Indian Economy-News & Updates

[IndoCarib]

Tata Motors in talks with Myanmar to set up bus-assembly line - The Economic Times

 

[Night_Raven]

Why are the trolls bringing asian economy to this thread..


ISnt there any moderators??

Because he is the great Riaz Haq , who can flout forum forms with impunity and , according to him , post anything he wants as long as people respond to him. Ignore the troll.

And btw cheers to Gujarat on another automotive giant's entry ...

Peugeot to start work on Sanand facility next month

AHMEDABAD: French car-maker PSA Peugeot Citroen will start work on its plant at Sanand in the first week of November, a company official said. The company announced on September 1 that the company would return to India after 10 years and set up its facility in Gujarat. American car-maker Ford Motors too has began its work on its second Indian facility that will will roll-out the first car in 2014. While Peugeot plans to invest Rs 4,000 crore , Ford too will invest a similar amount and have a capacity to produce 1.65 lakh cars annually.

Senior Peugeot officials recently met Gujarat chief minister Narendra Modi and discussed their plans. "Stone laying ceremony will take place on November 3 at the 600 acre site at Sanand," said an official in Chief Minister's Office. Officials in the state industries department say that the design of the manufacturing facility has been finalised and its officials are undergoing training in France. Peugeot officials also claimed that the work on the manufacturing plant is going on in full swing.

The European car-maker will produce B-plus, C and D class cars for the Indian market. Its model 508 will be the first to roll out in 2014. Company officials have earlier said that certain changes in the C-class cars will be made to suit the requirements of the Indian customer. Later, Peugeot will also bring its hybrid (diesel and electric) vehicles to India. It has already tied up with Ford for diesel engines and with BMW for gasoline engines.

The company had also inked a memorandum of understanding for setting up an institute for skilled manpower for the industry. Philippe Varin, chairman of the board of PSA Peugeot Citroen had earlier told ET that the compay will have high rate of indigenisation in terms of spares used in the car.

The state government has provided 600 acre plot to Peugeot adjoining the site for the mother plant of Tata Nano in the North Kotpura village of Sanand district. Of this, 100 acre will be used by its vendors. This is company's reentry into the Indian auto market after a decade, when its joint venture with Premier Automobiles Limited did not materialise.

India is poised to become the third largest car market in one decade followed by the US and China. However, it is the third month in succession that car sales have dipped in the country. According to figures released by the Society of Indian Automobile Manufacturers (SIAM) , domestic passenger car sales stood 1,65,925 units in September against 1,68,959 units in the same month last year indicating a drop of 1.8%.

Sanand, about 30 kilometres from Ahmedabad, has emerged as a centre for auto industry. Tata Motors first zeroed in on the city for manufacturing Nano, followed by Ford Motors India and Peugeot.

Peugeot to start work on Sanand facility next month - The Economic Times

 

[LiberalAtheist]

the united states became a economic superpower in the 1870's 100 years after being a nation India will be a economic superpower by 2050 also 100 years after it being a republic/country we have our problems but they will be solved by 2050

 

[RiazHaq]

the united states became a economic superpower in the 1870's 100 years after being a nation India will be a economic superpower by 2050 also 100 years after it being a republic/country we have our problems but they will be solved by 2050

Yes, it's possible.

But the biggest challenge India faces to lay claim to "superpower" status is to reduce the abject poverty and high levels of hunger and extremely poor hygiene of world's largest population of poor, hungry and illiterate people who call India home.

It's a really uphill battle.

If 200 million hungry Indians have to be fed at about Rs 20 per day including provision of clean drinking water then you need Rs 400 crore a day. That works out to Rs 1,46,000 crores per annum or 2.5% of the GDP! There is no way that this money can be produced unless India cuts down drastically on all frivolous expenditure including space probes, defense and
Commonwealth Games like events. India needs to raise a similar amount to invest in health and public sanitation. There is a very long way to go.

Haq's Musings: 63 Years After Independence, India Remains Home to World's Largest Population of Poor, Hungry and Illiterates

 

[Night_Raven]

There is no way that this money can be produced unless India cuts down drastically on all frivolous expenditure including space probes, defense and Commonwealth Games like events.

