Inflation eases to 6.62 percent in January
India's annual wholesale price inflation eased more than expected to 6.62 % in January, government data showed on Thursday.
Analysts polled by Reuters had expected wholesale prices, India's main inflation gauge, to rise an annual 7 %, slower than an annual rise of 7.18 % in December.
The reading for November was unchanged at 7.24 %.
(Sources: Reuters India, Indian Express, Financial Express, Moneycontrol, Firspost)
India's exports up 0.8%, imports up 6% in January, trade deficit widens to $20 bn
After contracting for eight straight months, India's exports grew by a meager 0.82 % in January to USD 25.58 billion. Imports rose by 6.12 per cent to USD 45.5 billion in the month under review, widening the trade deficit to USD 20 billion.
Exports had stood at USD 25.37 billion in January, 2012.
However, during the April-January period of 2012-13, the country's overseas shipments shrunk by 4.86 per cent to USD 239.6 billion.
Imports during the period rose by 0.01 % to USD 406.8 billion. Trade deficit during the 10-month period stood at USD 167.16 billion.
(Sources: Financial Express, Indian Express, Wall Street Journal, Smart Investors, Hindu Business Line)
Nissan targeting 10% market share in India by 2016
Nissan is aiming to sell 100,000 units in the next financial year and expecting to close the current fiscal with a sale of 50,000 units, said a top executive of the Japanese auto major.
Takayuki Ishida, managing director of Nissan Motor India, said the company is eyeing 10 % market share by 2016. Nissan, which operates the sales network through an alliance with Hover Automotive India, currently has dealership network of 90 and will expand it to 300 by the end of FY16, he added.
(Sources: Economic Times, Indiatimes, Zeenews, Moneycontrol, Hindustan Times, Business Today)
Royal Enfield to hike annual capacity beyond 150,000 in 2014
Royal Enfield, the two-wheeler arm of Eicher Group, is looking to increase its production capacity beyond 150,000 units per annum by 2014 as it looks to strengthen position in the niche bike market.
The company, which is currently setting up a new plant near Chennai at an investment of $ 27.82 million, expects to start production from the new facility within two months.
The company currently produces bikes at Tiruvottiyur plant in Chennai. With the new capacity coming in, the company hopes to reduce the waiting period for the Royal Enfield bikes, which ranges from 6-8 months.
(Sources: Economic Times, Indiatimes, Indian Express, Financial Express, Hindu Business Line)
Curbing gold imports alone won't help trim trade gap: Anand Sharma
Increasing the import duty on gold alone will not help bridge the country's trade deficit, Commerce Minister Anand Sharma said today even as Finance Ministry and RBI have been taking steps to discourage imports of the precious metal.
At about $ 60 billion, gold imports was the second largest component in import bill last fiscal when inward shipments touched a record $ 489 billion while exports netted only $ 306 billion.
The government has increased import duty on gold by manifold this fiscal as the current account deficit has hit a record high at 4.2 % in FY'12 and a historic 5.4 % in the second quarter of this fiscal.
CAD occurs when country's total imports and transfers are higher than its total exports and transfers.
Trade gap rose to $ 167.16 billion in the first 10 months of the fiscal as out of the ten months only in two months exported recorded growth.
(Sources: Economic Times, Indiatimes, the Hindu, Hindu Business Line, Firstpost, Daily India News)
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