Chambers disappointed, want a rate cut

Source: The Hindu Business Line, April 12, 2012

NEW DELHI: Expressing disappointment at 4 per cent growth in manufacturing, the FICCI President, Mr R.V. Kanoria, said, “A reduction in interest rates of at least 50 basis points should be seriously considered by RBI as part of its next monetary policy.”

There is need to cut the fiscal deficit to bring down interest rates and stimulate demand, said Mr Kanoria. FICCI predicts a 4.2-4.5 per cent industrial growth in 2011-12.

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Bigger opportunity in India’s smaller cities

Source: Business Standard, Feb 18, 2011

Mumbai: Smaller cities are scoring over metros in terms of growing urbanisation, and cities such as Jalandhar, Aurangabad, Bhubhaneshwar, Agra and Raipur are believed to be the next ‘cities of opportunities’.

According to the latest Morgan Stanley research report, ‘AlphaWise City Vibrancy Index: A Guide to India’s Urbanization’, households in these cities earn more than India’s average urban household.

Centre for Monitoring Indian Economy (CMIE) pegs the quarterly average household income at about Rs 45,000 per urban household, whereas in cities such as Jalandhar, Bhubaneswar, Guwahati and Aurangabad have a quarterly average household income of above Rs 65,000.

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Inflation declines to 8.5% on new base year

Source: Times of India, Sept 15, 2010

NEW DELHI: Headline inflation dropped from 9.8% in July to 8.5% in August as the new base of measuring wholesale price index kicked in but it is still above the Reserve Bank of India’s (RBI) comfort zone, prompting analysts to expect a marginal hike in key rates and tightening of monetary policies in the central bank’s policy review on Thursday.

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As China greys, India set to become world’s growth engine

TORONTO: If it was India’s $35 computer that was splashed in Canadian news last week, now it is the country’s relentless growth story that’s making headlines here.

Writing under the headline “Meet the world’s next growth engine”, the National Post daily Wednesday said that while the rest of the world grapples with the consequences of declining birth rates and mass retirements from workforces, India is set to reap benefits of demographic bulge.

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India pledges millions in credit to Myanmar regime

Source:(AFP)July 28,2010

NEW DELHI — Myanmar’s military ruler Than Shwe flew to Hyderabad Wednesday on the latest leg of a controversial state visit toIndia that has garnered millions of dollars in grants for infrastructure projects.

The general left New Delhi having received a full, red-carpet welcome Tuesday and held talks with Indian Prime Minister Manmohan Singh.

Human rights groups have severely criticised India for bestowing a formal state visit on Than Shwe, arguing that it helps legitimise a military regime that has been widely condemned for systematic rights abuses. Read the rest of this entry »

Domestic airlines post 22% growth in June

Source: The Hindu Business Line: july 15, 2010
New Delhi: Domestic airlines flew 45.04 lakh passengers in June this year, up almost 22 per cent against June 2009.

This is the second consecutive month when the domestic airlines have registered almost 22 per cent growth against same period last year. This perhaps explains the increase in congestion at the metro airports.

The DGCA data show that apart from Paramount, all the other airlines carried more passengers in June against June 2009.

The airlines operated with healthy seat factors in the range of 72 per cent to 90 per cent.

The seat factors for June are: Air India (Domestic) – 72.3 per cent, Jet Airways – 80.5 per cent, JetLite – 83.6 per cent, Kingfisher Airlines – 85.1 per cent, Spice Jet – 88.5 per cent, Paramount Airways – 86.8 per cent, Go Air –84 per cent and Indi Go – 90.7 per cent.

Exports in June 2010 touches US$ 17.75 billion

Source: IBEF: julio 20, 2010

New Delhi: The exports touched US$ 17.75 billion in June 2010, posting a 30.4 per cent growth as compared to the corresponding period in 2009. The exports witnessed a positive growth for the eighth consecutive month on the back of good results reflected by major sectors such as engineering, oil, iron ore, chemicals, gems and jewellery.

According to the Export Promotion Council for Export Oriented Units and Special Economic Zones (SEZs), the first quarter of 2010-11 witnessed 67.8 per cent higher exports from SEZs than in the corresponding period of the previous year.

As per a statement released by the Export Promotion Council, the first quarter exports from SEZs were US$ 12.48 billion.

Railways freight revenues up 7 per cent in June 2010

New Delhi: The Indian Railways freight revenue touched US$ 1.03 billion in June 2010, an increase of 6.99 per cent from the corresponding month in 2009. The growth in revenue was supported by commodities including cement, coal, foodgrains, fertilizer, iron ore, and mineral oil. The Railways freight, increased to 79.94 million tonnes (MT) of goods, a marginal growth of 0.47 per cent in June 2010 from the corresponding month in 2009.

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Rupee becomes only 5th currency to get a symbol

NEW DELHI: In keeping with India’s growing economic might and its status as a major investment destination, the hitherto humble rupee is all set to get a distinct identity in the form of a new symbol. The Union Cabinet on Thursday gave its approval to the symbol which combines the Roman letter ‘R’ with the Devnagri ‘Ra’ .

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Exports rise 35% in May to cross $16 bn mark

NEW DELHI: Exports grew a strong 35.1% year-on-year in May showing that the debt crisis in the euro zone had not yet hadavisible impact on India’s trade.

Exports in May grew to $ 16.1 billion from $11.95 billion a year ago, data released on Thursday showed. Imports also surged 38.5% to $27.4 billion compared to the same period last fiscal, indicating a robust domestic economic activity.

The trade deficit widened $11.29 billion from $7.8 billion a year ago because of the strong growth in imports. “While the trend in growth will continue for the next few months, exporters will face challenges on account of the adoption of the base rate regime, which is likely to increase the cost of export credit and uncertainty in the euro Zone,” said Federation of Indian Export Organisation president A Sakthivel said.

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