สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 2 มีนาคม 2555
India, China to hold maritime dialogue
India and China have decided to set up maritime dialogue, in a major step aimed at bridging the trust deficit.
The decision was taken at a meeting external affairs minister S.M. Krishna had with his Chinese counterpart Yang Jiechi.
There has been tension between the two countries over their growing influence in the resource-rich Indian Ocean. New Delhi has recently rejected a demand from China to suspend its oil and natural gas exploration in the South China Sea.
At the meeting between the two ministers, both sides reviewed the entire gamut of bilateral relations and discussed issues that could figure in bilateral talks between the Chinese president and Prime Minister Manmohan Singh on the margins of the BRICS summit here on March 29.
The possibility of bringing out joint economic reports and the setting up of a BRICS bank were discussed which will be funded by BRICS member-states to finance projects in developing countries.
In 2010, both sides set a target of $100 billion in bilateral trade by 2015. India-China trade has crossed $73 billion so far in 2011-12. But India is worried about deficit that crossed $20 billion in 2010-11 in favour of China.
(Source: Hindustan Times, Economic Times, Times of India, Livemint)
Govt falls short in chaotic $2.5 billion ONGC share sale
The government fell just short of its target in a chaotic $2.5 billion auction of shares in Oil and Natural Gas Corp (ONGC), getting off to a faltering start in its bid to revive government stake sales to patch its widening fiscal deficit.
The floor price for the auction had been set at 290 rupees late on Tuesday, a 2.3 % premium to the day's closing price, prompting criticism that it should have been priced at a discount to ensure success.
Still, market watchers had expected big institutions like Life Insurance Corp of India (LIC) and State Bank of India to take up any shares in the event of weak demand.
Under India's auction process, if the offer is not fully subscribed, the seller has the option either to accept the bids received or reject the entire auction process. India's deficit-strapped government is expected to accept the bids.
The government had offered 427.77 million shares (5 % of the company's equity) in an issue that ranks among India's five biggest equity offerings. The auction saw demand for 420.3 million shares.
Shares in ONGC, the country's largest oil and gas producer and second-most valuable listed firm, ended the day down 1.7 % at 288.20 rupees.
(Source: Business Standard, Economic Times, Financial Express)
Exports reach $242.80 bn in 10 months of FY12
Total merchandise exports in the first 10 months of the financial year through January reached $242.80 billion, triggering hopes of meeting the government’s target of $300 billion for the whole year. On the other hand, cumulative imports stood at $391.45 billion, widening the trade deficit to $148.67 billion.
In January, exports rose by 10.10 % to reach $25.34 billion, compared to $23.02 billion in the same month last financial year, while imports topped $40.10 billion, up 20.25 % from $33.35 billion in 2010-2011, according to data released by the ministry of commerce and industry.
This is for the second time that exports have registered a month-on-month increase, since it started falling July onwards due to a weak demand in Europe and US markets.
(Source: Business Standard, Times of India, Hindu Business Line)
Economic Section
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