Indian Economy

Industrial Output Up 13.5% In March 2010

Industrial Output Up 13.5% In March 2010The country's industrial production witnessed an increase of 13.5% in the month of March, taking the total growth for 2009-10 to 10.4%.

According to reports, the industrial production surged regardless of withdrawal of fiscal stimuli packages and the monetary plan stiffening.

The Index of Industrial Production (IIP) grew 0.3% during March 2009 and 2.8% in the whole of 2008-09.

The facts issued by the ministry of statistics and programme implementation indicated that the total production yield increased by 14.35 during the month of March.

India’s Forex Reserves Rise To $279,633 Million

India’s Forex Reserves Rise To $279,633 MillionAs on April 30, the country`s forex reserves augmented marginally by $157 million to stand at $279,633 million mainly because of increase in gold reserves.

According to the weekly statistical supplement of the central bank released on May 7, gold reserves climbed by $551 to $18,537 million.

During the same period, foreign currency assets dropped by $354 million to $254,773 million.

The reserve position in the International Monetary Fund (IMF) also came down by $ 34 million to $1,341 million.

Indian Currency Ends At 2-Month Low At 45.47 Vs Dollar

Indian Currency Ends At 2-Month Low At 45.47 Vs DollarIndian currency drifted lower for the sixth straight session on Friday by 16 paise to mark its closure at 45.47 against the dollar on heavy purchases for the greenback by bankers and weak movement in stock markets.

The Rupee re-started after shedding 42 paise and hit a six week low at 45.73 per dollar and afterward its movement was range bound between 45.56 and 45.73 in intra day trade.

Indian Govt To Extend Sops For Exporters

Indian Govt To Extend Sops For ExportersCommerce Minister Anand Sharma hinted that the administration may broaden sops for the exporters who are still reeling under the impact of the worldwide crisis.

Releasing the twelve-monthly trade data, Mr. Sharma said, "Some sectors continue to be hurt badly like engineering, electronic goods, handicrafts and carpets. The Directorate General of Foreign Trade along with commerce ministry officials will do the sectoral reviews to find out whether more steps are needed to be taken for the sectors that are getting hurt. The review will be completed by July."

CII Survey: India’s GDP To Grow By 7.5-8% In 2010-11

CIIAccording to a survey by the Confederation of Indian Industry (CII), India’s business confidence has bettered and most of companies across the country anticipate the financial development to be more than 7%.

The survey said, “Business Confidence Index for April-September 2010-11 improved by 1.5 points to 67.6 as compared to a 7.4 point increase during the second half of 2009-10.”

The review, based on a big sample of 458 companies, disclosed that around 60%of the respondents anticipate GDP growth for the existing financial year to range between 7.5-8.5%, and 28% think it to be in the range of 8-8.5%.

India's Food Inflation Declines To 16.61%

India's Food Inflation Declines To 16.61%For the week ended April 17, the country’s annual food inflation dropped to 16.61% as compared to 17.65% a week ago owing to a drop in prices of fruits, veggies and common cereals.

Data on the wholesale price index (WPI) issued by the commerce and industry ministry showed the index for food articles declined by 0.2% in the period under review.

But, the index for non-food good increased by 0.8%.

Considering the year as a whole, the rates of pulses, wheat, rice, milk, cereals and rice climbed further this week. Rates of potatoes and onions, however, came down.

Economy may grow close to 8 percent in fourth quarter: Assocham

Economy may grow close to 8 percent in fourth quarter: AssochamNew Delhi, March 28 - The Indian economy could grow close to 8 percent in the last quarter of the current fiscal, while the overall growth for the year could be between 7.2-7.4 percent, according to an industry lobby.

"The gross domestic product growth figure could be close to 8 percent for the fourth quarter in view of sustained economic activities in manufacturing, exports showing recoveries and industry intensifying capacity utilization," said the Associated Chambers of Commerce and Industry of India (Assocham).

India to grow 8.5 percent next fiscal: Manmohan Singh

India to grow 8.5 percent next fiscal: Manmohan SinghNew Delhi, March 23 - The Indian economy will grow at 8.5 percent during the next fiscal, even as the government will do everything possible to ensure a mid-term target of 10 percent annual expansion, Prime Minister Manmohan Singh said Tuesday.

"Despite adverse global situation, the Indian economy grew by 6.7 percent during fiscal 2008-09, which will accelerate to 7.2 percent this fiscal that ends in a few days time," the prime minister told a conference organised by the Planning Commission.

India's annual inflation rose to 9.89 percent in February

India's annual inflation rose to 9.89 percent in FebruaryNew Delhi, March 15 - Driven by increasing food prices, India's annual rate of inflation, based on the wholesale price index, rose to 9.89 percent in February from 8.56 percent in the previous month, official data revealed Monday.

The annual inflation rate was 3.5 percent in February 2009.

The latest data released by the commerce ministry showed food prices jumped 17.79 percent last month, while those for primary articles rose 15.54 percent. Manufactured products were up 7.42 percent.

