The World Steel Association (worldsteel) said the global apparent steel use will increase by 2.0% to 1,562 Mt in 2014 following growth of 3.8% in 2013. In 2015, it is forecast that world steel demand will grow by another 2.0% and will reach 1,594 Mt. India’s outlook is improving following the election of a new […]
The deallocation of coal blocks by the Supreme Court will hit metal players harder than most power players, Crisil Research said in a report. Power costs in West Bengal and Punjab could rise, it added. It said power generation companies will be able to pass through increased costs, but not metal companies. Coal is used […]
India’s exports and imports are both starting to show a pick up as economic conditions improve, Crisil Research said. The research agency’s comments came after data for August showed that India’s trade deficit fell to 4-month low of $10.8 billion due to a 15% y-o-y decline in oil imports. Lower oil imports were driven by […]
The floods in Jammu and Kashmir have caused an immediate loss of Rs 5,400-5700 crore, well exceeding 10 % of the state’s GDP with heavy damages to trade, hotels, restaurants, horticulture and handicraft, according to ASSOCHAM. The total loss estimated are Rs 2,630 crore only to the hotels, trade, agriculture-horticulture, roads and bridges in the […]
Retail inflation is likely to remain slightly below last year’s levels going forward as a higher base and government action prevent a repeat of last year’s spike in prices, CRISIL Research said. It also predicted that the Reserve Bank of India will not cut its interest rate this year. “This year, given the steps taken […]
The Delhi High Court today issued notice to the Ministry of Home Affairs (MHA) seeking its response in a petition filed by Greenpeace India alleging that the government had blocked its foreign funds. The court also directed that Greenpeace India’s blocked funds to be moved from RBI’s account to the NGO’s account with IDBI Bank, […]
While Tuesday’s DIPP Press Note on Defence FDI is a welcome move, there is no need for the government to impose needlessly stringent conditions on foreign companies who want to make their weapons on Indian soil, KPMG said. The Indian government does not allow foreign companies to make the weapons that they sell to India […]
HSBC said its manufacturing PMI (purchasing managers’ index) improved at the margin in June, led by output and new export orders. HSBC’s India manufacturing PMI rose marginally (51.5 vs. 51.4 in May) thanks to improved output (52.4 vs. 51.7 in May). However, ‘new orders’ (53.0 vs. 53.2 in May) slowed slightly despite a jump in […]
The impact of a new government is yet to be felt by the Real Estate sector in terms of actual sales, but enquiries have increased, Karvy Stock Broking said. It noted that in Mumbai & Suburbs, housing registration fell 10.5% in April compared to March, and is down 20.2% compared to April last year. “This […]
The National Alliance of People’s Movements has opposed any move by the government to dilute the strict provisions of the Land Acquisition, Resettlement and Rehabilitation Act of 2013. The Act, which was championed by Jairam Ramesh during his tenure as the environment minister, puts tough conditions on the forcible acquisition of citizens’ land by the […]
Bank of America Merrill Lynch, a financial conglomerate, has said that it saw banks cutting interest rates in the upcoming slack season starting September. It said, with the RBI keeping its rates on hold as part of its monetary policy review yesterday, chances of a ‘long hold’ of Reserve Bank’s interest rates are now high. […]
Among the sectors crying out for reform under the new Narendra Modi government is agriculture and food production. Crisil, arguably India’s biggest credit rating and economy research house, has called for the new government to abolish the Agricultural Produce Market Committee Act or APMC to curb high food price inflation. The APMC Act prohibits farmers […]
Riding on huge expectations from the incoming Modi Government, global investors are gung ho on the Indian economy which is expected to see a doubling of foreign investment inflows- including FDI and FIIs- to above USD 60 billion in the current financial year than about USD 29 billion in the fiscal 2013-14, an ASSOCHAM study […]
Congratulations have been pouring in to Narendra Modi and the Bharatiya Janata Party on their victory in the general elections 2014. Some associations, such as the real estate builders association, have used the occasion to ask for urgent reforms to be put in place to save the Indian economy. The following are some of the […]
Indian economy continues to recover from a low hit in the third quarter of 2013, according to the latest Monster Employment Index that shows hiring activity. The index rose for the fifth straight month in February to 152, indicating that recruitment activity was 14% higher in February 2014 compared to February 2013. In comparison to […]
Moody’s Analytics economist Glenn Levine said there is little on the horizon that could lift India’s growth rate in 2014, pointing out that the government seems to be more focused on cash handouts ahead of the impending elections rather than investment. Levine said, however, that there is a chance of better governance, “especially if the business-friendly […]
The following are the key highlights of the interim Union Budget for 2014-15. The current financial year will end with the fiscal deficit at 4.6 percent (below the red line of 4.8 percent) and the revenue deficit at 3.3 percent. Fiscal Deficit in 2014-15 estimated to be 4.1 percent which will be below the target […]
Following changes in some indirect tax rates are proposed in Union Budget 2014-15. The Excise Duty on all goods falling under Chapter 84 & 85 of the Schedule to the Central Excise Tariff Act is reduced from 12 percent to 10 percent for the period upto 30.06.2014. The rates can be reviewed at the time […]
