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India's GDP to grow at 9.2%: RBI

The Indian economy is expected to post a robust growth for the fourth straight year, expanding by an accelerated 9.2 per cent in 2006-07 as against 9 per cent in the previous fiscal.

The acceleration in growth during 2006-07 is driven by continued momentum in the services and manufacturing sectors, growth of which are expected to be in double-digit figures, the RBI said in its macro-economic and monetary developments review-2006-07 on Monday.
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FY08 GDP growth projection 8.5%

Was pretty much expected because of the tightening measures.

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The Reserve Bank of India (RBI) in its Annual Policy Statement for the Year FY08 says real GDP growth in 2007-08 may be placed at around 8.5% assuming no further escalation in international crude prices and barring domestic or external shocks.

The advance estimates of the Central Statistical Organisation (CSO) placed real GDP growth at 9.2% for FY07 over and above 9% in FY06.

"Among the cyclical factors, first, robust global GDP growth has been supportive of high growth in the country. Second, the persistence of high growth in bank credit and money supply, the pick-up in non-oil import growth and the widening of the trade deficit together indicate pressures on aggregate demand. Third, cyclical forces are also evident in the steady increase in prices of manufactures, resurgence of pricing power among corporates, indications of wage pressures in some sectors, strained capacity utilisation and elevated asset prices," the policy said.

http://business-standard.com/common/storypage_c_online.php?leftnm=11&bKeyFlag=IN&autono=22670
 

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http://www.financialexpress.com/fe_full_story.php?content_id=162140

SEZ exports grow 52% to Rs 35k crore

The exports from special economic zones (SEZ) in 2006-07 were Rs 34,787 crore, a 52% growth over Rs 22,840 crore-worth exports in 2005-06, LB Singhal, director general, export promotion council for EOUs and SEZs said.
He said on Tuesday that the exports from SEZs are expected to touch Rs 67,300 crore this fiscal and projected that the figure would be Rs 1,00,000 crore by 2008-09.

In the 63 SEZs which were notified earlier, an investment of Rs 13,435 crore has already been made and 18,457 people have been employed. By December 2009, it is expected that in the 63 SEZs, a total investment of Rs 53,500 crore will be made and 15.75 lakh people would be employed. Altogether 92 SEZs have been notified so far.

Singhal said in the 234 SEZs which have been formally approved an investment of Rs 3 lakh crore is expected to be made and they are likely to create 40 lakh additional jobs. The official said mostly rural people were given employment in SEZs like Mahindra Worldcity and Nokia India Ltd in Chennai, Brandix Apparels, Hyderabad Gems and Apache SEZ in Andhra Pradesh.

He said several SEZ developers have asked the commerce ministry to ensure that single window clearance facility with the state government authorities is made operational and effective.
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this is very encouraging and a nail in the coffin for socialist lingos like medha, arundhati, and mamata. the thousands of ppl employed are mostly rural folks and belonging mostly to the backward classes.
 

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http://www.hindu.com/2007/04/25/stories/2007042503721100.htm

"The goal is to moderate inflation without affecting growth"

the quality of implementation in both meeting time targets and money targets must vastly improve at the State level and more importantly at the sub-State level, district level, and even at the panchayat union level.

Take, for an example, the road sector, I can provide at an average about 3 or 4 crore rupees per km. But the quality of the National Highways and State Highways built at a cost of nearly 4 crore rupees per km turns out to be of different standards. I am afraid the investment becomes optimum. It does not get you the return that it should get. If we address these critical deficiencies, I have no doubt in my mind that we can aim [for] the 10 per cent growth rate and beyond it
what does he mean by the red bolded part? very interesting and thoughful interview.


