Indian Economy-News & Updates

[ajtr]

India's August exports Big Drop 9.7%

23, Sept

(Reuters) - India's annual exports fell 9.7 percent to $22.3 billion in August, while imports fell about 5.1 percent to $38 billion, leaving a trade deficit of $15.7 billion, a trade ministry official told reporters on Thursday, citing provisional trade data.
August exports down 9.7 pct y/y: trade min official | Reuters


Will India Break the Huge Trade Deficit 185 Billions last year? OMG!
Will India Break the Huge Trade Deficit 185 Billions last year? OMG!
Will India Break the Huge Trade Deficit 185 Billions last year? OMG!
Will India Break the Huge Trade Deficit 185 Billions last year? OMG!*
Will India Break the Huge Trade Deficit 185 Billions last year? OMG!

OMG Sky is falling

 

[MandarK]

Sensex maintains 18000 level, edges up 21 points ahead of inflation data, US Fed meet - The Economic Times

UMBAI: The Sensex today edged up 21 points to close at 18,021.16, a seven-month high, as cautious sentiment prevailed ahead of the US Federal Open Markets Committee (FOMC) outcome later in the day and monthly inflation data tomorrow.

After closing above 18,000 mark yesterday, the BSE benchmark index opened marginally higher but failed to build on major gains as trading remained range-bound between 17,976.28 and 18,062.68. The Sensex finally closed at 18,021.16, extending the current rally to seven straight days.

Hero MotoCorp which gained 1.87 per cent, led the 19 gainers in the 30-share Sensex. Bhel, HUL, Bajaj Auto and ICICI Bank were among the other gainers.

Shares of Bharti Airtel that slumped 2.85 per cent and Cipla that lost 2.44 per cent, dragged down the index.

"It was a quiet day on the bourses ahead of two critical events. The outcome of US FOMC will be out today and secondly, inflation numbers will be declared in India tomorrow," said Nagji K Rita, CMD, Inventure Growth & Securities.

The 50-share National Stock Exchange index Nifty rose by 4.35 points, or 0.08 per cent to 5,435.35.

Brokers said expectations are building up that US Fed will once again announce a monetary easing program, which will add liquidity to the system and eventually give a boost to stocks.

The BSE FMCG sector index gained the most by rising 0.58 per cent to 5,433.46 points, followed by BSE Oil and Gas sector by 0.44 per cent to 8,473.25 points.

Oil & gas counters including BPCL, ONGC, IOC and HPCL closed higher ahead of a fuel price hike decision likely to be taken in the Cabinet Committee on Political Affairs (CCPA) meeting that will be held later in the day.

 

[IndoCarib]

India to Produce Monazite for First Time, Pitting It Against China

India is all set to fire a fresh salvo against China in the battle for rare earths (RE), a group of 17 elements that are used in virtually all equipment that run on modern technology.

By the end of this year, India will make a new mark on the RE global production map when it starts operation on a 10,000-ton monazite processing plant in the eastern state of Odisha.

Monazite is a reddish-brown phosphate mineral, and is an important ore for thorium, lanthanum, and cerium. India has rich deposits of monazite, valued for its relative hardness and density. Along with other rare earth elements, it is used in the manufacture of computer and television screens. Sometimes, because of the presence of thorium within monazite, it can be radioactive.

India to Produce Monazite for First Time, Pitting It Against China | MetalMiner

 

[cloud_9]

Exports down 9.7% in August, imports fall 5.08%

NEW DELHI, SEPT 13: Merchandise exports declined for the fourth month in a row in August at $22.3 billion, down 9.7 per cent over $24.7 billion in same month last year.

Imports in August declined 5.08 per cent to $38 billion ($40 billion), resulting in a marginal increase in trade deficit of $15.7 billion ($15.3 billion).

Commenting on the provisional trade data released on Thursday, Commerce Secretary S.R. Rao said there was a “slight glimmer of hope” after the dramatic 15 per cent fall in merchandise exports in July.

