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Exports up 10.22% in June
India Inc hails BRICS pact to set up bank
Sensex records best daily gain in 15 days
FDI proposals worth
Rs 2,327 crore cleared
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Haryana woos entrepreneurs
Honda recalls 1,338 units of Accord, CR-V
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Exports up 10.22% in June
Crisil Research said merchandise trade deficit for April-June 2014 stood at $33.1 billion – a reduction of 31% compared to Q1 of last fiscal. The reduction was driven by 9.3% growth in exports and a sharp fall in gold imports compared to the same period a year ago. In comparison with the last quarter, however, merchandise trade deficit was higher by $4.5 billion, suggesting potential widening of the current account deficit (CAD) in Q1 fiscal 2015. For fiscal 2015, Crisil expects CAD to widen to 2.2% of GDP. While export growth is likely to gain momentum with global recovery, imports too will rise as some of the restrictions on gold imports have been lifted and imports of oil, consumption and investment goods pick-up with recovery in GDP growth. The impact of a partial removal of gold import restrictions is visible in June data as gold imports doubled to $3.2 billion from $1.7 billion in April 2014. Sectors that helped in pushing exports in June include textiles (14.39%), petroleum products (38.3%), engineering (21.57%), leather (15%), marine products (27.49%), oil seeds (44.4%) and tobacco (31%). M Rafeeque Ahmed, president, Federation of Indian Export Organisations (FIEO), said the continuance of the double-digit growth in exports is a positive sign. Ahmed said global situation is conducive to exports as both advance and emerging economies are showing better economic indicators. The import growth in non-oil imports by 7% is a good sign when seen in the background of recent growth in manufacturing. He added that the new Foreign Trade Policy 2014-19 should attempt to integrate India in the global value chain and put focus on high tech exports, electronic hardware, branded exports, project exports, services exports besides the traditional sectors which have high employment ratio. Ahmed said the government should look for an export target of $750 billion by 2018-19 which may look challenging but can be achievable with integrated efforts of all stakeholders.
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India Inc hails BRICS pact to set up bank
New Delhi, July 16 Commenting on the outcome of the 6th BRICS Summit at Fortaleza, Brazil, Sidharth Birla, president, FICCI, said “The Summit in Fortaleza, Brazil, has provided the institutional underpinnings to the BRICS grouping. The agreements on setting up of the BRICS New Development Bank and the BRICS Contingency Reserve Arrangement are indeed historic”, he said. “These will take economic cooperation among BRICS countries to altogether new and higher level and open up new avenues for engagement,” he added. “The work of the BRICS New Development Bank will be guided by our own development experience and it will support projects that meet the growth priorities of BRICS nations”, Birla said. Assocham president Rana Kapoor said the decision to set up a $100 billion development bank by the BRICS countries is a strong signal to the rest of the world about the growing economic clout of Brazil, Russia, India, China and South Africa. While BRICS development bank will not undermine the IMF and the World Bank, those wielding political control of the Bretton Woods institutions must realise that we are living in a different world today than the world of the 1940s, he added. He said the BRICS development bank must find ways to raise resources to the extent of many times over the $100 billion since the development requirements of the emerging economies are huge requiring big time resources. India alone needs in excess of $1 trillion in infrastructure. The BRICS bank, will surely, tap the global capital market to raise such resources, he added.
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Sensex records best daily gain in 15 days
After a higher start at 25,322.17, the Sensex touched day’s high of 25,602.78 and closing at 25,549.72 — up 321.07 points, or 1.27%. This is the best single-day rise since the 325-point spurt on July 2. Among lenders, IDFC jumped 8.70%, ICICI Bank 4.70%, Axis Bank 3.57%, SBI 2.26% and HDFC Bank 1.16%. Stocks saw heavy buying after the RBI yesterday evening exempted long-term bonds from mandatory regulatory norms like CRR and SLR if the money raised is used for funding of such projects. The market sentiment remained firm after government data showed India’s exports grew by 10.22% to $26.4 billion in June this year while imports stood at $38.24 billion, up by 8.33%. The Sensex had gained 221.67 points yesterday after retail inflation eased to a 30-month low of 7.31% in June. WPI inflation has already softened and factory output is getting stronger, data has showed. Brokers said easing crude oil prices, a mixed trend on the other Asian bourses and a higher opening in the European markets also influenced domestic market sentiments. On similar lines, the 50-share National Stock Exchange index Nifty regained the 7,600-mark by rising 97.75 points, or 1.30%, at 7,624.40 after touching a high of 7,640.10. The real estate sector witnessed solid demand and its sectoral index notched up the best gain (4.28%) among peers. — PTI
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FDI proposals worth Rs 2,327 crore cleared
New Delhi, July 16 “Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on June 11, 2014, the Government has approved 19 proposals of foreign direct investment (FDI) amounting to Rs 2326.72 crore approximately,” the Finance Ministry said. The FIPB, however, rejected an investment proposal of Multi-Commodity Exchange of India (MCX) for a post-facto approval of the foreign investment made by Alexandra Mauritius Ltd prior to the period when FDI in commodity exchanges was brought under approval route. In addition to MCX’s proposal, the FIPB also rejected foreign investment application of George Institute for Global Health (Hyderabad), BIESSE Manufacturing Company (Bangalore) and three others. The Finance Ministry further said decision on seven FDI proposals has been deferred. These include proposal of Ahlcon Parenterals (India), Indian Rotorcraft Ltd and UBM Medica India. — PTI
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Haryana woos entrepreneurs
New Delhi, July 16 Speaking at an interactive session with members of PHD Chamber and entrepreneurs, he said the state government would take action against officials who acted foul with them. Additional Chief Secretary of the state’s Industries Department YS Malik said the government was according priority to provide affordable housing facilities to labourers, skill development and vocational training programmes. After IMT Manesar, the labour housing colonies are being set up at Faridabad, Kundli and Rai. Principal Secretary, Town and Country Planning, TC Gupta said HUDA was planning to provide multi-level parking facilities in the residential sectors of HUDA in the state. Principal Secretary, Power, Devender Singh, said every possible measures were being taken to facilitate power consumers in the state.
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Honda recalls 1,338 units of Accord, CR-V
New Delhi, July 16 The recall, which is part of Honda’s global recall regarding the potential defect related to passenger airbag announced in June 2014, would cover 1,085 units of Accord and 253 units of CR-V. Honda said the replacement of the faulty part would be carried out free of cost at its dealerships across India in a phased manner. — PTI
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Losses on diesel sales fall to Rs 2.49 per litre Adani Ports gets approval
for special economic zone Microsoft partners Cisco to modernise data centres Apple, IBM to develop cloud services & apps Tata Comm to invest $200m to double data centres Sun Pharma acquires US-based firm
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New Delhi, July 16
Mumbai, July 16
