After FDI victory in Lok Sabha, govt's litmus test in Rajya Sabha begins today
The UPA-II government has won the winter test in the Lok Sabha, defeating the Opposition motions over FDI in retail and changes in Foreign Exchange Management Act. But now its time for an acid test in the Rajya Sabha, where the government is not in a majority.
There were enough indications that the government will have it easy in Lok Sabha when it puts to vote the contentious issue of bringing in FDI in multi-brand retail into India. The going got better when the Samajwadi Party and Bahujan Samaj Party walked out before the actual vote after making noise against FDI.
(Sources: Hindustan Times, Zeenews, IBNLive, NDTV, Indian Express, Times of India)
Investments in auto components industry expected to hit four-year low
Sluggish demand in the automobile market has sparked off alarm bells in the auto ancillary industry, with fresh investments in the sector projected to decline to a four-year low of less than $1 billion in 2012-13.
Data available with industry body ACMA show fresh investments in the sector this fiscal would be the lowest since 2008-09, when component makers had together put in around $0.1 billion. The investment planned in the auto component industry in the current year, in fact, would be at least 50 per cent lower than the $1.6 billion and $1.9 billion invested in 2011-12.
(Sources: Business Standard, Economic Times, Indiatimes, i4u, Zeenews)
UP invokes cards to woo investors
The Uttar Pradesh government has decided to issue ‘Golden Card’ to major industrialists/investors and prominent industry associations.
Investor who proposes to invest over $ 36.5 million in the state would be issued Golden Cards with a maximum of two per unit/group.
These cards would ease access to the state government secretariat and departments for resolving industry related issues. The facility would also be offered to the state presidents and general secretaries of national level industry associations.
The associations are Confederation of Indian Industry (CII), PHD Chamber of Commerce & Industry (PHDCCI), Indian Industries Association (IIA), Associated Chamber of Commerce and Industry (ASSOCHAM) and Federation of Indian Chambers of Commerce and Industry (FICCI).
(Sources: Business Standard, i4u, India Today, Hindu Business Line, Zeenews)
Credit Suisse cuts India FY13, FY14 GDP growth forecasts on delayed RBI response
Credit Suisse has lowered economic growth of India forecast marginally to 5.9 % from 6 % for the fiscal year ending March.
The investment bank also reduced its growth forecast for FY14 to 6.9 % from 7.2%, it said in a research note.
On the contrary Goldman Sach expected India's economic growth to grow from 5.4% in 2012 to 7.2% in 2014, and remain high through 2015-2016.
Three factors drive Goldman Sach's view. These include a decline in oil prices in real terms over the next few years, a more favorable external demand outlook and domestic structural reforms which can ease some supply-side constraints.
(Sources: Economic Times, Reuters India, Livemint, Indian Express, Financial Express)
Continental Automotive plans to invest $ 130 million in India: CEO Elmar Degenhart
German auto parts and tyremaker Continental Automotive plans to invest more than $ 130 million in India over next three years, chief executive, Elmar Degenhart told ET.
India is an attractive destination for multinational automotive companies wanting to boost overseas business. Continental had acquired Modi Tyres in 2011 and in April this year, picked up Rico Auto's share in their Indian joint venture. Rival Michelin, too, is setting up a manufacturing plant in the country.
(Sources: Economic Times, Indiatimes, i4u, Zeenews, IBNLive, Hindu Business Line)
Services sector PMI at 13-month low, economy limps towards slowest growth in decade
The country's services sector grew at its weakest pace in over a year during November due to slowing orders, a survey showed on Wednesday, suggesting an economy limping towards its slowest full-year growth in a decade was struggling to refind momentum.
Services make up nearly 60 % of India's economic output and any sign of deceleration darkens the outlook for Asia's third-largest economy, as the sector has been the lone bright spot for most of this year.
(Sources: Economic Times, Indiatimes, Worldnews, i4u, Business World, Business Standard)
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