Growth may recover to 6.1 pc in 2013: Morgan Stanley
India is expected to register a gradual recovery in the growth rate to 6.1 % in 2013 driven by positive impact from policy actions and acceleration in farm output growth, says a report by Morgan Stanley.
The country's growth rate would witness gradual recovery considering the "challenging" environment due to high fiscal deficit, high rural wage growth and declining private investments amid a still lacklustre external demand, the report said.
India had been growing around 8-9 % before the global financial meltdown of 2008. The growth rate in 2011-12 slipped to a nine-year low of 6.5 % and in the quarter ended June 30, 2012, the economy grew by 5.5 %.
The government expects the economy to expand by 5.5 - 6 % this fiscal.
(Sources: Economic Times, Hindu Business Line, Press Trust of India, Financial Express))
Manufacturing units to register low growth in October-December: CII survey
A majority of units in the manufacturing sector are expected to register low to negative growth in the October-December quarter mainly due to high interest rates and increasing prices, a CII survey has said.
The CII-Ascon survey, which has tracked growth of about 110 sectors, said the per centage of sectors reporting 'low' to 'negative' growth has increased to 56.4 % during the quarter from 48.6 % in the corresponding period last year.
Those sectors reporting negative growth also moved up from 17.1 % to 20.8 % during the same period, it said.
The expectation of a recovery in industrial performance has been belied against the backdrop of a slew of economic reforms announced by the government, it added.
(Sources: Economic Times, Livemint, Hindu Business Line, the Statesman, Business Standard)
Bihar government encourages alternative sources of solar energy
Suffering huge power shortage, Bihar is encouraging alternative sources of energy like solar energy in a big way.
State Energy Minister Bijendra Prasad Yadav told PTI that the state government has done a survey which revealed that there has been a tremendous scope for development of solar energy.
Accordingly, the state government has devised solar energy promotion policy to popularise solar energy.
Companies engaged in sale of solar energy equipments estimate that the market for solar equipments in the state is worth more than $ 7.21 million and it is expected to grow further with the time.
(Sources: Economic Times, Hindu Business Line, i4u, Indiatimes, Zeenews, IBNLive)
Honda overtakes Hero MotoCorp in 125-150cc segment
A little over a year since the termination of the joint venture with the Munjals-promoted Hero MotoCorp, Japanese auto major Honda Motorcycle and Scooter India (HMSI) has made strong strides in the two-wheeler segment in India and overtaken its former partner in premium motorcycle sales in the 150-cc segment.
According to Siam (Society of Indian Automobile Manufacturers) data, Hero’s sales in bikes with engine capacity between 125-cc and 150-cc declined by a steep 53 % to 80,303 units between April and October in FY13, while HMSI ’s volumes went up by 76 % to 134,650 units. Interestingly, HMSI sold 54,347 units more in the 125-150-cc segment than Hero, despite not having introduced any new products in the category.
(Sources: Business Standard, Worldnews, i4u, Zeenews, IBNLive, NDTV)
India's gold imports may touch 800 tonne in 2012: WGC
India's net gold imports for domestic consumption are likely to be about 800 tonne this year following a pick-up in momentum during the festival season, according to the World Gold Council (WGC). In 2011, the net imports for domestic consumption stood at 969 tonne.
(Sources: Economic Times, NDTV, Hindu Business Line, Financial Express, Business Standard)
Kerala to promote only non-polluting projects
Screening of the proposals presented at the Emerging Kerala Investor meet is on and the government will come out with the list of selected projects in December, according to state industries and IT minister PK Kunjalikkutty.
The government will promote only environment-friendly projects in the state. “We have decided to say a ‘no’ to polluting industries. The Industries department has also decided not to promote such projects,” he said.
(Sources: Economic Times, Indiatimes, Times of India, Hindu Business Line, Business Standard)
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