Economy projected to grow by 6.2 pc in FY14: NCAER
The Indian economy is likely to grow by 6.2 % n the current financial year, economic think-tank National Council of Applied Economic Research said today.
"India's GDP growth rate in 2013-14 is projected at 6.2 %" National Council of Applied Economic Research (NCAER) said in its report 'Quarterly Review of the Economy'.
NCAER's GDP growth projection for the current fiscal is significantly higher than Reserve Bank of India's GDP growth projection.
The RBI in its annual monetary policy review for 2013-14 last week had projected GDP growth rate of the country for the current fiscal at 5.7 %.
NCAER expects India's fiscal deficit for the current fiscal to be at around 5 %. It also pegs headline average inflation for 2013-14 at 5.9 %
(Sources: Hindustan Times, Business Standard, Hindu Business Line, Economic Times, Indiatimes)
Annual services survey to be launched soon
With India's booming services sector contributing over half of the country's gross domestic product (GDP), the government would soon roll out an Annual Survey of Services to create the first official database on the sector.
The survey is expected to improve national accounts, which experts say is under-stated as the services sector isn't well tracked, and could eventually be dovetailed with the Annual Survey of Industries (ASI) to create an Annual Business Survey.
(Sources: Economic Times, Indiatimes, Indian Radios, Daily India News, News Hour 24)
Reforms get stuck in FDI versus FII fight as DIPP opposes change in definition of FDI
The United Progressive Alliance government's big bang foreign investment regime reform announced in the budget seems to have hit a roadblock with the department of industrial policy and promotion (DIPP) raising serious objections to the change in the definition of foreign direct investment.
In his budget speech, P Chidambaram proposed a shift to an international classification under which less than 10% stake in a company will be treated as foreign institutional investment (FII) or portfolio investment and anything above that as FDI.
(Sources: Economic Times, Indiatimes, News BCC, India Everyday, Daily India News)
Initiatives taken to boost exports, reduce imports: Government
Government has taken a slew of initiatives to boost exports and reduce imports to lower trade deficit and thereby Current Account Deficit (CAD), Parliament was informed today.
The country's CAD stood at 5.4 % of GDP during April-December period of financial year 2012-13 amounting to $ 72 billion.
In 2011-12, CAD was 4.2 % of GDP amounting to $ 78.2 billion and in 2010-11, it was 2.8 % of GDP at $ 48.1 billion, the Minister of State for Finance Namo Narain Meena said in a written reply to Rajya Sabha.
(Sources: Economic Times, Indiatimes, Zeenews, Hindu Business Line, Livemint, News Hour 24)
PVR planning to take its luxury format Director’s Cut to Thailand, Singapore and Hong Kong
Multiplex operator PVR, which recently acquired Cinemax to become the largest film exhibition company in the country, is exploring opportunities to take its luxury format Director's Cut to Asian markets such as Thailand, Singapore and Hong Kong.
"DC (Director's Cut), as a luxury lifestyle concept, is now complete and has an international appeal. Now is the time when we can take it to some international markets," Sanjeev Kumar Bijli, joint managing director of PVR.
The foreign foray is being explored though PVR Leisure, a subsidiary of listed firm PVR Ltd. The company already has a tie up with Thailand based Major Cineplex Group for bowling alleys and allied entertainment activities under the Blu-O brand.
(Sources: Economic Times, Indiatimes, Indian Television, News Master, Worldnews)
Indo-Sri Lankan trade can touch $ 10 billion by 2016
Indo-Sri Lankan trade can more than double to $ 10 billion by 2016 on the back of mutual liberalised tariff regime, the Sri Lankan High Commissioner to India Prasad Kariyawasam said at a PHD Chamber function in New Delhi recently.
In 2012, the two-way trade between the two nations stood $ 4 billion.
India's export to Sri Lanka includes auto parts, cereals, agricultural items and paper products, while imports from Sri Lanka are garments and spices.
Besides, Kariyawasam said, there is more room for Indian investments in Sri Lanka in a number of sectors such as infrastructure, tourism and services.
(Sources: Economic Times, Indiatimes, Zeenews, i4u, News Hour 24, SME Times, Lanka Page)
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