12th Five Year Plan pegs 8.2% growth over 2012-17
The Planning Commission has tasked the government with reviving animal spirits of investors by suggesting a more liberal foreign direct investment policy, assured fuel supply to power plants, removal of impediments for infrastructure projects and certainty for tax payers during the 12th Five Year Plan.
The Plan paints a gloomy scenario of 5% average growth if the policy logjam continues. In the best case scenario, it says the economy will average 8.2% over 2012-17.
The blueprint for the Plan will be taken up for approval of the full Planning Commission chaired by Prime Minister Man Mohan Singh on Saturday in the backdrop of rapidly decelerating economy.
(Sources: Economic Times, Indiatimes, Worldnews, IBNLive, Outlook India)
Centre for Monitoring Indian Economy cuts 2012-13 growth forecast to 6.3%
The Centre for Monitoring Indian Economy (CMIE) today revised the country's economic growth estimate for the current fiscal downwards to 6.3 % on concerns from both the manufacturing and services sectors.
A change in forecast for manufacturing sector and the consequent fall in the growth of the services sector prompted the revision, the think-tank said.
Government data released last month said India's economy grew 5.5 % during the first quarter ended June. Industry grew 3.6 %, agriculture 2.9 % and services sector by a relatively slower 6.9 %.
The city-based research outfit joins a growing list of rating agencies and economists who believe GDP growth of Asia's third-largest economy will slip in the current fiscal.
(Sources: Financial Express, NDTV, Economic Times, Indiatimes, Worldnews)
Growth rate unlikely to slip to 5 per cent this fiscal: Planning Commission
The Planning Commission today said the economic growth is unlikely to slip to 5 % in the current fiscal as things are set to improve in the second half of 2012-13.
The 12th Plan (2012-17) draft document, which will be placed before the meeting of Full Planning Commission, which will be chaired by Prime Minister Man Mohan Singh on Saturday, has reportedly warned that persistent "policy logjam" could pull down the growth rate to 5 %.
The Commission is aiming an average annual growth of 8.2 % during the 12th Plan.
(Sources: Business Standard, Financial Express, Zeenews, Economic Times, Moneycontrol)
Thailand may buy 300,000 tonne rubber to lift prices
Thailand, the world's biggest natural rubber producer, will spend 30 billion baht ($966 million) to buy the commodity from farmers at above-market rates to stem a decline in prices.
The national rubber policy committee on Thursday approved the spending to purchase at least 300,000 tonne, Nattawut Saikuar, deputy farm minister, told reporters in Bangkok.
Rubber futures have rebounded 16% from their lowest levels in almost three years on August 14 after Thailand, Indonesia and Malaysia, representing about 70% of global supplies, announced a cut in exports last month.
(Sources: Economic Times, Indiatimes, Worldnews, IBNLive, i4u, Yahoo)
Hero MotoCorp ties up with Italy's Engines Engineering
Two-wheeler major Hero Moto Corp Ltd (HMCL) today said it has roped in Italian two-wheeler design firm Engines Engineering to partner with it in bringing next-generation product line-up.
Under the partnership, the Bologna-based firm will impart technological know-how in terms of designing for future products to be launched by HMCL, the company said in a statement. Set-up in 1979, Engines Engineering is an end-to-end motorcycle designer. Its expertise starts from conception and design to styling, on line assembly, industrialisation, and marketing.
(Sources: Economic Times, Hindu Business Line, Zigwheels, i4u)
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