Asked what could have led to exports holding out even in the current depressing global trade scenario, Rao said that the new direction (incentives) given in the annual supplement to foreign trade was, perhaps, playing out.

More than ever, exporters are realising that they need to get their act together in the current weak global trade scenario, he added.

“Now they have found some sort of equilibrium. A ray of hope is emerging. Let us watch for couple of months more and the trend should be clearer,” he added.

He said a good monsoon should also permit India to export more petroleum products, where the country lost out heavily.

Rao expected a pick-up in petroleum product exports in the coming days.

The sectors that continue to show positive growth this fiscal are leather, marine products, tea, computer software (embedded), said Anup Pujari, Director General of Foreign Trade.

The sector that continues to perform poorly on the export front is iron ore, he added.

Railways earnings rise by nearly 20%

NEW DELHI, SEPT 13: Railways earned Rs 49,211.40 crore in April - August this year compared to Rs 41,082.67 crore during the same period last year, registering an increase of 19.79 per cent.

The total goods earnings have gone up from Rs 27,445 cr during April-August 2011 to Rs 34,070.85 cr in the same period this year, an increase of 24.14 per cent, according to Railway Ministry data.

The passenger earnings during first five months of the current fiscal were Rs 13,005.44 cr compared to Rs 11,692.59 cr during the same period last year, registering an increase of 11.23 per cent.

The revenue earnings from other coaching amounted to Rs 1261.13 cr during April-August 2012 compared to Rs 1152.93 cr during the same period last year, an increase of 9.38 per cent.

The total number of passengers booked during April-August 2012 were 3567.51 million compared to 3418.86 million during the same period last year, showing an increase of 4.35 per cent.

BPCL to invest Rs 20,000 crore in KRL expansion, Petro complex

KOCHI: Public sector BPCL will invest Rs 20,000 crore in Kerala for the expansion of its facility at Kochi Refinery and setting up a Petrochemcial complex, a top official today said.

The proposal is to expand the capacity of the KRL plant from 9.5 million tonnes per annum to 15.5 million tonnes per annum, BPCL Chairman and Managing Director R K Singh said at the ongoing 'Emerging Kerala' investors meet here.

BPCL would also be setting up a Petrochemical complex at nearby Ambalamugal.

The two projects are expected to be completed by December 2015, he said.

Several private investors have also evinced interest in various projects.

The RP Group of companies of prominent Non-Resident Keralite Ravi Pillai will be setting up a Rs 300 crore modern convention centre at Thiruvananthapuram with a capacity to accommodate 3,000 persons.

The Al Abeer Group based in the Gulf will be investing Rs 800 crore for setting up Edu city in health care at Malappuram, Group Chairman and Managing Director Mohammed Alungal said at the meet.

 

[cloud_9]

Use your cash or lose it, Chidambaram tells PSUs

NEW DELHI, SEPT. 12:
On a day when industrial production recorded a measly 0.1 per cent growth, Finance Minister P. Chidambaram asked the nine cash-rich public sector undertakings to speed up their investment. Together these companies are sitting on Rs 1.80 lakh crore.

According to a senior official present at the meeting, “The Finance Minister told the PSUs to use it (cash) or lose it. The message was very clear: invest, invest and invest.”

NO IMPEDIMENTS

The PSUs called for the meeting included ONGC, NTPC, SAIL, BHEL, Oil India, Coal India, NMDC, MMTC and Indian Oil. The Minister met the chiefs of these companies, along with the Secretaries of their administrative Ministries.

At the meeting, which lasted for over two hours, the PSUs were assured that all impediments to investment would be removed.

Finance Ministry officials including Secretary to the Department of Economic Affairs Arvind Mayaram and Chief Economic Advisor Raghuram Rajan also attended the meeting.

Talking to reporters after the meeting, NTPC Chairman and Managing Director Arup Roy Choudhury said: “The discussion was on speedy achievement of capex. We are confident of achieving capex commitment.” He also discussed problems related to coal in the presence of the Coal Secretary. He hoped there would be some direction from the Finance Minister on fuel linkages after this meeting. NTPC plans to invest Rs 20,000 crore in the current fiscal and was confident of the capex plan.

