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Economy grows 4.8% in Q2
Fiscal deficit breaches 84% mark
Tariff on imported gold, silver cut
Govt not to cut FDI cap in pharma firms
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New-look Nano on the cards
Lodha buys Macdonald House in UK
Healthcare at Home
PowerGrid FPO on Dec 3
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Economy grows 4.8% in Q2
New Delhi, November 29 The country’s gross domestic product (GDP) had expanded by 4.4 per cent in the previous April-June quarter of this fiscal and 5.2 per cent in the July-September quarter last fiscal. Planning Commission Deputy Chairman Montek Singh Ahluwalia said India could achieve 6 per cent economic growth next fiscal and the second half of this fiscal could be better. While the second half of the year is expected to be better for the economy, the industry has warned that unless other sectors of the economy pick up, agriculture alone cannot boost the GDP number. Commenting on the official data release on Friday, Economic Affairs Secretary Arvind Mayaram said the growth would come back slowly in the third and fourth quarter. The industry is worried about the slow pace of growth. The CII said the growth of GDP at sub 5 per cent level for the fourth consecutive quarter is worrisome. “The two drivers of growth this year - good monsoons and exports - are insufficient to pull the economy out of the present slowdown, as mining, manufacturing and service sector output remains subdued”, it said. The CII said the problems accruing from low investment and consumption demand together with high food inflation holding back the economy. Ficci said while the situation could further improve in the second half of the year, appropriate targeting to check persistently high food inflation was of utmost importance. The agricultural and allied activities sector registered a growth of 4.6 per cent compared to 2.7 per cent growth in the first quarter and this came as a big support as performance of both industry and services segments remained subdued, Ficci said. Assocham said in a statement that unless problems in manufacturing are fixed, the stress in other sectors will also be reflected. “Though agriculture, thanks to a good monsoon, is a saving grace, it alone cannot carry the economy forward”, it said. Analysts said the GDP growth for the full year would be between 4.5-5 per cent. Bhupali Gursale, economist, Angel Broking, said while the GDP growth was in line with expectations, growth in the services sector had markedly moderated and this could be attributed to dampening consumption as well as restrained government expenditure. “Strong export performance during the quarter has to a large extent aided in the pick-up in the demand-side GDP growth. “The GDP growth during the year is likely to range between 4.5-5 per cent owing to near-term challenges in the macro-environment mainly from subdued domestic demand, fiscal constraints and the muted investment outlook", she said. How India Inc takes it
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Fiscal deficit breaches 84% mark
New Delhi, November 29 It stood at 76 per cent in April-September this year and climbed further to 84.4 per cent of the budget estimate (or Rs 4.57 lakh crore) April-October, as per government data released today. The deficit is without accounting for subsidies that the government will have to pay for selling diesel and cooking fuels at prices below cost. As much as Rs 45,000 crore of fuel subsidy to be paid this fiscal will be carried to the next year as all of the budgetary provisions have already been exhausted in the first six months. As per the official data, net tax receipts for the first seven months of the fiscal year touched Rs 3.56 lakh crore, while total expenditure was Rs 9.22 lakh crore. The revenue deficit during seven-month period went up to Rs 3.53 lakh crore, or 92.9 per cent of the budget estimate, compared with 81.4 per cent last year. The tax revenue collection slowed down to 40.3 per cent of the budget estimate (Rs 8.84 lakh crore) as against 43.3 per cent in the previous fiscal. The non-tax revenues was just Rs 99,515 crore in the April-October period, as against the budgeted over Rs 1.72 lakh crore for entire 2013-14. With nearly eight month of the fiscal getting over, the government has been able to raise a little over Rs 1,300 crore from disinvestment, against the budgeted target of Rs 40,000 crore. Finance Minister P Chidambaram at many occasions had reiterated that red line had been drawn for the fiscal deficit and it would not be breached. The government plans to restrict fiscal deficit at 4.8 per cent of GDP in the current fiscal, lower than 4.9 per cent in 2012-13. CAD to come down
below 3 pc: PMEAC
