สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 4 ธันวาคม 2555
Manufacturing growth accelerates to 5-month high in November, shows HSBC PMI
The country's manufacturing sector beat the expectations of economists to grow at its fastest pace in five months in November, boosted by strong export orders and a surge in output, a business survey showed on Monday.
The HSBC manufacturing Purchasing Managers' Index (PMI), which gauges the business activity of India's factories but not its utilities, rose to 53.7 in November from 52.9 in October.
Readings above 50 denote growth, and economists had forecast a rise to 53.1 in November.
(Sources: Business Standard, Economic Times, Indiatimes, Financial Express, Express India)
Policy slippage, fiscal loosening could lead to India downgrade: Fitch
Policy slippage, fiscal loosening in the run-up to 2014 general elections and weak growth could force a downgrade of India's credit rating, international ratings agency Fitch warned on Monday, pegging country's growth for the current financial year at 6%.
Fitch's assessment is in sharp contrast to that of another agency Moody's that said last week India's rating was stable citing its structural strengths of a high household savings rate and relatively competitive private sector.
GDP growth dropped to a 14-quarter low of 5.3% in the second quarter of the fiscal, raising the prospects of the overall growth declining to a decade low.
The economy expanded 5.5% in the first quarter of the 2012-13 financial year that ends in March.
(Sources: Business Standard, Economic Times, Indiatimes, the Hindu, Deccan Herald)
Shrimp Export: India protests unscientific, unjustified standards
India has raised with the World Trade Organisation what it calls "unscientific and unjustified" health standards imposed by Japan on its shrimp exports.
The move comes as more than 140 containers of frozen Indian shrimps await clearance at Japanese ports. Japan, which has recently lowered the acceptable level of ethoxyquin in shrimps, has since August rejected seven Indian consignments of the seafood. Ethoxyquin is an anti-oxidant widely used in shrimp feed.
According to industry estimates, export of shrimps from Odisha and West Bengal has fallen by up to 50% in the last four to five months due to the Japanese restrictions. In 2011-12, shrimps accounted for half of India's total seafood export of $3.5 billion.
(Sources: Business Standard, Economic Times, Indiatimes, Times of India, Zeenews, IBNLive)
FDI inflows jumps over two-fold to $4.67 bn in September
India's foreign direct investment (FDI) inflows more than doubled to USD 4.67 billion in September, according to an official of the Department of Industrial Policy and Promotion (DIPP).
In September 2011, the country had attracted FDI worth USD 1.76 billion.
The September 2012 figure is the highest for any month in this fiscal so far. Sectors which received large FDI inflows in September include services (USD 3 billion), metallurgical (USD 685 million), construction (USD 644 million) and automobile (USD 635 million).
(Sources: Business Standard, Economic Times, Indiatimes, i4u, Zeenews, IBNLive)
India to be our 2nd biggest market in Asia by 2018: Mann + Hummel
German auto component maker Mann + Hummel today said it expects Indian operations to become its second biggest after China in Asia with a revenue of 100 million euro by 2018.
The company's wholly-owned subsidiary - Mann and Hummel Filter, which today inaugurated its second plant in India here, is looking to contribute three per cent to the parent's global revenue annually in the next six years, up from about one per cent at present.
To achieve the target, the firm may set up more manufacturing units in India in future.
(Sources: Business Standard, Economic Times, Indiatimes, Financial Express, PTI, IBNLive)
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