Delhi is the most competitive city in India: EIU report
Delhi has been named the most competitive city in India for its demonstrated ability to attract capital, business, talent and tourists by a new Economist Intelligence Unit (EIU) research report.
The study, commissioned by the Citigroup, ranked Delhi at number 68th in the list of 120 of the world’s major cities. The national capital has edged out financial hub of Mumbai, which ranked 70th in the index, followed by Bangalore, India’s Silicon Valley, at 79th rank, Pune at 97, Chennai at 105 and Kolkata at 106.
The report, titled Hot Spots, ranks the most competitive cities in the world for their demonstrated ability to attract capital, business, talent and tourists.
(Sources: Business Standard, IBNLive, Times of India, Financial Express)
Government poised to revive retail reform plan
Prime Minister Man Mohan Singh was overseas and his outgoing finance minister was clearing his desk last week as the government quietly began preparing the ground for a new push to open up India's $450 billion retail sector to foreign firms.
A Finance Ministry official said the government would move first on retail reform, which will allow foreign firms to own 51 % of supermarkets, in the hope this will improve investor sentiment, boost capital inflows and help stabilise the plunging rupee, which hit a record low against the dollar on Friday.
(Sources: Reuters India, TIME, Indiatimes, Economic Times)
For second year in a row, Tata Motors retains group flagship crown
For the second year in a row, Tata Motors has emerged as the flagship of the Tata Group in terms of sales and net profit, which stands at $ 28.88 billion and $ 2.36 billion, respectively. With plenty of help from Jaguar Land Rover (JLR), Tata Motors has been able to widen the gap between itself and Tata Steel, the flagship till fiscal 2010.
(Sources: Economic Times, Worldnews, Indiatimes)
Inflation to move up on rupee fall: CMIE
The Centre for Monitoring Indian Economy (CMIE) has upped its fiscal-end inflation target to 7.3 % from the 6.7 % and Reserve Bank's 6.5 %, due to the slide in the rupee.
"A CRR cut would be more effective (in transmission)," the agency recommended to the RBI.
On consumer inflation, which found a mention in the recent RBI communication as an important indicator and also as a concern, CMIE said it will continue to remain at elevated levels due to rising food prices.
(Sources: Business Standard, IBNLive, Economic Times, Financial Express)
Corporate profits to grow by 21.6%: CMIE
India Inc is expected to post 21.6 % growth in its profit in the current fiscal on the back of softening of input prices and steady interest rates, according to economic think-tank CMIE.
The improvement would be seen across segments, the report said, adding that the net profit of the manufacturing sector is likely to grow by a healthy 23.6 % and that of the financial and non-financial services sector by 23.4 % and 13.4 % respectively.
(Sources: Business Standard, NDTV, Financial Express, Economic Times)
Steel prices to grow by 5.7%: CMIE
On the back of healthy demand, rise in input costs and hike in excise duty, steel prices are likely to go up by 5.7 % this fiscal, according to economic think tank CMIE.
There is ban imposed on iron-ore mining in key producing states of Goa, Karnataka and Odisha. Besides, a hike in export duty to 30 % from an earlier 20 % is likely to increase domestic iron ore supplies, it said.
(Sources: Hindu Business Line, Business Today, Indian Express, Moneycontrol, Financial Express)
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