New Delhi, February 7
The Indian economy is estimated to grow at 4.9% in the current financial year, faster than last year’s growth rate but still clocking two consecutive years of sub-5% expansion which shows that a fast recovery is still elusive and the number is looking optically better due to the base effect of last year.

"The growth in GDP during 2013-14 is estimated at 4.9% as compared to 4.5% in 2012-13," according to advanced estimates released today by the Central Statistics Office (CSO).

Crisil Research pointed out that the Indian economy grew at 4.9% in 2013-14 despite a low base of last year. The growth for 2012-13 was recently revised downwards to 4.5% from the earlier estimate of 5%. Had last year’s figures not been revised, the GDP growth for 2013-14 would have been even lower at 4.4%. However, the full-year figures for 2013-14 suggest that growth in the second half of the fiscal would have improved to around 5.2% from 4.6% in the first half.

It said agriculture and exports formed the silver lining for 2013-14. This is the first time since 1991-92 that the manufacturing sector has experienced a contraction.

Industry said the green shoots of recovery are yet to become apparent and pointed out that the growth figure is looking optically better due to the base effect.

Finance Minister P Chidambaram said: “I am confident that final growth estimate in 2013-14 will not be less than 5%.”

Chandrajit Banerjee, Director-General, CII, said with demand not showing visible signs of a pick up owing to weak consumption, investment and government expenditure, the green shoots of recovery have yet to become apparent.

“What is worrisome is the poor performance estimated in the mining and manufacturing sectors which are in the red. The growth rate would have been lower had it not been for the favourable base effect of last year,” he said.

Sidharth Birla, president, Ficci, said the GDP number clearly indicates that moderating performance of the manufacturing sector is taking a toll on the overall growth and is having a commensurate impact on the services sector as well. “There has been a considerable loss in optimism and we urgently need to prop up growth in the manufacturing sector”, he said.

Assocham said given the current state of employment-intensive sectors it would be difficult to see any revival in the near future. “The election manifestos of the political parties must reflect on industrial revival measures,” it added.

Greater Noida, February 7
Green and hybrid is the theme at the 12th Auto Expo here at India Expo Mart with a special Electric Mobility Pavilion having been put up to exhibit the future clean technology, which would not only make driving easier but also pollution free.

The pavilion displays various concepts of hybrid automobiles and will educate visitors about the nuances of electric technology along with a practical experience of driving electric cars and two wheelers.

The exhibits at Theme Pavilion include Maruti Suzuki Swift RE, Toyota Kirloskar Camry Hybrid, Tata Motor’s Iris and Magic, TVS Motors E-Scooter and E-3Ws, Hero Eco E-Scooter, Mahindra & Mahindra E2O and Maxximo.

Vinod Dasari, vice-president, SIAM, and managing director of Ashok Leyland, said “As a result of growing GDP, India’s primary energy consumption is expected to increase by 70% in the next 10 years. The gap between domestic crude oil production and consumption is widening, leading to increase in imports and consequent impact on the trade deficit. Thus, Electric Mobility Pavilion will set a milestone to create awareness among consumers. This has come as a part of the composite communication strategy espoused under the National Mission on Electric Mobility.”

Taking the lead in the segment is also Lohia Auto Industries, a part of Lohia conglomerate, which while tapping into the next wave of India’s public transport, announced the launch of Humrahi, an eco-friendly electric rickshaw (e-rickshaw) for passengers and cargo.

Lohia Auto is the first and the only Indian company to pioneer into manufacturing of electric vehicles in the country and equipped with special EV-grade batteries. These vehicles are not only cost-effective but also eco-friendly.

While these e-rickshaws will offer an affordable mode of transport to passengers, these will also provide a great investment opportunity to drivers. Priced between Rs 1 lakh and 1.5 lakh, these rickshaws will cost much less than the traditional auto-rickshaws and battery-operated three-wheelers.

Chandigarh, February 7
Maruti Suzuki’s test track — where it will test the road worthiness of all models to be launched from the Maruti stable — will become functional in Rohtak by 2016. It is being set up at Rohtak in collaboration with Maruti’s Research and Development Laboratories at an investment of Rs 2,000 crore.

The company has already set up two research laboratories in the 600-acre complex and these have already become operational. The work on laying the test track has commenced and the company will be able to put it to use in the next two years.

Talking to The Tribune on the sidelines of the launch of Maruti Celerio here today, RS Kalsi, executive director, Maruti Suzuki India, said the company would invest Rs 2,000 crore in the project in three phases. “Test track is a critical part of any automotive company which enables it to test its vehicles before securing various certifications. As of now, the test track for Suzuki is in Japan,” he said.

While 500 acres is being utilised for setting up the R&D laboratories and the test track, the remaining 100 acres will be kept aside for setting up ancillary units.

Mumbai, February 7
The RBI has permitted four non-banking entities to set up White-Label ATMs in India, according to a statement issued here today.

The central bank said it has allowed Tata Communications Payment Solutions Limited, Prizm Payment Services Pvt. Ltd., Muthoot Finance Limited and Vakrangee Limited for setting up and operating White-Label ATMs. While the first three have already launched their services, Vakrangee Limited will do so shortly, the RBI said.

RBI had in June 2012 allowed non-banking entities to set up and operate White-Label ATMs in the country under the Payment and Settlement Systems Act, 2007.

RBI said the objective of permitting non-banks to operate White-Label ATMs was to enhance the spread of ATMs in semi-urban and rural areas where bank-owned ATM penetration has not been growing. “Under the new guidelines, certain minimum number of White-Label ATMs need to be installed in these areas within a year,” it said.

New Delhi, February 7
The Competition Commission of India (CCI) has imposed a penalty of Rs 55.42 lakh on the Chemists and Druggists Association, Ferozepur (CDAF) and its office-bearers.

The penalty has been imposed on the basis of information filed by Arora Medical Hall, Ferozepur alleging contravention of the provisions of the Competition Act.

The complainant had alleged that the CDAF had imposed conditions to take an NOC and letter of credit from the CDAF.

BRIEFLY

BEL ties up with US, French firms
New Delhi: Bharat Electronics Limited (BEL) has signed agreements with US-based Textron Systems Corporation and France-based Sagem Défense Sécurité. While the US firm will provide Unattended Ground Sensor (UGS) system to Indian security agencies, the pact with French company is for exploring co-operation in the production and supply of navigational sensors. — TNS

Pipavav, German company in pact for torpedos
New Delhi: Pipavav Defence and Offshoring Engineering Company, a private sector defence company, has tied up with Germany-based Atlas Elektronik for building a heavyweight torpedo. In the past also, Atlas has supplied torpedos for submarines of the Indian Navy. — TNS

CII, Australia sign MoU for defence cooperation
New Delhi: The CII and Australian Industry and Defence Network Incorporated signed an MoU on Friday. The objective of the MoU is to support the common initiatives of Australia and India in aerospace, defence and homeland security. — TNS

TRAI snaps 14 lakh phones of unregistered telemarketers
New Delhi: Telecom regulator TRAI has disconnected 14 lakh phones and blacklisted 1.8 lakh unregistered telemarketers for two years for sending pesky communications. This was disclosed by Minister of State for Communications and IT Milind Deora in the Rajya Sabha on Friday. — PTI

Corporates owe over Rs 2.46 lakh crore in taxes: Govt
New Delhi: Corporate houses owe a staggering Rs 2,46,416 crore in taxes and the I-T department has devised a strategy to recover them, Parliament was informed on Friday. In a written reply to the Lok Sabha, Minister of State for Finance JD Seelam said no separate data of outstanding demand from big corporates, as a separate category or class, is maintained. — PTI