สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 8 มิถุนายน 2555
India Inc happy over PM's new infra plans
A day after Prime Minister Man Mohan Singh approved key infrastructure projects and reiterated his government’s resolve to remove bottlenecks to growth; India’s industry leaders welcomed the government move, saying it would “increase investors’ confidence”.
Yesterday, Prime Minister Singh promised a big push to infrastructure development in the country and also quick action in awarding airports, highways and port projects. With this, the government intends to boost investment and growth in difficult times.
The government’s move comes a few days after official data showed India’s gross domestic product growth slowed to a nine-year low of 5.8 % in the March quarter.
(Sources: Business Standard, Financial Times, Indiatimes, Moneycontrol)
Finance Ministry seeks rate cut by RBI to spur economic growth
Following its commerce counterpart, the finance ministry, too, has pitched for a cut in policy rates by the Reserve Bank of India (RBI) in its policy review scheduled for June 18. This, the ministry said, would spur economic growth, which slipped to a nine-year low of 6.5 % in 2011-12.
(Sources: Business Standard, Moneycontrol, Indian Express)
Diesel vehicle tax to hit investment: Mahindra & Mahindra
Mahindra & Mahindra (M&M), the country's biggest utility vehicle maker, on Wednesday said it will have to put off investment decisions worth $ 728 million for a new plant if the government slaps a hefty special additional tax on diesel vehicles, a demand made by the petroleum ministry and currently being considered by the finance ministry.
The "policy uncertainty" on diesel is affecting new investment plans and making India an unattractive destination for fresh investment by auto companies, Pawan Goenka, president of M&M's automotive division, said.
(Sources: Times of India, Economic Times, Rediff, Indiatimes)
Indian economy to grow at slower pace of 6.7% in 2012: UN
India's economy will grow at a slower pace of 6.7 % in 2012 instead of a previous 7.7 % forecast, according to the United Nations, which warned that the euro area debt crisis will remain the biggest threat to world economy this year.
In its World Economic Situation and Prospects mid-year update, the UN said the global economic situation continues to be challenging and global growth will likely remain tepid in 2012 following a marked slowdown in 2011.
(Sources: Times of India, Economic Times, Zeenews, Moneycontrol, Outlook India)
Karnataka signs MoUs worth $ 91 billion
The Karnataka government on Thursday signed memoranda of understanding (MoUs) for a total investment of about $ 91 billion at the inaugural day of the two-day Global Investors’ Meet (GIM 2012). The second edition of the event saw GVK Group, Tata Group, Suzlon, Embassy Group, Welspun, Chettinad Cement, Future Group, Ascendas, JSW Steel, Bosch and Rajesh Exports among other major investors.
Chief Minister D V Sadananda Gowda said the state government would increase its spending on infrastructure sector from the present 3.2 % of the State Gross Domestic Product to 8-9 % during the 12th Five-Year Plan period starting 2012-13.
(Sources: Business Standard, the Hindu, Asian age, Indianews24)
Govt eyes $90 bn from Gulf roadshows
To check the depreciation in rupee and dipping investor confidence, the finance ministry has organised roadshows in Gulf countries to attract big ticket investments into the country from individual foreign investors that are expected to bring in nearly $90 billion in the next two years.
Called the India as an ‘Incredible Investment Destination’, the roadshows would be attended by officials from DEA, departments of revenue, disinvestment, the Securities and Exchange Board of India, RBI, BSE and NSE. Based on the response, the ministry plans to organise similar roadshows in Europe, the US and the Far East.
(Sources: Financial Express, Indian Express, Moneycontrol, Economic Times)
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