India to grow 6.5-7% in FY13, says Montek
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday pegged India’s growth this financial year at 6.5-7 %. He added the country had taken various steps to boost investment, the results of which would be seen in six months.
(Sources: Business Standard, Hindu Business Line, Indiainfoline, Indianews24)
Retail inflation in double digits at 10.4% in May
High food inflation ensured that Consumer Price Index-based inflation remained in double digits for consecutive month in May, at 10.36 %, versus 10.26 % in April, on the back of vegetables, protein-based items and edible oil. The wholesale price index on the other hand showed a much lower inflation for May at 7.6 %
RBI kept the repo rate and Cash Reserve Ratio unchanged at 8 % and 4.75 % respectively, much against the general expectations due to the low growth numbers in GDP and industrial production.
According to the revised data, the inflation rates for rural and urban areas were 9.7 % and 11.1 % respectively in April. India Post collects data for rural areas; NSSO collects figures for urban areas.
(Sources: Business Standard, Economic Times, Moneycontrol)
Fitch cuts India's credit outlook to negative
Fitch Ratings has scaled down its credit outlook for India from ‘stable’ to ‘negative’, owing to limited progress on fiscal consolidation and heightened risks to growth, which resulted from the tardy pace of structural reforms. These reforms include steps to create a more positive environment for business and private investments. The negative outlook also shows India's limited progress in fiscal consolidation, particularly in reducing the Centre’s deficit, despite the improving financial health of state governments.
(Sources: Reuters India, Bloomberg, Business Standard, Livemint)
Jewellery exports in May up by 6.57% at $ 3.2 billion
Jewellery exports in May, 2012 jumped 6.57 % at $ 3.2 billion compared to the same month last year on the back of continued demand from the US, the Gems and Jewellery Export Promotion Council (GJEPC) said today. The total exports during May 2011 stood at $ 3 billion.
GJEPC Chairman Rajiv Jain told reporters that the exports for the April-May period were flat as the imports of cut and polished diamonds declined, followed by imposition of 2 % import duty by the government. This led to the decline in the exports as well as in the trading activities.
(Sources: Times of India, Economic Times, the Express, Worldnews)
Government plans to set up two major ports in Andhra Pradesh and West Bengal
Anticipating higher demand for energy leading to increased import of coal and oil and container volumes in the years to come, Government proposes to set up two new major ports, one each in Andhra Pradesh and West Bengal, Shipping Minister G K Vasan said yesterday in Chennai.
A target has been set for award of projects for creation of 244 million tonnes of capacity spread across 42 projects at an estimated cost of $ 2.6 billion in 2012-13, he said.
(Sources: Business Standard, the Hindu, Times of India, Economic Times, Indiatimes)
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