สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 11 มิถุนายน 2555
FDI in retail reforms stuck: Indian retailers face cash crunch & slowing growth
India's largest supermarket operator, Future Group, is having a clearance sale: its financial service business and flagship clothing brand are gone, and more deals are in the pipeline.
Six months after the government backtracked on plans to allow foreign retail giants such as Wal-Mart Stores and Carrefour to form joint ventures, cash-starved domestic chains are selling assets, shutting stores, and scaling back expansion plans.
With foreign investment ruled out, many supermarkets, which account for 70 % of organised retail in India, are looking to private equity investors or hitting up their billionaire owners for more capital as they continue to bleed.
(Sources: Reuters India, Economic Times, Worldnews, Moneycontrol)
Delhi records impressive 11.3 % growth rate in fiscal 2011-12
Delhi achieved an impressive growth rate of 11.3 % in 2011-12 which was much above the national figure of 6.5 %, despite the slowdown in the overall economy of the country.
The Delhi government has projected the economy of the city to grow at a rate of 11 to 11.5 % during the 12th Five Year Plan period. The growth rate of Delhi in the Eleventh Plan period was 11.46 % as compared to 7.9 % at the national level.
The city government has already taken a number of steps including enhancing the tax collection mechanism and keeping the fiscal deficit under control to keep its financial position in a healthy state.
(Sources: Times of India, Economic Times, Business Standard, Financial Express)
Karnataka plans to come out with Tourism Trade Act
In an attempt to woo invest-ors and speed up investment processes in the tourism sector the state government is planning to come out with a Tourism Trade Act. The government has almost finalised the draft Act and is planning to circulate it among industry bodies for their feedback.
The state is also planning to focus more on promoting tourism in the Tier II and III cities in Karnataka to set up various facilities for tourists.
Karnataka, which ranks as the fourth most-preferred tourist destination in the country, saw a tremendous increase in tourist inflow. According to government data it has increased 236 %, from 25.2 million in 2005 to 84.6 million in 2011.
(Sources: Business Standard Indiatimes, Moneycontrol, Indianews24, )
CII survey predicts a dismal GDP growth in 2012-13
Economic growth slipped to a nine-year low of 6.5 % last financial year, but India Inc fears further deceleration in the GDP expansion during 2012-13, shows a survey. Industry wants the government to unleash a slew of policies to perk up the economy facing adverse circumstances.
Respondents in the survey also called upon the government to clear 50 large projects in the next 30 days, allow 25 % accelerated depreciation for investments in plant and machinery and announce clear-cut plans for fiscal consolidation.
To arrest further rupee depreciation against the dollar, the respondents called for a stronger intervention by the RBI, allowing importers of items like oil to have direct access to forex, wooing private transfers from NRIs and Persons of Indian Origin by issuing bonds like Resurgent India Bonds.
(Sources: Business Standard, India Today, Rediff, Moneycontrol)
FIIs pulled out over $ 180 million in June
Foreign investors have pulled out over $ 180 million in the first eight days of trading this month from bourses amid concerns over domestic economic growth and depreciating rupee.
Market experts attributed the outflow to a slew of reasons such as depreciating rupee, slowing economic growth, high fiscal and current account deficit as well as lack of reform momentum.
Another major setback for FIIs (Foreign Institutional Investor) was slowing economic growth. The latest official figure showed that in 2011-12, the country's GDP growth has dropped to 6.5 %, and, even worse, the growth in the January-March quarter was only 5.3 %, lower than the economist projections.
(Sources: Times of India, Economic Times, Indian Express, Financial Express)
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