National Development Council approves 12th Five Year Plan
Country's apex policy making body NDC today approved the strategy to achieve average growth rate of 8 % during the 12th Five Year Plan (2012-17), generate 50 million new jobs and increase investments in infrastructure sector.
The voluminous document, containing detailed policy strategy for the 12th Plan, was approved at the full meeting of the NDC chaired by Prime Minister Manmohan Singh.
The document has pegged the aggregate Plan resources at $ 676.87 billion during the five year period starting 2012-13. The document also cautions that in scenario of "policy logjam", the GDP growth could slow down to 5-5.5 %.
The document proposes to bring down poverty by 10 percentage points by the end of the 12th Plan and generate 50 million new jobs in non-farm sector.
(Sources: Financial Express, Economic Times, the Hindu, NDTV, Indian Express)
Maharashtra proposes 10.5% GDP growth for 12th plan
Maharashtra, which leads in industrial investments and FDI, today proposed a GDP growth rate of 10.5 % for the 12th plan, a sharp hike from its 8.6 % rate in the current plan.
Chief Minister Prithviraj Chavan told the NDC meeting that the accelerated pace of development is planned to be achieved by 4 % growth in agriculture and 11 % each in industry and services sector.
At the same time, he made it clear that the realisation of the target was subject to monsoon being normal as Maharashtra is 83 % rain fed.
An outlay of $ 50.09 billion has been proposed for the state for the 12th plan. The Chief Minister said that special efforts would be required to push the industrial growth rate to 11 % in the next plan while the growth rate in service sector is "achievable".
(Sources: Economic Times, Indiatimes, the Statesman, Outlook India, i4u, Daily Indian News)
India ranks a low 40th amongst 50 most dynamic economies
According to Grant Thornton's Global Dynamism Index (GDI), India was ranked 40th among 50 economies, which were analyzed on 22 indicators of dynamism.
They were done across five categories: business operating environment, economics & growth, science & technology, labour & human capital and financing environment.
The GDI Index defines dynamism as the changes to the economy which have enabled recovery from the 2008-09 economic recession and are likely to lead to a fast rate of future growth.
Singapore has emerged as the most dynamic economy in the world, followed by Finland in the list; Sweden was ranked third, Israel (fourth), Austria (fifth), Australia (sixth), Switzerland (seventh), Korea (eighth), Germany (ninth) and United States (10th).
(Sources: Hindustan Times, Business Standard, Hindu Business Line, Economic Times, NDTV, i4u)
TVS Auto plans expansion of MyTVS car service in Gujarat
TVS Automobile Solutions plans to have 12-15 "MyTVS" multi-brand car service facilities by 2015 in Gujarat, with a capacity of handling 70 cars a day, a top company official said.
MyTVS earlier this year entered into a joint venture with promoters of ABC Bearings Group for expanding its multi-brand car service business in Gujarat.
The company recently inaugurated its first state of the art multi-brand car service outlet in Subhanpura, Gujarat.
As per the Joint Venture with ABC Bearings Group, TVS would provide service expertise and train the workforce on quality service, timely delivery, customer care among others.
(Sources: Economic Times, Indiatimes, Business Line, Moneycontrol, Zeenews, News Master)
US is largest importer of Indian seafood
After a gap of 10 years, the US became the largest importer of Indian seafood items pushing the European Union (EU) to the second spot. The US’s share in India’s seafood export kitty for H1 stood at 24.40 %, followed by the EU at 24.18 %, according to the latest data released by the Marine Products Export Development Authority (MPEDA).
On the quantity front, South East Asia became the biggest importer with 31 % of the total volume of exports, followed by Europe with 20 %, the US 13 % and Japan with 10%. This is mainly due to the bulk export of low-value items, such as mackerel and Red fin broom to the South East Asian market.
(Sources: Business Standard, Rediff, Trade – Sea Food, i4u, Hindu Business Line)
Steel demand likely to be 75 mn tonnes in FY13: Tata Steel
Tata Steel today said the total demand for steel in the current fiscal is likely to grow by 5.5% to around 75 million tonnes.
The demand growth rate may be better next fiscal at around 7% buoyed by economic growth fuelled by reforms announced by the government, company's Managing Director HM Nerurkar said in a statement.
"In the fiscal 2012-2013, growth in domestic steel demand is expected to be around five and a half per cent. Total demand is expected to be around 75 million tonnes, up from 71 million tonnes in 2011-2012," Nerurkar said.
(Sources: Business Standard, Moneycontrol, Economic Times, Indiatimes, Smart Investor, i4u)
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