Wait, where does it say that that 7.5 was revised from 7.23 inflation for may?
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Wait, where does it say that that 7.5 was revised from 7.23 inflation for may?
black_jack
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Rupee gains 20 paise to end at 55.11 vs USD
The rupee today strengthened by 20 paise to close at 55.11 against dollar on fresh selling of US currency by exporters amid speculation that Fed Chairman Ben Bernanke will hint at monetary easing measures in a Congressional appearance later today.
Forex dealers said quantitative easing (QE), which increases money supply on account of the US government buying assets, tends to put pressure on the currency.
As a result, exporters and some banks in India sold dollars on hopes of further dollar fall overseas, helping the rupee recover, traders said.
At the Interbank Foreign Exchange (Forex) market, the rupee opened sharply higher at 54.89 a dollar from its previous close of 55.31.
It immediately touched a high of 54.80 on early rise in local equities amid heavy dollar selling by exporters. Foreign Institutional Investors (FIIs) continued their buying with stocks worth Rs 475 crore today.
However, the sentiment in favour of rupee was hit in line with stocks that weakened and the currency touched a low of 55.22. It finally concluded at 55.11, a rise of 20 paise of 0.36 per cent over yesterday.
"Dealers are looking ahead for the Fed Chairman Bernanke testimony to the US Congress...We expect the rupee may witness a gap up opening tomorrow in absence of fresh QE from Fed," said Alpari Financial Services (India) CEO Pramit Brahmbhatt.
Reflecting the optimism, the dollar index -- an indicator of a basket of six major currencies -- was down by nearly 0.1 per cent. The dollar weakened for a third day against euro.
However, some experts feel the chances of further quantitiave easing by Fed are bleak even though a spate of economic data strengthens its case now.
Meanhwile, the Indian stock market benchmark Sensex, which was up by over 130 points in the morning, fell back and closed nearly flat. (MORE)
Rupee gains 20 paise to end at 55.11 vs USD | Business Standard
The rupee today strengthened by 20 paise to close at 55.11 against dollar on fresh selling of US currency by exporters amid speculation that Fed Chairman Ben Bernanke will hint at monetary easing measures in a Congressional appearance later today.
Forex dealers said quantitative easing (QE), which increases money supply on account of the US government buying assets, tends to put pressure on the currency.
As a result, exporters and some banks in India sold dollars on hopes of further dollar fall overseas, helping the rupee recover, traders said.
At the Interbank Foreign Exchange (Forex) market, the rupee opened sharply higher at 54.89 a dollar from its previous close of 55.31.
It immediately touched a high of 54.80 on early rise in local equities amid heavy dollar selling by exporters. Foreign Institutional Investors (FIIs) continued their buying with stocks worth Rs 475 crore today.
However, the sentiment in favour of rupee was hit in line with stocks that weakened and the currency touched a low of 55.22. It finally concluded at 55.11, a rise of 20 paise of 0.36 per cent over yesterday.
"Dealers are looking ahead for the Fed Chairman Bernanke testimony to the US Congress...We expect the rupee may witness a gap up opening tomorrow in absence of fresh QE from Fed," said Alpari Financial Services (India) CEO Pramit Brahmbhatt.
Reflecting the optimism, the dollar index -- an indicator of a basket of six major currencies -- was down by nearly 0.1 per cent. The dollar weakened for a third day against euro.
However, some experts feel the chances of further quantitiave easing by Fed are bleak even though a spate of economic data strengthens its case now.
Meanhwile, the Indian stock market benchmark Sensex, which was up by over 130 points in the morning, fell back and closed nearly flat. (MORE)
Rupee gains 20 paise to end at 55.11 vs USD | Business Standard
IndoCarib
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Japanese investments to rise despite India's recent slowdown
By TAKASHI KITAZUME
Staff writer
Japan's business ties with India look set to expand further as the pace of investments by Japanese firms continues to accelerate, despite a recent slowdown of the Indian economy and the country's twin deficits, experts and people involved in bilateral relations said at recent events in Tokyo.