EXPECTATIONS

SAIL chairman C. S. Verma said there is no slowdown in the steel sector currently and the company is not facing any problem. In fact, steel demand between April and July had grown 8.8 per cent.

ONGC Chairman and Managing Director Sudhir Vasudeva said: “We have explained our stand on capex for the 12th Plan period to the Finance Minister. The current year’s capex plan stands at Rs 33,650 crore.”

According to BHEL Chairman and Managing Director B. Prasada Rao, “Order book at the end of first quarter is at Rs 1.35 lakh crore. Our basic trouble is the various problems plaguing the power sector. Our investments are connected to the power sector. Clearances and also coal linkages continue to be a problem.”

Coal India CMD S. Narsing Rao said the company was committed to investing Rs 40,000 crore in 2012-13, provided certain conditions were met.

Factory output grows 0.1% in July; RBI unlikely to cut rates

NEW DELHI, SEPT 12:
Factory output grew less-than-expected 0.1 per cent in July, weighed down by the contraction of 0.2 per cent in manufacturing.

The Index of Industrial Production (IIP) growth in July compares better than the 1.8 per cent contraction seen in June.

Capital goods continues to be an area of concern, with output in the segment contracting by five per cent for the month under review.

India beats BRIC's on Internet user additions

NEW DELHI, SEPT 13: Seventy five per cent of Internet users in India are in the age group of 15-34.

A report by industry body Assocham along with independent research firm comScore said that among the Brazil, Russia, India and China (BRIC) nations, India has been the fastest growing market adding over 18 million Internet users during the last one year.

The report said the Internet users’ base in the country is growing at an annual rate of 41 per cent to reach 124 million users in July. The time spent has increased by 33 per cent over the past one year with the user base spending 48 billion minutes online in a month. The consumption of content has grown to 70 billion pages a month from 54.6 billion pages in July 2011.

This is expected to be a continuing trend in coming years, given the age distribution in India. The top five popular categories accessed online are social networking, e-commerce portals, search, entertainment and news sites, the study titled ‘State of e-Commerce in India’ said. In comparison, China added over 14 million users to reach 336 million nnternet users by July–end, followed by Russia and Brazil with 10 million and 3.1 million additions, respectively.

According to Assocham, the e-Commerce revenues in India will increase from $1.6 billion in 2012 to $ 8.8 billion in 2016.

 

[kkacer]

India's August exports Big Drop 9.7%

23, Sept

(Reuters) - India's annual exports fell 9.7 percent to $22.3 billion in August, while imports fell about 5.1 percent to $38 billion, leaving a trade deficit of $15.7 billion, a trade ministry official told reporters on Thursday, citing provisional trade data.
August exports down 9.7 pct y/y: trade min official | Reuters


Will India Break the Huge Trade Deficit 185 Billions last year? OMG!
Will India Break the Huge Trade Deficit 185 Billions last year? OMG!
Will India Break the Huge Trade Deficit 185 Billions last year? OMG!
Will India Break the Huge Trade Deficit 185 Billions last year? OMG!*
Will India Break the Huge Trade Deficit 185 Billions last year? OMG!

Jan-Aug 2012, India trade deficit is 150 Billions, 100% it will break the record last year.

so, India Rupee will keep falling.

 

[IndoCarib]

^^^^^
@kkracer

you are the drama queen of PDF. Stop shedding so much tears for India. We will be fine.

 

[cloud_9]

Investors richer by about Rs 95,500 cr as shares zoom on diesel price hike, QE3

MUMBAI: Investor wealth across listed stocks today surged about Rs 95,500 crore on back of robust buying as market participants cheered the government's decision to hike diesel prices and US Federal Reserve approved a new economic stimulus plan to spur growth.

The BSE benchmark index Sensex today closed at 18,464.27, up 443.11 points, or 2.46 per cent in sync with a rally in the global market. In the process, the investor wealth moved up by Rs 95,436.89 crore to Rs 63.63 lakh crore.

