Deloitte's good news for Indian manufacturing
Even as manufacturing dragged down India’s GDP growth to 5.4 % in the first half of this financial year, a global index compiled by consultancy Deloitte offers a ray of hope for factory production. Deloitte’s global index, 2013, for 38 nations, ranked India the fourth most competitive manufacturing nation, behind China, the US and Germany.
Also, the Global Manufacturing Competitiveness Index, 2013, based on a survey of CEOs, executives and other officials of 550 global manufacturing companies, ranked India as second five years down the line, predicted to be bettered only by China, which will retain its top slot.
(Sources: Business Standard, Economic Times, Indiatimes, Times of India, IBNLive)
Morgan Stanley raises India's FY13 GDP forecast to 5.4 per cent
Morgan Stanley has raised India's FY13 GDP growth forecast to 5.4 % from 5.1 %, citing better-than-expected GDP growth for the September quarter and also the stabilization in non-agriculture growth indicators.
The economic growth in the first six month of this fiscal (April-September) is 5.4%, lower than 7.3 % growth clocked in the year-ago period. The investment bank also said it thinks non-agriculture GDP growth has bottomed.
Goldman Sachs said Indian economy is expected to expand 6.5% in 2013 thanks to an improvement in external demand and pick-up in reforms, and further accelerate to 7.2% in 2014.
(Sources: Economic Times, Indiatimes, Times of India, Zeenews, NDTV, i4u, Business World)
India Inc's biz confidence dips amid gloomy economic scene
Corporate India's confidence level has declined in the second quarter of the current financial year on account of unfavourable business environment at home as well as globally, says a survey.
According to the NCAER-MasterCard Worldwide Index of Business Confidence, India Inc level in the July-September quarter declined to 125.4 from 126.6 in the previous quarter.
According to the report, the fresh wave of policy decisions in mid-September that included increase in prices of diesel, limiting subsidy for LPG and FDI related measures may improve business sentiments in the coming months.
(Sources: Economic Times, Press Trust of India, Deccan Herald, Financial Express, i4u)
Economic growth may get little worse: Assocham
Economic growth may get "little worse" in the coming months due to high interest rates, inflation and recession in several key European economies, a survey by Assocham said today.
It said that the overall GDP growth for the current financial year would be between 5 and 5.5 %.
Majority of the CEOs participated in the survey said that "the situation may get a little worse before it gets better since the problems of high interest rates, high inflation and a double dip recession in several key European economies would have a bearing on the economies of the emerging economies including India".
(Sources: Economic Times, Moneycontrol, Times of India, SME Times, i4u, PTI)
Auto slump: Forging cos looking for alternative markets
Hit by demand slump from the auto sector, the domestic forging industry is gradually reducing its dependency on the sector by diversifying into other segments.
"We are trying to diversify and bring down our dependency on the automotive industry so that we don't get affected by its (auto sector) periodical and cyclical ups and downs," Association of Indian Forging Industry (AIFI) president and managing director of GSB Forge M Babu Rao told PTI.
The USD 2.8-billion industry is working towards this goal, he said, adding the domestic auto industry currently accounts for 60 % of the forging industry's output and the objective is to reduce this dependence to 50 % or below even over the next two to three years, he said.
(Sources: Economic Times, Press Trust of India, Indian Express, Zeenews, i4u)
Apollo aims to be among top 10 global tyre makers by 2016
Apollo Tyres has set a target of becoming one of the top 10 tyre makers globally by clocking sales of USD 6 billion by 2016.
The company, which will invest USD 1 billion in the next five years to expand the global footprint, is also shifting its research and development centre for passenger car tyres to Holland from India, apart from setting up a new marketing office in the UK as part of its strategy.
The company had posted a turnover of USD 2.5 billion last fiscal, placing it at the 16th position globally. The top three players are Bridgestone, Michelin and Goodyear followed up by Continental and Pirelli at fourth and fifth positions.
(Sources: Economic Times, Press Trust of India, Indian Express, Zeenews, Financial Express, i4u)
Commercial vehicle sales slip in November, marks steepest fall since 2008-09
Sales of medium and heavy trucks fell 30% in November, the steepest fall seen since the height of the global financial crisis in 2008-09, as slowing industrial activity, curbs on mining and delays in infrastructure projects force buyers to postpone purchases.
The trucks segment, often touted to reflect the wheels of a nation's economy, has suffered deeply due to a stagnant economy and slumping industrial activity with truck purchases at its lowest since March of 2009, despite highest ever discounts.
(Sources: Economic Times, Indiatimes, i4u, Worldnews, IBNLive)
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