Economy and Politics

India’s Trade Developments for Oct. 2011

Nov. 9 – India’s exports have recorded development of 10.8 percent during October 2011 at US$19.9 billion, while imports were at US$39.5 billion over the same period for a growth rate of 21.7 percent. As such, the trade deficit for the particular period was US$19.6 billion.

Collective export figures for the tenure of April to October 2011 stand at US$179.8 billion recording a growth of 46 percent and imports for the same period stand at US$273.5 billion registering a growth of 31 percent. Balance of trade for the period stands at negative US$93.7 billion. Continue reading →

Posted in Economy and Politics, FDI and Foreign Trade | Tagged India Economy, India Exports, India FDI, India Imports, India Trade, India Trade Balance | Leave a comment

Incentives for India’s Textiles Industry

Oct. 25 – India’s Foreign Trade Policy (2009-14) announced by the Union Minister of Textiles, provides various incentives for the country’s textiles sector. The sector has been stumbling lately under financial uncertainty at the global level as well as pulls and pressures at the domestic level.

“A multi-pronged strategy has been adopted by providing a stable policy regime, adopting a conscious market diversification plan and providing additional support to sectors hit badly by the global recession. The Ministry also encouraged technological up-gradation of export sectors, and undertook a simplification of procedures to reduce transaction costs and decided to consolidate India’s traditionally strong sectors of the economy while focusing on sunrise sectors as well,” according to the Ministry of Textiles (MoT). Continue reading →

Posted in Economy and Politics, FDI and Foreign Trade, Featured, Markets | Tagged European Union, Focus Product Scheme, India Foreign Trade, India Incentives, India Tax, India Textiles, Niryat Bandhu, United States | Leave a comment

Pakistan Grants India Most Favored Nation Status

Oct. 18 – Pakistan has decided to grant Most Favored Nation (MFN) status to India. The discussion process with India had been initiated after a gap of two years. According to the Pakistan government, the foremost priority of the country is to ensure uninterrupted dialogue with India so that the resolution of Kashmir can be ensured.

The MFN status could be a big step forward in increasing trade ties between the two countries. Once MFN status is granted, Pakistan will have to treat India on par with its other favored trading partners. India has already granted most favored nation status to Pakistan and is treating it on par with other trading partners. Continue reading →

Posted in Economy and Politics, FDI and Foreign Trade | Tagged India Pakistan, India Politics, India Trade, Most Favored Nation, World Trade Organization | Leave a comment

India Set to Overtake Japan as World’s Third Largest Economy

Sept. 20 – With Japan’s economy in the doldrums and expected to shrink following the devastating earthquake and tsunami that hit the country earlier this year, India’s 8 percent growth is likely to see it emerge as the world’s third largest economy this year, in purchasing power parity terms.

India currently ranks fourth, with 2010 International Monetary Fund data showing that the Japanese economy was worth about US$4.31 trillion, with India close behind at US$4.06 trillion. Continue reading →

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Corporate Social Responsibility not Mandatory by Government of India

Sept. 9 – It is not compulsory for every company to have a policy for Corporate Social Responsibility (CSR) according to the Government of India. Though, the Department of Public Enterprises has issued inclusive CSR guidelines for Central Public Sector Enterprises in April, 2010 wherein these enterprises, except those making a loss, have to mandatorily create a CSR budget through a board resolution as a specific proportion of net profits from the preceding year.

The ministry has newly released a comprehensive set of guidelines known as National Voluntary Guidelines on social, environmental and economic responsibilities of business. Continue reading →

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RBI Conducts Inflation Expectation Survey

Sept. 2 – The Reserve Bank of India has been carrying out Inflation Expectation Surveys of Households (IESH) on a quarterly basis since September 2005. The 25th round of the survey with July-September 2011 as the present indication period has been launched.

The survey looks for qualitative responses from households on price changes (general prices as well as prices of specific product groups) in the next three months as well as in the next one year and quantitative responses on current, three-month, and one-year ahead inflation rates. The consequences of this survey are being used by the Reserve Bank of India as one of the imperative contributions to the monetary policy formulation. Continue reading →

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Indian Domestic Demand Halves Iron Ore Exports

Aug. 22 – India’s iron ore exports fell for the first time last year and have further declined as a result of massive domestic demand. A government policy of promoting nationalism in resources is driving down India’s exports of the commodity and is helping to reduce international prices. To assist with getting enough ore into domestic redevelopment projects, India has raised freight rates and tariffs, including a quadrupling of export taxes for iron ore over the past 12 months. Exports have responded by declining 17 percent. Continue reading →

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India’s Foreign Trade in June 2011

Exports
Aug. 5 – India’s exports through June 2011 were valued at US$29.21 billion, which was 46.45 percent superior to the level of US$19.94 billion seen in June 2010. On an expanded timeframe, the growing value of exports for the period April-June 2011-12 was US$79.00 billion against US$54.22 billion over the same period a year earlier – good for a 45.71 percent increase.

Imports
India’s imports for the duration of June 2011 came to US$36.87 billion, showing a growth of 42.46 percent over the level of imports valued at US$25.88 billion in June 2010. An increasing value of imports for the interval of April-June 2011-12 was US$110.61 billion as against US$81.20 billion over the same period in 2010 – good for a 36.22 percent increase. Continue reading →

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