สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 10 พฤษภาคม 2555
Rupee depreciation may impact corporate profits: Economists
The depreciating rupee, which hit a record low on Wednesday, may impact companies’ profits, particularly of those using imported material. This is because in the current scenario of low demand, these do not have the pricing power to pass costs on to customers. This would harm the overall economic growth, say economists.
The falling rupee would also take away much of the benefits of declining international crude oil prices, though global prices had come down at a faster rate than the pace of the rupee’s depreciation against the dollar, economists said.
(Source: Economic Times, Hindu Business Line, Business Standard)
India's urban consumer confidence edges up: Survey
The confidence among urban consumers in the country improved in April even though uncertain economic condition remains a concern, says a study.
According to financial service provider BluFin's Consumer Confidence Index (CCI) rose to 41.1 in April from 39.9 in March. This was the fourth straight month of an upward trend that started in the beginning of 2012.
The BluFin index is based on the current sentiment of consumers along with their feelings about the future of inflation, spending and employment. The index reflects pessimism at below 50 score and optimism above that. The study was based upon interview of 4,000 urban consumers in 18 Indian cities, including metros and smaller cities.
(Source: Reuters India, Economic Times, Times of India, IBNLive)
2012 not to be a shining year for Indian gems and jewellery
The Indian gems and jewellery industry will see muted demand in 2012 with volume growth to be around four percent for the sector, Fitch Ratings said Wednesday.
According to the rating agency, the low volume growth expected to be logged by the sector may be attributed to a reduction in discretionary spending both in the export and domestic markets.
Relief may, in any case, be available from the increasing demand from Russia, China and East Asian nations. As such, exports, which constitute around 85 percent of the sales of organised companies in this sector, are likely to remain flat in volume terms.
(Source: Economic Times, World News, Yahoo India)
ONGC to foray into gas retailing business, plans to set up ONGC Gas
In an attempt to de-risk its exploration business, state-owned Oil and Natural Gas Corp (ONGC) plans to foray into gas retailing business through a new subsidiary -- ONGC Gas Ltd.
ONGC would use the new subsidiary for its foray into city gas distribution business and sale of imported liquefied natural gas (LNG), company officials said.
ONGC is part of a consortium which is vying for British energy group BG's stake in Gujarat Gas, which retails CNG to automobiles and piped cooking gas to households in cities like Ahmedabad and Surat in Gujarat.
(Source: Economic Times, ZeeNews, Financial Express)
Auction soon for 54 coal blocks with 18.22 BT reserves
The government said it will soon start auctioning 54 coal blocks that have an estimated 18.22 billion tonnes of reserves. The introduction of auctioning would help the government to allocate coal blocks in a transparent way.
Out of the identified 54 blocks, 16 blocks with 7.27 billion tonnes reserves have been identified for state-owned companies. Another 16 blocks with 8.16 billion tonnes reserves have been earmarked for power generation companies to be selected through tariff-based bidding. The remaining 22 coal blocks with 2.79 billion tonnes reserves would be given to different other firms which would be selected through auctions.
(Source: Economic Times, Indian Express, Hindu Business Line, Business Standard)
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