สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 9 ตุลาคม 2555
IMF cuts India growth forecast to 4.9% from 6.2%
India has suffered its worst growth projection in recent years, with the International Monetary Fund (IMF) slashing its forecast for 2012 to 4.9% from 6.2% in July and blaming it mainly on domestic structural sluggishness amid a worsening global economy.
(Sources: Economic Times, Indiatimes, Livemint, Moneycontrol)
Economy will tank if it's not bolstered by reforms, warns P Chidambaram
Delivering a grim warning that India risks a sharp slowdown without further reforms, Finance Minister P Chidambaram has vowed that the pace of reforms will remain "strong and unabated" as he promised a credible plan for the economy's fiscal consolidation.
"Businesses are in a wait-and-watch mode. I'm confident investments will pick up in the fourth quarter of current financial year," he told the Economic Editors Conference.
(Sources: Economic Times, Indiatimes, Times of India, i4u, Zeenews)
14 FDI proposals worth $ 21.54 million cleared: Government
The government today said it has cleared 14 FDI proposals worth $ 21.54 million including three from the pharmaceutical sector.
The Foreign Investment Promotion Board (FIPB) in its meeting held on September 18 approved 14 FDI proposals, which include 3 proposals worth $ 15.40 million in pharmaceuticals, the Finance Ministry said in a statement. FDI inflows in the country in 2011-12 stood at $ 36.50 billion.
(Sources: Economic Times, Indian Express, Hindu Business Line, Indiatimes)
General Motors aims big for India; plans 7-8 new models
Car maker General Motors India is planning to launch up to eight new models over the next 5-6 years in the country as it looks to increase its share in the domestic auto market.
The company is also considering to double the existing production capacity of the Talegaon plant in Maharashtra in order to roll out and meet the demand of its new models. General Motors's Indian arm will be launching three cars by the end of this year.
(Sources: Economic Times, Indiatimes, i4u, NDTV, Asian Tribune)
NMDC cuts iron ore prices by 2-11 per cent in October
India's National Mineral Development Corporation has cut iron ore prices by 2-11 % for October from September after a request from domestic steel makers, which have been slashing capacity due to lack of the raw material, a company source told Reuters.
Steel makers have faced challenges in obtaining iron ore, an important steel making ingredient, because domestic production has been reduced by mining bans in key iron ore producing states like Karnataka and Goa.
(Sources: Economic Times, Indiatimes, NDTV, Financial Express, Moneycontrol)
Pavers England gets DIPP nod to launch wholly-owned retail stores
The department of industrial policy and promotion has approved Pavers England's proposal to launch wholly-owned retail stores in India, paving the way for the UK-based footwear retailer's application to be taken up by the Foreign Investment Promotion Board.
"The DIPP is satisfied with the proposal and it will now be placed before the FIPB for its sanction," an official told ET.
(Sources: Economic Times, Indiatimes, Hindu Business Line, Moneycontrol, Yahoo)
India ranks first in top 10 destinations for outsourcing: JLL
India ranked first in the list of top 10 locations for outsourcing business operations in 2011 but it has started facing competition from countries like Philippines and Indonesia, global property consultant Jones Lang LaSalle (JLL) said in a report. Malaysia and Poland were at the second and third positions, respectively, according to the report.
(Sources: Economic Times, Indiatimes, Zeenews, Indian Express, i4u, Moneycontrol)
Royal Thai Embassy