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สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 24 กุมภาพันธ์ 2557

Indian steel consumption might expand by 2-3% in FY14: INSDAG

Steel consumption in the country might clock a growth of 2-3 per cent in 2013-14, an industry expert has said. "The steel industry is facing sluggish consumption growth. We expect some improvement in Q4 period and the sector may see a growth of 2-3 per cent in 2013-14," Institute for Steel Development & Growth (INSDAG) Director General Sushim Banerjee told PTI. The steel demand in the 10 month period (April 2013- January 2014) increased by only 0.5-0.6 per cent. Banerjee said traditionally in the Q4 period (April-March) demand and price remained bouyant, but this year long products were witnessing price pressure after slump in steel scrap price in the international market. He said crude steel production in April 2013-January 2014 period was 4.6 per cent and for the full fiscal FY'14 it was projected to remain at around five per cent. Asked about the final report on the steel policy that aimed to increase Indian steel production capacity to 300 million tonnes by 2026 from 96 million tonnes now, Banerjee said he was not sure and it might come sooner as elections were knocking on the doors. Despite sluggish demand and production outlook in FY'14, the scenario was likely to improve in 2014-15. "The industry expects some 10 million tonne capacity to be added from greenfield capacity and greater capacity utilisation from the industry," Banerjee said.

(Source: Economic Times)

G-20 to boost world economy by $2 trillion

Finance ministers from the 20 largest economies agreed on Sunday to implement policies that will boost world GDP by more than $2 trillion over the coming five years. Australian finance minister Joe Hockey, who hosted the Group of 20 meeting in Sydney, said the commitment from the G-20 finance ministers and central bankers was “unprecedented”. The world economy has sputtered since the 2008 financial crisis and global recession that followed. Progress in returning economic growth to pre-crisis levels has been hampered by austerity policies in Europe, high unemployment in the US and a cooling of China’s torrid expansion. The centrepiece of the commitment made at the Sydney meeting is to boost the combined gross domestic product of G-20 countries by 2% above the levels expected for the next five years, possibly creating tens of millions of new jobs. The International Monetary Fund forecasts the world economy to grow 3.7% this year. The G-20 combines the world’s major industrialised and developing countries, representing about 85% of the global economy.

(Source: Financial Express)

CAD to come down to 2% of GDP this fiscal

India's Current Account Deficit (CAD) is expected to be around two percent of GDP during the current fiscal on the back of slackening imports and increased shipments, Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan has said. "Several things have happened. Exports have picked up. Imports have come down not only in relation to gold but also in relation to oil. The CAD would certainly come down below two per cent or around two percent of the GDP," Rangarajan said. Finance Minister P Chidambaram had said while tabling the interim budget that CAD will be contained at USD 45 billion this financial year, well below the USD 88 billion level in FY'13. In the first half (April-September) of 2013-14, CAD narrowed to USD 26.9 billion (3.1 percent of GDP) from USD 37.9 billion (4.5 percent) in the same period last fiscal. Both the government and the Reserve Bank of India had taken steps to bring down gold imports, one of the major causes for the widening of the CAD in 2012-13.

(Source: Money Control)

Gold import ban reins in India's CAD, neighbours pay the price

The government’s success at bringing down the current account deficit (CAD) have come at a very high cost to India’s neighbours. Customs officials of Sri Lanka, Bangladesh and Pakistan have spoken to their Indian counterparts on the rise in gold smuggling in their countries due to steps taken by India to curb gold imports for reining in CAD. The countries have also sought India’s advice on tackling the twin issues of smuggling and CAD. Concerned over the rising CAD, largely due to gold imports, India raised import duty on gold to 10 per cent from Rs 300 per gram in 2012. However, the curbs have led to substantial rise in smuggling, both in India and its neighbours including Pakistan, Sri Lanka and Bangladesh due to porous borders. Smugglers have been routing gold in India through Bangladesh, Sri Lanka, Nepal, and Pakistan among others. This has led to a surge in import of the yellow metal in these countries. Since all these countries have had customs duties less than the 10 per cent, smugglers have been reaping benefits of the arbitrage. While a worried Sri Lanka has imposed import duty of 10 per cent on gold for the first time, Pakistan has temporarily banned gold imports for the second time in six months in an attempt to stem smuggling. The ban would be for 30 days though exports would not be restricted. Pakistan last banned imports for a month in August last year. Bangladesh has seized gold worth more than 300 kg in the last few months, most of it being routed to India.

(Source: Financial Express)

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Daily News - Friday, 4 April 2025

Daily News - Friday, 4 April 2025

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