Indian Economy-News & Updates

[StingRoy]

Business Line : Companies News : India-made Figo to be exported to 50 intl mkts: Ford

Ford India, subsidiary of US carmaker Ford, on Thursday said it aims to accelerate export of India made-Figo to 50 international markets by this year end, from current 34.

Figo continues to be a favourite in export markets. The company has exported 2,389 units this month including to a new market — Lebanon, an official said, on the sidelines of foundation stone-laying ceremony of Ford’s integrated manufacturing facility here.

“We are exporting Figo to Mexico, Caribbean, UAE, and parts of North Africa. The vast majority goes to similar markets like India, as they too need small cars like India does,” President and Managing Director, Ford India, Mr Michael Boneham said.

In addition to South Africa and Nepal, Figo is being shipped to countries like Angola, Bermuda, Ghana, Iraq, Liberia, Malawi, Madagascar, Mauritius, Nigeria, Senegal, Tanzania, Zambia and Zimbabwe.

“We have already gone to 34 different countries and aim to export to 50 nations by end of this year, many of them being similar countries,” Mr Boneham said.

 

[CaptainJackSparrow]

Ford lays foundation for $1bn factory in India

Ford lays foundation for $1bn factory in India | Firstpost

IMF lauds India's efforts on economic reforms

IMF lauds India's efforts on economic reforms - Business Today - Business News

 

[jha]

Hitachi to build Asia’s biggest desalination plant in Dahej

 

[illusion8]

Goldman sets March 2013 Nifty target at 6,100

Goldman Sachs upgraded Indian stocks to "marketweight" from "underweight" in its latest Asia-Pacific Quarterly Outlook report dated March 22, saying domestic growth will pick up, while stock valuations remain "relatively attractive."

Goldman set a March 2013 target of 6,100 for the Nifty index, with Yes Bank YESB.NSYESB.NS) and cigarette maker ITC (NSE:ITC.NS - NewsITC.NS) among the bank's "top stock ideas" for the region.

Global risk factors that had hit Indian equities late last year had largely abated, while the uncertainty behind the regional elections in Uttar Pradesh and the unveiling of the 2012/13 budget had dissipated, Goldman said.

Indian growth will pick up to 7.2 percent this year and 7.8 percent in 2013, from 6.9 percent last year, Goldman added, while slowing core inflation would allow Reserve Bank of India to cut the repo rate by 150 basis points during fiscal 2013.

"We believe growth will indeed pick up in India over the next one to two quarters and that the equity market will start to reflect these prospects in the coming months," Goldman said in its report.

On challenges, Goldman said oil prices remain "the most significant risk" to their "positive" view on India.

Goldman sets March 2013 Nifty target at 6,100 - Yahoo! India Finance

 

[Holmes]

Kochi terminal to boost LNG import to 20 million tonnes

KOCHI: Prime Minister Manmohan Singh on Friday said the commissioning of LNG terminals at Kochi and Dahej would be landmarks in India's efforts to achieve energy security through diversification of its energy basket.

The two terminals will enhance the country's gas import capacity from 14 million tonnes a year to 20 million tonnes by the end of next financial year, the PM said at the inaugural session of the Asia Gas Partnership Summit in New Delhi.

Kochi terminal is set to start commercial operation in October while work on Dahej expansion plan is also set to begin soon. Singh said India had also launched an ambitious pipeline development programme.

Kochi terminal to boost LNG import to 20 million tonnes - The Times of India

 

[CaptainJackSparrow]

India's Maruti to set up new $333m diesel plant

India's Maruti to set up new $333m diesel plant - The Times of India

 

[Dance]

Indian minister launches appeal over flailing economy​

NEW DELHI: India’s finance minister appealed Saturday to fractious government allies and a hostile opposition to cooperate “in the national interest” to restore the health of Asia’s third-largest economy.

Pranab Mukherjee’s call came as global ratings agencies and investment houses warned that India’s weak public finances and political paralysis over reform measures were clouding the nation’s financial prospects.

Getting India’s economy back on track “is a question of broad national interest that is staring us in the face,” Mukherjee told the Federation of Indian Chambers of Commerce and Industry in a bluntly worded speech.

The 77-year-old minister said he was “committed to protecting the credibility” of plans in his budget, presented earlier this month, to plug a widening fiscal deficit and trim a ballooning subsidy bill.

But Mukherjee said cutting spending “will involve tough decisions that we will have to take collectively”, referring to coalition and opposition members who have been obstructing economic reforms at a time of slowing economic growth.

Doubts have been mounting about India’s ability to deliver on its fiscal pledges amid worsening relations between the embattled ruling Congress and regional parties, whose backing it needs to retain power.

The graft-tainted government of Premier Manmohan Singh has had a series of embarrassing policy flip-flops in recent months with coalition members allying with the opposition to stymie reforms.

Earlier in the week, the government scrapped plans to hike rail fares — a move intended to raise funds to repair the antiquated and unsafe network — underscoring its growing difficulties in implementing policy decisions.

The government has set a fiscal deficit target of 5.1 percent of gross domestic product for the next financial year — less than this year’s gaping 5.9 percent — but still the widest among big emerging market nations.

The government’s woes have been compounded by decelerating growth with expansion for the next year to March, 31, 2013, targeted at 7.6 percent.

That is up from 6.9 percent seen this year, but far below eight-to nine-percent growth for much of the past decade.

Among the hard decisions the government must make is whether to raise subsidised fuel and fertiliser prices.

Analysts say such hikes are key to cutting the debilitating subsidy burden but the move would be unpopular among India’s vast poor population and require political courage from lawmakers with elections due at the latest by 2014.

“The implementation risk is high ahead of federal parliamentary elections,”commented Fitch ratings agency.

