สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 28 มีนาคม 2557

Industry sees weak demand in next 3 months: Survey

Painting a gloomy picture, a survey by Ficci found that the industry sees a weak demand and bleak employment scenario over the next 3 months, plagued by econonic slowdown and high interest rates, even as there was a negligible improvement in outlook for the coming 6 months. The Business Confidence Survey by Ficci found that not only the cost but even the availability of credit had become a problem area for companies, inhibiting investments. Almost 53 per cent of the companies covered by the survey felt that high cost of credit was creating a problem for India Inc. Only 24 per cent of the companies saw an uptick in investments over the next six months, while 67 per cent firms expected stagnant employment levels during the same period. Around 56 per cent indicated that demand has declined by over 10 per cent. Moreover, lesser percentage of respondents cited an improvement in current performance as against the last six months at the economy and industry. The overall Business Confidence Index value inched up to 60.8 in the current survey from 59.8 in the last survey round.

(Source: Economic Times)

Expand IP regime, research and development fund to boost manufacturing, says DIPP

The department of industry policy and promotion (DIPP) has suggested a seven pronged approach to expand India's intellectual property regime and research and development framework, which would in turn bolster manufacturing in the economy.  In a discussion paper put out on Thursday, DIPP has emphasised on the need to promote transfer of knowledge and technology from universities to industry. DIPP has noted that the government needs to fund technology projects that translate scientific discoveries and cutting-edge inventions into technological innovations and accelerate advances in high-risk areas industry is unlikely to pursue independently. The discussion paper, 'Towards strong and meaningful university - industry collaboration and creation of sustainable competitive advantage in manufacturing - Missing links and way forward' has been put out by DIPP for comments. India's R&D investment is less than 2.5% of $1.2 trillion worth of global investments in science technology and innovation as of 2009, and less than 1% of India's the GDP. Increasing Gross Expenditure in Research and Development (GERD) to 2% of the GDP has been a national goal for some time, the paper said. "Government should look at funding technologies and R&D that are likely to leapfrog India to the next generation of products, processes and services", the paper said. India should identify key strategic areas that need the attention of publicly funded R&D institutions and for which funds have been earmarked over a reasonable horizon, say 5 years, to achieve broadly defined targets, it said. Sectors such as textiles, agriculture, automobiles, pharma, aerospace, nano technology, IT and medical devices could be looked at, one of the seven broad recommendations of the department said. It also recommended stronger University-Industry collaboration through joint and contract research in select universities. Small and Medium Enterprises (SME) generally have low R&D intensity, therefore DIPP has suggested introduction of special schemes to support R&D as well as related services at the firm or collective level. India lags behind in IP applications, globally. In 2010, while 490,226 patent applications were filed in the USA; 391,177 in China; 344,598 in Japan; 170,101 in Korea; 150,961 in European Patent Office and 59,254 in Germany, only 39,400 applications were filed in India along with 7,589 design applications.

(Source: Economic Times)

India targeting spices exports of $2.3 billion in FY14

With global demand for spices and spices products rising, India is targeting exports of 2.3 billion US dollars in 2013-14 fiscal even as Rs 9,433 crore worth spices were shipped during April-December last year. The total volume of spices and spices products exported in the nine month period of April-December 2013 was 5,71,680 tonnes, valued at Rs 9,433 crore, a 41 per cent growth in rupee terms and 27 per cent both in volume and dollar terms. During the same period of the previous fiscal, as much as 4,49,926 tonnes valued at Rs 6,696 crore ($1232 million) was exported, Spices Board chairman A Jayathilak told reporters here last night. For 2014-15 fiscal also the board was targeting spices exports of $2.3 billion, he said. With organic spices accounting for only less than two per cent in the export basket, the Board would give thrust in this regard, especially in the North eastern region, he said, adding it has vast potential. Jayathilak observed that area under pepper cultivation and subsequently its quantity was showing a decline. Pepper and cardamom (small) exports showed a marked increase of 41 per cent and 23 per cent in value with corresponding export volumes of 15,350 tonnes and 2080 tonnes. The export performance of Mint, chilly, value added products and seed spices points to a promising future for the Indian spice industry, he said. Currently, 92 per cent of the target in terms of volume and 91 per cent in terms of value set for spices export in 2013-14 fiscal has been achieved, he added. The board will focus on launching a Brand India campaign for promotion of processed, value added, innovative branded products, he said, adding that stress would also be on strengthening of laboratories and testing facilities.

(Source: Economic Times)

Gold hits six-month low on heavy selling

Spot gold plunged to a six-month low in Zaveri Bazaar here on Thursday, following heavy selling by investors seeking refuge in other asset classes, including equity. Investors’ risk appetite for bullion has been low due to easing geopolitical tensions between Russia and Ukraine and signs of an improvement in the US economy. Standard gold fell 1.3 per cent to Rs 28,740/10g, the lowest since August 10, 2013. The metal nosedived 4.45 per cent through the week. In London, spot gold fell below $1,300/oz, a level widely termed as average cost of production, and was traded at $1293.09/oz on Thursday. Gold prices fell 3.12 per cent this week, after US Federal Reserve Chairperson Janet Yellen announced the Fed would continue tapering its bond-buying programme. On Thursday, the rupee halted its four-day rise, falling 0.1 per cent due to dollar purchases by the Reserve Bank of India. The currency touched an intra-day low of 60.26/dollar. In Indian markets, gold prices fell 0.8 per cent on Thursday, despite the rupee's fall. "Appreciation in the rupee against the dollar was a major factor that contributed to gold's fall in India. Going by the ratio, silver has more potential for recovery than gold," said Thiagarajan.

(Source: Business Standard)

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