But the pace of increase in Japanese investments is noteworthy, with the number of plants and offices of Japanese firms in India having increased up to fourfold over the past five years and continuing to pick up speed, he said. While 70-80 percent of the investments used to go to the auto and auto parts sectors, new investments are now being made in much more diversified areas including pharmaceuticals, securities and food, he added.
Japanese investments to rise despite India's recent slowdown | The Japan Times Online
By TAKASHI KITAZUME
Staff writer
Japan's business ties with India look set to expand further as the pace of investments by Japanese firms continues to accelerate, despite a recent slowdown of the Indian economy and the country's twin deficits, experts and people involved in bilateral relations said at recent events in Tokyo.
But the pace of increase in Japanese investments is noteworthy, with the number of plants and offices of Japanese firms in India having increased up to fourfold over the past five years and continuing to pick up speed, he said. While 70-80 percent of the investments used to go to the auto and auto parts sectors, new investments are now being made in much more diversified areas including pharmaceuticals, securities and food, he added.
Japanese investments to rise despite India's recent slowdown | The Japan Times Online
Just found this:
Total FDI inflow in India:
http://dipp.nic.in/English/Publications/FDI_Statistics/2012/india_FDI_April2012.pdf
Total FDI inflow in India:
http://dipp.nic.in/English/Publications/FDI_Statistics/2012/india_FDI_April2012.pdf
kawaraj
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black_jack
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Sensex up 80 points
The Sensex today gained almost 80 points on the back of buying by funds as well as retail investors in metal, capital goods and auto shares amid a higher opening in the European markets.
The BSE benchmark index, which had gained a mere 2 points in yesterday’s trade, moved up further by 79.71 points, or 0.47 per cent, to close at 17,185.01.
The 30-share Sensex traded between 17,205.26 and 17,038.59 on alternate bouts of buying. 21 scrips including Bajaj Auto, Tata Power and Jindal Steel ended higher while Tata Motors, Dr Reddy’s and NTPC led the nine Sensex losers. Private banks including ICICI bank and HDFC Bank also rose.
On similar lines, the 50-share National Stock Exchange index Nifty rose by 23.45 points or 0.45 per cent to 5,216.30.
Besides a higher opening on the European markets after the much-awaited testimony from US Federal Reserve Chairman Ben Bernanke, hopes that the Indian government will accelerate economic reforms after the Presidential elections also buoyed the trading sentiment, brokers said.
However, deficient rains in the country so far have forced market participants to adopt a cautious approach, they added.
After easing of wholesale inflation, data today showed retail inflation barely declined to 10.02 per cent in June.
“...movements clearly indicate indecision in the market due to upcoming events like the Presidential poll tomorrow, RBI policy on July 31 as well as corporate earnings,” said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.
Keywords: share markets, stock markets, sensex
The Hindu : Business / Markets : Sensex up 80 points
The Sensex today gained almost 80 points on the back of buying by funds as well as retail investors in metal, capital goods and auto shares amid a higher opening in the European markets.
The BSE benchmark index, which had gained a mere 2 points in yesterday’s trade, moved up further by 79.71 points, or 0.47 per cent, to close at 17,185.01.
The 30-share Sensex traded between 17,205.26 and 17,038.59 on alternate bouts of buying. 21 scrips including Bajaj Auto, Tata Power and Jindal Steel ended higher while Tata Motors, Dr Reddy’s and NTPC led the nine Sensex losers. Private banks including ICICI bank and HDFC Bank also rose.
On similar lines, the 50-share National Stock Exchange index Nifty rose by 23.45 points or 0.45 per cent to 5,216.30.
Besides a higher opening on the European markets after the much-awaited testimony from US Federal Reserve Chairman Ben Bernanke, hopes that the Indian government will accelerate economic reforms after the Presidential elections also buoyed the trading sentiment, brokers said.
However, deficient rains in the country so far have forced market participants to adopt a cautious approach, they added.
