สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 24 มิถุนายน 2556
Govt reforms unable to stem fall in foreign direct investment
Most sectors in the economy drew less of foreign direct investment (FDI) in 2012-13 than a year earlier.
However, the automobile sector saw a 60 % surge in inflow. Tourism saw a three-fold rise, though still low at $3 billion.
Overall, inflows plunged 38 % in FY13, of $22.4 billion as compared to $35.1 billion in FY12.
The government did take several measures since the middle of September last year to open FDI in certain sectors and raise the cap on others. For 2013-14, it has projected an inflow of $36 billion.
FDI in the power sector contracted 67 % to $536 million from $1.6 billion. Some big companies are reconsidering their investment plans, after losses due to lack of coal and natural gas supply.
Automobiles saw a rise of 67 % to $1.5 billion from $923 million. This is the highest in this industry for six years, according to DIPP. According to a recent report, 53 % of these inflows come from the passenger vehicle segment.
(Source: Business Standard, Firstpost, Smart Investors, Rediff News)
WPI inflation likely to fall to 3.5% in September: Credit Suisse
Wholesale Price Index (WPI)-based inflation is likely to slide to as much as 3.5 % in September, says financial services firm Credit Suisse.
The country's WPI inflation fell to 4.7 % in May, its lowest rate since October 2009.
According to its report, the lagged effects of weak manufacturing activity, softer money and lending growth and the fall in rupee denominated commodity price inflation are yet to be fully felt.
"With this in mind, we are looking for the WPI rate to fall below 4 % in August and bottom at around 3.5 % in September," Credit Suisse said.
From September onwards, however, a combination of tough base effects and the impact of the rupee depreciation will lead to a rise in WPI (Wholesale Price Index).
In 2013/14, Credit Suisse expects inflation to average 4.8 %- which compares with a June consensus projection of 5.7 per cent.
(Source: Financial Express, Indian Express, Business Standard, Economic Times)
Rajasthan may get $ 6.28 billion refinery soon
With a focus on economic development and employment generation, the UPA government is gearing up to announce a $ 6.28 billion refinery-cum-petrochemicals project in Rajasthan.
In a letter to UPA chairperson Sonia Gandhi, petroleum minister M Veerappa Moily has requested Gandhi to announce the project sometime in August. “The 4,000 acres of land needed for the project in Pachpadra (Barmer District) in Rajasthan has been identified and is being acquired by the government of Rajasthan,” Moily said in the letter.
The capacity of the project will be 9 million tonnes per annum and will be implemented as a joint venture between state-owned Hindustan Petroleum Corporation Ltd (HPCL) and the Ashok Gehlot-led government of Rajasthan.
"The proposed Rajasthan refinery-cum-petrochemicals project is scheduled to be completed by December 2017," Moily mentioned in the letter. Project approvals, land/environmental clearances and financial closure of the project are expected by the end of 2013.
(Source:
Government aims to build world's largest transmission grid by 2017
Power Ministry has set an ambitious target of building the world's largest transmission network spanning across 1,40,000 circuit kms by 2017 , Power Minister Jyotiraditya Scindia told PTI. The minister also said the country will have a single transmission grid by January next year.
"By the year 2022, the power demand will touch 4,00,000 MW and by 2032, the demand will be 8,00,000 MW," Scindia said. The power generation capacity of the country at present is 2,30,000 MW.
The minister also said that as much as 40 % of the investment in infrastructure comes from the power sector.
(Source: Economic Times, Indiatimes, Indian Express, NDTV, Business Standard)
High entry-barriers for foreign investors and the rising cost of financing have led to the country slipping to a low eighth position on the renewable energy country attractive index in the first quarter of 2013, says an Ernst & Young survey.
According to the report 'Renewable Energy Country Attractiveness Index',
(Source: Economic Times, Indiatimes, Zeenews, Indian Express, Infraline)
Low valuations bring back investors in wind energy projects; sector sees $ 253 million investment
More investors are backing wind energy projects as low valuations make the sector attractive for risk capital deals. This year over $ 253 million has been invested so far and the momentum is expected to continue with deep-pocketed players, such as Goldman Sachs, increasing their exposure in the sector. Earlier this month, a private equity fund run by the Wall Street investment bank invested $ 128 million in wind energy firm ReNew Power Pvt Ltd.
"Wind assets are now available at a very good price. The entry-level valuations are quite cheap, and investors can look to recover money within four to five years," said Arvind Modi, vice-president at Gujarat Venture Finance Ltd. In January, his fund put in $ 6.75 million in a special purpose vehicle of UK-based SITAC Group.
The investment was made out of the Golden Gujarat Growth Fund, a $ 169 million fund launched in 2011.
(Source: Economic Times, Indiatimes, Worldnews, Infraline, i4u)
(Source: Economic Times, Indiatimes, Zeenews)
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