สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 16 พฤษภาคม 2555
RBI intervenes again, saves the rupee from falling to all-time low
The Reserve Bank of India (RBI) on Tuesday swung into action to save the battered rupee after it crossed the 54-a-dollar mark in early trade.
The RBI action helped the currency appreciate 43 paisa but the gains were eroded later in the day on robust dollar demand from importers. The RBI’s support came as the rupee threatened to touch a record low of 54.30, earlier hit on December 15, 2011.
A worsening global environment amid the sovereign debt crisis in the euro zone and weak macroeconomic fundamentals domestically — indicated by the twin deficits, fiscal and current account — have taken a heavy toll on the rupee. The currency was weakened 20 % against the dollar in the past year. Since the beginning of the month, it has depreciated two per cent.
(Source: Indiatimes, Worldnews, Business Standard, Livemint)
India must open coal to private miners: Tata
India must bring in more private miners to develop coal reserves which majority state-owned Coal India Ltd has left untapped, Tata Power Company Ltd executive Amulya Charan said on Tuesday.
India is among the world's fastest-growing coal importers, according to analysts Wood Mackenzie.
The country is battling chronic power shortages which are hampering the economy, largely due to the yawning gulf between domestic coal supply, demand and its ability to import fuel.
Coal India aims to raise its output to 464 million tonnes in 2012/13 after missing its scaled-down target for the previous year and is separately considering importing up to 15 million tonnes of coal at prices far exceeding domestic levels to help bridge that gap but these measures are not enough, Charan said.
India is likely to import up to 80 million tonnes of thermal coal in the current financial year.
(Source: Moneycontrol, Economic Times, Business Standard)
Honda's mass market bike to take on former partner Hero
Honda Motorcycle and Scooter India (HMSI) will add multiple products in the mass commuter segment to boost volumes, as Japanese auto major Honda Motor Company Limited is looking at shoring up nearly a third of its revenues of its two-wheeler business from the Indian subsidiary over the next eight years.
Sales from the Indian arm account for 13 % of revenues for the Japanese two-wheeler maker. By 2020, this is expected to more than double to 30 %. The company, which launched its second mass offering — Dream Yuga — in the Indian market on Tuesday, is looking at adding on a third product in the commuter segment over the next two years to rev up numbers.
(Source: AsianAge, Moneycontrol, Reuters India, Business Standard, Livemint)
TRAI strongly defends auction proposals
The Telecom Regulatory Authority of India (TRAI) has strongly defended its recommendations on spectrum re-auction. It has written to the Department of Telecommunications (DoT) to reject the contentions of the chiefs of four telecom companies, including Bharti Airtel, Vodafone and Idea Cellular, on the issue. The operators had said TRAI recommendations would lead to a 30 % increase in rates. And, that reframing of spectrum was not in line with the best international practices.
TRAI said there was no reason to believe the reserve price it had recommended (for the auction) was unreasonable. According to its calculation, EBITDA (earnings before interest, taxes, depreciation and amortisation) and return on capital employed show a healthy and increasing trend over the next 20 years, based on the new base price for auction of spectrum.
(Source: Times of India, Business Standard, Indiatimes)
Tamil Nadu aims to become investment destination of choice
The state of Tamil Nadu is seeing a sudden surge in investments. In a single day — May 14 — the state government signed MoUs for investments worth $ 1.45 billion, a major chunk of which will come from the automobile industry. State government representatives said these MoUs indicate that investors, especially the automobile industry, are reiterating their faith in the state.
Twenty-eight leading industrial institutions have come forward to invest about $ 6.7 billion in Tamil Nadu, according to the state industries department. These proposals are now at different stages of consideration.
The companies that signed MoUs on Monday include Ashok Leyland- Nissan, Yamaha, Daimler and Eicher Motors. The investments come at a time when the J Jayalalithaa-led government is celebrating the occasion of completing one year in power on Wednesday.
(Source: the Hindu, Hindu Business Line, Business Standard)
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