A P J Abdul Kalam favours FDI in retail
Former President A P J Abdul Kalam today came out in support of FDI in retail, saying for a developing world to become developed, an atmosphere of competitiveness and aggressiveness should be there.
"As long as we have these, FDI in retail is not a dangerous thing," he said during a lecture organised by the Bharat Chamber of Commerce.
"I personally believe that in the globalised world, we need to collaborate and cooperate with other nations," Kalam said at a function here.
The former president said 250 million tonnes of foodgrains that India now produced made her self-sufficient, but if 400 million tonnes were produced, the country would need to sell it outside and thus would require collaboration and cooperation.
(Sources: Economic Times, the Hindu, IBNLive, Indian Express, Financial Express)
Industrial output to grow by 5.1% in FY 13: CMIE
Industrial output is expected to grow by 5.1 % in FY 13, which is higher than last year but below the seven-year average, an economic think-tank Centre for Monitoring Indian Economy (CMIE) said.
CMIE expects that the projected growth in industrial output will be driven by a strong 10.4 % growth in electricity generation, whereas output of manufacturing sector and mining and quarrying sector is expected to grow by 4.3 % and 3.7 % respectively.
The growth in electricity sector will be the highest one seen in power generation in last 23 years. The growth will be driven by a sharp 11.9 % rise in thermal power generation. We expect the availability of coal to improve in FY 13 with a 6.8 % rise in production and a strong 28.3 rise in coal imports.
(Sources: Business Standard, Zeenews, Hindu Business Line, Times of India)
12th Plan growth rate to be pegged at 8.2-9%
Unlike in the previous Five Year Plans, the Planning Commission will refrain from proposing a fixed growth target for the 12th Plan (2012-17) and instead suggest a range of 8.2-9 % in view of fragile global recovery.
However, the final call on the issue would be taken at the in-house meeting of the Commission scheduled on Wednesday, the source said.
The source further said the majority of its members are in favour of suggesting a range instead of an economic growth number at the meeting of the full Planning Commission scheduled on September 15.
The meeting would be presided over by Prime Minister Man Mohan Singh.
(Sources: Business Standard, Zeenews, Economic Times, Hindu Business Line)
Exporters alarmed as export sees double-digit drop
Exporters, who were banking on the foreign trade policy (FTP) announced this year, have started becoming jittery as merchandise goods’ exports have fallen around 15 % in July. The exporters, who were hailing the FTP, now want the government to do more as they believe what was announced in June is not enough.
Exporters want focus market scheme to be expanded to traditional markets - the US, Europe. Exports have fallen for three consecutive months since May. In July, the fall was a steep 14.8% as compared with the same period last fiscal. Engineering exports have fallen 9% in April-July.
(Sources: Business Standard, i4u, Rediff, Allvoices.com, Exporter.com)
Gold hits record high on global rally, weak rupee
India's benchmark October gold contract extended gains on Monday morning to hit a record high of $560 per 10 grams, following a rally in the world markets and on a weak rupee.
International spot gold rose to the loftiest level since mid-April on Monday, extending strong gains from last week as expectations for further monetary easing from the U.S. Federal Reserve kept sentiment buoyant. However, a price rise is set to trim India's gold consumption, and subsequently imports, in the peak festive season.
(Sources: Reuters India, Economic Times, Times of India, Moneycontrol, Worldnews)
Economic Section
Royal Thai Embassy