สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 10 มกราคม 2555
Wholesale prices likely rose 7.4 % in December
Inflation likely reversed direction and edged up in December on higher food costs, a Reuters poll showed, but economists said declines in previous months will still give the central bank room to cut interest rates in support of growth.
Wholesale prices (WPI), India's main inflation gauge, rose an annual 7.40 % in December, according to the median consensus from a Reuters poll of 28 economists, faster than the 7.24 % seen in November.
Consumer prices likely nudged up an annual 10.2 % in December, according to a poll of eight economists, from 9.9 % in November.
(Sources: Economic Times, Indiatimes, Financial Express, i4u, Zeenews, IBNLive)
SIAM cuts FY13 motorcycle sales growth forecast
India's motorcycle sales are expected to grow by 3-5 % in the current financial year, the country's automobile industry association said, lowering its forecast as a slowdown in demand for cars spreads across the automobile industry.
The Society of Indian Automobile Manufacturers (SIAM) cut its growth forecast for the year that ends in March from 5-7 % previously, also reducing its growth estimate for truck and bus sales to 0-2 % from 3-5 %. Total automobile sales in India are seen growing 3-5 % this year, SIAM said, down from 5-7%.
(Sources: Economic Times, Indiatimes, Reuters India, Business Standard, Moneycontrol)
SIAM predicts near zero growth in car sales in FY13 due to shrinking demand and sluggish economy
Car sales in India are predicted to report their weakest growth in nine years, as shrinking demand and a sluggish economy hit carmakers. The Society of Indian Automobile Manufacturers, the body of Indian automakers, predicted 0-to-1% increase for FY13.
According to the data released by SIAM on Wednesday, cars are likely to post lower growth than the 1.37% clocked in FY 2008-09 and would be closer to 2003-04 fiscal growth rate, when it hit negative territory with a 2.09% decline in sales. With a changed market scenario, SIAM has altered its forecast for the third time from the initial 10-12% estimate made in April 2012 to a more realistic 0-1% for the current fiscal ending March.
(Sources: Economic Times, Indiatimes, Hindu Business Line, Worldnews, NDTV)
Mahindra & Mahindra to invest $900 million to develop platforms with Ssangyong Motor
Utility vehicle major, Mahindra & Mahindra (M&M) is investing $900 million over the next four years to develop three new platforms and six engines in collaboration with its South Korean subsidiary Ssangyong Motor Corporation, a top executive said.
M&M president for the automotive division, Pawan Goenka, said that the company would invest an additional $ 916.15 million for developing products indigenously till the end of 2014.
M&M had acquired 70% stake in Ssangyong Motor in March 2011 for $463 million and Goenka is also the chairman of the South Korean firm.
(Sources: Economic Times, Reuters India, Wall Street Journal, Livemint, Hindustan Times)
Consumption jump to push up GDP to 6.7% in FY14
Ratings agency CRISIL today said a revival in consumption will push up the country’s gross domestic product (GDP) growth rate to 6.7 % in FY14, from 5.5 % estimated for FY13.
“India’s GDP will grow at a higher rate of 6.7 % in 2013-14 in comparison with 5.5 % estimated for the current financial year due to a revival in consumption,” the agency’s research division said in a note.
Improvement in the farm sector, lower interest rates and higher government spending will drive the consumption demand, it added. The Reserve Bank had revised its estimate downwards to 5.7 % from 6.5 % in the October monetary policy announcement.
(Sources: Business Standard, IBNLive, Financial Express, Moneycontrol, the Hindu, Hindu Business Line)
HSBC cuts India economic growth forecasts for fiscal years 2013, 2014
HSBC further cut its India growth forecast for the current and next fiscal years, saying the slowdown in the economy has become more structural than cyclical.
HSBC cut its GDP forecast for the year ending in March to 5.2 % from 5.7 %, and its forecast for the next fiscal year to 6.2 % from 6.9%, according to a report released on Thursday.
Fitch also reiterated on Tuesday its "negative" outlook on India's sovereign credit rating, citing concerns about slowing economic growth, persistent inflationary pressures and an uncertain fiscal outlook.
(Sources: Economic Times, Indiatimes, Financial Express, Reuters India, Business World, Livemint)
FDI flows likely to rise in India, Asean: HSBC
Foreign direct investment is likely to rise in India thanks to large labour force and strong domestic market, but weak infrastructure and restrictive policy pose a challenge, says a report by HSBC.
Asean countries such as Thailand, Malaysia, Indonesia, the Philippines and Vietnam, while not comparable in size, continue to offer opportunities to investors as they also have a good demographic story to tell.
While India has all the right ingredients to thrive many obstacles remain. Inadequate infrastructure hampers productivity, the manufacturing sector needs to be developed and the employment growth rate is still too low, HSBC said.
(Sources: Economic Times, Indiatimes, Business Standard, Financial Express, India Everyday, i4u)
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