India services PMI jumps to three-month high in Dec: HSBC survey
India's services sector grew at its strongest pace in three months during December, as company order books filled at the quickest rate since last February, a survey showed on Friday.
Services, ranging from banks to restaurants, make up nearly 60 % of India's economic output and a recovery brightens the outlook for Asia's third-largest economy.
The sector has been the lone bright spot in an otherwise slowing economy.
The HSBC services Purchasing Managers' Index, a survey of around 400 companies, rose to 55.6 in December from November's 52.1. The 50 mark separates growth from contraction and the index has held above that level for over a year now.
(Sources: Financial Express, Livemint, Indian Express, Hindu Business Line, Hindustan Times, i4u)
India's eco growth may not cross 6% in FY'13: Assocham
India's economic growth is unlikely to cross 6 % during the current fiscal due to the global uncertainties, an Assocham report today said.
The chamber said that its report on the 2013 "economic situation does not see India¿s growth exceeding six per cent in the current fiscal, it may not exceed 6.2-6.5 % even in the FY'14".
The Indian economy registered a GDP growth of 5.3 % for the quarter ended September. The economy grew by 5.5 % growth in the June quarter and 6.7 % in the quarter ended September 30, 2011.
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.
(Sources: Economic Times, Indiatimes, Business Standard, Financial express, Business Today)
Chinese auto major Great Wall Motors looks at Gujarat for its plant
Chinese auto major Great Wall Motors (GWM) is exploring the option of setting up a manufacturing facility in Gujarat, an emerging automobile hub, a top government official said Thursday. “A GWM delegation had come to Gujarat a few months ago and explored the possibility of setting up a manufacturing facility in industrial zones like Dahej, Sanand and Halol,” an official from industry department said.
Companies like General Motors and Tata Motors already have their facilities here. Besides, US auto giant Ford and Maurti Suzuki are in the process of setting up their plants. French auto major Peugeot Citroen had also announced plans to set up a plant in the state, but the process has got delayed due to economic slowdown in Europe.
(Sources: Economic Times, Indiatimes, Financial Express, NDTV, Indian Express, Moneycontrol)
Infra biggies queue up for largest PPP project
With five big infrastructure companies evincing interest in a mega $ 3.89 billion crail project, the government’s infra drive now looks set for another impetus. The 60-km stretch of Mumbai elevated rail corridor, from Churchgate to Virar, has caught the fancy of companies like L&T IDPL, Gammon Infra, IL&FS Transportation, GMR Infra and CAF South Africa.
Touted as the biggest public private partnership (PPP) project, it will also be a test project for the Railways. The successful bidder will build the line, operate it and do fare fixation and collection, while the Railways and the state government would provide the land. The Railways would close the first round by March-end, when the bidders would submit requests for qualification (RFQs).
(Sources: Business Standard, Rediff, i4u, Allvoices, India Everyday, Zeenews, IBNLive)
Share of IT exports touches 10-quarter high despite demand side pressure
Despite demand-side pressures, the share of software exports in India's total exports reached a 10 quarter high in the September 2012 quarter shows the latest trade data. Exports clubbed under telecommunications, computer, and information services category contributed 15.8% to total exports during the quarter, the highest since the June 2010 quarter.
Exports from services including software, business, finance, insurance, and recreation contributed 32% to total exports from goods and services in the September 2012 quarter. This was three percentage points higher than the year ago.
With 47% contribution, software exports continued to dominate services exports. Travel and transport exports formed the second biggest category with a share of 23% in services exports. Their share in total goods and services exports remained steady at 3.8% in the September quarter from the year ago.
(Sources: Economic Times, Indiatimes, Business Standard, i4u, Worldnews, Zeenews, NDTV)
2013 to be a better year for $100 bn Indian IT industry than 2012: Infosys
Infosys Executive co-Chairman S Gopalakrishnan on Thursday said 2013 will be a better year for the USD 100 billion Indian IT industry as economic environment improves and businesses invest in technology.
Factors like weakening rupee, high production input prices, hike in borrowing costs, and geo-political situation continued to plague the industry in 2012. These along with domestic policy paralysis prompted software services industry body Nasscom to lower growth forecast for 2012-13 for IT-BPO exports to 11-14 % from previous fiscal's target of 16-18 % growth.
(Sources: Economic Times, Indiatimes, Times of India, NDTV, Business Today, i4u)
71 pc businesses in India optimistic about economy: Thornton
Majority of businesses in India are optimistic about the domestic economy and hopes for a strong start in 2013, says a survey.
According to the Grant Thornton International Business Report (IBR), 71 % of businesses in India indicated optimism for their economy, well ahead of the global average which stood at just 4%.
The survey further said increased revenue is the key indicator for increased optimism (85 %) among Indian businesses followed by employment opportunities (84 %) and profitability (71 %).
The IBR report further said that global business optimism stands at just 4 per cent heading into the New Year.
(Sources: Economic Times, Indiatimes, Financial Express, Zeenews, i4u, Moneycontrol)
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