สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 22 พฤศจิกายน 2556

PSUs need greater autonomy: PM

Prime Minister Manmohan Singh today said on Thursday that public sector companies (PSUs) should be given greater functional autonomy and not be shielded from private sector competition. Speaking at the BRICS International Competition Conference, Singh said the solution lies in giving public sector firms greater functional autonomy and freeing them from bureaucratic control and not in tolerating a slip in their competitiveness and then shielding them from competition. Stating that the Public Sector Enterprises or PSEs may have long enjoyed captive markets, he said the government’s ownership in such entities does not mean that these enterprises should be shielded from competition. Emphasising that public procurement forms a substantial slice of state spending, the Prime Minister said competitive procurement markets can help save valuable fiscal resources.

(Source: The Tribune)

Finance Minister P Chidambaram pitches for India as safe investment hub

Making a strong pitch to overseas Indians, finance minister P Chidambaram has said the country is a safe destination with a potential of 8% growth and ample investment opportunities."The macroeconomic fundamentals and the microeconomic fundamentals make India an attractive and safe investment destination," he said while addressing the second South Asian Diaspora convention in Singapore on Thursday. The government, Chidambaram said, has taken a number of measures to stabilise the economy and outlined multiple investment vehicles that the country offered. "India can offer to the investor a variety of investment opportunities. There are government securities and corporate bonds. There are mutual funds and infrastructure development funds. We can offer equity in our public sector enterprises that are under the disinvestment programme," Chidambaram said. The minister assured the investors that fiscal deficit in the current financial year will be contained at 4.8% of GDP and CAD at below $ 60 billion.

(Source: Economic Times)

Moily to meet investors on Monday

To push the next round of the New Exploration Licensing Policy (Nelp) for the petroleum sector, minister M Veerappa Moily will conduct an investors’ meet in Mumbai on Monday. He will have separate meetings with upstream companies, fund managers, rating agencies and media editors. Major merchant bankers and mutual funds investing in oil companies are also expected to take part in the conference. The 10th round, set to begin in January, would be the second highest offering of blocks since the advent of Nelp in 1999, with 86 blocks up for bids. Of the blocks being considered for offer, 25 are deep-water ones, 20 in shallow water and 23 are on land. Another 18 would be put for offer by March. The petroleum ministry says it has got initial clearances for 58 of these blocks from the environment and defence ministries. It has set up an experts’ committee on blocks that could face hurdles from the latter two. The major roadblock in attracting foreign investors was related to lower potential on reserves, policy issues and delay in getting clearances.

(Source: Business Standard)

India to retain top rice exporter rank, says CARE Ratings

India is expected to retain its top rank as rice exporter in 2012-13 marketing year on bumper production and strong export demand for Indian rice, both basmati and non basmati. India's production of rice hit an all-time high in 2011-12 crop year (period from July to June) and crossed the 100 million tonnes level. India has also emerged as the world's leading exporter of rice in 2011-12 (period from October to September) and is expected to retain its top rank as rice exporter in 2012-13 due to bumper production and strong export demand for Indian rice, both basmati and non basmati, CARE Ratings said in its report.  India is expected to retain its top rank as rice exporter in 2012-13 marketing year given the second-highest level of production during the 2012-13 crop year, large public stocks, liberal export policy and weak currency.

(Source: Economic Times)

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