Auto Industry to miss all growth targets this fiscal, says SIAM
Heading towards its worst performance in a decade, car sales declined 12.5 per cent to 1,73,420 units in January, its third consecutive slide and the fifth in six months, as carmakers now pinned all their hopes on fresh sops in the upcoming budget.
The Society of Indian Automobile Manufacturers (SIAM), apex body of the Indian automakers that released the manufacturing data for the month of January on Monday, said that industry would miss all growth targets in the current fiscal year.
SIAM had earlier issued a forecast of 0-1 per cent growth of cars in FY'13, which would be rectified after the upcoming budget by the end of this month.
In January all the major carmakers posted marginal rise or negative sales.
(Sources: Economic Times, Indiatimes, the Hindu, Financial Express, Hindu Business Line, India Everyday)
India's industrial output shrinks 0.6% in December
Indicating persistent sluggishness in the economy, industrial output contracted to a three-month low of 0.6 % in December due to poor performance of manufacturing and mining sectors and decline in production of capital as well as consumer goods.
The industrial output, as measured by the Index of Industrial Production (IIP) had grown by 2.7 % in December, 2011.
The manufacturing sector, which constitutes over 75 % of the index, registered a contraction of 0.7 % in December in 2012, as against a growth of 2.8 % in 2011.
The growth in the output of the key sector remained low at 0.7 % in April-December last year as against 4 per cent growth in the same period of 2011.
The mining output in December last year contracted by 4 % compared to a decline in production by 3.3 % in the same month in 2011.
(Sources: Moneycontrol, Financial Express, Indian Express, NDTV, i4u, India Everyday)
Inflation jumps to 10.79% in January
Rising for the fourth consecutive month, retail inflation remained in double digits at 10.79 % in January, driven by higher prices of vegetables, edible oil, cereals and protein-based items.
The retail inflation had stood at 10.56 % in December, 9.90 % in November and 9.75 % in October, 2012.
The vegetables basket in January recorded the highest inflation of 26.11 % among all the constituents that make the Consumer Price Index (CPI), according to data released today.
The RBI has forecast the March end WPI inflation at 6.8 per cent.
Meanwhile, industrial output growth rate contracted by 0.6 % in December 2012 compared to a growth of 2.7 % in same month a year ago.
(Sources: Hindu Business Line, Moneycontrol, Financial Express, Indian Express, Zeenews)
Government, World Bank sign $60 million loan pact for Karnataka project
The government today signed a USD 60 million loan agreement with the World Bank to improve watershed operations in seven districts of Karnataka.
The Project will improve government watershed operations in 930 micro-watersheds covering 465,000 hectares across seven districts of Karnataka, it added.
The project follows successful implementation of WB supported Karnataka Watershed Development Project I (KWDP I) which helped improve lives of 230,000 farmers by increasing crop yields by about 25 % and raising household incomes of small and marginal farmers by 40 %.
The project will focus on improving the performance and results of Integrated Watershed Management Programme (IWMP) by introducing new tools and approaches for integrated watershed planning, incorporating more information about water resources into the planning process.
The closing date of the project is December 31, 2018, it said.
(Sources: Economic Times, Indiatimes, Deccan Herald, the Hindu, Hindu Business Line, i4u)
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