Asian Lite News Archive

Category: Economy

  • Moody’s projects 5-6% GDP growth for India

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    India’s gross domestic product (GDP) is estimated to grow next year in the range of 5-6 percent on the back of stronger domestic demand, ratings agency Moody’s said Wednesday. “India will have stronger GDP growth in 2015, which we forecast at 5-6 percent, up from around 5 percent in 2014,” Moody’s said in their report…

  • India’s account deficit not alarming: Jaitley

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      Finance Minister Arun Jaitley said  that India’s current account deficit (CAD) was not alarming and it was under control. “The CAD figure of 2.1 percent (of GDP) is not alarming. The figure is under control. There are ways of curtailing it and bringing it down further,” he said in the Rajya Sabha. He added…

  • ‘Modi-Obama summit reignited business interest’

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      Did Prime Minister Narendra Modi’s summit meeting with US President Barack Obama in September signal a paradigm shift in bilateral ties? Was it a ground-breaking moment in Indo-US ties that had seen a slump over the years? Experts, including former diplomats, do not think it was a paradigm shift, but agree the visit was…

  • India’s upward trend in competitiveness

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    By Amit Kapoor  Over the past few years, we have been particularly interested in studying India’s competitiveness. This is because understanding it can yield interesting insights about the country’s future trajectory. The productivity with which India has and how it will utilize its resources will ultimately be a determinant of the prosperity level of its…

  • Modi meets CMs on Planning revamp

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      Prime Minister Narendra Modi met chief ministers to hear their views on the restructuring of the Planning Commission. Chief Ministers Mamata Banerjee of West Bengal and Omar Abdullah of Jammu and Kashmir are reportedly not attending the meeting taking place at the prime minister’s residence. Modi told parliament Friday that the government had consulted…

  • ILO wage report troubles Osborne

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    Wage growth around the world slowed in 2013 to 2.0 per cent, compared to 2.2 per cent in 2012, and has yet to catch up to the pre-crisis rates of about 3.0 per cent, according to the ILO’s Global wage report 2014/15. Even this modest growth in global wages was driven almost entirely by emerging…

  • Osborne stands by his plans

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    George Osborne has defended his economic plans amid claims that he is set to plunge Britain into a period of austerity not seen since the 1930s. The Chancellor grabbed headlines with the historic stamp duty reforms he announced, but cuts of £60bn to non-protected areas like police, local government and justice will be required in…

  • Indian growth story attracts Americans

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    Lured by the growth potential of the Indian market, the American Society for Metals (ASM) International, the world’s largest association dealing in metal-centric materials scientists and engineers, is for the first time hosting MET-14, an international conference on emerging materials and processes for industrial applications, in India. ASM is a very popular name worldwide with…

  • Modi’s bureaucratic shakeup impress Obama

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    By Arun Kumar   US President Barack Obama is very much impressed with the way Indian Prime Minister Narendra Modi has shaken up the bureaucratic inertia inside India to improve the business climate in the country. “India- Modi has impressed me so far with his willingness to shake up the bureaucratic inertia inside of India,” he…

  • Northeast is Natural Economic Zone: Modi

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      A new resurgent, stronger and more prosperous India and Nagaland needs to be built, Prime Minister Narendra Modi said, adding that the region is a Natural Economic Zone (NEZ) and it is his priority to tap it. “There are SEZs in some parts. Here it is NEZ – Natural Economic Zone. My priority is…

  • Modi’s Christmas gifts for northeast

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    By Sujit Chakraborty  Prime Minister Narendra Modi will be spending four busy days on his maiden visit to the northeast where he will address the country’s top police chiefs, dedicate a train line from Meghalaya to Assam, commission a power project in Tripura and inaugurate a festival each in Nagaland and Manipur. Modi begins Nov…

  • Kashmir’s meagre saffron production spikes prices

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    By Vishal Gulati   More than 70 percent of Kashmir’s saffron cash crop, one of the costliest spices of the world, has lost its purple bloom this season due to the hostile weather. Its prices have increased 60 to 80 percent. To optimise revenues, trade representatives say, cheaper saffron imported from Iran is mixed with the…

