สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 21 ธันวาคม 2555
Asean services pact talks concluded
India and the Association of Southeast Asian Nations (Asean), the 10-member regional grouping, moved closer on Thursday to completing a bilateral trade pact, by finalising a free trade agreement (FTA) on services and investments. They are expected to sign the pact in August 2013.
An FTA on goods was signed between Indian and Asean in 2011. India’s services sector contributes around 55 per cent to the country’s GDP, making this new pact significant. The agreement on services and investment had been pending.
The 10 members in Asean are Cambodia, Laos, Malaysia, Singapore, Thailand, Vietnam, Brunei, Indonesia, Myanmar and Philippines.
Two-way trade grew 41 per cent in 2011-12, to touch $79 billion. While the target has been set at $100 billion by 2015, the PM said on Thursday it had the potential to reach $200 billion by 2022.
(Sources: Business Standard, Economic Times, Livemint, Indian Express, Financial Express)
India, ASEAN elevate ties to strategic partnership
With India and ASEAN agreeing to elevate their relations to a strategic partnership, Vietnam Thursday sought New Delhi’s “support” in the “full implementation” of the code of conduct in South China Sea.
“I hope India supports ASEAN in the full implementation of the declaration on the conduct of parties in the South China Sea and the six-point principle on South China Sea in order to settle disputes peacefully as per international law,” Vietnamese Prime Minister Nguyen Tan Dung said at the Indo-ASEAN Commemorative Summit in New Delhi.
India, meanwhile, has become the fourth country, after China, Japan and South Korea, to enter into a strategic partnership with ASEAN.
(Sources: Deccan Herald, the Hindu, Indian Express, Hindustan Times, DNA India)
We want deeper engagement with ASEAN, says Manmohan
After tying up the loose ends of a comprehensive Free Trade Agreement (FTA) just before the start of the first-ever India-ASEAN summit on Indian soil on Thursday, New Delhi sought a deeper engagement with the 10-country bloc in political and security-related areas.
Speaking at the plenary session here, Prime Minister Manmohan Singh termed the conclusion of negotiations on an FTA that encompassed investment and services besides goods (which was inked in 2009) a “valuable milestone,” but felt the upgrade of India’s dialogue partner status to strategic partnership should lead to deeper engagements in the political and economic spheres.
(Sources: the Hindu, i4u, India Everyday, Daily India News, India News Headlines)
New Delhi railway station gets world-class transit lounge
The Indian Railways entered the world-class league of countries providing premium facilities to transit passengers by launching its first executive lounge at the New Delhi station on Thursday.
The two-storey facility has been constructed at a cost of $ 10 million as a pilot project for executing the decision taken in 2010 to set up such lounges in 50 stations across the country, for which IRCTC Managing Director Rakesh Kumar Tandon hoped to receive Railway Board clearance by month-end.
Mr. Tandon said 10 more stations would be provided with similar facilities during the financial year 2013-14. The metros and major stations would be taken up in the order of priority though the divisions providing space would be given preference.
Space has been assured at the Agra station and Hazrat Nizamuddin in Delhi.
(Sources: the Hindu, Business Standard, Hindu Business Line, India Everyday, Zeenews)
India's FDI inflows in October up 67 per cent: Govt
Foreign direct investment (FDI) inflows into India jumped 67 percent in October to $1.94 billion, a government statement said on Friday, but inflows for the current financial year were still down.
Total FDI inflows in the first seven months for the current fiscal year that began in April were down 42 percent from a year earlier at $14.79 billion, the statement said.
(Sources: Indian Express, Reuters India, Moneycontrol, Yahoo, Rediff, Zeenews, IBNLive)
FII inflows cross $23 bn in 2012
The cumulative inflows from foreign institutional investors (FIIs) have crossed the $23-billion mark in the current calendar year. This is the highest-ever inflow in one calendar year since 2010 and the second-highest in the last 14 years.
According to BSE and Bloomberg data, FIIs pumped-in more than $4 billion into Indian equities in the last one month on hopes the government will take more steps to boost economic growth and investment.
Data also show Indian market has attracted the highest amount of foreign flows compared with Asian peers so far. South Korea stood second with inflows worth $14.4 billion since January, followed by Japan ($16 billion), Taiwan ($4.7 billion) and Philippines ($2.5 billion).
(Sources: Financial Express, Economic Times, Indiatimes, Livemint, NDTV, Hindu Business Line)
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