India’s Food Inflation Dips Marginally To 17.81% From 17.87%

food inflationary rateFor the week ended Feb 27, the country's annual food inflationary rate based on wholesale prices was 17.81% mainly because of higher rates of pulses, potatoes and milk.

The annual food inflation rate for the week ended Feb 20 stood at 17.87%.

Last week, Prime Minister Dr. Manmohan Singh told both parliament houses that controlling inflation was a major worry for the administration and high food costs was more to do with supply-side restraints.

Inflation Not Because Of Food Shortage: Pranab Mukherjee

Inflation Not Because Of Food Shortage: Pranab MukherjeeFinance Minister Pranab Mukherjee stated that inflation is not due to lack of food in the country.

He stated that inflation was mainly because of the heavy demand of pulses, edible oils as well as sugar.

Recession Effects? Indian Salaries do not seem to be Affected!

Indian-SalariesA recent survey has come as a surprise to the rest of the world and a reason to celebrate for the Indians. It has been suggested that wages paid in companies across India are all set to rise at the fastest pace across the entire Asia-Pacific region. Incomes are expected to go up by a tenth over the ongoing year.

With the results of the survey, the speculation that local companies are more confident of growth as compared to their regional counterparts has been reinforced.

Respite Provided by RBI on Base Rate Mechanism Implementation Front, Banks Still do not Seem Happy

RBIDespite the fact that the Reserve Bank of India has agreed to not implement the proposed base rate mechanism for at least another three months, the country's banks still do not seem to be very happy or comfortable.

Giving ear to the many requests sent in by banks, RBI today said that the implementation would not happen till June 1, but the bankers still feel that there is much confusion on calculation of cost of deposits, which is an important element for calculating the rate to begin with.

Effects of 2010 Union Budget on Stock Markets Across India

Indian-Stock-MarketAll throughout February, the budget concerns managed to shake up the Indian stock market, and it was more-or-less much volatile. However, a bit of consolidation was seen by the time the end of February rolled in. While the Rail Budget did not have much of an impact, the Union Budget was responsible for many upheavals.

On the day that the Budget was released, the Sensex added 175 points, which went down in history as the biggest single day gain for the month of February 2010. Except for the increase in fuel rates, it seems that the Budget was pretty decent overall.

Food prices rise further in February

Food prices rise further in FebruaryFood inflation in India continued its upward journey in second half of February putting pressure on the UPA government to take a serious look into the matter. The Reserve Bank of India may have to rethink over its interest rate policy before its next meeting in April.

For the 12-month period to February 20, the food price index climbed 17.87 per cent against the government forecast of a slow down in rise of food prices. The price rise was slightly higher than 17.58 per cent recorded for the 12 months ended in the previous week.

Indian Inflation Surges To 17.87%

Indian Inflation Surges To 17.87%The country's twelve-monthly food price inflation based on wholesale prices surged slightly to 17.87% for the week ended Feb 20 as against 17.58% during the previous week.

The government's verdict to increase the prices of auto fuel resulted in worries that food prices could go up further in the coming time.

Both houses of parliament saw stormy scenes as opposition parties asked for a rollback of the fuel price increases, saying they would have a cascading effect on the already lofty costs of vital commodities.

India to grow 9-10 percent for 25 years, says PM

India to grow 9-10 percent for 25 years, says PMRiyadh, March 1 - India will grow at the rate of 9 to 10 percent for the next 25 years, Prime Minister Manmohan Singh said here Monday.

"Despite the economic slowdown, we hope to achieve a growth rate of 7.5 percent in the current financial year," the economist-turned-prime minister told the Majlis-ash-Shura, the Saudi parliament.

Budget 2010: The Long and Short of It

Budget 2010: The Long and Short of ItOn Friday, 26 February, 2010, Finance Minister Pranab Mukherjee presented the budget for India for the upcoming financial year, and while there was a lot of optimism in his tone as far as the country's growth went, people were more interested to know if there have been any steps taken to curb the rapidly rising prices and if there are any chances that the budget deficit would be pulled down.

Farm growth Declines

Indian-FarmingAfter facing downturn in majority of sectors, Indian farming and allied sectors have also seen decline, as per the Economic Survey of 2009-10.

The survey, further advised the government to take precautionary measures as far as inflation is concerned, in the parliament. The survey raised few points with regards to the minus 0.2 per cent growth rate in 09-10 over 08-09 in agriculture and allied sectors, and food management policies which till date has led to a sustainable high food inflation.

Fiscal Deficit To Come Down To 5.5% In 2010-11

Fiscal Deficit To Come Down To 5.5% In 2010-11Finance Minister Pranab Mukherjee said that the fiscal deficit will descend to 5.5% by the coming financial from the projected 6.8% in the existing fiscal.

Mr. Mukherjee stated that the fiscal deficit would fall further in 2011-12.

The deficit in the next fiscal would be 5.5 percent that would figure out to Rs 381,408 crore and the administration would have to borrow approximately Rs 3.45 lakh crore to fund disbursals.

In 2011-12, the fiscal deficit will be 4.8%, and further drop down to 4.1% in 2012-13.

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