The critical thing is supply side. Neither monetary nor fiscal measures can directly increase production. It is totally dependent on supply and demand. We have a supply and demand mismatch in pulses and edible oil. We had a supply-demand mismatch in wheat last year. If these supply and demand mismatches are triggering inflation, the only way, I repeat the only way, is to vastly increase the production of pulses, wheat, and oil seeds. That is the question which must be addressed by Ministry of Agriculture, Food, and other Ministries
 

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Matsushita Elec Works Buys India's Anchor for $420 Mln


Matsushita Electric Works Ltd. (6991.T: Quote, NEWS , Research) said on Monday it had bought an 80 percent stake in India's Anchor Electricals for 50 billion yen ($420 million), the Japanese company said on Monday.

But unlisted Anchor said in a statement 50 billion yen amounted to 20 billion rupees, or $480 million, but did not say what exchange rate it had used.

The deal, the biggest by a Japanese firm in India, is expected to help Matsushita Electric Works, which makes building materials and lighting equipment, make 15 percent of its overseas sales from India in about five years, a Matsushita official said.

Osaka-based Matsushita Electric Works, which aims to boost its overseas sales to 320 billion yen ($2.7 billion) by the year to March 2011 from 222 billion yen in 2005/06, said the investment was fully self-financed.


Matsushita Electric is a unit of Matsushita Electric Industrial Co. Ltd. (6752.T: Quote, NEWS , Research), the world's largest consumer electronics maker that sells Panasonic and National brands of televisions and sound systems in India.

Mumbai-based Anchor is India's top maker of electrical construction materials such as lighting fixtures and electric wires, with a market share of over 60 percent in an industry growing at about 30 percent a year.
 

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India's GDP should be on par with Mauritius (which is predominantly Indian), or around $13,000. Instead it's about one fourth of that, due to the country's bad economic policies.
 

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Thats pretty impressive.
What would be the combined wealth of top 100 million Indians living in India? If each one had wealth (financial wealth, real estate, gold and art) of 10,000 US dollars that is Rs 400,000, it would be 1 trillion US dollars.
 

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rupee breaches the 41 mark

The rupee rallied past 41 per dollar for the first time in nine years on Wednesday, buoyed by robust capital inflows and exporters who hedged against further appreciation.

The rupee ended at 40.91, having traded as high as 40.88 — its strongest since May 1998. The gains follow a rise of more than 1 per cent on Tuesday, when it closed at 41.18.
http://www.telegraphindia.com/1070426/asp/business/story_7699674.asp
 

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There's a difference between wealth and economic output. Personal wealth is the accumulated net worth. GDP is economic output in a single year. While India's economic output may be $950-$1000 billion ($850B is an old figure), the accumulated wealth is many times that. The article is rather shallow and sensationalist, besides comparing apples with oranges.
 

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Yippeee...:banana: :banana: :banana:

India is now a trillion dollar economy


India's gross domestic product has topped $1 trillion, thanks to a strengthening rupee, making it the 12th country to achieve the milestone, Credit Suisse said on Thursday.

"Indian GDP at the current price level is 41 trillion rupees. With the rupee appreciating to below 41 against the US dollar, yesterday was the first day for the economy to be a trillion dollar economy," the Swiss investment firm said in a note.

The rupee, which is trading around 40.76 to a dollar, has appreciated about 8.4 per cent this year and is up 15.4 per cent from a three-year low of 47.04 in July last year.

Stock markets in eight out of 10 countries had risen in the one year after their economies first crossed $1 trillion, Credit Suisse said.

However, India's $944 billion stock market should probably drop because of slower earnings growth for sectors such as autos, banks and cement, before picking up as inflows pick up into fast growing economy.

"Given our outlook... it is likely to go down again in the near future before it sustainably stands above this mark," it said, referring to $1 trillion.
 

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Luckystreak is correct. The present news is a result of Rupee crossing the 41/$ threshold, since the 2006-07 GDP is Rs.4100636 crore. Barring an unlikely collapse of the Rupee, we'll be a trillion dollar economy formally, this fiscal.

People bringing this point up also need to realize that the entire Eurozone shows strong GDP figures almost entirely because of Euro strengthening. Italy almost doubled their GDP in the last 4 years, though they are nearly in recession. Think about that before nitpicking about India.
 
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