Restoring investor confidence to be top priority in 2013
Restoring investor confidence and reversing economic slowdown which kept the Finance Ministry in a difficult year would continue to be its priority in 2013 with everyone looking forward to the Budget to be presented by new incumbent P Chidambaram two months from now in February.
The economic turnaround, however, may take time and more efforts on the part of the government as well as the Reserve Bank of India (RBI), as global factors do not indicate the possibility of a strong revival.
The latest data released by the Central Statistical Organisation (CSO) revealed that the growth rate during the first half of the current financial year declined to 5.4 % from 7.3 % a year ago. While the RBI has lowered the growth forecast for 2012-13 to 5.8 %, the Finance Minister's latest Mid-Year Review has pegged it at 5.7-5.9 %.
(Sources: Economic Times, Indiatimes, Hindu Business Line, Deccan Herald, Indian Express)
India's economic growth may not cross 6 pc in FY'13: Assocham
India's economic growth is unlikely to cross 6 per cent during the current fiscal due to the global uncertainties, an Assocham report yesterday said.
It said the economy is still grappling with the key problems of high inflation and interest rates, lack of investor confidence and a terrible situation for exporters.
It said that issues like quality of governance, inflation and fiscal situation will remain the key differentiators this year between India managing to cope up with the global slowdown and further erosion in the economic growth.
The report, which is based on inputs from economists and industry leaders, "does not see turnaround in the economy in the short-term, as uncertainty in the US and Europe has only increased denting the investor confidence worldwide".
(Sources: Economic Times, Indiatimes, the Hindu, Financial Express, Press Trust of India)
Steel makers to add 24 MT capacity in existing plants by FY'18
Country's major steel makers are set to add around 24 million tonnes per annum (mtpa) capacity through brownfield expansions by 2017-18 involving investments to the tune of$ 18.40 billion.
The current capacity of the ten major Indian steel makers stands at 54.5 mtpa and this will go up to 78.5 mtpa by FY'18 with the ongoing capacity expansions at their existing plant locations, according to a Steel Ministry data.
India's total steel making capacity, including that of the secondary producers, at the end of 2011-12 stood at 89.29 mtpa and is projected to expand to 200 mtpa by 2020.
(Sources: Economic Times, Indiatimes, Indian Express, Zeenews, NDTV, i4u)
Karnataka aims foodgrain output growth of 19%
The Karnataka government is aiming to increase its foodgrain production by 19 % during the 12th Plan period. The government is targeting an average of 14.3 million tonnes per annum during the period starting 2012-13 as against 12 million tonnes achieved during the 11th plan period.
According to state government the productivity of food grains, which was at 1,278 kg per hectare during the 10th Plan increased to 1,631 kg per hectare during the 11th Plan registering an increase of 27.6 %.
Overall, the agriculture sector has performed well, achieving a growth of 5.7 % during the 11th Plan period, the Chief Minister Jagadish Shettar said. Animal Husbandry and Dairy Sector in the state have contributed significantly to the state’s economy. Contributions from this sector form 22 % of the agricultural GSDP.
(Sources: Business Standard, India Everyday, i4u, Rediff, NBS News, Smart Investors)
IndiGo among the fastest expanding airlines globally
Jet Airways has slipped seven places to the 46th rank, while IndiGo has emerged as one of the fastest growing airlines in the list of biggest airlines of 2012 compiled by the Centre for Asia Pacific Aviation (Capa). The report, released yesterday, determines the top-50 airlines based on deployed capacity.
IndiGo has been rapidly expanding adding new routes. Over the past few months, it has added 70 flights on domestic and international routes and is the largest domestic airline by market share. In the winter schedule, it has received approval for 2,447 weekly flights as against 1,879 flights in the previous year.
(Sources: Business Standard, Moneycontrol, i4u, Smart Investors, Zeenews, NDTV)
Assam gets Commendation Award for increase in production and productivity of pulses
Assam has bagged Commendation Award under Krishi Karman Award 2011-12 in recognition of the increase in production and productivity of pulses recorded by the State in 2011-12.
Congratulating the State's Agriculture Minister Nilamoni Sen Deka by a letter, the Union Minister for Agriculture and Food Processing Industries Sharad Pawar stated that this award has been achieved by the State for the efforts of the Minister and the officials of the Agriculture Department in supporting farmers with technologies and services that has enabled the State to achieve this milestone.
The Union Minister also informed that the President of India will present the Commendation Awards on January 15, 2013 in New Delhi.
The Krishi Karman Awards were instituted in 2010-11 to acknowledge the best performing States in production of rice, wheat, coarse cereals, pulses and total foodgrains.
(Sources: Economic Times, Indiatimes, Assam Tribune, Zeenews, IBNLive, NDTV, i4u)
India's factory activity jumps to highest in six months
India's manufacturing activity surged to a six-month high in December, boosted by strong factory output and a spike in new orders, both of which hit their highest levels since June, a business survey showed on Wednesday.
The HSBC Markit India Manufacturing PMI, which gauges the business activity of India's factories but not its utilities, jumped to 54.7 in December from 53.7 in November, its biggest monthly rise since January 2012.
Official data released last month showed industrial output soared 8.2 % annually in October, its highest in more than a year, although the rise was attributed by economists to a low base a year earlier.
(Sources: Reuters India, Financial Express, Livemint, Indian Express, Yahoo News, Firstpost)
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