  • Saarc must act for economic integration: Modi

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      Prime Minister Narendra Modi  called for a better economic  integration among Saarc, expressing concern that under 5 percent of the region’s global trade takes place between its eight member countries. The Indian prime minister also promised a special funding vehicle, overseen by his country, to finance infrastructure projects in the region, while also proposing…

  • India can touch $10 tn economy by 2034: PwC

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     Launching a report on transformational change in India, PricewaterhouseCoopers (PwC) said India has an opportunity to build a $10 trillion economy by 2034 with a growth rate of 9 percent per annum. Titled “Future of India: The Winning Leap”, the report “builds an aspirational model prepared after meeting business leaders and social thinkers and identifies…

  • Modi magic working on the economy?

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    By Arvind Padmanabhan  An area that evoked much expectation from the people when the Narendra Modi-led majority government took the reins over six months ago was economic revival, as it was seen as spurring growth, creating jobs, stabilizing prices and boosting incomes. India was faltering on all the four counts. As we take stock of…

  • India wants to boost trade with EU

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      Indian Ambassador to the European Union (EU) and Belgium Manjeev Singh Puri has called for energising EU-India trade and economic relations. “Please energise your constituents across the European Union because India has opportunities. The government is interested very much. The entire business of ‘Make in India’ encompasses this entire thing of ease of doing…

  • Modi bet on diaspora for development

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      The Indian diaspora must be a part of the country’s development, Prime Minister Narendra Modi said , a day after ending a visit to Myanmar, Australia and Fiji. “We want to create an environment where our diaspora also feel that they can contribute towards India’s development journey,” he said in a blog. “That is…

  • Seniors contribute EURO 2.5trn to Eurozone GDP

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    Workers aged over 50 contributed a staggering €2.5trn to Eurozone GDP in 2013, new ILC-UK research published in London revealed. Without a substantial rise in workforce productivity to offset the anticipated fall in employment, GDP per capita growth rates across the Eurozone may only reach 1% per year up to 2050. The report, titled “Rising…

  • Peach King of California honoured

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      Didar Bains, a farmer known as the “Peach King of California”, was honoured by California Governor Jerry Brown for his service to society, media reported. Brown praised Bains and thousands of other immigrants from India who he said have enriched the US with their culture and work ethic, The Sacramento Bee reported. “It’s an…

  • Cameron see warning lights on economy dashboard

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    “Red warning lights” are once again flashing over the state of the global economy, the prime minister has said. Speaking after the G20 meeting of world leaders, David Cameron said a “dangerous backdrop of instability” threatened Britain’s recovery, and “we should stick to our long-term plan” reported BBC. In the Guardian article, he warned of…

  • Japan in bubble territory again?

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    By Vatsal Srivastava  With another round of a massive bond buying program unleashed by the Bank of Japan (BoJ), Nikkei bulls are most likely having the best time of their lives since the late 1980s. It is easy to ride in a sea of liquidity. Although, Currency Corner fears that the BoJ exit from its…

  • India ends WTO impasse

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      Announcing an end  to the impasse over the WTO accord to ease global customs rules, Commerce Minister Nirmala Sitharaman said that an agreement has been reached with the US on the issue of food stockpiling. The deal opens the way to implementing the Trade Facilitation Agreement (TFA) which had eluded the World Trade Organisation…

  • Modi invites ASEAN to India

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      Wooing the 10-member ASEAN bloc to increase its economic engagement with India, Prime Minister Narendra Modi Wednesday said his government has embarked on a “new economic journey” and places equal emphasis on ease of doing business in India as well as on making policies attractive. In his maiden speech at the ASEAN-India Summit here,…

  • Modi invites Malaysia to make in India

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    Indian Prime Minister Narendra Modi  invited Malaysian companies to come to India as part of his “Make in India” initiative during talks with his Malaysian counterpart Najib Tun Razak. “I am giving lot of emphasis to @makeinindia & want to invite Malaysian companies to come to India. There are lot of opportunities,” said a tweet…

