สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 12 กุมภาพันธ์ 2557
Export growth crawls in Jan
India’s merchandise exports grew by only 3.8 per cent in January, the third month in a row of a single-digit rise. It got the Union government’s commerce department to say it might be tough to meet the official export target of $325 billion for 2013-14, though, it added, it was confident of achieving this. Exports for January were $26.75 billion (Rs 1.7 lakh crore); cumulative exports touched $257 billion in the first 10 months of the current financial year against $243 billion in the corresponding period of 2012-13. This means the country will have to export $67 billion of goods in February and March to meet the export target for 2013-14. As for imports, those of petroleum products declined 10.1 per cent to $13.2 billion in January, whereas non-oil import fell 22 per cent to $234.8 billion. The huge fall in this category does not augur well for industrial activity. After falling for October and November, industrial production data for December would come on Wednesday.
(Source: Business Standard)
Dip in gold, silver imports helps narrow trade deficit
Exports grew by a meager 3.79 per cent in January to $26.7 billion, but imports, particularly gold and silver, declined, narrowing the trade deficit sharply to $9.92 billion in the month. The deficit was $18.9 billion in January, 2013. Director General of Foreign Trade Anup Pujari said export growth was in single digit because of a decline in outbound shipments of major products — gems and jewellery and petroleum. Gold and silver imports declined by 77 per cent to $1.72 billion in January, mainly due to restrictions imposed by the government on inbound shipments of the precious metal for narrowing the current account deficit. Imports of gold and silver in January, 2013, stood at $7.49 billion. In December 2013, imports were worth $1.77 billion. Imports of the two metals during April-January, 2014 too declined by 37.8 per cent to $27 billion from $46.7 billion in April-January, 2013. Exports of petroleum products and gems as well as jewellery during the month under reference contracted by 13.1 per cent and 9.39 per cent, respectively.Imports fell by 18.07 per cent to $36.6 billion in January. Oil imports too declined by 10.1 per cent to $13.18 billion during the month under review.
(Source: The Hindu)
15 deals worth over Rs 12k cr in 40 days: Inbound M&As take wing in 2014
The year 2014 has started with a bang for inbound mergers & acquisitions, with India Inc seeing 15 such deals in 40 days. Besides the mounting interest from buyers in the Indian consumer growth story, other sectors such as health care, metals, real estate and telecom have led the way in asset sales this year. The last of the deals happened just two days ago, with the US-based Sophos buying Cyberoam Technologies. US-based private equity major Carlyle was a common factor in both the first and so far the last M&A deals this year – the first was the largest ever inbound buyout in the Indian dairy space where the PE major sold its 20 per cent stake in Tirumala to Lactalis. Highly leveraged companies such as DLF, Lanco, GMR, etc, have thus been monetising some of their assets in the last couple of months. Early this month, mining and construction company Lanco Infratech, which has a total debt of Rs 7,700 crore, sold its 70-Mw hydel plant in Himachal Pradesh to Greenko for about 77 million euros (Rs 650 crore). It is also in talks for the sale of its 1,200-Mw Udupi Power Corp. The overall deal size of the 15 transactions works out to about Rs 12,151 crore (roughly $2 billion). According to a Grant Thornton report, India Inc had seen inbound deals worth $8.6 billion in 2013.
(Source: Business Standard)
India plans counter move against US charge at WTO
India is planning to move a counter application against the US government in response to the latter’s claim that India has subsidised domestic investors for the solar energy sector. Commerce minister Anand Sharma said India would respond at the World Trade Organization (WTO) about the charges raised by the US Trade Representative Michael Froman. While Sharma did not elaborate, it is understood the Indian government could challenge the Exim Bank support the US provides its manufacturers who bid for solar investment projects abroad. Froman had issued a statement targeting what he alleged were domestic content requirements in the Indian solar mission. He said those discriminated against foreign solar manufacturers. The USTR has asked for the WTO dispute resolution mechanism to be used as this requirement put in by India during Phase II of the Jawaharlal Nehru National Solar Mission, he alleged, affected about 10,000 US jobs.
(Source: The Indian Express)