สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 25 กันยายน 2556

Reserve Bank of India relaxes trade credit norms

Relaxing norms to raise funds from abroad, the Reserve Bank today said now all types of companies can avail trade credit facility from overseas for import of capital goods. It has been decided to allow companies in all sectors to avail of trade credit not exceeding USD 20 million up to a maximum period of five years for import of capital goods as classified by Director General of Foreign Trade (DGFT).Earlier, only companies in the infrastructure sector were allowed to raise such trade credits.RBI further said that the ab-initio contract period of 15 months for all trade credits has been relaxed to 6 months.  All other aspects of trade credit policy, RBI said, will remain unchanged and should be complied with. The amended policy has come into force with immediate effect.

(Source: Economic Times)

India still offers exciting opportunities: Mark Mobius

Mark Mobius, the executive chairman of Templeton Emerging Markets Group and famed as emerging markets guru, still believes in the emerging markets growth story. He said the pessimism in India is an excellent opportunity as we are now able to buy companies with good fundamentals at even more attractive prices. Moreover, the government is working towards implementing required reforms. His advice to investors in emerging markets is that they should be well diversified. Moreover, there are great opportunities all over the emerging markets world. If you search worldwide, you will find more and better bargains than by studying one nation. Also, undertake dollar cost averaging. Set a goal as to what% of your portfolio you want in emerging markets and then put the same amount each month over a few years. Investors who establish such a program from the very beginning to purchasing shares over a set period of time have the opportunity to purchase at not only high prices, but also low prices, bringing their average cost down. India still offers one of the most exciting opportunities for investments given its relatively higher growth rates, availability of skilled manpower and high quality of entrepreneurs. Moreover, India's huge consumer market is another important factor which should support the market's recovery in the future.

(Source: Business Standard)

India most vulnerable to capital outflows: Moody's

India is among the countries that are most vulnerable to capital outflows as it relies heavily on external funding, global credit rating agency Moody's cautioned today. "India and Indonesia are the most vulnerable to capital outflows because of high reliance on external funding," Moody's Analytics said in its report - 'How US Monetary Tightening Affects Asian Markets'. It said the impact of recent Fed announcements on bond yields have exposed structural flaws in Asian economies, particularly in India and Indonesia. The report meanwhile also noted that even the economies with current account surpluses have not been immune to the sell-off. The report said the Asian markets vary in their degree of sensitivity. For example, a 1 per cent fall in US stocks correlated with nearly a 4 per cent decline in Chinese stocks on average, during the six tightening periods since 1994. Sensitivity appeared high for Thailand and Indonesia, and lowest for Hong Kong, Japan, Malaysia and Singapore.

(Source: Economic Times)

Gold jewellery exports nearly halve in August

Exports of gold jewellery from India nearly halved in August to $561 million, a leading industry body said on Tuesday, although they picked up from July, when the Reserve Bank of India (RBI) tied imports by the world's biggest bullion buyer to its overseas shipments. The amount of gold jewellery the country exports now directly impacts gold imports by the world's biggest buyer of bullion as the government tries to curb a bulging current account deficit. Exports fell in August to $561 million, the Gems and Jewellery Export Promotion Council said in a statement, after a fall of 70% in July to $441.4 million. Efforts to stem buying of gold, the second-biggest item in its import bill, include a rule that 20% of all imports must be turned around and sold for export as jewellery. But confusion over how the rule would work had virtually stopped imports since the end of July. They are expected to resume soon after a high-level meeting of government officials last week to clarify the rules.India shipped $2.68 billion worth of gold jewellery in value terms from April to August, down 59.4% on year.

(Source: Financial Express)

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