India Inc concerned over price rise, political direction to reforms
A major chunk of chief financial officers of Indian companies are concerned about high inflation and political direction to economic reforms, a survey showed.
A CFO Survey, 2013 conducted by consultancy firm Deloitte India, showed that 49 % of the respondents consider the rate of price rise and political direction towards economic reforms major areas of concern.
The survey, released today, comes at a time when the government is trying to build a consensus over economic reforms.
Inflation in terms of wholesale prices came down to 6.6 % in January from 7.18 % in December, while the rate of consumer prices rose to another high of 10.79 % from 10.56 %.
(Sources: Economic Times, Indiatimes, Business Standard, Indian Express, i4u, Daily Pioneer)
Credit Suisse lowers India's GDP forecast to 5.3% for FY'13
Leading brokerage Credit Suisse today lowered its forecast for India's GDP growth in the current financial year to 5.3 % from 5.7 % earlier due to "ongoing aggressive" fiscal tightening.
Credit Suisse had earlier estimated that India's GDP will grow at 6.9 % rate in the next financial year.
The Central Statistical Organisation had last week pegged the GDP growth for the year at a decadal low of 5%, the lowest since FY'02 when the readings came in at a poor 4.7 %.
The Finance Minister P Chidambaram had already made it clear that he would cap fiscal deficit at 5.3 % this fiscal and aim for a further improvement at 4.8 % next fiscal.
(Sources: Economic Times, Indiatimes, Moneycontrol, Business Today, Hindu Business Line)
Anand, Mando to merge two JVs; form combined entity
Auto components maker Anand today said it will merge two joint venture entities formed with Korea's Mando Corporation into one company, with a combined turnover of over USD 200 million.
The new company will be offering products such as brakes, suspension and steering systems.
Anand and Mando have been partners since 1997. Their first Joint Venture - Mando India Ltd - was set up to manufacture brakes at Chennai and subsequently introduced suspension products in 2005.
The Indian firm recently formed a second JV with Mando Corporation after having acquired a stake in Mando Steering Systems India Ltd. Targeting sales of $ 18.40 million by 2016; the company manufactures electric power steering at its facility in Chennai.
(Sources: Economic Times, Indiatimes, Hindu Business Line, Press Trust of India)
Many cos likely to set up electronic manufacturing units in 2013
The government is hopeful of many companies setting up electronic manufacturing units in the country this year, a top official said today.
In order to promote electronics system design and manufacturing (ESDM) sector, the government has launched the Modified Special Incentive Package Scheme (M-SIPS), under which it will provide up to $ 1.84 billion in benefits to the industry during the 12th Five Year Plan period (2012-17).
The scheme will provide subsidy for investments in capital expenditure with a limit of 20 % for investments in Special Economic Zone and 25 % in non-SEZs.
Telecom Minister Kapil Sibal has also travelled to Japan to attract investments in the Indian electronics sector.
(Sources: Economic Times, Indiatimes, Moneycontrol, the Hindu, Hindu Business Line)
Lower revenue growth for jewellery retailers in 2013: Report
Jewellery retailers are likely to report lower revenue growth with a possible decline in volumes this year compared to 2012, along with slightly lower margins, according to India Ratings.
India Ratings has given a stable to negative outlook for domestic Gems and Jewellery (G&J) retailers for 2013, the rating agency said in a recent report.
Domestic G&J retailers' revenue may grow in the range of 15-25 % in 2013 from around 40 % in 2012, the report said.
Indian consumers, when purchasing jewellery for cosmetic purpose, focus more on its value than volume, it said adding that traditionally gold jewellery was purchased for investment as well as cosmetic purposes.
(Sources: Economic Times, Indiatimes, Hindu Business Line, NDTV, India Everyday)
Volvo to launch new 'value brand' in India, to make it a manufacturing hub for emerging markets
Swedish bus maker AB Volvo plans to launch a new 'value brand' in the Indian market as part of a global strategy to make the country its manufacturing hub for emerging markets, a top executive said.
This new value segment brand would cater to the larger segment of passengers in Indian and other emerging markets and start rolling from our Bangalore facility by early 2014.
For India, which is the world's largest bus market with over 50,000 units sold every year, the company has also announced fresh investments of $ 73.50 million that would go into capacity expansion, research and development and new product development.
(Sources: Economic Times, Indiatimes, Hindu Business Line, NDTV, Business Standard)
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