สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 4 ตุลาคม 2555
Cabinet set to approve pension, insurance bills
The cabinet is set to approve bills that would raise the cap on foreign direct investment in insurance firms and open the pension sector to foreign investors, a government minister told reporters on Wednesday.
The bills, which require parliamentary approval before becoming law, will likely be taken up in the forthcoming parliamentary session. Foreign groups are not allowed to invest in the pension sector, while investment is capped at 26 % in the insurance sector.
Financial sector reforms including pension and insurance have been pending for years for want of a political consensus.
(Sources: Reuters India, Times of India, NDTV, Asian Age, India Today)
FM seeks industry support to resolve reform logjam
Finance Minister P Chidambaram today appealed to India Inc to persuade the Opposition to help pass crucial reform Bills in Parliament. The Opposition has been protesting against allowing foreign direct investment in the retail sector, as well as the rise in fuel prices.
At the meeting, Ficci, CII and Assocham pitched for lower interest rates to boost consumer spending in the festive season. Kanoria said for energy security, competition in the commercial coal mining sector was vital. For this, denationalisation of Coal India was essential, he said. Assocham, too, sought “scrapping of the mine nationalisation Act.”
(Sources: Business Standard, BBC News, Hindu Business Line, Moneycontrol, the Hindu)
ADB lowers GDP growth forecast to 5.6% for FY13
The Asian Development Bank (ADB) today joined a host of private analysts and institutions in lowering India’s economic growth forecast to less than 6 % from the current financial year. It cut India’s gross domestic product (GDP) growth projections to 5.6 % from 7 % pegged earlier.
In its update on World Economic Outlook, ADB saw higher growth next financial year, but pegged it lower than projected earlier. It forecast it to be 6.7 %, down from 7.5 % estimated earlier. Most private projections pegged India’s economic growth to below 6 %, while the government still felt it would be around 6.5-6.7 %.
(Sources: Business Standard, Economic Times, Indiatimes, i4u, Hindu Business Line)
Daimler to launch light duty trucks in India
Widening its portfolio in the domestic market, German truck manufacturer Daimler will soon roll out light-duty trucks from its facility at nearby Oragadam located on the outskirts of Chennai, India.
Daimler India, a 100 % subsidiary of Daimler AG, had recently launched three heavy duty trucks for the construction segment under 'Bharat Benz' from the plant.
BharatBenz range of Light-Duty trucks has been tested under Indian conditions the statement said, adding the light duty trucks offer a minimum of 10 % more fuel efficiency compared to existing products
(Sources: Economic Times, Hindu Business Line, Moneycontrol, the Hindu)
Consumer confidence at its lowest in 2012: BluFin
Consumer confidence is at its lowest level in 2012, according to consumer confidence tracker BluFin. The BluFin Consumer Confidence Index (CCI) declined by 2.9 points to touch a new low of 36.7 in September. This is the highest month-on-month decline registered by the index in 2012.
(Sources: Economic Times, Indiatimes, i4u, Worldnews, Zeenews, BluFin)
India emerges as top 25 leading exporters in world: WTO chief Pascal Lamy
India has emerged as one of the top 25 leading exporters in the world along with countries like Brazil Mexico and Malaysia, WTO chief Pascal Lamy has said.
Also trade as a share of the world GDP has risen from roughly 40 % in 1980 to around 60 % today.
(Sources: Economic Times, Indiatimes, Hindustan Times, Financial Express)
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