สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 28 พฤษภาคม 2555
India expansion on for global cash & carry chains
International cash and carry chains in the retail sector want to expand through the year in India, despite the economic slowdown and dip in foreign investor confidence.
Having no foreign direct investment (FDI) restriction, these wholesale chains are allowed to sell products only to retailers, professional users, caterers, institutional buyers and other businesses, which need special licences to buy from these outlets.
Wal-Mart, the $446-billion American retail giant, which operates cash and carry outlets in India in a 50-50 joint venture with the Bharti group, expects to open 12 to 15 wholesale outlets in 2012, against 10 in 2011.
Cash-and-carry represents an opportunity worth around $150 billion of the $500-billion annual retail business in India.
(Source: Times of India, Indiatimes, Newspolitan, i4u, Newsrack)
Gold imports fall 32% on strict govt measures
Gold imports to India declined 32.4 per cent in 2011-12, as the government stepped up measures to control the precious metal’s flow into the country, including rises in import duties.
A Reuters poll estimated that gold imports to India stood at 655 tonnes in the last financial year, compared with 969 tonnes the year before.
The decline in the past financial year assumes significance as the Gems and Jewellery Export Promotion Council (GJEPC) has been receiving repeated complaints from its members for non-availability of gold in remote areas. Looking at the growing appetite of Indian consumers for gold, the decline in import may put further pressure on prices.
India’s gold import bill shot up during 2011-12 to around $56 billion as against $33 billion the year before.
(Source: Business Standard, Hindu Business Line, Smartinvestor)
GDP growth in FY 12 likely to disappoint
Even as memories are fresh of the recent Index of Industrial Production (IIP) goof-up, the Ministry of Statistics and Programme Implementation (MOSPI) is yet to receive all the required data for issue of Gross Domestic Product (GDP) for 2011-12, though barely four days remain to do so.
Initial trends show that even services numbers, expected to hold up GDP, are very weak, government officials say. This may pull down the overall GDP growth to less than the 6.9 % calculated in advance estimates for 2011-12. The actual figures are slated to be released on Thursday. In 2009-10 and 2010-11, economy grew by 8.4 %.
Industrial production data is anyway bad, growing by just 2.8 % in 2011-12 against 8.2 % in 2010-11, though the agriculture sector may provide some relief.
(Source: Business Standard, Rediff, Hindu Business Line, Indiatimes)
Champion Agro plans $ 18 million expansion
In a bid to expand its business territorially, Rajkot-based Champion Agro Limited planning to invest about $ 18 million in next two years. As part of its expansion plans, the company is planning a North India foray and will look to tap states like Punjab, Delhi and Haryana.
The agri retail company already has 40 stores in Gujarat and is planning to open another 25 such stores in North India. The company offers a wide range of seeds via its 100 % subsidiary, Champion Agro World.
Currently, the company deals in cotton, groundnut, cumin, sesame, wheat, bajra (pearl millet), maize and vegetables seeds. Moreover, Champion Agro World also manufactures and markets crop protection products including insecticides, fungicides, herbicides and plant growth regulators.
With the crop protection portfolio including popular brands like Bayer Crop Science, Monsanto India, Dow Agro Science, and UPL, Champion Agro pegged an annual turnover of $ 7.6 million last year.
(Source: Business Standard, Hindu Business Line, Indiatimes, Indianews24, i4u)
Economic Section
Royal Thai Embassy
