สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 26 มีนาคม 2555
India, South Korea to ease visa norms; boost defence, commerce ties
India and South Korea on Sunday announced a series of steps, from commerce to defence to space cooperation, to deepen the strategic partnership between Asia’s third and fourth largest economies.
Buoyed by a substantial jump in trade—between 65% and 70% after a comprehensive economic partnership agreement was inked in January 2010—both nations have decided to scale up their bilateral target from $30 billion in 2014 to $40 billion by 2015, the leaders of the two countries said on Sunday. Trade in 2011 topped $20 billion.
The two countries have also signed an accord to simplify visa procedures aimed at boosting people-to-people contacts and business travel as Prime Minister Manmohan Singh invited investments from South Korea into India’s infrastructure sector—where the government is seeking investments to the tune of $1 trillion between 2012-17 to spruce up ports, airports, highways and power plants.
Vishnu Prakash, Indian ambassador in Seoul, told reporters that approximately 99% of Korean industries are in the medium- and small-scale sector and are responsible for creating 88% of jobs in the country. There were also discussions on improving air connectivity between the two countries.
(Source: Hindustan Times, Deccanherald, Livemint, Yahoo)
World Bank President to visit India from today
World Bank President Robert B Zoellick begins his 5-day India visit from today to assess the government requirements of multi-lateral funding for meeting its development goals.
Zoellick, who has visited India four times during his five-year tenure as Bank President, will meet government leaders, including the Union Ministers of Finance, Home and Rural Development, and the Deputy Chairman of the Planning Commission to better understand how the World Bank Group can be useful to India in meeting its development priorities.
The World Bank group lent a total of $6.33 billion in the last calendar. The lender also promises to assist in improving levels of social indicators in India by facilitating access to knowledge and finance.
India is the largest client for the International Bank for Reconstruction and Development and its private sector arm, International Financial Corporation.
The Group in its last fiscal (ending June 2011) made USD 6.33 billion available to India, including USD 3.46 billion from IBRD, USD 775 million from IFC, and USD 2.07 billion from its fund for the poorest, the International Development Association.
(Source: Hindustan Times, Economic Times, Indian Express, ZeeNews)
Indian e-commerce mkt may touch $260 bn by 2025: Report
The domestic e-commerce market has the potential to grow between $125 billion and $260 billion by 2024-25, according to an industry report.
The report, 'E-commerce: A boon for the current economic downturn' by First Data Corporation and ICICI Merchant Services, says urban Indian consumers are now confident enough to make online purchases of up to Rs 25,000, from Rs 2,000-5,000 in the recent past.
On the global level, the report says Brazil, US, Europe and China are showing tremendous growth. China is expected to add the equivalent of the entire population of Canada as e-shoppers in each of the next four years.
It also says that even though there are only under-10 million internet users who actually buy online in India, there are about 150 million internet users or around 75 million households that are 'ready' for e-commerce.
According to the report, almost 57% of e-commerce sales come from small towns, while the eight metros account for the remainder.
According to IAMAI, the sectoral umbrella body, current e-commerce market in India is around $10 billion, while US e-commerce market is set to touch $200 billion in 2013, growing at 17%.
(Source: IBNLive, Business Standard, Economic Times, ZeeNews)
Economic Section
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