Fiscal deficit could reach 5.5-5.6 pct in FY13: source
India's fiscal deficit could miss the revised official target and swell to as much as 5.6 % of GDP, a top government official told Reuters on Thursday, making it tougher for the government to avoid a credit rating downgrade.
Global rating agencies have threatened to downgrade India's sovereign credit rating to junk if it fails to rein in its deficit, which is ballooning because of higher spending on food, fuel and fertilizer subsidies and poor tax receipts.
(Sources: Economic Times, Reuters India, Hindu Business Line, Indiatimes, IBNLive)
Govt, RBI should take more initiatives to revive growth: Assocham
Stating that many sectors, particularly the manufacturing, have seen a big fall in production due to slowdown in demand, industry body Assocham has asked the government and RBI to take more initiatives to revive growth.
The overall trend is visible in worsening conditions in the capital goods sector, which saw a degrowth of 12.2 % in September this fiscal, Assocham said.
Capital goods sector--a kind of index of the investment appetite in the industry-- has been in the trouble for over a year that witnessed a decline of 6.5 % in September, 2011, it said.
Also the manufacturing sector, which is the biggest creator of jobs in the industry, has slipped into negative territory posing serious threat to employment, Assocham President Rajkumar N Dhoot said.
(Sources: Economic Times, Indiatimes, Moneycontrol, Zeenews, Times of India)
German luxury car maker Volkswagen to set up distribution centre for parts at Bhiwandi
The German luxury car maker Volkswagen today performed the ground breaking ceremony for setting up its regional parts distribution centre (RDC) at Bhiwandi (Thane), which is expected to be completed by the first quarter of 2014.
This is the second depot by the Volkswagen group in the country under its 'depot network development project' after Gurgaon, a press release said here.
The centre will cater to western, southern and eastern regions that account for 60-65 % of the genuine parts sales for the group in the country.
(Sources: Economic Times, Indiatimes, Moneycontrol, IBNLive, Press Trust of India)
Harley Davidson eyes smaller Indian towns to expand footprint
US-based iconic cult bike maker Harley Davidson is targeting smaller towns in India as it looks to enhance presence in the country.
The company, which launched its 'Fat Bob' model in India priced at $ 23,160, also said it will consider increasing the number of models assembled in India to offer its products at "affordable rate" for the customers here.
"We are looking to expand our dealer network. Currently, we have nine showrooms and by the end of the year we will have our tenth and next year we will add three more in Jaipur, Indore and Pune," Harley Davidson India Managing Director Anoop Prakash told reporters here.
(Sources: Economic Times, Indiatimes, Hindustan Times, i4u, Zeenews, IBNLive)
Hyderabad to host intl meet on iron ore mining in December
OreTeam , a steel and steel-making commodities research house that provides industry professional with real-time news and analysis, pricing information and key research notes, will organise a two-day international conference on iron ore mining industry in Hyderabad from December 13.
With all the major iron ore mining regions in the country under scrutiny, there is bound to be a short -supply of raw material for steel-making. As per OreTeam data, the iron ore production in 2012-13 is pegged at around 140 million tonnes, which would just be enough for the overall domestic requirement.
The iron ore mining industry is facing issues like mining and export ban in Kanataka, and most recently in Odisha where the state government had asked $ 12.12 billion from major mining companies in that region for violating statutory clearances and producing excessive iron ore over the past 10 years.
(Sources: Business Standard, Hindu Business Line, i4u, the Hindu, NDTV)
UP, Gujarat, TN, Maharashtra have lions share in road projects: ASSOCHAM
Uttar Pradesh, Gujarat, Tamil Nadu and Maharashtra together have over 50% share in the road projects being undertaken in the country, said a report from industry body Associated Chambers of Commerce and Industry of India (ASSOCHAM). The roads sector in India has the highest number of projects under construction, under bidding and second highest share in the under operation stage in the public-private partnership (PPP) model as of August 2012.
Land acquisition, constraints of long term funds due to prevailing economic slowdown and delay in getting forest and environmental clearances are certain significant problems being faced by the private sector players in the roads sector. In its study, ASSOCHAM has recommended for facilitating infrastructure financing loans, ensuring speedy clearance to road projects and imparting technologically advanced, sound training facilities to enhance the capability within the road construction industry.
(Sources: Economic Times, Times of India, Financial Express, Indian Express, Business Standard)
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