopeless.
I went to indore - a few days back - and on the way - i was sitting in my car - 2 kids came all nangu pangu - they didnt have no cloth to wear. i asked the shop keeper - about them- he said they got aids in their family so nobody touches them.
I did my bit by calling up an NGO. but there are lacs of cases like this - Healthcare scene is horrible here.

This is about foreigners coming to India for treatment. Everyone knows the amount of money our govt spends on heath care, it is pathetic. Please kindly read before posting your reply.

 

[duhastmish]

frenchise of foreign hospitals. Take most money back. and more over most infrastructure come from outside. i think generate less $ on helthcare than we spend rupees in importing -infrastructure and medicines!

 

[Neo]

India plans borrowing to boost economy​

NEW DELHI: India said Thursday it would borrow nearly $50 billion in the first half of the coming fiscal year — two-thirds of its total borrowing plan — to spur the economy, warning of tough times ahead.

The decision to frontload government borrowing in the first half of the financial year ending March 2010 comes as Asia’s third-largest economy is growing at its slowest pace in six years. “Growth moderation might be steeper (in the coming financial year) than we had thought earlier. I believe 2009-10 is going to be a more challenging year than 2008-09,” Reserve Bank Governor Duvvuri Subbarao said. The plan to sell bonds worth 2.41 trillion rupees ($47.4 billion) in the first half of the coming financial year is part of a record 3.6 trillion rupees of borrowing set for 2009-10, Economic Affairs Secretary Ashok Chawla said.

The announcement came after a meeting with central bank officials in New Delhi. “If you want to inject stimulus into the economy, it makes sense to front-load it and do it in the first half of the year,” Dharma Kirti Joshi, principal economist at Crisil ratings agency, told AFP.

 

[duhastmish]

Yeh polticiams need money for their elections . bloody rascals. why put us in debt. they promise rice 3 rupee kg and Atta 2 rs kg - this money wont come from their pocket it will go from our pockets.
This debt will be charged from our pocket. Are we goign back to dark ages of Indian economic history?

 

[Proud2Indian]

Yeh polticiams need money for their elections . bloody rascals. why put us in debt. they promise rice 3 rupee kg and Atta 2 rs kg - this money wont come from their pocket it will go from our pockets.
This debt will be charged from our pocket. Are we goign back to dark ages of Indian economic history?

There is nothing new in this...we are running the deficit based economy...as for the poll promise thats the state issue...nothing to do with govt borrowing which is part of central govt.....as for Indian economics ...don't worry now that Indian have tasted blood....it will be hard to turn back the clock even if left come to power they can stop\slow the reforms ...but nobody can turn the clock back


tx

 

[Nihat]

Forex kitty swells $5.1 bn to $254 bn
28 Mar 2009, 0006 hrs IST, ET Bureau


MUMBAI: A weakening of non-dollar assets, such as the euro, yen and the Great Britain pound, gave the country’s forex reserves a $5.1-billion
boost in the week ended March 20. These assets had to be revalued as the dollar gained sharply against these currencies.

According to the latest figures released by the Reserve Bank of India (RBI), total foreign exchange reserves, including gold and SDR, rose by $5.1 billion to $253.8 billion. While foreign-currency assets swelled by $5,081 million, the value of gold and SDR (special drawing rights) — notional currency with the IMF pegged to the dollar, euro, pound and the yen — remained unchanged during the week. The reserves with the IMF increased by $21 million during the week.

According to the updated money-supply figures, the total stock of money in the system amounted to Rs 46,55,831 crore as on March 13, increasing by Rs 13,299 crore over the previous fortnight’s level. While currency with the public and demand deposits grew by Rs 19,344 crore and Rs 1,398 crore, respectively, term deposits dipped by Rs 8,184 crore.

At current levels, the year-on-year growth in money supply works out to 19.7%, lower than the growth in the corresponding period a year ago. However, this is still higher than the enhanced target of 19% predicted during the
quarterly review of the monetary policy in January.

In other developments, both central and state governments have kept their ways and means advances (WMA) account vacant. Under this facility, the government resorts to temporary borrowings to meet its revenue mismatches.


Forex kitty swells $5.1 bn to $254 bn- Finance-Economy-News-The Economic Times

 

[NSG_BlackCats]

Reliance's KG gas output to begin in 2 days

MUMBAI: Reliance Industries Ltd is set to begin gas production from its deep-sea field off the country's east coast in the next 24 to 48 hours, the
Economic Times reported on Monday, without citing a source. A company spokesman reached by Reuters declined to comment on the report.

On Friday P.M.S. Prasad, the chief executive of Reliance's oil and gas business, told reporters the company plans to raise output from the deep-sea field in the Bay of Bengal by 10 mmscmd a month, reaching peak production of 80 mmscmd by the end of this year.

At peak production, the gas from the D-6 block in the Krishna Godavari (KG) basin is expected to add nearly $2 billion to Reliance's profit, the Economic Times said, citing an unnamed source close to the development.

Reliance signed deals on Friday with a dozen fertiliser firms to sell about 15 mmscmd of gas from the D6 block from the middle of April.

