Thailand King condoles loss of lives in Uttarakhand flood
The King of Thailand, Bhumibol Adulyadej, has condoled the loss of lives in recent Uttarakhand flood and expressed sympathy to all victims and their families.
In his condolence message to President Pranab Mukherjee, the King of Thailand has said "the Queen and I are deeply saddened by reports of devastating floods which have caused immense loss of human lives and heavy damage to infrastructure and property in the northern part of your country.
(Source: Economic Times, Indiatimes, News Track India, Business Standard)
India’s coal imports climb 43% in May, shipping data shows
India, the world’s third-largest coal consumer, imported 43% more of the fuel than a year ago on increased demand from power stations and steelmakers, according to shipping data.
“Adani Enterprises Ltd, Tata Group, JSW Group and Steel Authority of India Ltd were among buyers who received 16.77 million tonnes of coal, from 11.75 million in the same month last year,” according to Interocean Group, a New Delhi- based shipper. “This included 13.39 million tonnes of steam coal and 3.38 million of coking coal at 23 ports.”
India, where 59% of electricity generation is coal-fired, added 1,570 megawatts of thermal power in May to boost its total installed capacity to 225,133 megawatts, according to the Central Electricity Authority. The nation’s steel production expanded by 1.5% in May, slowing from 3.5% in April, the Economic Times reported on 24 June.
(Source: Livemint)
March quarter current account deficit falls to 3.6% of GDP
India’s current-account deficit narrowed more than estimated last quarter from a record, a moderation that may ease some of the pressure on the rupee. The currency appreciated from an all-time low.
The shortfall was $18.1 billion in January through March, compared with a revised $31.9 billion in the previous quarter, the Reserve Bank of India (RBI) said in a statement on Thursday. For the 12 months ended March, the deficit widened to $87.8 billion, or 4.8% of gross domestic product (GDP) from $78.2 billion in 2011- 2012, or 4.2% of GDP, it said.
The shortfall last quarter narrowed to 3.6% of GDP, from a record 6.7% in October through December, as officials stepped up efforts to deter gold imports. The rupee touched its weakest level on Wednesday, as the potential for reduced US monetary stimulus exposes emerging nations from India to Indonesia to Brazil to the risk of capital outflows.
(Source: Livemint, Financial Express, Moneycontrol, India Everyday)
Karnataka to allow FDI in multi-brand retail
Karnataka has joined 11 other states and Union territories that have agreed to allow foreign direct investment in multi-brand retail.
The BJP government had ruled out implementation of FDI in multi-brand retail. The Congress reversed this stance after assuming office in Karnataka.
Industry bodies have welcomed the decision, calling a step in the right direction. They are meeting CM Siddaramaiah on Thursday. But foodgrain wholesalers are unhappy; they say more than 300,000 traders will be hit.
The Centre had last year permitted FDI up to 51% in multi-brand retail trading.
Earlier this month, Himachal Pradesh agreed to allow 51% FDI in the sector. Maharashtra, Andhra Pradesh, Haryana, Rajasthan and Manipur are among the states that have decided to implement the decision.
However, the government has so far not received any proposal for investment in multi-brand retail.
(Source: Economic Times, Indiatimes, Times of India, the Hindu, Financial Express)
Planning Commission approves $ 7.75 billion plan size for Karnataka
The Planning Commission today approved plan size of $ 7.75 billion for Karnataka for the year 2013-14, up 11.8 per cent from the previous fiscal.
The plan size was discussed here in a meeting between Planning Commission Deputy Chairman Montek Singh Ahluwalia and Karnataka Chief Minister Siddaramaiah.
Ahluwalia said Karnataka has a good expenditure realisation and it can play an important role in giving lead to other states in introducing technology for improving governance.
However, he said more focused attention was needed in agriculture and infrastructure. Public private partnership in the state needed to be encouraged to expedite development, he added.
(Source: Business Standard, Hindustan Times, Economic Times, NDTV)
Andhra Pradesh to spend $ 165 million to upgrade tourism infrastructure
The Andhra Pradesh government has earmarked investment $ 165 million through public private partnership (PPP) mode to develop and upgrade its tourism infrastructure.
In the coming months, Andhra Pradesh is set to witness investments of over $ 165 million through PPP mode to upgrade tourism infrastructure in the state, Andhra Pradesh Tourism Development Corporation (APTDC) said in a release issued here.
The state is focusing on the development of new and unexplored destinations and weaning the tourists from the already popular destinations like Tirupati and Hyderabad.
For this, the state government has drawn up a campaign to attract more visitors to explore new tourist locations across the state.
(Source: Economic Times, Indiatimes, Hindu Business Line, India Everyday)
Health insurance surge to put India in top 10 pharma markets
India’s drugs and pharmaceuticals market is poised to become one of the top 10 in the world in value with total sales doubling to $26 billion by 2016, driven by an expected surge in health insurance, according to the latest market prognosis report by drug market researcher IMS Health.
Some experts said the prospects for a twofold sales jump in three years time appears to be unrealistic, pegging growth a more conservative 13-14% annual growth. IMS is pinning its hopes on what it sees as an across-the-board expansion.
The country’s drug market, worth $12.35 billion as of May 2013, is ranked 13th now, up from 15th in 2006 with sales of $6 billion.
(Source: Livemint, Rediff News)
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