India's economic growth expected at 5.5-6.5% in 2013: Moody's
Indian economy is expected to pick up and grow in the range of 5.5-6.5 per cent in 2013 even though government steps for new investments have been "relatively small in scope", Moody's said today.
Citing cautious private sector and relatively high inflation, the global rating agency also said that the country is struggling to boost investment and economic growth.
Based on its central forecast scenarios, Moody's Investors Service has estimated that Indian economy would see 5.5-6.5 per cent growth in 2013, as against 3.9 per cent last year. The growth is projected to improve further to 6-7 per cent in 2014, it noted.
The possibility of slower-than-expected growth in key emerging markets -- China, India and Brazil -- is a serious threat to the global recovery, Moody's said.
(Sources: Economic Times, Business Standard, Zeenews, Business today, India Everyday)
India's economic confidence drops; ranks 6th globally: Survey
India's economic confidence dropped last month due to plethora of corruption allegations against the Union government ministers and the country is now the sixth most economically confident country in the world after Saudi Arabia, Sweden, China, Canada and Germany.
According to a survey by a global research firm Ipsos, India's economic confidence dropped by 2 points to 63 per cent in the month of April, 2013 compared to the month of March, 2013.
The drop in economic confidence of the country was despite the fact the there has been a continuous decline in inflation rate and upbeat investor confidence, Ipsos said.
The online Ipsos Economic Pulse of the World survey was conducted among 18,331 people in 24 countries.
(Sources: Economic Times, Business Standard, Zeenews, Business today, India Everyday)
Jyotiraditya Scindia in Germany to finalise pact for Green Energy Corridors
Power Minister Jyotiraditya Scindia is in Germany to discuss early finalisation of an agreement with the European nation which will provide support for setting up Green Energy Corridors for transmission of power.
The aim is to supply 30,000 MW of clean power (wind and solar) to the national grid by 2020.
Under the agreement, Germany has committed to provide an assistance of Euro 1 billion to India. Germany has set targets of producing 50 per cent of its energy requirements from renewable sources by 2030 and 80 per cent by 2050.
(Sources: Economic Times, Indiatimes, Business Standard, News Track India, India Everyday)
Gold demand may come down with decline in inflation: C Rangarajan
Gold demand is likely to fall as easing of general inflation rate will make investment in financial products more attractive than the yellow metal, PMEAC Chairman C Rangarajan said today.
Also, the steps being taken to curb gold demand are expected to bring down the current account deficit (CAD) by 0.4-0.5 per cent of GDP in the current fiscal, he said.
"Some action has been taken by RBI in terms of controlling gold demand. To supplement these actions, as inflation comes down and returns on financial products become more attractive, it will be possible to contain gold demand," Rangarajan said on the sidelines of gold summit organised by Assocham.
The country's CAD has widened due to increased gold imports, which rose to 1017 tonnes in 2012-13 from 471 tonnes in 2000-01. Gold imports during last year accounted 72 per cent of the CAD.
(Sources: Indian Express, Financial Express, the Hindu, Deccan Herald, India Everyday)
Anand Sharma seeks Singapore investments in NIMZs
India today sought investments from Singapore in the proposed national investment and manufacturing zones (NIMZs), which are integrated industrial townships with world class infrastructure.
Commerce and Industry Minister Anand Sharma, who is here on a two-day visit, said countries like Germany and US have already expressed a keen interest to participate in the NIMZs.
The National Manufacturing Policy provides for NIMZs -- mega industrial zones with world class infrastructure. The government is offering a host of incentives like exemption from capital gains tax and liberalised labour and environmental norms to promote these zones.
Sharma was speaking at the round-table investment meeting organised industry body FICCI. It was attended by around 50 companies from Singapore.
(Sources: Economic Times, Indiatimes, Business Standard, News BCC, i4u)
Chidambaram leaves for 3 nation tour to woo investors
Leading a delegation, Chidambaram will participate in the Sixth Ministerial India-UK Economic and Financial Dialogue (EFD) Thursday, the Finance Ministry said in a statement.
During the second lap of his foreign visit, Chidambaram would reach Paris on May 17, 2013.
He is scheduled to hold a meeting with leading investors and have discussions with OECD Secretary General Angel Gurria during his one day stay in Paris.
Thereafter, Chidambaram will arrive in Doha, Qatar on May 18, 2013 where he will hold discussions with the Minister of Economic and Finance Yousef Hussan Kamal.
Chidambaram earlier held similar investor meets in Hong Kong, Singapore, Europe, Japan, Germany, Frankfurt, Canada and the United States to attract foreign investment into India.
India is betting big on foreign resources to finance the Current Account Deficit (CAD), which has widened to record high of 6.7 percent in October-December quarter of 2012-13.
(Sources: Economic Times, Indiatimes, Daily News & Analysis, Zeenews, Indian Express)
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