India economy: Weak jobs, growth hit consumers' confidence
Reflecting the prevailing economic woes in the country, the consumer confidence has declined for the first time in the last nine quarters even as India conceded the top slot on the Nielsen consumer confidence index to Indonesia.
India GDP slipped to 6.5% in the fiscal year ending March 2012, lowest economic expansion since 2002-2003. On top of that India is grappling with various issues including rocketing inflation, sagging rupee and lower investments by companies. A lackluster monsoon is adding to the woes.
(Sources: Economic Times, Indiatimes, Zeenews, Worldnews, Yahoo)
M&M pips Tata Motors to 3rd slot in the passenger vehicle market
Tata Motors, once the country's second biggest passenger vehicle maker, after losing the second position to Hyundai a few years ago, it has now slipped further and fallen behind fellow Indian player Mahindra & Mahindra (M&M).
M&M, which is a leader in the utility vehicles and SUV space, has been growing rapidly over the last few months. M&M has moved to the third position in the Indian passenger vehicle market, riding on higher demand for its vehicles, including the newly launched XUV500 SUV. Maruti Suzuki remains the market leader, followed by Hyundai.
(Sources: Economic Times, Indiatimes, Worldnews, i4u, the Hindu Business Line)
Isuzu Motors plans $ 181 million plant in India
Isuzu Motors Limited is mulling an entry into India's fast growing small commercial vehicle and multi utility vehicle segment to take on Tata Motors Ace and Mahindra & Mahindra's utility vehicles. The $17.1 billion Japanese auto firm is planning a greenfield facility in India, which may entail an investment of over $ 181 million.
The India project team of Isuzu met state government officials of Andhra Pradesh earlier this month and planning to meet officials from Tamil Nadu and Gujarat to explore plans for locating a new factory. The proposed facility is expected to have a capacity of 1, 00,000 to 1, 20,000 units and is likely to come up by 2014-2015.
(Sources: Economic Times, Indiatimes, Worldnews, i4u, the Hindu Business Line)
Bihar over all growth rate 16.71%: Sushil Kumar Modi
Bihar has recorded overall growth rate of 16.71 per cent during 2011-2012, the highest in the past five years, Bihar Deputy Chief Minister Sushil Kumar Modi said today.
Modi, who also holds the finance portfolio, said the state has created a record in foodgrains production during the year which is the highest since Independence.
The 2011-12 agriculture production marked a growth rate of 17.16 per cent, which was considerably higher than in the previous years, Modi said.
(Sources: Economic Times, Financial Express the Hindu Business Line, Hindustan Times)
India may not meet infra investment target: Montek
IN view of the reduced economic growth prospects, the Planning Commission has expressed skepticism on the possibility of India achieving the $1-trillion target for investment in the infrastructure sector during the 12th Plan period (2012-17).
Responding to a query on the chances of scaling down the investment target, Planning Commission Deputy Chairman, Mr Montek Singh Ahluwalia elucidated that the earlier figure was based on the nine per cent growth target. If the growth target is less, the investment target too would change, he added.
The Commission had set the infra investment target at $1 trillion assuming that the economy would grow at nine per cent yearly during the 12th Plan period.
(Sources: IBNLive, Moneycontrol, Worldnews, Business World, Outlook India)
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