สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 23 พฤษภาคม 2555
India's growth to slow this year due to high inflation, says OECD
The Organisation for Economic Cooperation and Development (OECD) on Tuesday projected India’s economic growth rate to slow down to 7.1 % in 2012 against 7.3 % in 2011 due to high inflation that leaves limited space for the Reserve Bank of India (RBI) to manoeuvre. Economic growth would, however, expand by 7.7 % in 2013, OECD said.
It should be noted that these growth figures are not exactly comparable with India’s official figures, as the country takes GDP at factor cost (exclusive of indirect taxes), while OECD calculates GDP at market prices (inclusive of indirect taxes).
According to Reuters, the report also said continued government policy uncertainty could erode the country’s long-term growth prospects. Economic growth in India has slowed due to a slump in manufacturing and investment spending.
(Source: Business Standard, Rediff, Business Today, Livemint, Business World)
Vodafone blames the country's bureaucracy for its India woes
Vodafone has slammed inclusion of its name in an official document on black money and exhorted India's political leaders to intervene, in uncharacteristically blunt comments that appear to blame the country's bureaucracy for much of its recent travails.
Vodafone's India unit Chief Executive Martin Pieters, speaking in Mumbai, was more emphatic saying the company may not go ahead with its proposed public offer this year if the government accepts sector regulator Trai's proposal to auction airwaves at 13 times of 2008 price.
(Source: Economic Times, World News, Google News, i4u, Indiatimes)
Rupee hits new record low of 55.47 against dollar; RBI still absent
The rupee hit a record low to the dollar for the fifth straight session on Tuesday, weighed down by large dollar demand from oil firms and weak global risk sentiment, especially after Fitch downgraded Japan's ratings. The rupee fell to an all-time low of 55.47 per dollar, before closing at 55.39/40, as per SBI closing rates, compared to its Monday close of 55.03/04.
However, analysts still left open the possibility of surprise measures, probably in the form of direct dollar sales to oil importers or some type of sovereign bond issuance, adding the RBI or the finance minister would need to adopt big measures to stop the rupee's falls.
(Source: Economic Times, IBNLive, the Hindu, Times of India)
Haryana to invest $ 41.63 million in 5 biomass power projects
The Haryana Government would set up five biomass projects costing $ 41.63 million to generate about 51 MW of power for which it has signed Memorandum of Understanding (MoU) with four companies.
With a view to create awareness among students and common people about devices based on renewable energy and energy conservation, government has set up 21 energy parks at district level with at a cost of $ 325,800 USD.
The Haryana Government had also started a scheme to provide grant-in-aid to the people in the State and its employees residing in Chandigarh to set up solar water heating system.
(Source: Economic Times, IBNLive, World News, Indianews24)
Karnataka, Andhra Pradesh record highest fish production growth rate: ASSOCHAM
Karnataka has emerged as the leading coastal state with highest growth of fish production according to an independent research and analysis of an apex industry body Assocham. With about 5, 00,000 tonnes of annual fish production, Karnataka accounts for almost 6 % of overall fish production in India which is currently estimated at about 91, 00,000 tonnes according to Assocham.
Besides, in value terms the fisheries sector in Karnataka is worth about $ 724 million. With over 300 km of coastline and almost 6, 00,000 hectares of inland waters, Karnataka has huge scope for further growth and investments in fisheries sector. Incidentally, about 8, 00,000 fishermen are involved in fishing business across Karnataka.
(Source: Economic Times, Business Standard, the Hindu, World News)
Auto companies turn to localization
Hit by costlier imports on the back of a depreciating rupee, domestic automobile companies are looking at stepping up localisation efforts and scaling up exports to cut costs and offset the impact of adverse foreign exchange fluctuations.
S Maitra, senior managing executive officer (supply chain), Maruti Suzuki, said: “As much 65 % of the components we import have exposure to the yen. We are sourcing more components from the ASEAN (Southeast Asian) region, from countries such as Thailand rather than Japan, to ward off currency risks and, thereby, reduce dependence on Japanese vendors.”
(Source: Business Standard, Indianews24, Smartinvestor, i4u)
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