India-ASEAN conclude free trade agreement in services, investments
India and the 10-nation ASEAN today finalised a free trade agreement in services and investments, a key move aimed at strengthening economic engagement between the regions.
After operationalizing FTA in goods last year, both the sides were engaged in widening the base of the pact by including services and investments. At present, trade between India the Association of South East Asian Nations (ASEAN) stands at USD 80 billion. Both the sides have aimed at increasing it to USD 100 billion by 2015.
Besides FTA with ASEAN, India is also negotiating similar market opening pacts with members of the grouping bilaterally.
India has already implemented FTA with Singapore and Malaysia and is negotiating with Indonesia and Thailand in this regard.
(Sources: Economic Times, Indiatimes, the Hindu, DNA India, Indian Express, Indian Today)
Retail inflation rose to 10.31% in November due to increase in prices of food items
Retail inflation, based on Consumer Price Index for agricultural labourers rose to 10.31 % in November due to increase in prices of food items.
Similarly the inflation based on Consumer Price Index for rural labourers stood at 10.47 % in November due to a hike in prices of vegetables, fruits, jaggery, betel leaf, tea and other food items.
The rates price rise CPI for agricultural and rural labourers were 9.85 % and 9.84 % respectively in October, an official release said.
(Sources: Economic Times, Indiatimes, Zeenews, Moneycontrol, i4u)
Global steel output grew 5.1% in Nov to 122 MT; India's up 6.6%
Global steel production grew by 5.1 per cent in November to 121.6 million tonnes (MT) in which India’s contribution were 6.4 MT.
World's steel output was 115.8 MT in November last year, industry body World Steel Association (WSA) today said.
India's production increased by 6.6 per cent during the reporting month compared to the same month last year. India had produced 6 MT steel in November, 2011.
(Sources: Economic Times, Indiatimes, Livemint, Press Trust of India, Hindu Business Line)
Planning Commission allocates $ 4.37 billion for MSME Ministry in 12th Plan
The government on Thursday said the Planning Commission has allocated $ 4.37 billion for the Ministry of Micro, Small and Medium Enterprises (MSME) for the 12th Five-Year Plan.
"The Planning Commission has allocated $ 4.37 billion for 12th Five-Year Plan for the Ministry of MSME which is subject to the approval of National Development Council," MSME Minister K H Muniyappa said in a written reply to the Lok Sabha.
The 12th Plan allocation represents an increase of 133.5 per cent over the 11th Five-Year Plan allocation of $ 1.87 billion, he added.
(Sources: Economic Times, Indiatimes, i4u, Moneycontrol, NDTV, IBNLive)
'Bihar recorded lowest per capita NSDP in 2011-12'
Bihar had the lowest per capita Net State Domestic Product (NSDP) at $ 425 in FY'12 among the Indian states at current prices, Finance Minister P Chidambaram informed Rajya Sabha today.
The Finance Minister, however, said Bihar's per capita income growth during the same year at constant prices was the highest amongst the states.
"Comparable information for all states in respect of Gross Capital Formation (Investment) is not available from official sources," he said.
(Sources: Economic Times, Indiatimes, Livemint, Press Trust of India, Hindu Business Line)
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