Government sets $ 325 billion exports target for 2013-14
The government has set an export target of $ 325 billion for the current financial year on the back of slowdown in the global markets, Parliament was informed today.
"Government has set an export target of $ 325 billion for the year 2013-14," Minister of State for Commerce and Industry D Purandeswari said in a written reply to the Rajya Sabha.
Due to the global slowdown in the developed regions like the US and Europe, the country's exports fell for the first time in three years with a dip of 1.8 % to $ 300.6 billion in 2012-13, taking the country's trade deficit to a record high level of $ 191 billion.
The government had set $ 360 billion export target for 2012-13.
(Sources: Economic Times, Indiatimes, Business Standard, Firstpost, Indian Express)
Industrial cities under DMIC may attract $100 bn investment: D Purandeswari
Industrial cities to be developed as part of the DMIC project are expected to attract investment of about $90-100 billion over the next thirty years, Parliament was informed today.
The seven cities include Dadri-Noida-Ghaziabad Investment Region, Manesar-Bawal Investment Region, Khushkhera-Bhiwadi- Neemrana Investment Region and Ahmedabad-Dholera Investment Region.
She also said the project would generate employment to about 28 million people.
"The employment needed to create the estimated value of output as per perspective plan of DMIC is estimated to be 9.1 million in 2020, 17.5 million in 2030 and 28.7 million in 2040," she added.
Further, the Minister said the process of land acquisition is in progress in the states of Haryana, Rajasthan, Madhya Pradesh, Gujarat and Maharashtra and master planning has started in Uttar Pradesh.
(Sources: Economic Times, Indiatimes, Zeenews, Business Standard, Press Trust of India)
Coal imports hit record high on slow domestic output: Sources
Country's coal imports rose by nearly a third to a record 135 million tonnes in the last fiscal year, data from government sources showed, and are set to grow further as the world's third-biggest producer struggles to raise domestic supplies.
A drop in global coal prices, however, softened the impact of the surging imports on India's finances, with the country forking out about $15.5 billion for the commodity in the year ended March 31, a less than 1 % rise from the previous year, the data obtained by Reuters showed.
India, which does not release coal import data on a regular basis, places no restrictions on the imports of the commodity, which are brought into the country by traders and consumers.
(Sources: Livemint, Reuters India, Hindustan Times, India Everyday, Moneycontrol)
India's floriculture exports set to grow 17-20% in FY13
Floriculture exports are likely to grow 17-20 % for the year ended March. Between April 2012 and February 2013, India exported 23,000 tonnes of flowers worth$ 71.30 million, growth of 16.6 % over the corresponding period in the previous year.
India exported flowers worth $ 67.60 million during 2011-12, a growth of 23.3 % over the previous year.
Karnataka, Tamil Nadu and Andhra Pradesh are the leading flower producing states in the country. Uttaranchal and Mizoram are emerging as new centres for cut flowers. Some exporters from Tamil Nadu are engaged in the export of dried flowers from Tuticorin and account for $ 14.80 million worth exports annually.
India's flowers are in great demand from traditional markets, such as Europe, Australia, West Asia and Japan.
(Sources: Business Standard, Smart Investors, Rediff News, News BCC, Daily India News)
Uniqlo, H&M plan to open stores in India
Japan’s Uniqlo and Sweden’s Hennes and Mauritz (H&M) are set to be among the next global apparel labels that will have their own stores in India, which changed policy in the last few months to boost overseas investment in retail.
Both are moving closer to finalizing anchor store space at DLF Ltd’s 1.8 million sq. ft Mall of India in Noida’s Sector 18. The mall is said to be opening in the next six months or so.
To be sure, the plans are dependent on approvals being granted for the overseas investment proposals.
Following the relaxation of rules on foreign direct investment (FDI) in single-brand retail in September 2012, labels are keen to enter the country although they are wary about high real estate prices and other constraints.
However, the runaway success of Spanish label Zara has encouraged others to try and tap the market.
Consumption expenditure on apparel is expected to increase 3.8 times to $225 billion in India over the next seven-eight years, according to a 2012 report by Boston Consulting Group.
(Sources: Livemint, Rediff News, Business World, About India)
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