สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 1 มิถุนายน 2555
Slowdown gets worse, GDP growth sinks to 9-year low
The country’s economic growth fell to 6.5 % in 2011-12, according to official figures released on Thursday. The growth was the lowest in nine years, including the global financial crisis period of 2008-09 when it was 6.7 %. The advance estimates for 2011-12 had pegged the growth at 6.9 %.
Economists have attributed the fall this time to a poor performance in manufacturing, mining and construction, a high interest rate regime, environmental issues, land acquisition problems and an uncertain global economy.
Eight core industries, having a weight of almost 38 % in the Index of Industrial Production, grew just 2.2 % in April 2012 against 4.2 % a year ago. The Prime Minister’s Economic Advisory Council Chairman, C Rangarajan, on Thursday pegged GDP growth at 6.5-7 % for the current fiscal.
(Source: Business Standard, Economic Times, Financial Express Indian Express)
Industry captains demand economic revival package
Stung by the gross domestic product (GDP) growth slowing to a nine-year low of 6.5 % in 2011-12, industry on Thursday demanded a revival package to put the country’s economy back on higher growth path.
FICCI said the current global situation remains fragile and there is an urgent need to take steps on the domestic front to guard against uncertainties.
In a research note, HSBC said the slowdown in growth has proven deeper than expected and blamed administrative obstacles and policy paralysis for the same.
The decline in growth was witnessed in almost all segments of the economy, including agriculture, manufacturing, mining and construction.
Slowdown in investments has significantly lowered the growth potential of the economy and to boost growth over the medium term, India needs deep supply side reforms but with the given administrative bottlenecks.
(Source: Business Standard, Rediff, Indianews24, Moneycontrol, the Age)
M&M has a $ 13.37 billion spending plan over three years
Despite the general slowing in consumer demand, Mahindra & Mahindra, the country’s biggest utility vehicle and tractor maker, has prepared a series of investment plans, including new factories and models, for three years.
M&M plans to spend $ 9 billion as investment towards expansion and new product development over the financial years 2013, 2014 and 2015. Expansion plans include the next phase of plant augmentation at its Chakan unit, near Pune.
(Source: Business Standard, Zeenews, Economic Times, Smartinvestor)
Core sectors grow just 2.2% in April
Reflecting the continued slowdown in economic activity, the eight infrastructure sectors grew a mere 2.2 % in April, against 4.2 per cent in the same month last year. A contraction in the output of all the three oil sector components—crude oil, natural gas and refining—along with that of fertilisers pulled down growth.
The eight core sectors, which have a weightage of 37.9 % in the index of industrial production (IIP), include coal, electricity, cement and steel, all of which saw year-on-year expansion in April.
Coal, steel and cement output rose 3.8 %, 5.8 % and 8.6 %, respectively.
Economists said the poor performance of core sector industries pointed to an economic slowdown, adding the implications of this would be seen on the industrial production data for April, to be released on June 12.
(Source: Times of India, Indiatimes, Newspolitan, i4u, Newsrack)
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