Policy measures required for 8.2% growth: Montek Singh Ahluwalia
For the first time, the Plan document has talked of three alternative scenarios. The draft Plan, approved by the full Planning Commission meeting, chaired by Prime Minister Man Mohan Singh, said adequate policy measures would be taken to meet the target of an average annual growth rate of 8.2 %. If half-hearted measures were taken, growth might slip to 6-6.5 % and, in the case of policy logjam, it could even fall to five per cent, it said.
Planning Commission Deputy Chairman Montek Singh Ahluwalia said that the idea behind these is to send across a message that strong policy decisions are needed to reach 8.2 % growth.
(Sources: Business Standard, the Hindu, Times of India, Indiatimes, Worldnews, NDTV)
FDI in retail will ensure farmers get higher price for produce: Anand Sharma
Taking on the Bharatiya Janata Party (BJP) for castigating the United Progressive Alliance (UPA) government's decision of FDI in retail, union minister for commerce and industry Anand Sharma on Monday charged that two crucial BJP-ruled states had given consent for the same.
“The governments in Gujarat and Himachal Pradesh, both ruled by the BJP, had given written consent for bring FDI in retail in the country,” Sharma told reporters here Monday afternoon. Citing a World Bank report, Sharma said only 12 to 14 % farmers in the country were getting the real value for their hard work.
(Sources: Business Standard, India Today, i4u, Zeenews, IBNLive, NDTV)
FDI in multi-brand retail may attract investments of up to $3 bn in 2 years: Consultants
Allowing 51 % FDI in multi-brand retail can attract investments of up to USD 3 billion in India in the next two years, according to consultants.
Stating that the government's decision to go ahead with FDI in multi-brand retail sends positive signal to foreign retailers waiting to enter India, consultancy firms Tecnova, KPMG and Ernst & Young are unanimous that the latest policy reforms will stimulate the sector's growth.
(Sources: Economic Times, Business Standard, NDTV, Indiatimes, Worldnews)
Bihar not to allow FDI in retail: Nitish Kumar
Maintaining his opposition to FDI in multi-brand retail, Chief Minister Nitish Kumar said there was no question of allowing investment of foreign capital in the retail sector in Bihar.
The chief minister held that foreign investors would try to capture the retail sector that would subjugate the farmers and destroy local retailers and the common man would not benefit in any way.
The state government would like to protect domestic capital invested in the retail sector and foreign capital should instead be allowed in infrastructure and related sectors which required huge investments Kumar said.
(Sources: Economic Times, Indiatimes, NDTV, Times of India, Rediff, India Today)
Engineering exports down 9.7 per cent in August
Engineering exports declined by 9.7 % to USD 4.67 billion in August 2012 due to sluggish demand in markets like the US and Europe.
In August last year, these exports stood at USD 5.17 billion, according to data released by the Engineering Export Promotion Council (EEPC), which is under Commerce Ministry. The US and Europe together account for over 60 % of India's total engineering exports.
India exports engineering items such as transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners.
(Sources: Economic Times, Indiatimes, Financial Express, Worldnews, Zeenews, the Hindu)
Implementation of economic reforms in India uncertain: S&P
Despite calling the Indian government's announcements on Foreign Direct Investment (FDI) as an encouraging development, Takahira Ogawa, Director of Sovereign Ratings at Standard & Poor's said that uncertainty persisted over the implementation of these measures.
A downgrade would take India's rating to below investment grade, which may force many investors to sell Indian securities or stop incremental investments, depressing capital flows and raising cost of borrowing for the local companies.
India currently enjoys a rating grade of BBB- from S&P, in line with countries such as Croatia and Latvia and below Spain, Italy and even Thailand.
(Sources: Economic Times, Business Standard, NDTV, Indiatimes, Indian Express, Worldnews)
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