And who exactly asked for your "expert" suggestions ?

This coming from a country which does not have a space program of its own & piggybacks on China , has bankrupted its economy by spending on its defence and let alone CWG , has not hosted a single international sporting event in the last few years & whose own cricket team plays on foreign soil hosting "home" tournaments ....

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@ Topic :

TDS spikes in Mumbai by 27% in H1

Mumbai: The Income Tax department today said that TDS or tax deducted at source collection in the financial capital has gone up 27.37 per cent to Rs 22,415 crore during the first half of the fiscal.
"We have registered a good growth of 27.37 per cent in TDS collection to Rs 22,415.60 crore till September 30," a senior official said here.

TDS refers to tax which is paid by companies at source on various accounts like salaries, rent and interest, among others.

In a unique initiative, the Income Tax Department also announced the constitution of a public-private standing committee that will help increase collection by smoothening the process of TDS payment, an official said.

The standing committee, to be headed by TDS Commissioner A C Shukla, will have representatives from chambers of commerce, chartered accountants and tax payers forums, the official said.

The department hopes to solve issues of non-payment of taxes and under-payment on TDS through consultations, the official said.

TDS spikes in Mumbai by 27% in H1

 

[ramu]

At 11 lakh, J&K tourist count best in 25 years

NEW DELHI: India has rediscovered its romance for Kashmir with an unprecedented 10.73 lakh tourists visiting the Valley till September 30.

This is believed to be the highest number of tourist arrivals in the last 25 years, strong evidence of what's possible if normalcy is given a chance.

Kashmir has surpassed last year's tourist arrivals of 7.38 lakh, and the data collected by the state tourism department shows both Indians and foreigners have given the Valley a thumbs up despite apprehensions over security.

Foreign tourists visiting Kashmir has jumped from a few thousands to about 22,000. Beneficiary of the bonhomie is not just Kashmir, but Ladakh and Amarnath as well.

Visitors keen on taking in Ladakh's stunning vistas and adventure opportunities doubled to 1.48 lakh this year. The number of Amarnath yatris is at a high of 6.35 lakh - a jump of 2 lakh from last year.

The director of tourism in Kashmir, Farooq A Shah, said, "This is the highest number of tourist arrivals recorded in the last 25 years. It has been a very good season for us. But Kashmir's potential is unparalleled and we hope to do more work."

Hotel and Restaurant Association of Katra's senior vice-president Rakesh Wazir endorsed the tourist season's success. He said he expected the number of pilgrims arriving at the Vaishno Devi shrine to increase further from the current 75 lakh estimated by the tourism department. "There has been a lot of improvement in infrastructure and with the (new) rail link we are sure to cross the 1-crore mark by 2012," he said.

A peaceful season has meant a booming economy for locals after the stone pelting unrest in the Valley and the tragic cloudburst in Leh last year. The state government is advocating against travel advisories issued by some countries, pointing to the vote of confidence tourists have delivered.

The Union tourism ministry had in recent years launched an advertisement campaign, with J&K as a special focus. State officials and political representatives have also made their presence felt in the international market through trade fairs and other initiatives.

At 11 lakh, J&K tourist count best in 25 years - The Times of India

 

[IndoCarib]

India's foreign exchange reserves rise by $749 mn - The Economic Times

Top 10 Largest Forex Reserves*

1. China: $3.2 trillion
2. Japan: $1.2 trillion
3. Russia: $516 billion
4. Saudi Arabia: $484 billion
5. Taiwan: $400 billion
6. Brazil: $352 billion
7. India: $318 billion
8. South Korea: $311 billion
9. Switzerland: $289 billion
10. Hong Kong: $277 billion

 

[RiazHaq]

India's foreign exchange reserves rise by $749 mn - The Economic Times

Top 10 Largest Forex Reserves*

1. China: $3.2 trillion
2. Japan: $1.2 trillion
3. Russia: $516 billion
4. Saudi Arabia: $484 billion
5. Taiwan: $400 billion
6. Brazil: $352 billion
7. India: $318 billion
8. South Korea: $311 billion
9. Switzerland: $289 billion
10. Hong Kong: $277 billion

The way to judge these reserves is to see how many months worth of imports can they support. At current rate of import of $400 billion a year, India's reserves are sufficient for about 9 months worth of imports.

