Exports slide for fifth month, fall 11% in Sept
Exports declined for the fifth consecutive month in September, falling 10.8 % to $23.7 billion, owing to sagging global demand, particularly in Europe and the US. Imports into the country, however, rose 5.1 % to $41.8 billion, widening the trade deficit to a 16-month high of $18.1 billion.
Oil imports in September rose 30.74 % to $14.1 billion, against $10.77 billion in September 2011. However, non-oil imports fell 4.46 % to $27.68 billion. While oil imports during the April-September period rose 6.8 % to $80.8 billion, non-oil imports fell 9.8 % to $152.1 billion during the period.
(Sources: Business Standard, Economic Times, Indiatimes, Tribune India, i4u)
August industrial output up 2.7 percent
India's industrial production rose by a higher-than-expected 2.7 % in August from a year earlier, after contracting in July.
Analysts polled by Reuters had expected a rise of 1.1 percent in August output. Revised government figures released on Friday showed July output fell by 0.2 %.
Manufacturing, which constitutes about 76 % of industrial production, rose an annual 2.9 % from a year earlier, the federal statistics office said.
In the April-August period, industrial production expanded an annual 0.4 percent.
(Sources: Reuters India, Moneycontrol, Indian Express, IBNLive, NDTV, Zeenews)
Amritsar set for $ 562 mn makeover
Amritsar is all set to get a new look with Punjab Deputy Chief Minister Sukhbir Singh Badal approving projects worth $ 562 million projects for the city and its peripheral towns.
Badal said that the Punjab government has already requisitioned the services of an expert international town planner to draw a development blueprint for the city, which would retain Amritsar’s heritage appearance and character.
(Sources: Business Standard, Times of India, Hindustan Times, Zeenews)
Road construction technology to go green in Assam
With the objective to go green, Assam on Wednesday launched a unique ‘Green Roads Mission’, which envisages construction of roads with environment-friendly technology.
The Public Works Roads Department (PWRD) of Assam government has tied up with Central Road Research Institute (CRRI), New Delhi and Bitchem Asphalt Technologies Ltd (BATL), an international value-added-bitumen manufacturing company, for implementation of the ‘Green Roads Mission’ in the state. The PWRD from now onwards will use Cold Mix Technology (CMT), which does not require any heating and is believed to be environment friendly as well as labour friendly, for road construction in Assam.
(Sources: Business Standard, Times of India, Indiatimes, Tribune India)
Auto component industry growth to slow down to 8-10% this FY: ACMA
The Indian auto component sector grew by 15.7 % in the fiscal 2011-12 posting a turnover of $ 41 billion but the growth will moderate to 8-10 % in the ongoing fiscal, according to industry body ACMA.
In its 'Industry Performance Review' for the fiscal 2011-12, Automotive Component Manufacturers Association of India (ACMA) said investments in the sector declined to around $1.6-1.9 billion in FY12 as compared to $2-2.5 billion in FY11 due to moderation in vehicle sales and depressed market sentiments. During 2011-12, exports of auto components grew by 32.7 % to $6.9 billion while imports grew by 25 % to $10.6 billion.
(Sources: Business Standard, Economic Times, Indiatimes, Zeenews, Deccan Herald, i4u)
Renewable energy investments grow globally; India reports sharpest surge: Report
New investments in renewable energy and fuels reached USD 257 billion worldwide last year, with India logging the sharpest surge and China attracting the largest amount at USD 52.2 billion, says a report. In 2010, the total global investment in the renewable power and fuel was USD 220 billion, according to the latest report of Worldwatch Institute.
"Investment in India grew 62 % -- the highest growth rate for any single country over 2010 totals," the report said.
(Sources: Economic Times, Indiatimes, Hindu Business Line, Livemint, Moneycontrol, Business Time)
Cut in duty drawback rates to impact engineering sector: CII
Expressing concern over recent reduction in duty drawback rates for sectors like engineering, CII today said the move would erode the competitiveness of the segment in the global market.
Under the duty drawback rate scheme, the government refund duties on imported inputs for export items. India's export declined by 11 % in September to USD 23.69 billion due to sluggish demand in the European market.
(Sources: Economic Times, Indiatimes, Financial Express, Moneycontrol, i4u)
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