สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 7 สิงหาคม 2555
Chidambaram unveils roadmap to boost economy, investment
New Finance Minister P Chidambaram on Monday unveiled his roadmap to boost investment and economy by fine-tuning policies to put in place a stable and non- adversarial tax regime, a possible cut in interest rates and measures to attract domestic savings and foreign capital.
In an apparent break from the recent past, he has directed a review of tax provisions that have a retrospective effect in order to find a fair and reasonable solution to pending as well as likely disputes between the tax department and assesses concerned.
Price stability, Chidambaram said, is an important objective and the pressure on food inflation is high. While some causes like crude oil and imported commodities are beyond the government control, some others can be addressed by determined action.
(Sources: Economic Times, Reuters India, Zeenews, India Today, Times of India, Indiatimes)
Akhilesh unveils projects worth $ 1.08 billion
Uttar Pradesh Chief Minister Akhilesh Yadav has unveiled developed projects worth about $ 1.08 billion, especially in the road infrastructure sector. The UP State Highways Authority would develop 4 important road links in the state under the public-private partnership (PPP) model at an investment of $ 956 million. Yadav also launched state portal of 8 departments to provide e-delivery of public services.
Other projects included 3 special mandis, 111 rural infrastructure centres and 9 agricultural marketing hubs under state agricultural marketing board at a cost of $ 78.41 million.
(Sources: Business Standard, Times of India, Indiatimes, i4ul, Zeenews)
Fitch Ratings downgrades retail sector outlook
Global ratings firm Fitch Ratings has revised the outlook for the Indian retail sector for the second half of this year from stable to negative, owing to a sustained fall in the discretionary spending ability of consumers, which, according to the firm, is unlikely to improve over the short term.
For 2012-13 and 2013-14, Fitch has revised its real gross domestic product growth forecast to 6.5 % and 7 % from 7.5 % and 8 %, respectively. The agency believes the worsening business conditions could negatively impact credit profiles, while the impact on individual retailers would depend on their ability to manage their capital structures.
(Sources: Business Standard, Times of India, Hindu Business Line, Livemint, Moneycontrol)
Auto majors keen on setting up new facilities in Uttarakhand
The Mahindra & Mahindra (M&M) group and Volkswagen—the two auto major groups—have evinced interests in setting up new manufacturing facilities in Uttarakhand, claimed a government official from the hill state.
The state-owned State Infrastructure and Industrial Development Corporation of Uttarakhand Limited (SIDCUL), which is the nodal agency for industrialisation in the hill state, has promised the two companies it can provide land at Sitarganj where it is planning to develop a new industrial estate. While M&M wants 700 acres of land, Volkswagen has demanded 200-300 acres from the SIDCUL.
(Sources: Business Standard, Zeenews, i4u, Hindu Business Line)
Piaggio to launch mass market scooter in India by end of 2013
Buoyed by good response to its Vespa brand in India, Italian two-wheeler maker Piaggio is planning to launch a mass market scooter by the end of 2013.
The company's Indian arm, Piaggio Vehicles Private Ltd (India) is also currently investing $ 27 million to ramp up capacity at the Baramati plant in Maharashtra.
According to Society of Indian Automobile Manufacturers, scooter sales in India grew 24.55 % to 25, 62,841 units in 2011-12.
(Sources: Economic Times, Business Today, Zeenews, Hindu Business Line)
CMIE cuts power generation forecast to 10.8% this fiscal
With the country facing challenges of limited availability of water, coal and natural gas resources, the Centre for Monitoring Indian Economy (CMIE) has lowered its forecast for power generation to 10.8 % from 13.2 % this fiscal.
The city-based agency further said the power sector is facing raw material crunch with gas and coal witnessing a steep fall in production. Similarly, the poor monsoon has further aggravated the availability of water in reservoirs which are already at lower levels.
CMIE has forecast gas-based generation to fall by 5.7 and revised its coal-based and hydel-based generation to 14.8 % from 16.6 % and 4 % from 6.6 %, respectively
(Sources: Economic Times, Business Standard, IBNLive, Hindu Business Line)
Luxury brands, including Louis Vuitton, Armani and Burberry, eye 'conservative' markets like Surat, Chennai
Traditionally conservative markets like Surat, Chennai and Kolkata are warming up to luxury, opening a wealth of opportunity for brands such as Louis Vuitton, Armani and Burberry beyond Delhi and Mumbai.
In the next six months, people in Surat will see the entry of half a dozen international labels that include Armani, Burberry, Tumi and Crabtree & Evelyn.
Surat, Chennai and Kolkata have traditionally been conservative markets, with only a few rich buyers spending on the luxury labels. But now these cities are among the emerging hot destinations for luxury as premium global brands seek to reach out to pockets of affluence beyond the big metros.
(Sources: Economic Times, the Hindu, Indiatimes, Worldnews)
Royal Thai Embassy