Current Account Deficit (CAD) is likely to come down below 3 per cent of the GDP in the current fiscal on the back of measures taken by government, PMEAC Chairman C Rangarajan said today. He exuded confidence that the economy would grow at 5.3 per cent in 2013-14. "In the light of steps that have been taken, CAD will certainly come down below 3 per cent of the GDP in the current year and it will not be difficult to finance this level of CAD," he said at the India Economic Conclave organised here. The CAD, which is the difference between inflow and outflow of foreign exchange, touched a record high of $ 88.2 billion or 4.8 per cent of GDP in 2012-13 on account of higher gold and oil import. The government has taken several steps, including hike in gold import duty to 10 per cent and restrictions on import of gold bars and medallions, to restrict CAD. It has also taken measures to boost exports, taking advantage of depreciating rupee. — PTI |
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Tariff on imported gold, silver cut
New Delhi, November 29 The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. The tariff value on imported gold stood at $ 414 per 10 grams, while on silver at $ 672 per kg till yesterday. The notification in this regard has been issued by the Central Board of Excise and Customs, an official statement said. The import tariff value on gold has been changed due to volatility in precious metals in the global market. In the domestic market, gold prices were ruling firm at Rs 31,320 per 10 gram in the national capital due to high premium charges on the yellow metal in the wake of tight supply following the government's gold import curbs India, the world's largest consumer of gold, imported 393.68 tonnes of the yellow metal during the April-September period of this year, as per official data. — PTI
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Govt not to cut FDI cap in pharma firms
New Delhi, November 29 Currently, 100 per cent FDI is permitted in brownfield pharma firms through clearance from the Foreign Investment Promotion Board (FIPB). "We are not reducing (the FDI cap in brownfield pharmaceuticals) for the moment," Commerce Minister Anand Sharma told reporters here. He said, however, that the non-compete clause which prevents the acquired entity from producing similar products by the acquirer would be done away with. The decision was taken by Union Cabinet yesterday.
— PTI |
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Singapore, November 29 Tata said Nano could also be marketed as a changed product in Europe to tap interest on the car outside India. Stating that Tatas are working on a refreshed Nano, he added: “A re-launched Nano with some of the differences that we're trying to incorporate, yes I do...We are going to relaunch the car not as the cheapest car, but in the image as it is.” Admitting that Tata Motors made a mistake in the marketing and positioning of the Nano, he said: “It became termed as a cheapest car by the public and, I am sorry to say, by ourselves, not by me, but the company when it was marketing it. I think that is unfortunate.” He further said: “I always felt that Nano should have been marketed towards the owner of a two-wheeler because it was conceived giving the people who rode on two-wheels with the whole family an all-weather safe form of affordable transportation, not the cheapest.” — PTI
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Lodha buys Macdonald House in UK
London/Mumbai, November 29 "The Lodha Group has exchanged contracts to acquire the landmark MacDonald House in Prime Central London from the Canadian government for a consideration of over Rs 3,000 crore," Lodha said in
a statement. The acquisition marks foray of the Lodha Group into the UK real estate market. This is the third major asset purchase by the privately held firm in over last one year. The company has also bought 17 acres of land in Mumbai from DLF for Rs 2,727 crore. — PTI |
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Healthcare at Home
New Delhi, November 29 "We are starting operations in Chandigarh next month. It will cater to other markets such as Punjab, Haryana and Himachal Pradesh. It will be followed by other cities such as Mumbai, Bangalore and Hyderabad," Srivastava said. — PTI
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PowerGrid FPO on Dec 3
New Delhi, November 29 "The issue opens on December 3 and closes on December 5 for institutional investors and December 6 for retail category of investors and employees," an official statement said. The price band for the issue has been fixed at Rs 85-90 a share, PGCIL said. — PTI |
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Consumer price index up
Photon Max Wi-Fi Colgate pays dividend of
Rs 9
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The government today slashed the import tariff value on gold and silver to $ 405 per 10 gram and $ 642 per kg, respectively, in line with global trends.
