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Industrial growth slips to 4-month low of 0.5% in July
Bonanza for retail buyers as gold prices soften
PM reviews infra projects
Honda initiates process for third plant in Gujarat
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ADB to lend $150m for transmission lines
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Industrial growth slips to 4-month low of 0.5% in July
New Delhi, September 12 Decline in manufacturing output and lower offtake of consumer durables pulled down industrial production growth to 4-month low of 0.5% in July compared to the much more robust 3.9% growth in June.
Ahead of the festival season, gold prices fell sharply and closed below the psychologically important Rs 27,000 per 10 grams mark on the domestic bullion market today following a heavy selloff on global uncertainty. Indirect tax revenue collection have increased from Rs 1.85 lakh crore in April-August 2013 to Rs 1.94 lakh crore during April-August 2014. Thus an increase of 4.6% has been registered during April-August 2014 over the corresponding period in the previous year. Industry said manufacturing is still to recover. "While we were hoping that slowdown in manufacturing had bottomed out, it appears from July numbers that manufacturing may not be out of the woods,” said Sidharth Birla, president, FICCI. “It is worrying that deceleration in July is somewhat broad-based extending to consumer durables and capital goods”. “We look forward to the positive investment and infrastructure driven environment, and a robust decision making mechanism to improve ease of doing business, as also indicated by the Prime Minister, to fully carry forward the policy of Make in India and boost manufacturing”, said Birla. Debopam Chaudhuri, chief economist, ZyFin Research said although it is quite disappointing to see a marginal growth of just 0.5% in the IIP for July, but the data is known for its inherent monthly volatility. Capital goods which registered a year-on-year growth of 23% in June 2014, fell sharply. This was a major pull back on the overall index along with consumer durables and non-durables.
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Bonanza for retail buyers as gold prices soften
Gold prices fell to Rs 27,415 for 10 grams in the spot market today with analysts attributing the fall to softening international prices. During the festival last year, gold prices soared to Rs 32,000 per 10 grams. “Retail buyers are showing interest in gold jewellery after a long time. We expect a good Diwali this year,” says Amarsingh Soni, a jeweller from Borivali in suburban Mumbai. According to jewellers at Zaveri Bazaar in downtown Mumbai, the hub of India's gold and jewellery trade, retail buying will pick up after the 15-day 'pitru paksha' period ends on September 24. “People are making deposits for gold jewellery which they will collect on Dhanteras,” says a jeweller at Zaveri Bazaar. Dhanteras, which falls on October 21 this year, is considered auspicious for buying gold jewellery. However, with prices rising sharply on that day, savvy buyers prefer to 'book' their jewellery by making a deposit and collecting it on Dhanteras day by paying the balance. Jewellers say the booming stock market will also play a big role in expanding demand for the yellow metal. “People who have made a lot of money in the stock markets will always buy a decent amounts of jewellery during marriages and festivals. So this year we expect the demand to be good,” says Shivdas Raikar, a city-based jeweller. To cash in on the expected demand for gold, jewellers are again rolling out coins made of the yellow metal. According to those in the trade, several new schemes for buying coins weighing as low as 5 grams will be unveiled in the next fortnight. The Central Government had announced earlier this week that there were no plans to cut duty on import of gold even though the country's current account deficit has been reduced in the past few months.
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PM reviews infra projects
New Delhi, September 12 “Prime Minister Narendra Modi emphasised the importance for monitoring the progress of infrastructure development through efficiency parameters which have been identified for each of the sectors. He said the ministries should monitor them on electronic reporting formats,” an official statement said. The instructions followed monthly review of the progress of eight major infrastructure sectors — Civil Aviation, Ports and Inland Waterways, Railways, Roads, Telecom, Power, Coal, and New and Renewable Energy. Modi said accelerated infrastructure development was his top priority, and stressed the need for creating world-class infrastructure in India. Reviewing the progress of the Railways sector, he said: “Railways has been granted clearance for 100% FDI, and therefore it should come up with a comprehensive plan for facilitating FDI in the sector.” He also stressed that initiatives undertaken by the state governments and PSUs with other countries, including SAARC nations, should also be taken into account while monitoring the progress of infrastructure sectors. The Prime Minister reiterated his emphasis on renewable energy, including solar energy. He called for a solar-powered corridor along the India-Pakistan border, in the desert regions of Rajasthan and Gujarat. Two pilot projects of 5 MW each are being initiated in this regard. Referring to his vision of solid waste management and waste water management in 500 towns through the PPP model, the Prime Minister said bio-energy would be a vital element of this vision.
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Honda initiates process for third plant in Gujarat
New Delhi, September 12 The company, which currently has two manufacturing plants at Greater Noida and Tapukara (Rajasthan), is also looking to start a second shift at the Tapukara facility. “First step for us is to start the second shift at Tapukara which we have started planning and we shall be up and running with the second shift by November,” Honda Cars India Ltd (HCIL) senior vice-president (marketing and sales) Jnaneswar Sen told reporters on the sidelines of annual SIAM convention. “In addition to that, we have just started the process to acquire land in Gujarat for the long-term purposes given our commitment to the Indian market,” he added. He, however, declined to provide further details. The company’s current installed manufacturing capacity stands at 2.4 lakh units across Greater Noida and Tapukara plants. — PTI
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ADB to lend $150m for transmission lines
New Delhi, September 12 The loan will finance high-voltage transmission lines and sub-stations to be built by the Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPNL). Rajasthan has significant potential for wind and solar energy development. “The transmission investment programme will spur the development of renewable energy in the resource-rich areas of western Rajasthan and help to deliver more environment-friendly energy to the state and national grids,” said Teresa Kho, country director of ADB’s India Resident Mission, who signed the loan agreement, on behalf of ADB.
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Airtel offers 60 min/day free calling service for Kashmir New Holland Tractors launches ‘Excel 6010’ ICICI Bank raises $500m from overseas markets
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The factory output, as measured by the Index of Industrial Production (IIP), had grown by 2.6% in July 2013. Easing prices of vegetables, cereals and petroleum products brought down retail inflation marginally to 7.8% in August.
While we were hoping that slowdown in manufacturing had bottomed out, it appears from July numbers that manufacturing may not be out of the
woods
Mumbai, September 12