Mukherjee recalled “another crisis” in 1991 in which India’s currency reserves sank so low it was on the brink of defaulting on foreign loans.

But that event turned out to be a catalyst for sweeping changes which began the process of the country’s economic liberalisation, he noted.

“Despite being a minority government, with the collective will of parliament, it was possible to lift the economy,” he said.

“If we could face the challenges in the 1990s, we should be able to face the challenges in 2012-13.”


Indian minister launches appeal over flailing economy | Business | DAWN.COM

 

[itsme]

Indian minister launches appeal over flailing economy​

NEW DELHI: India’s finance minister appealed Saturday to fractious government allies and a hostile opposition to cooperate “in the national interest” to restore the health of Asia’s third-largest economy.

Pranab Mukherjee’s call came as global ratings agencies and investment houses warned that India’s weak public finances and political paralysis over reform measures were clouding the nation’s financial prospects.

Getting India’s economy back on track “is a question of broad national interest that is staring us in the face,” Mukherjee told the Federation of Indian Chambers of Commerce and Industry in a bluntly worded speech.

The 77-year-old minister said he was “committed to protecting the credibility” of plans in his budget, presented earlier this month, to plug a widening fiscal deficit and trim a ballooning subsidy bill.

But Mukherjee said cutting spending “will involve tough decisions that we will have to take collectively”, referring to coalition and opposition members who have been obstructing economic reforms at a time of slowing economic growth.

Doubts have been mounting about India’s ability to deliver on its fiscal pledges amid worsening relations between the embattled ruling Congress and regional parties, whose backing it needs to retain power.

The graft-tainted government of Premier Manmohan Singh has had a series of embarrassing policy flip-flops in recent months with coalition members allying with the opposition to stymie reforms.

Earlier in the week, the government scrapped plans to hike rail fares — a move intended to raise funds to repair the antiquated and unsafe network — underscoring its growing difficulties in implementing policy decisions.

The government has set a fiscal deficit target of 5.1 percent of gross domestic product for the next financial year — less than this year’s gaping 5.9 percent — but still the widest among big emerging market nations.

The government’s woes have been compounded by decelerating growth with expansion for the next year to March, 31, 2013, targeted at 7.6 percent.

That is up from 6.9 percent seen this year, but far below eight-to nine-percent growth for much of the past decade.

Among the hard decisions the government must make is whether to raise subsidised fuel and fertiliser prices.

Analysts say such hikes are key to cutting the debilitating subsidy burden but the move would be unpopular among India’s vast poor population and require political courage from lawmakers with elections due at the latest by 2014.

“The implementation risk is high ahead of federal parliamentary elections,”commented Fitch ratings agency.

Mukherjee recalled “another crisis” in 1991 in which India’s currency reserves sank so low it was on the brink of defaulting on foreign loans.

But that event turned out to be a catalyst for sweeping changes which began the process of the country’s economic liberalisation, he noted.

“Despite being a minority government, with the collective will of parliament, it was possible to lift the economy,” he said.

“If we could face the challenges in the 1990s, we should be able to face the challenges in 2012-13.”


Indian minister launches appeal over flailing economy | Business | DAWN.COM

awsome pranab and sms are preparing a battleground for reforms, he already said we r preparing to bite the bullet, soon a war is going to happen in india parliament. its gonaa be fun.

 

[CaptainJackSparrow]

India likely to have around 1,747 million travellers by 2021: Report


India likely to have around 1,747 million travellers by 2021: Report - The Times of India

 

[Ammyy]

India likely to have around 1,747 million travellers by 2021: Report


India likely to have around 1,747 million travellers by 2021: Report - The Times of India

So many tourist in Delhi-NCR these days .... you can observe that any day in any market

 

[Yeti]

World Bank President to visit India today

New Delhi: World Bank President Robert B Zoellick begins his 5-day India visit from today to assess the government requirements of multi-lateral funding for meeting its development goals.

"Shifts in the world economy could affect India's growth momentum and sharpen its development challenges. The Bank stands ready to continue to support India with its knowledge and financial resources to meet the challenges ahead," Zoellick said in a statement.

India is poised to grow at seven percent this year, buoyed by strong fundamentals and a high domestic savings rate, he said.

"India's needs are great, so I am here to explore with the Government of India innovative ways in which our joint financial capacities can be leveraged, especially in infrastructure financing, so that India can build the roads, highways, railway lines and power plants needed to propel growth," Zoellick said.

Zoellick, who has visited India four times during his five-year tenure as Bank President, will meet government leaders, including the Union Ministers of Finance, Home and Rural Development, and the Deputy Chairman of the Planning Commission to better understand how the World Bank Group can be useful to India in meeting its development priorities.

India is the largest client for the International Bank for Reconstruction and Development and its private sector arm, International Financial Corporation.

The Group in its last fiscal (ending June 2011) made USD 6.33 billion available to India, including USD 3.46 billion from IBRD, USD 775 million from IFC, and USD 2.07 billion from its fund for the poorest, the International Development Association.



World Bank President to visit India today

 

[Roybot]

India likely to have around 1,747 million travellers by 2021: Report

I think they meant 17.47 Million.?

 

[Yeti]

I think they meant 17.47 Million.?

lol just noticed that

 

[majesticpankaj]

I think it is 174.7 mn because we already have 6.2 mn tourists from abroad and 60 mn domestic travellers.

 

[Yeti]

It predicts that by 2021, global travel industry would see 1,362 billion travellers, of which India is expected to account for 0.8 per cent.

The domestic travellers will grow at 8 per cent annually to 1,735 million by 2021. About room requirement, the report said India would need a total of 3,51,540 rooms by 2021.

One thing we should do is build Casinos on the scale of Vegas or Macau which brings in big big business not like these small off-shore boat ones we have in Goa.