After easing of wholesale inflation, data today showed retail inflation barely declined to 10.02 per cent in June.
“...movements clearly indicate indecision in the market due to upcoming events like the Presidential poll tomorrow, RBI policy on July 31 as well as corporate earnings,” said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.
Keywords: share markets, stock markets, sensex
The Hindu : Business / Markets : Sensex up 80 points
eachus
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Kunshan，a county-level city in China's Jiangsu province，had a GDP of 39 billion US dollars in 2011。
Don't know what there is to shout about these Indian megacities，which are not model to follow but a national shame judging by the tiny GDP each produces。
Got it wrong。Kunshan 2011 GDP 253 billion yuan = 40 billion US dollars。
look at the picture. it shows all major cities in India grows 250% - 400%. that is about 10% a year in USD.
Jiangsu and other 3 provinces had GDP topped 4.5 trillion RMB. that was $700s-$800s billions each in 2011. Indian had around 5% GDP growth average in USD($), not in Rupee for the last 10 years. those were achieved when Chinese economic and US were in good shape. in the next 10 years, US and China will slow down, energy, metal and other resources are more expensive than previous 10 years. what make Indian growth jump from 5% to 10% when global economic environment gets worse?
can India grows 2X speed in the next 10 years vs previous average? base on everyone else gets worse and India gets better?
eachus
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does anyone out there know what is MAURITIUS? it dominates the India FDI almost 40% consistently. what do they invested in India? I dont really think that FDI is a meaningful index.
kawaraj
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that's an island nation in Indian ocean. some Indians like to register firm in there.
black_jack
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Sensex ends 94 points higher
Indian benchmark indices, the Sensex and the Nifty, gained over 0.5 per cent at the end of the session on Thursday on firm global cues.
The 30-share BSE index Sensex was up 94.01 points (0.55 per cent) at 17,279.02 and the 50-share NSE index Nifty was up 26.4 points (0.51 per cent) at 5,242.70.
Except Auto and FMCG, all other BSE sectoral indices ended in the green. IT, Consumer Durables, Oil & Gas and Power stocks led the Sensex uptrend with each up by more than 0.8 per cent. Only FMCG and Auto stocks were down by over 0.02 per cent.
Among the Sensex stocks, the top five gainers were Infosys (up 3.08 per cent), Sterlite (2.42 per cent), Tata Power (2.34 per cent), BHEL (2.18 per cent) and Bajaj Auto (1.76 per cent).
Stocks which saw a decline include Maruti (down 8.74 per cent), Bharti Airtel (2.34 per cent), Hero MotoCorp (1.37 per cent), SBI (1.29 per cent) and Dr. Reddy's (0.98 per cent)
Dealers said that an increase in diesel prices was inevitable and they saw it coming just after the results of the presidential elections are announced . The quantum however, would decide on the market direction, they said.
Asian markets gained as there was expectation that central banks all around the world would cut rates and boost economic growth.
European stocks continued their uptrend as companies reported earnings that beat analysts' forecasts.
Analysts attribute the rise in the markets to positive Asian stock openings. “Asian stocks rose, with the benchmark index headed towards its biggest gain in almost three weeks, after US housing starts jumped to the highest level in four years. US stocks rose for a second day after companies from Intel Corp to Honeywell International Inc. reported profit that beat estimates and housing starts increased to the fastest rate in almost four years,” said a report from SMC Global Securities.
Business Line : Markets / Stock Markets : Sensex ends 94 points higher
Indian benchmark indices, the Sensex and the Nifty, gained over 0.5 per cent at the end of the session on Thursday on firm global cues.
The 30-share BSE index Sensex was up 94.01 points (0.55 per cent) at 17,279.02 and the 50-share NSE index Nifty was up 26.4 points (0.51 per cent) at 5,242.70.
Except Auto and FMCG, all other BSE sectoral indices ended in the green. IT, Consumer Durables, Oil & Gas and Power stocks led the Sensex uptrend with each up by more than 0.8 per cent. Only FMCG and Auto stocks were down by over 0.02 per cent.
