India, Myanmar and Thailand discuss trilateral connectivity
India, Myanmar and Thailand today took stock of the eagerly awaited trilateral connectivity project and decided to make all efforts to implement it by 2016.
The India-Myanmar-Thailand Joint Task Force meeting on the trilateral highway project was held here in which all sides reviewed the present status of the project and discussed future steps.
It was recalled that the idea of a trilateral highway from Moreh in Manipur to Mae Sot in Thailand through Myanmar was conceived at the trilateral ministerial meeting on transport linkages in Yangon in April 2002.
The trilateral highway represents the most significant step in the establishment of connectivity between India and South East Asian countries.
(Sources: Business Standard, IBNLive, Economic Times, Indiatimes, Economy Watch)
Kerala set to showcase its industry-friendly face
Emerging Kerala – Global Connect Summit, a government initiative to attract overseas capital to the state, is set to begin here from on Tuesday with Prime Minister Man Mohan Singh inaugurating the summit.
This is the second such initiative by the United Democratic Front (UDF) to showcase the investment opportunities Kerala offers in various sectors like tourism, IT and Infrastructure. In January 2003, the then UDF government had organised a Global Investors Meet in which investment proposals worth $ 4.69 billion were finalised. Then Prime Minister AB Vajpayee who inaugurated the summit offered a direct central investment of $ 180 billion in Kerala.
(Sources: Business Standard, NDTV, Hindu Business Line, IBNLive)
Domestic steel imports seen rising 18 per cent
India's finished steel imports are likely to rise by 18 % to around 8 million tonnes in the year ending March 31, 2013, a senior executive from the steel industry said on Tuesday, as local manufacturers struggling to get raw materials find it tough to keep pace with demand.
Steel imports in India, Asia's third-largest economy, have already jumped 53.3 % to 2.88 million tonnes in April to July, as rising sales of cars and fridges in Asia's third-largest economy boosted demand and buyers took advantage of lower global prices.
(Sources: Business Standard, Economic Times, Indiatimes, Worldnews, Business Today)
Government clears 21 FDI proposals worth $ 435 million: Finance Ministry
The government today said it has cleared 21 foreign direct investment (FDI) proposals worth $ 435 million, including eight from the pharmaceutical sector.
India allows FDI in most of the sectors through automatic route, but approval of FIPB is required in certain sensitive sectors, like telecom. FDI inflows in the country in 2011-12 total $ 36.50 billion.
(Sources: Economic Times, the Hindu, Business Today, Zeenews, Hindu Business Line)
Walmart plans 3-5 more India wholesale stores by year-end
A cash and carry India joint venture between Wal-Mart Stores and local firm Bharti Enterprises plans to add 3-5 stores by end of the year, a spokeswoman for the world's largest retailer said on Tuesday.
Foreign ownership regulations in India do not allow global hypermarket and supermarket chains such as Wal-Mart Stores Inc and Carrefour SA to set up shops in the country and tap the over $ 450 billion retail market.
Foreign players are, however, allowed to operate wholesale stores.
(Sources: Business Standard, Economic Times, IBNLive, Times of India, Business World)
Inflation likely nudged up to 6.95 pct in August
India's rate of inflation probably picked up in August from July's near three-year low as poor summer rains drove up food prices, a Reuters poll showed, giving the central bank even less room to cut policy rates next week to reinvigorate economic growth.
While central banks elsewhere are trying to ease monetary conditions to counter a global slowdown, the Reserve Bank of India (RBI) has consistently flagged high inflation as a key risk for Asia's third largest economy.
Wholesale prices rose 6.95 % year-on-year in August, slightly higher than July's 6.87 %, according to a poll of 32 economists.
(Sources: Business Standard, Reuters India, Moneycontrol, IBNLive, NDTV)
Economic Section
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