สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 6 กุมภาพันธ์ 2556
Services PMI rises to a year's high
In January, the services sector grew at a brisk pace, with the widely-tracked Purchasing Managers’ Index (PMI) rising to a year’s high of 57.5 points, against 55.6 points in the previous month.
PMI for manufacturing, however, stood at a three-month low of 53.2 points, against 54.7 in December.
India’s services sector grew 7.88 % in the quarter ended March, 2011-12. Growth in the sector in the year-ago period stood at 10.64 %.
Economists say services PMI should be considered a broad barometer of India’s services sector and drawing any one-to-one correlation with official data would be a mistake. This is because PMI is based on a survey of private companies and is a month-on-month calculation, while official data is annual.
For the PMI index, about 350 companies in the services sector and about 500 in the manufacturing field are surveyed.
(Sources: Indian Express, Livemint, Economic Times, Indiatimes, Business Times, Smart Investors)
India's high trade deficit due to oil, not gold import: HSBC
Global banking major HSBC today said rising oil consumption, and not gold import, is the real culprit that is pushing up India's current account deficit (CAD) to record high.
The comments come on the back of raging debate over rising gold import and its impact on CAD, which hit a record high of 5.4 % in second quarter.
Both the Reserve Bank as well as the government have taken a slew of steps to curtail gold demand. They are also planning to launch financial instruments which reduce the need to physically import the yellow metal.
India imports over 70 % of its oil demand. Gold imports constituted around 35 % of CAD (difference between exports of goods, services and total imports) in FY12 when it stood at 4.2 %. RBI has said CAD was a big concern vis-à-vis macroeconomic stability.
(Sources: Economic Times, Moneycontrol, Financial Express, Daily India News, India Everyday)
Luxury market may touch $ 15 bn in 2 years: Study
Despite continued global economic slowdown, the luxury market in India is pegged to grow at 25 % in 2013 till 2015 and likely to touch $ 15 billion from the current level of $ 8 billion, according to a joint study by Assocham and Yes Bank.
The luxury market is poised to expand three-fold in next three years and the number of millionaires expected to multiply three times in another five years, Assocham Secretary General D S Rawat said while releasing the study here.
Indian luxury market is projected to reach $ 14.7 billion in 2015.
(Sources: Economic Times, Hindu Business Line, Indian Express, Moneycontrol, Times of India)
Economy to get $13 bn non-budget stimulus in 12-14 months
The Indian economy is likely to witness a whopping consumption stimulus worth USD 13 billion over the next 12-14 months on account of election spendings and the government's Direct Benefit Transfer scheme, a new report has said.
As per the report prepared by brokerage and capital market research firm Axis Capital, the estimated USD 13 billion stimulus has "nothing to do with the upcoming Budget".
"This will be a result of USD 8 billion poll 'stimulus' as 13 states will witness assembly elections culminating into the General Election. This bunching of elections in a short span of time and the resultant poll spending will have important ramifications for consumption in FY14," it said.
(Sources: Economic Times, Indiatimes, NDTV, Financial Express, Hindu Business Line, India Everyday)
Handicraft exports likely to meet $3.3 bn target for FY'13
his fiscal's $3.3 billion target for the export of handicrafts is likely to be met on account of growing demand for such items from emerging markets like China, Latin America and Africa.
Their exports stood at $ 2.7 billion, according to the data provided by the Export Promotion Council for Handicrafts (EPCH).
The US and Europe together account for about 60 % of the country's total handicraft shipments. During April-January 2012-13, the handicraft exports have grown 22 % to $ 2.3 billion compared to the same period last fiscal.
Among the items that registered maximum growth during this period are woodwares (72 %), imitation jewellery (61 %), shawls as art-ware (53 %) and hand- printed textiles and scarves (14 %).
Besides, EPCH said the exporters have started focusing on the local markets.
The handicrafts sector employs one million people. Moradabad, Jaipur, Saharanpur and Jodhpur are the major handicraft hubs in the country catering to global markets.
(Sources: Economic Times, Indiatimes, Zeenews, Moneycontrol, Daily India News, IBNLive)
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