Among the Sensex stocks, the top five gainers were Infosys (up 3.08 per cent), Sterlite (2.42 per cent), Tata Power (2.34 per cent), BHEL (2.18 per cent) and Bajaj Auto (1.76 per cent).
Stocks which saw a decline include Maruti (down 8.74 per cent), Bharti Airtel (2.34 per cent), Hero MotoCorp (1.37 per cent), SBI (1.29 per cent) and Dr. Reddy's (0.98 per cent)
Dealers said that an increase in diesel prices was inevitable and they saw it coming just after the results of the presidential elections are announced . The quantum however, would decide on the market direction, they said.
Asian markets gained as there was expectation that central banks all around the world would cut rates and boost economic growth.
European stocks continued their uptrend as companies reported earnings that beat analysts' forecasts.
Analysts attribute the rise in the markets to positive Asian stock openings. “Asian stocks rose, with the benchmark index headed towards its biggest gain in almost three weeks, after US housing starts jumped to the highest level in four years. US stocks rose for a second day after companies from Intel Corp to Honeywell International Inc. reported profit that beat estimates and housing starts increased to the fastest rate in almost four years,” said a report from SMC Global Securities.
Business Line : Markets / Stock Markets : Sensex ends 94 points higher
cloud_9
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eachus
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look at the picture. it shows all major cities in India grows 250% - 400%. that is about 10% a year in USD.
Jiangsu and other 3 provinces had GDP topped 4.5 trillion RMB. that was $700s-$800s billions each in 2011.
Original Post By eachus
Why are you comparing Cities with Provinces
I agreed with cirr, those county-level cities lines up with those mapped Indian cities pretty well.
Jiangsu and other 3 provinces has GDP can compare with many countries. for instance, GuangDong(also called Canton) province exclude HongKong had GDP $840s billions, is roughly 50% of Indian GDP last year. Canton grows at 11% a year by RMB, or 15% by USD. Jiangsu and ShangDong are with even faster growth. They will be about the same size in GDP match Indian within 10 years.
IndoCarib
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Indian firms set up shop in China
Mumbai, India (CNN) After years of growing at a breakneck speed of around 9%, the Indian economy is running out of steam and the manufacturing sector is suffering.
External problems like the crisis in Europe, plus domestic troubles like inflation, are hurting manufacturers, forcing some to shut up shop, scale back - or in some cases, start manufacturing in China.
Ashish Saraf is CFO of Technocraft Industries. His factory outside Mumbai makes yarn, cotton, clothes and engineering equipment. Almost everything is exported so Saraf keeps a close eye on exchange rates, watching as the rupee slid about 25% versus the dollar over the past year.
Usually, when the rupee weakens, Indian exports become cheaper, so buyers overseas order more. But thats not the case for Saraf because, he explains, the European crisis has completely wiped out demand for his goods.
Last year was one of the worst years we've ever had in the 15 years of existence in this industry, especially in the spinning sector, where every hour of production counts, Saraf told CNNs Mallika Kapur. We had to actually cut down complete shifts for a whole month to cope with the slow demand. We could not sell what we were producing.
Faced with similar problems, manufacturing companies across India are shutting down or scaling back.
Narendra Thakkar is finding it hard to staff his garment manufacturing unit. He says laborers want higher wages, because they're paying more for everything from food to fuel. And if they don't get that higher wage, they're going back to their villages where the cost of living is cheaper.
Inflation is also driving up the cost of raw materials at a time when demand is slow.
At full capacity, Thakkars 50 tailors operating 50 machines could produce 500 pieces a day. Now, with just 21 tailors, they produce half that. Manufacturing activity - considered the main engine for growth in India - contracted in the first quarter of this year against a 7% rise last year.
It's because investments have stopped, said Satish Jamdar, of the Confederation of Indian Industry. Investments in long-term projects have stopped. Investments have been a little slow. We need to fuel this, give some impetus to infrastructure.
