ICRA pegs GDP growth at 6.2-6.4% in FY13, calls for reforms
Rating agency ICRA (Investment Information and Credit Rating Agency of India) today pegged India's GDP growth forecast for the fiscal 2012-13 at 6.2-6.4 % and strongly asked for an early introduction of reform measures to bring back investor confidence.
The slowdown is being attributed to a slew of reasons, including a 'policy paralysis', where critics are attacking the lack of timely decision making in the executive and blaming it for aggravating troubles.
ICRA's peer in the rating world, Standard & Poor's warned that it will be forced to downgrade the country to junk status if urgent reform measures are not taken and also blamed the Man Mohan Singh administration for the economic gloom.
(Sources: Economic Times, IBNLive, Moneycontrol, Worldnews)
Steel companies step up coking coal imports on easing of price
Indian steel companies show trends of increasing coking coal imports as better supplies have helped ease prices. The steel makers want to sign contracts quickly at prevailing rates, expecting future price surge, said analysts and traders.
India imports about 30 million tonne coking coal every year, mainly from Australia, Indonesia and recently, from South Africa to meet the demand of its ever-rising steel industry and to feed the limited demand seen in power sector.
(Sources: Business Standard, Hindu Business Line, Moneycontrol)
India set to ban import of used plant and machinery
The government will soon restrict import of used plant and machinery, a move aimed at safeguarding the productivity and competitiveness of Indian manufacturers.
The commerce and industry ministry has been asked to either ban import of machinery more than five years old or spell out the age limit for machinery in each sector.
Addressing these concerns, industry chamber CII had written to the government earlier saying that second-hand machinery stifled domestic growth and led to unemployment. The CII said such imports retard technological up-gradation, increase energy consumption and also pose a threat to safety seeking imposition of restrictions.
(Sources: Economic Times, i4u, Worldnews, Indiatimes, Moneycontrol)
DSK Motorwheels to invest $ 53.84 million to set up new plant
DSK Motorwheels, a part of the diversified conglomerate DSK Group, is planning to invest $ 53.84 million to set up a plant to localise the production of 250cc 'Hyosung GT250R', which it launched here in Mumbai today.
Hyosung GT250R, which will be sold across all 18 dealerships of DSK, is produced by Japanese group, S&T Motors, which is planning to introduce its other super bikes in the country in the near future.
DSK Group operates in sectors like construction, real estate, automobiles, digital products, education, and pharmacy among others.
(Sources: Business Standard, Economic Times, Zeenews, Zigwheels)
Tyre production may drop on dull auto business
A drop in passenger car sales is forcing tyre makers to trim production or step up export to keep the inventory in check. "There is a strong possibility of a cut in tyre production if vehicle sales continue to be negative. Several car companies have already cut output due to a weak demand," said a senior officer of Ceat Tyres.
Tyre production went up by 5% in 2011-12 with passenger car tyres showing a 4% growth. Sales in April were okay but have declined in May and June.
(Sources: Economic Times, Worldnews, Zigwheels, Business week)
India setting up cell for attracting investments in new energy
India is setting up an Investment Promotion Cell for the energy sector to provide a single point of contact for investors, Minister of New and Renewable Energy Farooq Abdullah has said.
In the next five years, the country plans to invest $ 50 billion in renewable energy, including $ 19 billion in wind, $ 25 billion in solar and $ 3 billion each in Hydro and Biomass segments, he said.
He asked global investors to invest in India's renewable energy sector and support its quest for a low-carbon and environmentally sustainable growth path.
(Sources: Economic Times, Worldnews, i4u, Indiatimes)
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