Chidambaram back as finance minister, Shinde gets home
Palaniappan Chidambaram was named India’s finance minister following the departure of Pranab Mukherjee to become the country’s President, boosting expectations that stalled reforms may get a push, ending the policy paralysis that has gripped the government.
In his first communiqué after becoming president, Mukherjee appointed power minister Sushil Kumar Shinde as home minister on Tuesday, taking over from Chidambaram.
(Sources: Hindustan Times, Times of India, the Hindu, Hindu Business Line, Livemint)
Gujarat most preferred investment destination: Study
Gujarat has emerged as the most preferred investment destination out of the 20 emerging industrial states in India, noted a recent study by industry body, Associated Chambers of Commerce and Industry of India (Assocham).
The state attracted highest number of investment proposals in India amounting to $ 292.81 billion, which is about 13.5 % of the total live investments worth $ 2164.43 billion promised in India as on December 2011, the study revealed. Gujarat topped the list in terms of investments followed by Maharashtra, Andhra Pradesh, Odisha and Karnataka. These five states together, attracted 54 % of total investments in India, a statement issued by Assocham showed.
(Sources: Business Standard, i4u, Rediff, Times of India, Financial Express)
June exports down 5 pct y/y – govt
India's exports fell 5.45 % to $25.1 billion in June, while imports fell 13.46 % to $35.4 billion, leaving a trade deficit of $10.3 billion, government data showed on Wednesday.
Exports between April and June fell 1.7 %, totaling $75.2 billion. Oil imports for June fell 4.4 % to $12.7 billion.
Weak exports and widening trade and current account deficits have added to India's economic gloom, as growth has slowed to its worst pace in nine years.
(Sources: Business Standard, Economic Times, Indiatimes, Press Trust of India)
Manufacturing growth slips in July, weakest since Nov
Shrinking export orders and sluggish output dragged Indian manufacturing growth in July down to its weakest pace since last November, a business survey showed on Wednesday.
The HSBC manufacturing Purchasing Managers' Index (PMI), which gauges business activity at India's factories but not utilities, fell to 52.9 in July, from 55.0 in June - its biggest one-month drop since September last year.
(Sources: Economic Times, Reuters, BBC News, Moneycontrol, IBNLive)
India plans shale gas blocks auction by 2013 end
India plans to launch its first auction of shale gas block by 2013-end on terms that are likely to be remarkably different from those offered in bid rounds for oil and gas blocks.
The Directorate General of Hydrocarbons (DGH), the oil ministry's technical arm, has proposed to offer areas for exploration of gas trapped in sedimentary rocks - shale gas - on royalty and production-linked payments to the government.
(Sources: Economic Times, Indian Express, Moneycontrol, the Hindu, Indiatimes)
Coal India board gives nod to 80% assured coal supply to power firms
Coal India Board today reached a consensus on supplying a minimum of 80 % of the contracted quantity of the fuel to power firms, meeting 15 % through imports. As a result, the state run firm will import around 20 million tonnes of coal this year.
Coal India (CIL) Chairman and Managing Director (CMD) S Narsing Rao said the Board reached an agreement on supplying 65 % of the requirement of power firms through domestic production and meeting the shortfall of 15 % through imports.
(Sources: Economic Times, Hindu Business Line, IBNLive, i4u, Indiatimes)
Renault constructing 800cc small car to take on Maruti, Hyundai and others
French carmaker Renault is constructing a small car from ground up to take on the likes of Maruti Suzuki's Alto, Hyundai India's Eon and Chevrolet's Spark, in the segment that makes up for about 40-45% of India's car market.
Work has begun on the car codenamed "A Entry" under the leadership of Gerard Detourbet, Renault's low-cost car specialist. The car will be powered by an 800cc engine.
(Sources: Economic Times, Indiatimes, Worldnews, IBNLive, Hindu Business Line)
Vizag Steel signs pact with Grid
Visakhapatnam Steel Plant (VSP) has entered into a memorandum of understanding with Power Grid Corporation of India for jointly setting up electrical steel production facilities, proposed at Visakhapatnam.
Along with finalising the vertical growth plan for VSP from 7.3 to 12 million tonne per annum, action has also been taken to go for production units for value added products like silicon steel (electrical steel). Silicon Steel is currently unavailable in India and is imported.
(Sources: Business Standard, Moneycontrol, NDTV, Hindu Business Line)
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