I have seen all great nations that came up and started growing; in the beginning, initial development came from spending on infrastructure. Then manufacturing kicks in, services kick in. That's what we require.
The slowdown in manufacturing is affecting overall growth and India's economy is currently growing at its slowest in almost a decade. Disillusioned with the state of the economy, Saraf set up a manufacturing facility in China, where he makes engineering equipment.
In China, the benefit primarily was the raw material cost, he said. The overall cost of production in China is much lower. Even now, the cost differential between here and China is around 10 to 15%. And then you have the labor cost difference. Once you add in all the productivity etc. the labor cost in China is definitely lower.
He says it was surprisingly easy to set up his factory there.
In India you have a lot of hidden costs, he explained. In China they welcome foreign investment, they welcome industries to be set up there. So setting up was relatively easy and quite fast so you also save on the time. The faster you start up the faster is your recovery on investment.
But what's good for the bottom line of Indian entrepreneurs isn't necessarily beneficial for India, according to Jamdar.
What worries me is the flight of capital or investment or even thinking, which for a nation of huge potential, I find it strange to be in this situation, Jamdar said.
All of us have to, as people who are involved and responsible, get down to the business of building it back because it is possible.
Indian firms set up shop in China Business 360 - CNN.com Blogs
Mumbai, India (CNN) After years of growing at a breakneck speed of around 9%, the Indian economy is running out of steam and the manufacturing sector is suffering.
External problems like the crisis in Europe, plus domestic troubles like inflation, are hurting manufacturers, forcing some to shut up shop, scale back - or in some cases, start manufacturing in China.
Ashish Saraf is CFO of Technocraft Industries. His factory outside Mumbai makes yarn, cotton, clothes and engineering equipment. Almost everything is exported so Saraf keeps a close eye on exchange rates, watching as the rupee slid about 25% versus the dollar over the past year.
Usually, when the rupee weakens, Indian exports become cheaper, so buyers overseas order more. But thats not the case for Saraf because, he explains, the European crisis has completely wiped out demand for his goods.
Last year was one of the worst years we've ever had in the 15 years of existence in this industry, especially in the spinning sector, where every hour of production counts, Saraf told CNNs Mallika Kapur. We had to actually cut down complete shifts for a whole month to cope with the slow demand. We could not sell what we were producing.
Faced with similar problems, manufacturing companies across India are shutting down or scaling back.
Narendra Thakkar is finding it hard to staff his garment manufacturing unit. He says laborers want higher wages, because they're paying more for everything from food to fuel. And if they don't get that higher wage, they're going back to their villages where the cost of living is cheaper.
Inflation is also driving up the cost of raw materials at a time when demand is slow.
At full capacity, Thakkars 50 tailors operating 50 machines could produce 500 pieces a day. Now, with just 21 tailors, they produce half that. Manufacturing activity - considered the main engine for growth in India - contracted in the first quarter of this year against a 7% rise last year.
It's because investments have stopped, said Satish Jamdar, of the Confederation of Indian Industry. Investments in long-term projects have stopped. Investments have been a little slow. We need to fuel this, give some impetus to infrastructure.
I have seen all great nations that came up and started growing; in the beginning, initial development came from spending on infrastructure. Then manufacturing kicks in, services kick in. That's what we require.
The slowdown in manufacturing is affecting overall growth and India's economy is currently growing at its slowest in almost a decade. Disillusioned with the state of the economy, Saraf set up a manufacturing facility in China, where he makes engineering equipment.
In China, the benefit primarily was the raw material cost, he said. The overall cost of production in China is much lower. Even now, the cost differential between here and China is around 10 to 15%. And then you have the labor cost difference. Once you add in all the productivity etc. the labor cost in China is definitely lower.
He says it was surprisingly easy to set up his factory there.
In India you have a lot of hidden costs, he explained. In China they welcome foreign investment, they welcome industries to be set up there. So setting up was relatively easy and quite fast so you also save on the time. The faster you start up the faster is your recovery on investment.
