สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 4 เมษายน 2556
Prime Minister Manmohan Singh says economy can grow at 8%, promises more reforms
Giving a pep talk to boost investor confidence, Prime Minister Manmohan Singh today promised further liberalisation of FDI regime and push ahead land reform measures expressing confidence that the economy can return to 8 % growth with decisive government action.
Addressing the business and corporate leaders, he termed the business mood in the country as unduly pessimistic and that the economy was facing only a temporary downturn.
The private sector, the Prime Minister said, needs an environment in which enterprise can flourish and create both jobs and stimulate growth to ensure that it remains inclusive.
The country has to cope with weak exports and higher Current Account Deficit (CAD), which is due to global factors, he said adding the CAD will be around 5 % of GDP in 2012-13.
(Sources: Economic Times, Indiatimes, BBC, Zeenews, Moneycontrol, Hindu Business Line)
CAD likely to be at 4.8 pc in March qtr, says HSBC
India's current account deficit, which hit record high of 6.7 % in December quarter, is likely to be around 4.8 % of GDP in the March quarter, HSBC said in a research note.
Though trade deficit is expected to "narrow" in 2013 driven by ongoing curb of gold imports and the gradual removal of fuel subsidies, the deficit will still be "sizeable", it said.
According to HSBC Chief Economist for India and ASEAN, Leif Eskesen, India's current account deficit for the March quarter is likely to be around 4.8 % of the GDP largely because, despite the reform efforts so far, the demand for oil and gold will only reduce "gradually".
The CAD represents the difference between inflows and outflows of foreign currency. The CAD had touched 5.4 % of GDP in July-September quarter.
(Sources: Economic Times, Indiatimes, Business Today, Press Trust of India, Hindu Business Line)
NABARD's fin assistance to Karnataka in FY13 at over $ 1.54 billion
Karnataka regional office of NABARD has recorded all time high financial assistance in the State at $ 1.54 billion during 2012-13 for agricultural and rural development, registering an year-on-year growth of about 40 %.
Fifteen projects involving $ 11.37 million outlay have been sanctioned by NABARD to enhance livelihood of the poor people in organic farming and processing and integrated dairy farming, among others.
In order to help farmers in the drought-affected State, NABARD has extended concessional crop production finance at 4.5 % per annum to the extent of $ 990 million during 2012-13 to cooperative banks.
(Sources: Economic Times, Indiatimes, Zeenews, World News, i4u, News BCC, India Everyday)
India's slowdown temporary, government taking corrective action: PM
Amid speculation over early elections and his candidature for a third successive term at the helm, Prime Minister Manmohan Singh has emphasised that the slowing of economic growth is temporary and the prevailing pessimism is unwarranted. Blaming global economic woes for India's sharply reduced rate of GDP growth, Singh said the economy had grown at an average of 8% during the last 10 years and momentum of that kind was not easily derailed.
The prime minister said while foreign investment rules had been eased for multibrand retail and civil aviation, the government was looking at a comprehensive review of the FDI policy.
Singh's prognosis that the downturn was temporary comes at a time bad news from various macroeconomic indicators continues to pour in.
(Sources: Economic Times, Indiatimes, Worldnews, Firstpost, Rediff News, India Everyday)
Gujarat, AP, WB identified as possible opportunity states in untapped automobile market
Gujarat, Andhra Pradesh and West Bengal have been identified as possible opportunity states as they have performed better than national average in terms of one factor and also have a high share of untapped growth, according to an ASSOCHAM study on India's automotive sector.
The study also said that Tamil Nadu and Rajasthan have the highest growth potential for the automobile industry for adding new and first time customers. Both Tamil Nadu and Rajasthan have registered a high growth in employment generation, per capita income and monthly per capita consumption expenditure share in durable goods and are ahead of the national growth in the three key indicators i.e. income, employment and expenditure across 20 major states of India as per a state-wise study titled "Automobile Industry in India: Saturated & Potential States," released by The Associated Chambers of Commerce and Industry of India (ASSOCHAM). The study was conducted between the periods of 2000-2007.
(Sources: Economic Times, Indiatimes, Daily India News, Rediff, News BCC, i4u, India Everyday)
Govt considers increasing FDI limit to 49% in defence sector
The government is considering a proposal to raise the foreign direct investment (FDI) limit in the defence sector to at least 49%, trade minister Anand Sharma said on Wednesday.
The defence ministry has opposed the plan to raise the overseas investment limit from the current 26%.
“I am in favour of raising FDI limit in the defence sector to at least 49%, if not 74%,” Sharma said at the annual conference of lobby group Confederation of Indian Industry (CII), adding that the government was also looking at increasing FDI caps in the insurance and banking sectors.
In a discussion paper released in May 2010, the industry department had proposed to raise FDI in private defence manufacturing from 26% to 74%, or even 100%. However, industry chambers had expressed their reservation against raising the FDI limit in defence sector above 49%.
(Sources: Economic Times, Indiatimes, Livemint, Zeenews, Moneycontrol, NDTV, India Everyday)
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