LINK

 

[Nihat]

[
India slumping? World Bank lowers growth rate

QUOTE]Washington: As the global economy deteriorates sharply, the World Bank has projected a slower 4 percent growth for India in 2009, down from 5.5 percent in 2008, before picking up speed to reach 7 percent in 2010.

World Bank estimates released on Tuesday have reduced its November 2008 projection of 5.8 percent growth for India in 2009 rising to 7.7 percent in 2010.

GDP growth in the developing world as a whole will slow to a projected 2.1 percent in 2009 from 5.8 percent in 2008. But without India and China their growth would grind down from 4.6 percent last year to a complete halt in 2009 before slowly recovering to 2.67 percent in 2010 instead of growing at 2.9 percent and 4.7 percent respectively as predicted earlier.

The Bank has more than halved its November 2008 projection of 4.4 percent growth in developing countries in 2009, reflecting the rapid deterioration of global financial and economic conditions.

The new Global Economic Prospects update also notes that global growth is expected to contract by 1.7 percent this year. This would be the first decline in world output growth since World War II. GDP is projected to decline by 3 percent in OECD countries and by 2 percent in other high-income economies.

The World Bank's baseline forecast predicts growth momentum to turn weakly positive in 2010 as financial-sector consolidation, lost wealth and knock-on effects from the financial crisis continue to dampen economic activity. However, the pace and timing of the recovery is still highly uncertain.

South Asia has been marked down to 3.7 percent growth for 2009 from 5.4 percent anticipated earlier - and down from 5.6 percent registered in 2008. The region's growth projection for 2010 too has been reduced from 7.2 percent to 6.2 percent.

Though terms of trade have moved in favour of the region with the falloff in oil prices, weakening demand in export markets (including burgeoning India-China trade) is being felt sharply, as is a tempering of services exports from India's high-tech centres, as capital spending wanes globally, the update said.

Remittances are anticipated to ease as conditions in host countries falter, albeit with some lag. Capital inflows have diminished, contributing to falloff in investment growth, notably in India. Fiscal support for slowing economies may face constraints in already quite high budget deficits.

[/QUOTE]

India slumping? World Bank lowers growth rate

 

[jarnee]

India plans borrowing to boost economy​

The decision to frontload government borrowing in the first half of the financial year ending March 2010 comes as Asia’s third-largest economy is growing at its slowest pace in six years. “Growth moderation might be steeper (in the coming financial year) than we had thought earlier. I believe 2009-10 is going to be a more challenging year than 2008-09,” Reserve Bank Governor Duvvuri Subbarao said. The plan to sell bonds worth 2.41 trillion rupees ($47.4 billion) in the first half of the coming financial year is part of a record 3.6 trillion rupees of borrowing set for 2009-10, Economic Affairs Secretary Ashok Chawla said.

The announcement came after a meeting with central bank officials in New Delhi. “If you want to inject stimulus into the economy, it makes sense to front-load it and do it in the first half of the year,” Dharma Kirti Joshi, principal economist at Crisil ratings agency, told AFP.

From Macro economic standpoint it makes sense, they are not borrowing they are selling the Bonds.. its different.

Let me explain - Stimulus to small and medium sectors, public or private makes sense as it injects liquidity to the market, The company's will not close , so jobs will stay safe, more importantly GOI will get funds to inject in infrastructure and other areas which will indirectly help economy $47 Billion is not a big deal, Indian railways revenue is much above that, close to $100 Billion.
If you compare it with US it is minute, they have given a stimulus of $700 Billion

 

[Neo]

India’s growth to slow to 5%: ADB​

HONG KONG: India’s economic growth will drop to five percent this year but the country’s stimulus measures should allow it to rebound to 6.5 percent in 2010, the Asian Development Bank said Tuesday.

The figure is sharply down from 2008, when India’s economy grew by 7.1 percent, the bank said in its annual flagship economic report. While India is not as reliant on exports as other nations in the region that have been battered by the global downturn, the ADB’s acting chief economist Jong-Wha Lee, the country faced the problem of a huge deficit.

“It is imperative that the central government bring down its deficit in the medium term to a manageable level in order to ensure long-term debt sustainability,” he said. “Expansionary fiscal policies could impair the confidence of investors unless clear signals are given that the present large deficits are truly temporary.”

India’s budget deficit was estimated at 6 percent of GDP in the 2008 fiscal year, up from a target of 2.5 percent, the ADB said. But adding in extra items and the deficits run by individual state governments, the actual figure is estimated to bring the national deficit to 10 percent of GDP.

The ADB said the government should review its tax policy and take a close look at public spending to ensure it is focusing on infrastructure projects and social spending that will boost long-term stable growth. India’s economy grew at its slowest pace in nearly six years in the last quarter of 2008. The government has long said that the country needs double-digit growth to lift hundreds of millions of its people out of grinding poverty.

The ADB said that growth in Asia’s developing economies this year would fall to 3.4 percent, down from 6.3 percent last year and 9.5 percent in 2007. afp