But what's good for the bottom line of Indian entrepreneurs isn't necessarily beneficial for India, according to Jamdar.
What worries me is the flight of capital or investment or even thinking, which for a nation of huge potential, I find it strange to be in this situation, Jamdar said.
All of us have to, as people who are involved and responsible, get down to the business of building it back because it is possible.
Indian firms set up shop in China Business 360 - CNN.com Blogs
Infosys sets up dedicated facility for Apple work
There will be a lot more of India in Apple products soon. The $108-billion maker of iPhones and iPads is scaling up sharply the work it outsources to Infosys Technologies.
The Bangalore-based IT giant has rented a 1.40-lakh-sqft office space near its headquarters in Electronics City to house employees who would work exclusively for Apple. Sources in the real estate industry who did not want to be named said the building would have the capacity to house 1,400 people. The centre will be operational by the end of the year.
It was previously reported that Apple CIO Neil O'Connor had met the Infosys top brass in Bangalore in January, leading to speculation that Apple was looking at outsourcing more to Indian companies.
When contacted, Infosys said in an emailed response: "We are unable to participate in your story."
Apple, the maker of products like the iPod and iPad, outsources application development and maintenance work to the extent of Rs 490 crore to Indian IT services providers. It is said to account for $50 million (Rs 275 crore) of Infosys' annual revenue of $7 billion.
Assuming that the new space that Infosys is taking for Apple will house a new set of employees, it would mean that Apple would be giving an additional business of at least $65 million (Rs 357 crore) every year to Infosys, considering that each Infosys employee accounts for an average annual revenue of $47,000. Infosys has about 1.5 lakh employees.
Former employees of Infosys who had worked on the Apple account said the current work is being executed by employees across Bangalore, Mangalore, Bhubaneswar and Thiruvananthapuram. The ultra-secretive Apple does not disclose the nature of work it does with third parties. But the former Infosys employees said Infosys played a role in developing applications for iCloud a service that allows users to access music, calendar, documents and email via the cloud and which automatically syncs with your Mac, iPad and iPhone.
Infosys has also worked on developing applications for Apple Retail Store 2.0 launched last year, where iPad displays took the place of paper placards in Apple stores. The iPad offered an interactive way to explore the features and prices of the products being advertised, and it even had a call button to summon an Apple representative to the product for assistance.
Infosys has also helped in the design of frameworks for the iOS, the operating platform for Apple devices that provides interfaces needed to write software for the platform. Many Infosys employees are trained on Cocoa, Apple's native objective-oriented application programming interface.
Apple, with revenues of $108 billion in 2011, is the largest publicly traded company in the world by market capitalization, thanks to the phenomenal success of the iPhone and iPad. The market cap briefly touched $600 billion in April this year and currently is around $571 billion.
In 2006, the company had moved to establish a 3,000-people strong technical support centre in Bangalore. But it withdrew within months following a massive backlash from Apple fans around the world who felt India would not be able to deliver the quality of support they expected. However, it looks like the quality of Indian IT outsourcing work has been too good to resist.
HIGH-PROFILE CLIENT
Infy has rented 1.4 lakh sqft office space to house 1,400
Apple dedicated employees
May mean an additional revenue of at least $65 million every year for Infy
Infosys already receives $50 mn in annual revenue from Apple
Infy has worked on applications for Apple's iCloud and Retail Store 2.0
Infosys sets up dedicated facility for Apple work - Page2 - The Economic Times
There will be a lot more of India in Apple products soon. The $108-billion maker of iPhones and iPads is scaling up sharply the work it outsources to Infosys Technologies.
The Bangalore-based IT giant has rented a 1.40-lakh-sqft office space near its headquarters in Electronics City to house employees who would work exclusively for Apple. Sources in the real estate industry who did not want to be named said the building would have the capacity to house 1,400 people. The centre will be operational by the end of the year.
It was previously reported that Apple CIO Neil O'Connor had met the Infosys top brass in Bangalore in January, leading to speculation that Apple was looking at outsourcing more to Indian companies.