Haq's Musings: Soaring Chinese Imports and Twin Deficits Worry India

 

[Night_Raven]

The way to judge these reserves is to see how many months worth of imports can they support. At current rate of import of $400 billion a year, India's reserves are sufficient for about 9 months worth of imports.

Haq's Musings: Soaring Chinese Imports and Twin Deficits Worry India

Thanks for the worthless information.

+++++++++++++++++++++++++++++++++

India Plans $16 Billion Energy-Saving Credit Market

By Natalie Obiko Pearson

(Bloomberg) — India, the world's fourth-largest polluter, plans to start a market to trade energy-saving credits that may reach 740 billion rupees ($16 billion) in five years as it seeks to curb emissions that cause global warming.

Businesses that exceed energy efficiency targets will be awarded credits that can be traded on power exchanges with companies that fail to meet the goals, Bureau of Energy Efficiency director-general Ajay Mathur said in an interview in Mumbai.

The exchange-traded system may help India meet its target of cutting carbon intensity, or the amount of carbon dioxide released per unit of gross domestic product, by as much as 25 percent from 2005 levels by 2020. Global initiatives to curb emissions were thwarted last month when 194 nations failed to agree on binding targets for reducing carbon dioxide.

"We'll start to see a lot more domestic and bilateral trading of this sort to pick up because as we've seen, it's incredibly difficult and time-consuming to implement a global, binding system," said Ishani Chattopadhyay, chief executive officer and founder of Arctic Holdings Ltd., a carbon management company with offices in New Delhi and Melbourne.

Australia has introduced energy savings certificates, known as white certificates, at the state level, Chattopadhyay said. The U.K., France, Italy and some U.S. states have started similar programs, according to the Washington, D.C.-based World Resources Institute, an environmental policy group.

EFFICIENCY TARGETS
The government expects to set efficiency targets for companies by the end of March and is talking with Indian Energy Exchange Ltd. and Power Exchange India Ltd., the country's two power exchanges, to set up trading protocols, Mathur said.

The government unveiled a plan in April aimed at saving the equivalent of 23 million metric tons of oil by 2015 by encouraging power-intensive industries and businesses to reduce their consumption through energy efficiency measures.

The National Mission on Enhanced Energy Efficiency intends to avoid power capacity additions of 19,000 megawatts that would otherwise be needed to meet demand and also curb carbon dioxide emissions growth by 98 million tons annually, or 10 percent of the current discharge, according to power ministry estimates.

The government will reimburse as much as 50 percent of unpaid bank loans given to companies that seek to invest in energy efficiency projects, Mathur said in an interview at the venue of a conference.

"Banks are unwilling to lend to energy efficiency because it's not a business model they do," Mathur said. "To increase the comfort of financial institutions to lend for energy efficiency, we are creating a partial risk guarantee fund."

The energy efficiency bureau is talking to State Bank of India, the nation's biggest lender, HSBC Holdings Plc and PTC India Ltd. to provide loans for energy efficiency projects, he said.

India Plans $16 Billion Energy-Saving Credit Market - BusinessWeek

 

[karan.1970]

The way to judge these reserves is to see how many months worth of imports can they support. At current rate of import of $400 billion a year, India's reserves are sufficient for about 9 months worth of imports.

Haq's Musings: Soaring Chinese Imports and Twin Deficits Worry India

Provided Indian economy stops exporting.. What you would really do to judge these reserves is to see how many years of current account deficit would these reserves fund, which taking the latest figures of $14 billion an year will amount to close to 25 years of account deficit.

 

[RiazHaq]

Provided Indian economy stops exporting.. What you would really do to judge these reserves is to see how many years of current account deficit would these reserves fund, which taking the latest figures of $14 billion an year will amount to close to 25 years of account deficit.

Yardstick is still how many months or years worth of imports are reserves sufficient for any given country for comparison purposes.

As to reserves funding your CAD, just one big oil shock can throw all of your assumptions out. So can the quick exit of hot money which accounts for more than half of India's reserves.

