India hopeful of FTA on services with ASEAN
India today said it was hopeful of concluding the final discussions for a free-trade agreement (FTA) on services and investments with the Association of Southeast Asian Nations (ASEAN), in time for next week’s summit here. The ASEAN-India Commemorative Summit is scheduled for December 20-21.
On his visit to Cambodia, Prime Minister Manmohan Singh had said “India is prepared to conclude the agreement on trade in services and investment promotion before the Commemorative Summit in Delhi in December”. In 2011-12, the two-way trade between India and the 10-member ASEAN bloc increased by 38 % to $80 billion.
Meanwhile, Ficci is organizing a three-day India-ASEAN business fair and business conclave here. Over 300 companies from both the sides would showcase their products and services in the fair. Companies from sectors like chemical, auto, pharmaceutical and plastics would participate in the fair.
(Sources: Business Standard, the Hindu, Moneycontrol, Hindu Business Line, EXIM News)
Auto Expo moves to Noida
The next edition of India’s biennial automobile show, Auto Expo, will be held from February 6-12, 2014, at Greater Noida, moving away from its traditional venue, Pragati Maidan.
The Society of Indian Automobile Manufacturers (Siam) on Monday said the change in timing and venue was mainly to avoid a clash with the Detroit Auto Show and unavailability of Pragati Maidan. Traditionally, the auto expo is held in the first week of January.
(Sources: Business Standard, Hindustan Times, Livemint, Hindu Business Line, Financial Express)
Inflation likely picked up in November
Inflation probably picked up in November as a weak currency pushed up the price of imported fuel, adding to the challenges facing a central bank torn between fighting rising prices and an economic slowdown, a Reuters poll showed.
A Reuters poll of 32 economists taken over the past week showed they expect wholesale prices rose 7.60 % in November from a year earlier, compared with 7.45 % in October. Forecasts ranged from 7.12 % to 8.10 %.
Primary articles like food and fuel make up over a third of the wholesale price index, and their high cost has kept inflation stubbornly strong. The data will be released on Friday.
(Sources: Reuters India, Economic Times, Indiatimes, Indian Express, i4u, CNN)
Carrefour to open 4th India store in Agra
French retail chain Carrefour said it would roll out its fourth cash-and-carry, or wholesale, outlet in India this week. The company is planning to open a store in Agra in a few days, a Carrefour spokesperson said, replying to a questionnaire sent by Business Standard.
The euro 81-billion retail group had opened a store in Meerut, another town in Uttar Pradesh, in October. It had launched its first India store in New Delhi in December 2010, followed by Jaipur around 2011-end.
Walmart, in a 50-50 joint venture with Bharti Enterprises, set up its first cash and carry store in India in 2009 and now has a total of 20. Bharti Walmart has opened five outlets in the country this year so far. Germany’s Metro began India operations in 2003 and has 14 stores in all. Metro too has opened five stores in 2012 till now.
(Sources: Business Standard, i4u, Rediff, Hindu Business Line, Smart Investors)
More states will allow FDI in retail in time to come: Adi Godrej
More states will realise the benefits of allowing FDI in retail in a short time and accordingly "fall in line" to allow multinationals to open stores in their respective regions, Godrej Group Chairman Adi Godrej said today.
Speaking about benefits of allowing FDI in retail in the country, Godrej, who is also the President of industry body CII, said the move will create competition in the country and benefit the consumer.
(Sources: Economic Times, the Hindu, Moneycontrol, Indiatimes, Financial Express)
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