สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 18 ตุลาคม 2555
India keen on concluding FTA with Asean in services, investment
India is looking forward to conclude a pact with Southeast Asian nations for opening of trade in services and liberalisation of investment norms at the earliest, Agriculture Minister Sharad Pawar said while addressing the 2nd Asean-India Ministerial meeting on agriculture in New Delhi.
India and the 10-nation Asean bloc already allow each other free market access in merchandise trade since January 2010. The two sides had then agreed that they would widen the scope of the free trade pact by including services, the mainstay of the Indian economy.
The two sides have already held ten rounds of talks without a breakthrough. The services sector is of key interest to India as it contributes over 55 % to its GDP.
(Sources: Economic Times, Indiatimes, Press Trust of India, i4u, IBNLive)
Mahindra to step up retail operations
After opening 100 stores over the past four years under the ‘Mom & Me’ brand, Mahindra Retail, the low-profile retailing arm of $15.5-billion Mahindra Group, wants to go full steam.
The company, which retails maternity and baby products under ‘Mom & Me’, wants to open 50 stores under that brand. It also plans to open 15 stores of its toy store, Beanstalk, over the next five and a half months, besides integrating e-commerce venture with physical stores and expanding its kidswear category by signing agreements with global brands.
(Sources: Business Standard, Hindu Business Line, Times of India, Indiatimes, Zeenews)
After split with Honda, Hero to launch first independent product in 2013-14
Hero MotoCorp, which parted ways with Japanese auto major Honda Motor Corporation (HMC) early last year, would introduce its first independently developed product in the Indian market in the next financial year. And, through the next two years, the company would introduce its own range of two-wheelers in the country.
(Sources: Business Standard, Economic Times, Indiatimes, Worldnews, Moneycontrol)
India Inc gives thumbs down to land acquisition Bill
According to the modified land acquisition Bill, the consent of two-thirds or 66 % of landowners would be enough for acquiring land for public-private partnership (PPP) and private projects. Earlier, the consent of 80 % people was required for both PPP and private projects. The modified Bill says that compensation will be two times the market value of land in urban areas and four times the value of land in rural areas, a step down as compared with two to six times required earlier.
Analysts said achieving the fine balance between promoting industries and fulfilling social objectives will not be easy for the government.
(Sources: Business Standard, Livemint, Economic Times, Indiatimes, Zeenews, Moneycontrol)
SsangYoung wants to make India its second largest market
South Korean carmaker SsangYong Motor Co, owned by the domestic SUV major M&M, today said it is hopeful of making the country its second largest export market.
Over the past three years, the domestic SUV market has been exploding with a slew of launches. This year, it is set to corner 21 % of the domestic passenger car market.
While Ford India will be launching the EcoSport SUV early next year for which it is investing USD 142 million to upgrade its Chennai plant to build the SUV, the French car major Renault had already launched its first India-specific SUV, the Duster, in June.
(Sources: Reuters India, Economic Times, Indiatimes, Livemint, Moneycontrol, Business Time)
Engineering exports decline 8% in September
India's engineering exports dropped by 8.2 % year-on-year to $ 4.4 billion in September 2012 due to sluggish demand in major markets like the US and Europe.
In September, last year, these exports stood at $ 4.8 billion, according to data released by the Engineering Export Promotion Council (EEPC).
India exports engineering items such as transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners.
During 2011-12, the country's engineering exports grew 17 % to $ 59 billion compared to $ 49.7 billion in the previous fiscal.
(Sources: Reuters India, Economic Times, Indiatimes, Business World, Zeenews, Tribune India)
Metro records sales of 235 million Euros from India in 2011
German cash & carry brand Metro today said it achieved total sales of 235 million Euros from Indian operations in 2011 and plans to open three more wholesale distribution centres in the country by the end of the current year.
It has operations in 29 countries with around 700 self service wholesale centres, and clocked sales of 31 billion Euros in 2011 from its worldwide operations.
Metro Cash & Carry, which entered India in year 2003, is a sales division of Metro Group.
(Sources: Economic Times, Indiatimes, Outlook, India Business Brief, Financial Express)
Delhi, Mumbai moving towards prosperity: United Nations
Mumbai and New Delhi figure among 95 world cities identified by the United Nations as those moving towards prosperity, but the two Indian metropolis are just "half-way" to achieving it with the reasons being poor infrastructure and environment conditions among others.
However, the report also praises the IT revolution that Bangalore has been able to achieve and calls Hyderabad as the pharmaceutical capital of India.
(Sources: Economic Times, Times of India, Livemint, Hindu Business Line, Moneycontrol)
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