สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 26 เมษายน 2556
Government pitches for rating upgrade with S&P
The government pitched for a rating upgrade on Thursday at a meeting with ratings agency Standard & Poor's, a top finance ministry official said, citing steps taken by it to control a high fiscal deficit and revive investments.
S&P and its rival Fitch had cut their outlook on India to negative last year, warning the country of a possible rating downgrade to "junk" on worsening public finances, a slowing economy and persistent political gridlock in New Delhi.
But in their meeting with S&P, Indian officials argued the outlook should be changed, and the country deserved an upgrade for actions taken by Prime Minister Manmohan Singh's government to put finances in order and bolster investor confidence.
Both Fitch and S&P rate India at BBB minus with a negative outlook, the lowest investment grade among the BRIC group of large emerging economies.
(Sources: Reuters India, Economic Times, Indiatimes, Livemint, Moneycontrol, Financial Express)
Pranab Mukherjee optimistic of revival of India's economic growth
President Pranab Mukherjee today expressed confidence that the country would be able to return to the 7 to 8 % growth level in the next two to three years.
Stating that India's strategy of inclusive economic growth has shown positive results, he pointed out that average annual economic growth during the last 10 years was 7.9 % though it has decelerated to 5.0 % in 2012-13.
(Sources: Economic Times, Indiatimes, Zeenews, DNA India, Business Standard, News Hour 24)
Tata Power commissions 21 MW wind power project in Rajasthan
Tata Power today said it has commissioned its 21-MW wind power project in Rajasthan.
The company has signed an agreement for installing 30 MW in Rajasthan, of which 21 MW has been commissioned.
With this, the total power generation capacity of Tata Power stands at 8,521 MW, it said in a statement.
The generation through clean sources such as hydro, wind and solar now stands at 873 MW and thermal power generation capacity at 7,648 MW.
Tata Power has an operating capacity of 397 MW in wind power which is spread across five states- Maharashtra, Tamil Nadu, Gujarat, Rajasthan and Karnataka.
(Sources: Business Standard, Moneycontrol, Smart Investors, India Infoline, Infraline)
TN power sector to get funding from Japan
The Tamil Nadu government on Thursday said the Japanese government had come forward to fund the upcoming power sector infrastructure in the state to the tune of USD 1.3 billion. These will be taken up by the subsidiaries of the ailing Tamil Nadu State Electricity Board (TNEB).
Apart from this major development, the state announced its intent to invest up to USD 1.3 billion in developing a new hydro-electric project in the state.
Speaking in the Assembly, chief minister J Jayalalithaa said: “Setting up of new power projects alone will not solve the problems; proper distribution and transmission infrastructure are also the need of the hour".
Ranked high among the power deficit states, Tamil Nadu is reeling under a shortage of 4,000 Mw every day. To address the power crisis and to cater to the future demands, the government has already announced it would take up power projects worth $ 3.88 billion.
(Sources: Economic Times, Indiatimes, Business Standard, Smart Investors, Indian Power Sector)
India Inc expects sales to improve over next six months: Assocham
A majority of India Inc executives expect corporate sales volume to improve in the coming six months as economic situation has somewhat improved, a survey has said.
Over 61 % of business executives surveyed felt that their sales volume would increase in the next six months while 64 % of respondents said selling prices would be more or less at the same level as the pricing power of the companies will not change, the study conducted by Assocham-Bizcon said.
"Few factors such as weak demand in export market, rising imports in the home market, poor infrastructure, high cost of credit and increasing raw material prices continue to adversely affect the business performance thereby slowing down the pace of growth of the industry," the study added.
(Sources: Economic Times, Indiatimes, Financial Express, Indian Express, i4u, India Everyday)
Proposed Land Acquisition Bill concern for industry, says Ficci
Expressing concerns over the Land Acquisition Bill, Ficci on Thursday said the proposed legislation should balance the interests of the farmers and the industry.
"The proposed Land Acquisition Bill is a concern. We remain very uncomfortable with the Bill as it was tabled, and some of the changes being proposed add to that discomfort, and we do believe that this will stand in the way of growth and employment," Ficci president Naina Lal Kidwai said.
The chamber said that there are major concerns of the industry which remain unaddressed.
The industry is in favour of fair compensation for land owners but at the same time we need to ensure that land is available to industry at competitive rates, without delays and with certainty, it said.
The Bill proposes the payment of compensation that is up to four times the market value in rural areas and two times the market value in urban areas.
(Sources: Business Standard, Zeenews, Financial Express, Hindu Business Line, Smart Investors)
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