Thailand aims to enhance trade with NE
As a follow-up of the Indo-Thai Business Seminar organised by Indian Chamber of Commerce (ICC) and Ministry of External Affairs, Government of India in January at Bangkok, Dr. Nalinee Taveesin, Permanent Representative of PMO Royal Thai Government in Thailand, visited the North India Region on ICC’s invitation to enhance the bilateral and business relations between Thailand and North East Region.
Taveesin said that the governments of Thailand and India have the shared vision to bring the people of the two countries close.
On the macro-economic front, Thailand, Myanmar and India have long enjoyed a close trade and investment relation and there has been close cultural ties since the 13th century (with the North Eastern Region of India), she said.
She said efforts to increase connectivity between India and ASEAN region is a win-win situation for both sides.
In terns of investment, Thailand ranks 36th among the largest investors in India with a cumulative FDI outflow of USD 94.8 million or about 0.06% of India’s total FDI, mostly in machinery, feed and livestock products and construction, she said.
(Sources: Indiablooms, Hindustan Times, iSikkim, the Sangai Express, Nagaland Post, Rediff News)
Asia business sentiment edges up, India loses steam
Asia's top companies, especially those in the export engines of China, Japan and South Korea, are wary about their business outlook while Southeast Asia is outperforming as a result of strong domestic consumption, the latest quarterly Thomson Reuters/INSEAD Asia Business Sentiment Survey showed.
Global economic uncertainty ranks as the chief business risk across all sectors and all countries, as it has for the past year and a half, and is mainly responsible for the cautious sentiment despite a flood of global liquidity benefiting most economies.
The Thomson Reuters/INSEAD Asia Business Sentiment Index rose to 65 in March from 63 in December, when it edged up by 1 point from the September survey. A reading above 50 indicates an overall positive outlook.
(Sources: Economic Times, Indiatimes, Reuters India, Times of News, India Everyday, Worldnews)
Maharashtra's foodgrain output to dip 18%, GSDP expected to grow 7.1%
Maharashtra's foodgrain production is expected to fall by 18 per cent to 10.4 million tonnes in 2012-13 from 12.7 mt in 2011-12, says the state government's economic survey. The document was tabled in the state legislature today.
The fall in grain output would be due to sowing delays in major kharif crops following a low-intensity and deficit monsoon in some parts of western Maharashtra, Aurangabad and Nashik divisions. The agriculture sector is expected to fall by 1.4 per cent, leading to a fall in growth of agriculture and allied activities of 2.1 per cent.
However, gross state domestic product (GSDP) at constant (2004-05) prices, by advance estimates, is expected to grow 7.1 per cent, industry at seven per cent and services by 8.5 per cent in 2012-13.
(Sources: Business Standard, Livemint, News BCC, Worldnews, Bharat News)
Karnataka clears $ 7.02 billion investments
The State High Level Clearance Committee (SHLCC), headed by chief minister Jagadish Shettar has cleared new investment proposals worth$ 7.02 billion. The SHLCC, at its 30th meeting held Monday late evening, has cleared 44 investment proposals with employment opportunities for 1,69,959 persons, Murugesh R Nirani, minister for large and medium industries said in a statement. Of these, the maximum investment proposals have been cleared in the iron and steel sector involving an investment of $ 1.59 billion, followed by $ 1.27 billion in engineering sector and $ 93 million in the energy sector, he said.
(Sources: Business Standard, India Everyday, Smart Investors, News BCC, Zeenews)
Auto industry asks for more rate cuts to revive demand
The Indian auto industry, which is facing demand slump in recent months, today gave a lukewarm response to RBI's decision to reduce short-term lending rates, saying the sector needs a cut of at least 100 basis points.
Even as RBI today cut the repo rate to spur growth and revive investment, it sounded a note of caution on further easing of rates on account of high food inflation and current account deficit.
As per SIAM data, the total sales of vehicles across categories registered a decline of 5.45 per cent at 14, 51, 278 units in February 2013 as against 15, 34, 910 units in the same month of 2012.
(Sources: Economic Times, Indiatimes, Business Today, Firstpost, the Hindu, Smart Investors)
Economic Section
Royal Thai Embassy