Today's closing of 18,464.27 points is a 14-month high since Sensex closed at 18,518.22 on July 26, 2011.

The 50-share NSE index Nifty today rose by 142.30 points, or 2.62 per cent to 5,577.65.

Across 13 BSE sectoral indices, 11 indices rose with Realty, Metal and Bankex jumping 4-5 per cent. Capital Goods, Auto, Oil&Gas and IT shares logged 2-3.5 per cent gains.

India's services exports up 6.4 per cent at $11.06 billion in July

MUMBAI: India's services exports in July rose to USD 11.06 billion, up 6.4 per cent from a year earlier, Reserve Bank of India data showed today.

The total exports from services in July 2011 stood at USD 10.4 billion, as per the RBI data.

Imports of services in July grew by 10.3 per cent to USD 6.5 billion compared to USD 5.9 billion a year earlier.

The services sector contributes about 55 per cent to the country's gross domestic product.

During April-July of 2012-13, the cumulative services receipt or exports has amounted to USD 44.4 billion, showed the RBI data.

Services outgo or imports stood at USD 27.04 billion in the first four months of the fiscal

Sistema set to buy Aircel for $3 bn in largest telecom deal since Vodafone-Hutch buyout

MUMBAI: Russia's SistemaJSFC is close to acquiring a controlling stake in Aircel Communications for around $3 billion (Rs 16,000-17,000 crore), making this one of the largest transactions in the telecom sector since Vodafone bought Hutchison Essar for $11.7 billion in 2007.

Two persons familiar with the development said Sistema would buy into Aircel's parent company based overseas with rights to have the Indian arm transferred to it after an ongoing restructuring process is completed. Malaysia's Maxis Communications owns 74% stake in Aircel through multiple entities, which are being consolidated into a single company.

Aircel's spokesman said the company was not aware of such a development. The Russian company's Indian arm, Sistema Shyam TeleServices, said it believed the talk of engaging with other telecom service providers for a possible deal was motivated. "The immediate priority is to seek clarity on spectrum-related regulations from the government and also look at the outcome of the curative petition filed in the Supreme Court," said a company spokesman.

 

[Bobby]

Jan-Aug 2012, India trade deficit is 150 Billions, 100% it will break the record last year.

so, India Rupee will keep falling.

Check... today only Rupee climb 2.02% to 54.30...you can cry more now

 

[kkacer]

Jan-Aug 2012, India trade deficit is 150 Billions, 100% it will break the record last year.

I feel so sad for India

 

[palash_kol]

India's August exports Big Drop 9.7%
23, Sept

(Reuters) - India's annual exports fell 9.7 percent to $22.3 billion in August, while imports fell about 5.1 percent to $38 billion, leaving a trade deficit of $15.7 billion, a trade ministry official told reporters on Thursday, citing provisional trade data.
August exports down 9.7 pct y/y: trade min official | Reuters


Will India Break the Huge Trade Deficit 185 Billions last year? OMG!
Will India Break the Huge Trade Deficit 185 Billions last year? OMG!
Will India Break the Huge Trade Deficit 185 Billions last year? OMG!
Will India Break the Huge Trade Deficit 185 Billions last year? OMG!*
Will India Break the Huge Trade Deficit 185 Billions last year? OMG!

Jan-Aug 2012, India trade deficit is 150 Billions, 100% it will break the record last year.
so, India Rupee will keep falling.

I feel so sad for India

This man is a real joker. Are you a kid? - shouting one thing again, again and again!!!

 

[karan.1970]

Jan-Aug 2012, India trade deficit is 150 Billions, 100% it will break the record last year.

so, India Rupee will keep falling.

I feel so sad for India

What is really sad is that you have no one else but your self to talk to

Doesnt get lamer than quoting and replying to your own post

 

[DARIUS]

I feel so sad for India

I think u are either a girl who likes online drama's or a teenager who do not have something constructive to say!!Really irritating!!

 

[kkacer]

I just tell the truth, face the fact or bury your head into sand

 

[Gessler]

Stock market is rising nicely we've nearly hit 18,500 mark