สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 6 มิถุนายน 2555
Morgan Stanley scales down India's growth forecast to 5.8 per cent
Global investment bank Morgan Stanley today blamed a misguided policy approach focused on consumption for the steep fall in the growth momentum, while scaling down its FY13 growth forecast to 5.8 %, the lowest estimate so far.
The New York-headquartered bank has cut its growth forecast from the earlier 6.3 % for the current fiscal citing a 'bad growth mix'.
(Sources: Times of India, Economic Times, Zeenews, Financial Express)
Indian markets losing currency among investors; GAAR, policy paralysis hit local trading
India's economic growth plunging to a nine-year low in the quarter to March may have come as a big shock to many last week.
Now, data relating to equities and currencies shows the country's financial markets too are being exported as investors increasingly trade in Indian assets in overseas markets against the backdrop of retrospective taxation measures, policy paralysis and uncertainty.
(Sources: Economic Times, Worldnews, Moneycontrol, Indiatimes)
Anand Sharma seeks support for FDI in retail
The commerce and industry minister, Anand Sharma, said the Union Cabinet has already cleared a decision on allowing foreign direct investment in multi-brand retail and it can be notified once there is consensus on the issue.
The Union Cabinet had approved 51% FDI in multi-brand retail on November 24 but decided to keep the decision in abeyance after strong opposition from key ally Trinamool Congress.
The ministry is working on a mid-way solution that gives the states right to adopt the policy if they see merit in it, ensuring that those states that are in favour do not lose out.
(Sources: Business Standard, Economic Times, IBNLive, Moneycontrol)
CII sets agenda for economic revival, urges govt to act
Suggesting an action plan for putting the country on a revival path, the Confederation of Indian Industry (CII) on Tuesday cautioned the government the situation would worsen if it failed to act immediately.
At its national council meeting here on Tuesday, CII President Adi Godrej said that Industrial growth is particularly poor and corporate profits have been declining. Growth in investments is also moderating, while investor perception about India turned negative, owing to the sharp fall in the rupee. According to him, this is the time for everyone, including the Opposition and states, to come together. He added it was possible to achieve a growth rate of nine per cent in 2013-14, if the country put its act together.
(Sources: Business Standard, Hindu Business Line, i4u, Smartinvestor)
Monsoon arrives; farm output prospects brighten
India's annual monsoon rains have arrived at the southern Kerala coast, a top weather official said on Tuesday, brightening prospects of higher farm output by aiding farmers to plant summer-sown crops such as rice, soybean and cotton on time.
The annual rains are crucial for farm output and economic growth as about 55 % of the arable land is rain-fed, and farm sector accounts for about 15 % of a nearly $2-trillion economy, Asia's third-biggest.
(Sources: Reuters India, NDTV, Zeenews, Times of India, Business World)
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