Source: Indian Express, May 16, 2012
The government on Tuesday disclosed in Parliament that India’s crude import target from Iran has been reduced by 11 per cent this financial year to 15.5 million tonnes, a statement that comes against the backdrop of US pressure on the issue.
Source: The Hindu Business Line, May 15, 2012
Mumbai: There still is no single pill to address the pricing concerns involving the pharmaceutical industry.
However, different formulae to tackle the pricing of medicines have emerged from the half-a-dozen presentations made to the Group of Ministers by the drug industry and distributor organisations.
Source: Financial Express, May 15, 2012
Mumbai: India’s services exports increased to USD 12.89 billion in March this year compared with USD 11.23 billion in the previous month.
The services sector, according to the Reserve Bank data released today, has been doing well since January when its exports stood at USD 11.03 billion.
The total export of services during first three months of 2012 (January-March) works out to be USD 35.14 billion.
The data further reveals that import of services during March 2012 was USD 9.08 billion, up from USD 6.75 billion in the previous month.
The import of services during the three-month period was USD 23.16 billion.
The export of services during April-December, 2011-12, stood at USD 102 billion as compared to USD 96.4 billion during the corresponding period of the previous fiscal.
The import of services, however, came down to USD 58 billion in April-December of 2011-12 from USD 62.3 billion during the nine-month period of the previous fiscal.
Source: Financial Express, May 15, 2012
New Delhi: Foreign direct investment (FDI) by Indian companies rose by nine-fold to over USD 72.04 billion over five years till 2009-10 from 7.21 billion during 2000-01 to 2004-05.
“The increased outward FDI by Indian parties has been primarily driven by resource seeking or market seeking or technology seeking motives,” Minister of State for Finance Namo Narain Meena said in a reply to Rajya Sabha.
Source: Business standard, May 16, 2012
Power-starved Tamil Nadu is expected to get an additional 4,887 Mw of power from state and Central projects, as well as joint ventures before the end of 2013. The state government is confident that by June this year, power cuts — which vary from two to four hours a day in various parts of the state — will be withdrawn. The state government also envisions investments of some Rs 4.50 lakh crore as part of its Vision 2023 for the energy sector.
Source: The Economic Times, May 15, 2012
MUMBAI: FMCG companies have taken a sales hit owing to the possible renegotiation of terms-of-trade and destocking at Canteen Stores Department (CSD or Indian Military) which impacted 5-7% volumes for most companies.
Beverage destocking too impacted 3-5% volumes for most companies, according to a consumer products report by Kotak Institutional Equties.
Source: LiveMint.com, May 15, 2012
New Delhi/Chennai: Japan’s Yamaha Motor Co. Ltd (YMC) will set up its third and largest manufacturing facility in Asia on the outskirts of Chennai, investing Rs. 1,500 crore over five years as part of its efforts to turn India into an export hub for the company.
Construction of the new facility at Vallam Vadagal will begin by September. The company expects the plant to begin operations in January 2014.
Source: The Economic Times, May 15, 2012
WASHINGTON: Senior Republican Senator John McCain on Monday made a strong pitch for a free trade agreement with India, as he slammed the Obama administration for failing to aggressively tap America’s trade potential with Asian nations.
Speaking at the Center for Strategic and International Studies, a Washington-based think-tank, the lawamker said the US should have aimed for a Free Trade Agreement (FTA) with India, and emphasised that America’s long-term strategic and economic success requires an ambitious trade strategy in Asia.
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Source: The Economic Times, May 15, 2012
NEW DELHI: Soaring vegetable prices pushed inflation higher in April, while fuel and manufactured product prices sustained their pressure posing a fresh policy challenge and announcing the return of price pressures in Asia’s third-largest economy.
Data released by the commerce & industry ministry on Monday showed the annual rate of inflation, based on monthly wholesale price index, stood at 7.23% for April, 2012, compared to 6.89% for the previous month and 9.74% during the corresponding month of the previous year.
Source: The Hindu Business Line, May 13, 2012
Kolkata: Following the good response to its bikes in the country, iconic bike-maker Harley-Davidson is keen on assembling more (bike) models in its India factory at Bawal.
Of the 15 models it currently sells in India, five are assembled in Bawal, Haryana. Bawal is Harley-Davidson’s second unit outside the US, the other being in Brazil. “We are keen to start assembling more models at Bawal. But such a decision will depend on customer feedback. If there is demand for a particular model we might explore the option of assembling more models here in the country,” Mr Anoop Prakash, Managing Director, Harley-Davidson India, said. Mr Prakash was in the city to inaugurate the company’s first showroom in Kolkata and its first in the eastern and north-eastern region.
