สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 12 เมษายน 2556
Improvement of macro parameters needed for 9% growth: Pranab Mukherjee
India needs to improve macro-economic parameters like inflation, fiscal balance and current account deficit to achieve 9 % growth rate, President Pranab Mukherjee said on Thursday.
India's economic growth rate slipped from 9.3 % in 2010-11 to 6.2 % in 2011-12. It is estimated to fall to 5 % in 2012-13.
In order to improve the macro-economic parameters, the government has drawn a road-map to bring down the fiscal deficit to 3 % of the GDP by 2016-17, from 5.2 % in 2012-13. Similarly, steps are being taken to reduce the current account deficit, which touched a historic high of 6.7 % of the GDP in the quarter ended December 2012.
(Sources: Economic Times, Indiatimes, Business Standard, Hindu Business Line, India Everyday)
Indian economy to remain subdued, gradual recovery seen: Poll
India's economic growth will remain subdued this year and any recovery will be gradual as government spending and interest rate cuts from the RBI revive domestic demand, according to a Reuters poll of economists.
Although inflation is expected to ease, it will not fall near the Reserve Bank of India's perceived comfort level of around 5 %, reducing the chances of aggressive policy action to pull the economy out of its slowest pace of expansion in a decade.
Economists polled for the latest quarterly survey lowered their growth forecast for Asia's third largest economy for the eighth consecutive time.
Gross domestic product will increase 6.0 % in the current fiscal year to March 2014 after it grew at a decade-low of 5.0 % in the previous fiscal year, according to a median forecast of 27 economists.
(Sources: Economic Times, Indiatimes, Business World, India Everyday, Moneycontrol)
Gems and jewellery exports down 9.3% in 2012-13
India's gems and jewellery exports declined by 9.3 % to $39 billion in 2012-13 because of lower demand from global markets, especially in the US and Europe.
During 2011-12, these exports stood at $43 billion, according to the data provided by the gems and jewellery Export Promotion Council (GJEPC)
The major markets for Gems and Jewellery exports include the UAE, the US and Europe.
To reduce dependence on the traditional markets, the exporters are exploring new geographies like Latin America, Africa, Russia and China.
Gems and jewellery constitute 17 % of India's total exports and the sector employs 1.5 million people.
(Sources: Economic Times, Indiatimes, Times of India, Top News Today, News hour 24)
Singh, Merkel say EU and India move closer to FTA
India and the European Union have moved closer to concluding a Free Trade Agreement. This was indicated by Prime Minister Manmohan Singh and German Chancellor Angela Merkel at a joint press interaction after the conclusion of the second Indo-Germany Governmental Consultations here on Thursday.
Dr. Singh said the two sides had agreed on the importance of early conclusion of a “balanced” India-EU broad-based Trade and Investment Agreement.
Ms. Merkel indicated that further progress was needed on reducing the levels India imposes on import of automobiles and on hiking the foreign direct investment (FDI) limit in the insurance sector.
Dr. Singh said he had explained to the Chancellor that India was committed to liberalizing the FDI cap in the insurance sector.
(Sources: Reuters India, the Hindu, Hindu Business Line, Business Times, Daily India News)
World Bank says to lend India up to $5 billion a year
The World Bank said on Thursday it would lend between $3 billion to $5 billion annually to India under a new four-year plan that focuses development projects on the country's poorest states.
The World Bank said in a statement that 60 % of the financing will go to government-backed development projects and half of this, or 30 %, will go to the country's poorer states. Under the previous strategy, about 18 % of lending went to these states.
Earlier this month World Bank President Jim Yong Kim urged the international community to eradicate global poverty by 2030.
The Bank said the plan aims to cut poverty in India to 5.5 % of the population by 2030 from an estimated 29.8 % in 2010.
(Sources: Economic Times, Indiatimes, Business Standard, India Everyday, Livemint, IBNLive)
Industrial output growth slows to 0.6% in February
India’s industrial production growth slowed to 0.6% in February from a year earlier, government data showed on Friday.
Analysts polled by Reuters had expected output to shrink 0.7% annually. Revised data for January showed production at factories, mines and utilities remained unchanged at 2.4%.
Manufacturing, which constitutes about 76% of industrial production, grew 2.2% from a year earlier, the Central Statistics Office said. In the April-February period, industrial production expanded an annual 0.9%.
(Sources: Indian Express, Hindustan Times, Times of India, Smart Investors, Livemint)
Consumer price inflation slows to 10.39% in March
India’s annual consumer price inflation slowed to 10.39% in March from the previous month, government data showed on Friday.
Consumer prices rose an annual 10.91% in February.
India’s retail inflation is the highest among the BRICS group of emerging economies—Brazil, Russia, China, and South Africa. Food prices for consumers rose 12.42% on year in March, slower than an annual rise of 13.73% in February.
(Sources: Economic Times, Indiatimes, Livemint, Indian Express, NDTV, Hindustan Times)
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