Haq's Musings: Indian Economy: Hard or Soft Landing in 2011?

 

[RiazHaq]

Thanks for the worthless information.

+++++++++++++++++++++++++++++++++

India Plans $16 Billion Energy-Saving Credit Market

By Natalie Obiko Pearson

(Bloomberg) — India, the world's fourth-largest polluter, plans to start a market to trade energy-saving credits that may reach 740 billion rupees ($16 billion) in five years as it seeks to curb emissions that cause global warming.

Businesses that exceed energy efficiency targets will be awarded credits that can be traded on power exchanges with companies that fail to meet the goals, Bureau of Energy Efficiency director-general Ajay Mathur said in an interview in Mumbai.

The exchange-traded system may help India meet its target of cutting carbon intensity, or the amount of carbon dioxide released per unit of gross domestic product, by as much as 25 percent from 2005 levels by 2020. Global initiatives to curb emissions were thwarted last month when 194 nations failed to agree on binding targets for reducing carbon dioxide.

"We'll start to see a lot more domestic and bilateral trading of this sort to pick up because as we've seen, it's incredibly difficult and time-consuming to implement a global, binding system," said Ishani Chattopadhyay, chief executive officer and founder of Arctic Holdings Ltd., a carbon management company with offices in New Delhi and Melbourne.

Australia has introduced energy savings certificates, known as white certificates, at the state level, Chattopadhyay said. The U.K., France, Italy and some U.S. states have started similar programs, according to the Washington, D.C.-based World Resources Institute, an environmental policy group.

EFFICIENCY TARGETS
The government expects to set efficiency targets for companies by the end of March and is talking with Indian Energy Exchange Ltd. and Power Exchange India Ltd., the country's two power exchanges, to set up trading protocols, Mathur said.

The government unveiled a plan in April aimed at saving the equivalent of 23 million metric tons of oil by 2015 by encouraging power-intensive industries and businesses to reduce their consumption through energy efficiency measures.

The National Mission on Enhanced Energy Efficiency intends to avoid power capacity additions of 19,000 megawatts that would otherwise be needed to meet demand and also curb carbon dioxide emissions growth by 98 million tons annually, or 10 percent of the current discharge, according to power ministry estimates.

The government will reimburse as much as 50 percent of unpaid bank loans given to companies that seek to invest in energy efficiency projects, Mathur said in an interview at the venue of a conference.

"Banks are unwilling to lend to energy efficiency because it's not a business model they do," Mathur said. "To increase the comfort of financial institutions to lend for energy efficiency, we are creating a partial risk guarantee fund."

The energy efficiency bureau is talking to State Bank of India, the nation's biggest lender, HSBC Holdings Plc and PTC India Ltd. to provide loans for energy efficiency projects, he said.

India Plans $16 Billion Energy-Saving Credit Market - BusinessWeek

It's a good start. With 70% of India's electricity coming from coal fired plants, India has a very long way to go.

Haq's Musings: Pakistan Leads South Asia in Use of Clean Energy

 

[Gandhi G in da house]

The way to judge these reserves is to see how many months worth of imports can they support. At current rate of import of $400 billion a year, India's reserves are sufficient for about 9 months worth of imports.

Haq's Musings: Soaring Chinese Imports and Twin Deficits Worry India

Are you assuming that India doesn't export ?moving on ...

 

[karan.1970]

Yardstick is still how many months or years worth of imports are reserves sufficient for any given country for comparison purposes.

As to reserves funding your CAD, just one big oil shock can throw all of your assumptions out. So can the quick exit of hot money which accounts for more than half of India's reserves.

And a meteorite could hit a Pakistani Nuclear facility resulting in a uncontrolled explosion turning half of Pakistan into a radioactive wasteland.. meh

could's and may's dont define economics.. Similarly a big oil field discovery in India can throw your assumptions out and make India a CA positive country in span of years..

So lets stick to current numbers without assuming hypothetical occurances that support your line of thought..

So coming back to those, do you find 9 months worth of Imports coverage good, or Bad..??

considering Pakistan's coverage if just about 5 months and China's is just over 2 years...

 

[DMLA]

I was not aware that this forum could be used to promote personal blogs and websites. Good to know!