สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 20 กรกฎาคม 2555
New body for faster clearance of infra projects
To expedite project implementation, the government on Thursday announced a single-window mechanism under the Cabinet secretary for review and issue of clearances associated with major projects.
After putting in place a problem-resolution mechanism for infrastructure projects and an investment tracking system for projects over $ 181 million directly under the Prime Minister’s Office (PMO), the government has decided to set up a project clearance board, on the lines of the Foreign Investment Promotion Board (FIPB), chaired by the Cabinet secretary, for review and issue of one-time clearances, including security clearance.
(Sources: Business Standard, NDTV, Hindu Business Line, i4u)
Indian economy to grow at slowest pace in 10 years: Reuters Poll
India's economy will grow at its slowest pace in a decade this fiscal year, with tight monetary policy, political gridlock and a weakening global economy prompting analysts to slash their forecasts, a Reuters poll showed on Thursday.
Gross domestic product in India is now expected to grow 6.3 % during the fiscal year 2012/2013 and by 7.0 % next fiscal, down from 7.1 % and 8.0 %, respectively, expected in the last survey in April.
(Sources: Business Standard, Moneycontrol, Reuters India, the Financial Tribune)
AP govt to identify land for mfg zone
The Andhra Pradesh government is trying to identify suitable land for setting up the first manufacturing and investment zone in south India, according to chief minister N Kiran Kumar Reddy.
Responding positively to the CII's recommendations to come out with a state-level manufacturing competitiveness council and a renewable energy policy, the chief minister said that Hyderabad will hold the 11th Conference of the Parties to the United Nations Convention on Biological Diversity this October, in which over 8,000 delegates from 194 countries will participate.
(Sources: Business Standard, Hindu Business Line, i4u, IBNLive)
Cheap steel imports to flood market
The Comprehensive Economic Partnership Agreement (CEPA) with Korea and Japan is turning out to be the latest trouble for the Indian steel industry, already grappling with mining and land issues.
Imports of hot rolled coil (HRC), a benchmark product, from Korea surged 125 % and from Japan, 72 %, in 2011-12 over the previous year. While the flood is likely to continue further, experts say this is not just hurting the domestic steel industry in a weak market, but, in the short term, could be a disincentive for foreign direct investment (FDI).
(Sources: Business Standard, Moneycontrol, Reuters India, NDTV)
Poor rains globally may add to India's woes
As the monsoon situation in India turns gloomy, relying on foreign markets for imports might not be of much help, since India is not alone in facing the spectre of a drought.
Across the world—the US, Russia, the Korean peninsula, Ukraine and Sri Lanka—deficient rainfall may hit agricultural output. This would exert pressure on the Centre if it wants to import large quantities of pulses and edible oils in the case of domestic shortage. Officials say if the monsoon deficit in India remains at 15-20 % by July-end, there is little chance of a recovery.
(Sources: Business Standard, Times of India, Worldnews, IBNLive, Moneycontrol)
Push policies in the next 10 days: FICCI to government
The government needs to walk the talk by accelerating reforms and pushing policies in the next 10 days, industry body FICCI said today.
Asking the government to ease monetary policy and provide fiscal stimulus among other things, FICCI presented a 12-point agenda to Prime Minister Economic Advisory Council (PMEAC) Chairman C Rangarajan.
The industry body demanded that the government expedite implementation of Goods and Services tax (GST), ease monetary policy, provide fiscal stimulus for investments across the sectors and push FDI policy reforms in areas like multi-brand retail among others.
(Sources: Business Standard, Times of India, Worldnews, IBNLive, Indiatimes)
Anand Sharma announces $ 12.72 billion infrastructure projects in Haryana
Union Minister for Commerce, Industry and Textiles, Anand Sharma announced investment of $ 12.72 billion entailed in projects coming up in Haryana. He said that the over the next 30 years it would provide employment to over 28, 00, 000 people.
Anand Sharma also said that Delhi Mumbai Industrial Corridor project has reached implementation stage. The infrastructure project would get fund of $ 3.36 billion from the Government of India and around a fund of $ 4.5 billion from JBIC (Japan Bank for International Cooperation).
(Sources: Economic Times, Indiatimes, Worldnews, Indian Express, IBNLive)
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