When contacted, Infosys said in an emailed response: "We are unable to participate in your story."
Apple, the maker of products like the iPod and iPad, outsources application development and maintenance work to the extent of Rs 490 crore to Indian IT services providers. It is said to account for $50 million (Rs 275 crore) of Infosys' annual revenue of $7 billion.
Assuming that the new space that Infosys is taking for Apple will house a new set of employees, it would mean that Apple would be giving an additional business of at least $65 million (Rs 357 crore) every year to Infosys, considering that each Infosys employee accounts for an average annual revenue of $47,000. Infosys has about 1.5 lakh employees.
Former employees of Infosys who had worked on the Apple account said the current work is being executed by employees across Bangalore, Mangalore, Bhubaneswar and Thiruvananthapuram. The ultra-secretive Apple does not disclose the nature of work it does with third parties. But the former Infosys employees said Infosys played a role in developing applications for iCloud a service that allows users to access music, calendar, documents and email via the cloud and which automatically syncs with your Mac, iPad and iPhone.
Infosys has also worked on developing applications for Apple Retail Store 2.0 launched last year, where iPad displays took the place of paper placards in Apple stores. The iPad offered an interactive way to explore the features and prices of the products being advertised, and it even had a call button to summon an Apple representative to the product for assistance.
Infosys has also helped in the design of frameworks for the iOS, the operating platform for Apple devices that provides interfaces needed to write software for the platform. Many Infosys employees are trained on Cocoa, Apple's native objective-oriented application programming interface.
Apple, with revenues of $108 billion in 2011, is the largest publicly traded company in the world by market capitalization, thanks to the phenomenal success of the iPhone and iPad. The market cap briefly touched $600 billion in April this year and currently is around $571 billion.
In 2006, the company had moved to establish a 3,000-people strong technical support centre in Bangalore. But it withdrew within months following a massive backlash from Apple fans around the world who felt India would not be able to deliver the quality of support they expected. However, it looks like the quality of Indian IT outsourcing work has been too good to resist.
HIGH-PROFILE CLIENT
Infy has rented 1.4 lakh sqft office space to house 1,400
Apple dedicated employees
May mean an additional revenue of at least $65 million every year for Infy
Infosys already receives $50 mn in annual revenue from Apple
Infy has worked on applications for Apple's iCloud and Retail Store 2.0
Infosys sets up dedicated facility for Apple work - Page2 - The Economic Times
IMF: India’s fiscal deficit will be worse than Greece’s this year
The chart speaks for itself; the International Monetary Fund (IMF) certainly believes that India’s overall fiscal deficit will be much higher than that of Greece, Portugal, Spain or Ireland this year.
India’s fiscal deficit, at 8.9% of GDP, will be the second highest among the major advanced and emerging markets, behind Japan’s. In 2013, IMF expects Japan’s fiscal balance to improve, while it doesn’t believe there will be much progress in India. The upshot: India will be No. 1 among all major world economies on this benchmark.
the update points out that despite the high deficit, India’s debt-to-GDP ratio, at an estimated 68% of GDP this year, is lower than Greece’s 162.6%, or Japan’s 234.5%. But one reason for this is India’s high inflation, which bloats its nominal GDP.
Will India
VERY BAD NEWS
The chart speaks for itself; the International Monetary Fund (IMF) certainly believes that India’s overall fiscal deficit will be much higher than that of Greece, Portugal, Spain or Ireland this year.
India’s fiscal deficit, at 8.9% of GDP, will be the second highest among the major advanced and emerging markets, behind Japan’s. In 2013, IMF expects Japan’s fiscal balance to improve, while it doesn’t believe there will be much progress in India. The upshot: India will be No. 1 among all major world economies on this benchmark.
the update points out that despite the high deficit, India’s debt-to-GDP ratio, at an estimated 68% of GDP this year, is lower than Greece’s 162.6%, or Japan’s 234.5%. But one reason for this is India’s high inflation, which bloats its nominal GDP.
Will India
VERY BAD NEWS
