India's August services PMI shows fastest growth in 6 months
The country's private sector services business expanded at the fastest pace in six months in August, driven by the strongest growth in new business since February and increasing optimism about the future, a survey showed on Wednesday.
The HSBC Purchasing Managers' Index for services business, based on a survey of about 400 private-sector companies, rose to 55.0 in August from 54.2 in July, marking nearly a year of uninterrupted monthly growth.
Services, including government services like railway transport, make up nearly 60 % of India's economic output.
(Sources: Economic Times, Hindu Business Line, Livemint, Reuters India)
Expect up to 10% growth for auto component industry: ACMA
The Indian auto component sector is likely to clock a growth of 8-10 % this fiscal amid tough market environment, industry body ACMA said today.
"In 2012-13 the domestic auto component industry is expected to witness a growth of 8-10 %, while exports are likely to increase by 15-20 %," Automotive Component Manufacturers Association of India (ACMA) Executive Director Vinnie Mehta said.
(Sources: Economic Times, Hindu Business Line, Financial Express, Worldnews)
India falls 3 places in global competitive index: WEF
India's ranking declined by three places to 59th position in the Global Competitiveness Index 2012-2013 of the World Economic Forum (WEF) owing to "disappointing performance" in the basic factors underpinning competitiveness.
The report noted that India's infrastructure is largely "insufficient" and "ill-adapted" to the needs of the economy. Moreover the country also faces problem areas such as corruption and bureaucracy.
WEF however, said that despite "challenges", India does possess a number of strengths in the more advanced and complex drivers of competitiveness.
On social sustainability-adjusted global competitive index, India is the worst performer among the BRICs.
(Sources: Economic Times, Worldnews, Yahoo News, i4u, WEF)
Industry cheers UP's New Industrial Policy 2012
Industry in Uttar Pradesh has welcomed the state Cabinet approving the New Industrial & Infrastructure Policy 2012, saying it would usher in new dimensions of development.
The Confederation of Indian Industry (CII) said here that the industry had been ‘keenly awaiting’ the interventions by the new Samajwadi Party government in the industrial sector.
UP contributes 20.2 % in the national food grain production and ranks second in vegetable production.
The new policy gives impetus to food processing industry, which has been a long pending demand of industries. However, the new policy framework would require active involvement of industrial and business bodies to leverage the opportunity at hand.
(Sources: Business Standard, Sahara Samay, the Hindu, i4u)
Escorts optimistic of 10% growth in tractors for FY13
Escorts said the tractors market would grow at 10 % in the current fiscal even as the market has remained flat for the past few months.
Agri machinery division which contributes 70 % to the revenues of Escorts is expecting to increase share in premium tractor segment to 20 % from 15 % in a few years to claim number one position.
The tractor industry saw marked improvement in period 2010 to early 2012 following which sales both domestic and exports dipped by 3.4 % in the fourth quarter of financial year 2012, ICRA had said.
(Sources: Economic Times, Hindu Business Line, Financial Express, Indian Express)
Petrol, diesel, kerosene and cooking gas price hike after September 7: Oil ministry
The oil ministry has proposed to the cabinet that diesel, cooking gas and kerosene prices should be raised immediately after Sept 7 when the monsoon session of parliament ends that may also see a hike in petrol prices, a senior official in the ministry said.
(Sources: Economic Times, Reuters India, Hindu Business Line, Financial Express, IBNLive)
World Bank appoints Kaushik Basu as its chief economist
The World Bank on Wednesday appointed Kaushik Basu as its Chief Economist and Senior Vice President. Basu, 60, will begin his term on October 1, World Bank Group President Jim Yong Kim said in a statement. Basu, who replaces Justin Yifu Lin, was Chief Economic Adviser in the finance ministry till July.
(Sources: Economic Times, Reuters India, WSJ, Hindu Business Line, Financial Express)
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