India Inc investments contracted in FY12
The Reserve Bank of India (RBI)’s tight monetary policy and policy inaction led to a fall of 12.79 % in capital formation by private sector companies at $ 134 billion from $ 153 billion in the previous year, the latest official data showed.
According to economists, RBI delayed its stance on cutting the repo rate due to heightened inflation. Meanwhile, public sector investment inched up 0.93 % at $ 89 billion in 2011-12 from $ 88 billion in the previous financial year, according to GDP figures released by the ministry of statistics and programme implementation (MoSPI).
Investment in manufacturing fell 15.16 % to $ 106 billion in 2011-12 from $ 131 billion in the previous financial year. The data came even as the government was looking at the manufacturing sector to provide jobs to the youth in the long run. The government aims to generate a large number of jobs in the manufacturing sector in over a decade by raising the share of factories production in India’s gross domestic product from 15-16 % to 25%.
(Sources: Economic Times, Indiatimes, Business Standard, Smart Investors, NDTV, Moneycontrol)
Nissan plans to develop its first 'made in India' car in the next 5-6 years
Japanese car maker Nissan plans to develop its first 'made-in-India' car in the next 5-6 years, and enhance the R&D centre at Chennai by doubling the strength of engineers to around 4,000 people.
The company is planning to develop a car for the Indian market in the next 5-6 years.
Nissan has an R&D centre in Chennai along with its global alliance partner Renault. The Renault-Nissan Technology and Business Centre India has 3,600 people working in key areas of advanced research and development, advanced computer aided engineering and product development.
(Sources: Economic Times, Business Standard, Livemint, Hindustan Times, i4u, India Everyday)
Production of major crops likely to fall by 2.8% in FY13: CMIE
Major crops production in the country, both food and non-food, is expected to decline by about 2.8 % in 2012-13, mainly due to lower output of paddy, coarse cereals and pulses following irregular rainfall, economic think-tank CMIE has said.
In food grains, the fall will mainly due to lower output of rice, coarse cereals and pulses. Irregular rainfall during 2012 southwest monsoon season has an impact on the cultivation of both food and non-food crops during recently completed kharif season, it said.
Poor progress in rice sowing during kharif and rabi season is largely responsible for the fall in output, the report said.
(Sources: Economic Times, Indiatimes, Live India, Financial Express, India, i4u, India Everyday)
India should review FTAs to boost farm exports: CACP chief
India should review Free Trade Agreements (FTAs) that it has entered into with ASEAN, Japan and Korea to boost farm exports, according to a discussion paper co-authored by Commission for Agricultural Costs and Prices (CACP) chief Ashok Gulati.
There are minor differences in the agreements in respect of the excluded products. In the agreement with the ASEAN countries some weak efforts have been made to stimulate trade in a few products such as palm oil, pepper and tea, he said.
The CACP is a statutory body under the Agriculture Ministry which advises the government on price policy for major farm items.
Asia remains India's major trading partner. In terms of agri-trade, Asia and Africa have increased their share while there has been a decline in shares of America and Europe.
Agri-exports by India during the 2011-12 fiscal were more than USD 37 billion, as against an import of agri-commodities worth around USD 17 billion, it added.
(Sources: Economic Times, Indiatimes, Moneycontrol, Press Trust of India, i4u, India Everyday)
Reliance Retail aims to have 20 Hamleys stores in next 3 yrs
Reliance Retail plans to increase the number of Hamleys toy stores to 20 in the country over the next three years.
UK-based toy store Hamleys entered the Indian market through an exclusive franchise arrangement with Reliance Retail in 2010. Reliance Retail opened its first Hamleys store in Delhi, the sixth in the country, yesterday.
As part of its expansion plans, the Mukesh Ambani-led firm in the near-term plans to open another five stores in the country by the end of the current year.
The company aims to open two more stores in the National Capital by the end of this year.
"We plan to open another store in Vasant Kunj in Delhi. We have yet to freeze the location and another store in Gurgaon," Reliance Brands Ltd President and CEO Darshan Mehta told PTI.
(Sources: Economic Times, Indiatimes, Indian Express, Press Trust of India, i4u, India Everyday)
ACMA, Messe Frankfurt to launch Automechanika show in India
The first dedicated auto component exhibition targeting the 'aftermarket' will be held this week at Pragati Maidan (New Delhi), which is expected to attract around 17,000 business visitors.
The show “ACMA Automechanika” will be jointly organised by Automotive Component Manufacturers Association of India and Messe Frankfurt from Germany on February 7-10.
The four-day show will cover a wide range of sectors of parts and systems, accessories and tuning, tyres and batteries, repair and maintenance, IT and management, service station and car wash and the latest automobile services.
At the show, 258 exhibitors will showcase their range of products. Out of this, over 100 participants are coming from China, Germany, India, Italy, Russia and the UK.
(Sources: Economic Times, Indiatimes, Zeenews, Sahara Samay, IBNLive, i4u, India Everyday)
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