IMF says India to grow at 5.9% in 2013
The International Monetary Fund (IMF) today pegged India's economic growth rate in 2013 at 5.9 % and projected a higher growth of 6.4 % next year in line with the gradual strengthening of global expansion.
IMF in its update to the World Economic Outlook (WEO) also said the global growth is expected to reach 3.5 % this year, higher than the estimated 3.2%.
(Sources: Hindustan Times, Business Today, Firstpost, Hindu Business Line, NDTV, Indian Express)
India 4th largest in steel output, logs highest growth in 2012
India's rank in the world order of steel production remained unchanged at fourth slot with an output of 76.7 million tonnes, despite logging the highest growth of 4.2 % among major producing nations in 2012.
There was no change in the top three steel producing nations with China, Japan and the US retaining their slots in the respective order in 2012, World Steel Association (WSA) data revealed.
India was world's fourth largest steel maker in 2011 and 2010 as well with a total production of 73.6 MT steel and 69 MT respectively. It had clinched the third spot in 2009, but the US grabbed the slot since 2010.
India's growth in steel output was, however, the highest at 4.3 % in 2012 among top five major steel producing nations.
(Sources: Indian Express, Business Standard, Hindu Business Line, Press Trust of India, Moneycontrol)
Unstable govt biggest threat to reforms: Chidambaram
The biggest threat to reforms in India is an unstable government at the Centre after 2014 elections, Finance Minister P Chidambaram said yesterday reaffirming government's commitment to reforms and confidence about passage of pension and insurance bills in Parliament's Budget session beginning next month.
Addressing over 300 city-based FIIs, debt investors and corporates, Chidambaram, who is on the second leg of his East Asia tour wooing foreign investment, said the goods and service tax (GST) regime is a major reform and hoped that the legislation would be approved by Parliament in the winter session in December this year.
(Sources: Economic Times, Indiatimes, Times of India, the Statesman, NDTV, PTI, Outlook India)
FDI inflows slump to two-year low at $1.05 billion in November 2012
India's foreign direct investment (FDI) inflows declined to a nearly two-year low of $1.05 billion in November 2012, mainly due to global economic uncertainties.
In November 2011, the country had attracted FDI worth $2.53 billion.
For the April-November period 2012-13, the inflows have declined by about 31 % to $15.84 billion, from $ 22.83 billion in the year-ago period, a senior official in the Department of Industrial Policy and Promotion (DIPP) told PTI. According to experts, problems in the global economic situation is the main reason for decline in the inflows.
Sectors which received large FDI inflows during the eight months of the current fiscal include services, hotel and tourism, metallurgical, construction and automobile.
India received maximum FDI from Mauritius, Japan, Singapore, the Netherlands and the UK.
(Sources: Times of India, Livemint, Economic Times, Indiatimes, Financial Express, Indian Express, PTI)
Private investors to pour in $1.1 trillion in emerging markets this year
Fuelled by strong growth prospects and easy liquidity conditions, private sector investors are expected to pump in a whopping $1.11 trillion into emerging markets including India in 2013, says a report.
According to the report by Institute of International Finance (IIF), international lobbying group for financial firms, private capital flows to emerging economies would rise to USD 1.11 trillion in 2013, a 3.5 % growth from an estimated USD 1.10 trillion last year.
It said the flows are expected to rise further to USD 1.15 trillion next year.
After investing a staggering USD 24 billion in Indian equities in 2012, foreign investors have infused USD 2.8 billion so far this year.
(Sources: Economic Times, Indiatimes, India Everyday, i4u, Moneycontrol, Worldnews)
Engineering exports to miss $60 bn target in FY'13
India is unlikely to meet even the lowered engineering exports target of $60 billion for the current fiscal due to slowdown in the key western markets such as the US and Europe.
The Council has set a target of $72 billion at the start of the current financial year but later revised it downwards to $60 billion keeping in view the decline in demand from the traditional markets.
The US and Europe together account for over 60 % of India's total engineering exports.
Engineering exports include transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners.
During 2011-12, engineering exports grew 17 % to $58.2 billion, compared to $49.7 billion in the previous fiscal.
(Sources: Business Standard, Financial Express, Indian Express, Hindu Business Line, PTI)
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