  • Nikki Haley off to India to attract investment

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    South Carolina’s Indian-American Governor Nikki Haley will lead a 10-day trade mission to India in November, hoping to attract more foreign investment and sell the state as a tourist destination The Nov 12-22 trip is intended to make a “first impression” that sells South Carolina as a tourism destination and a place to do business,…

  • India’s GDP to grow 5.6 percent: WB

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     The World Bank said India’s GDP is likely to expand by 5.6 percent this fiscal. The World Bank’s “India Development Update” released here said: “India’s economic growth is expected to rise to 5.6 percent in FY15, followed by further acceleration to 6.4 percent and 7 percent in FY 2016 and FY 2017.” It said identifying…

  • Oil prices may put Modi on reform mode

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    By Saroj Mohanty  One single international development that has not received the kind of play it deserves in the Indian media but is keenly watched in policy-making and strategic circles is the falling prices of oil – despite the geopolitical uncertainties in the Middle East and Nigeria – whose impact could be felt in government…

  • India to develop Iranian port

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      The union cabinet Saturday gave its approval to India’s plan to ugrade the Chahbahar port in Iran, a move which will pave the way for improving India’s trade with Afghanistan and other central Asian countries. The upgradation would be effected through the framework inter-governmental Memorandum of Understanding (MoU) that is to be finalised by…

  • Participate in India’s growth story: Sushma

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    Minister of Overseas Indian Affairs Sushma Swaraj  urged the Indian diaspora in Britain to invest in India as the country offers tremendous opportunities and participate in India’s growth story. “As we rejoice in the success of the Indian diaspora, we also invite you to actively participate in India’s growth story,” Sushma Swaraj, who is also…

  • India to invest big in Africa

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     India aims to boost investment in industrial, economic and social sectors of Africa as the 54-nation continent tries to ramp up development to alleviate poverty, the UN General Assembly was told . “Scaled-up investments in infrastructure, both economic and social, as well as in productive capacity for industrial development are needed,” Amit Narang, a Counsellor…

  • India to grow at 5.5% this year: Rajan

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    India is hoping to achieve 5.5 percent, or little more, growth rate this year, said Reserve Bank of India (RBI) Governor Raghuram Rajan. “Next year we will go into sixes and hopefully sevens the year after,” he said while addressing students of Indian Business School (ISB) here Thursday. Rajan said that without thinking of major…

  • Sikka reboots Infosys

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    By Fakir Balaji   Global software major Infosys Ltd. aspires to be the “bellwether of the Indian IT industry once again”, said its first non-founder chief executive Vishal Sikka. “We aspire to be the bellwether of the Indian IT industry once again in the next 18 months,” Sikka said in an interview here. It’s been just over…

  • US to fund strategic tech projects in India

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    With the India-US Defence Trade and Technology Initiative regaining momentum after the Indian elections, the US has set aside $20 million for strategic cooperative science and technology projects with India, according to a top US official. During the Indian elections there was a time-out on the initiative, but now progress has resumed, US Undersecretary for…

  • Infosys posts robust growth

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      Beating market estimates, IT bellwether Infosys Ltd Friday reported robust net profit and revenue growth in rupee and dollar terms for the second quarter (July-Sep) of this fiscal (2014-15). Net profit for the quarter (Q2) under review increased to Rs.3,096 crore, posting growth of 28.6 percent year-on-year (YoY) from Rs.2,407 crore year ago and…

  • Modi asks states to grab $100 bn investment

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      Prime Minister Narendra Modi  asked the states to grab the $100 billion worth of investments that have resulted from his summit-level interactions with Japan, China and the US. “(A total of) $100 billion investments from Japan, China and America have applied for visa. Now it is the turn of the states to capitalise on…

  • Yahoo! fires 600 techies in India

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     Internet giant and search engine Yahoo! is giving ‘pink slips’ to about 600 techies here to trim its workforce in India and consolidate its core engineering activity in the US. Though Yahoo! India R&D centre here declined to confirm, a source in the know of the development said that about 200 lateral/senior employees have, however, been…

  • India set to grow@6.5%: IMF

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    With India’s growth increasing on rising business confidence and stronger manufacturing activity since the April-May general election, it’s expected to grow faster in the rest of 2014 and 2015, according to the International Monetary Fund (IMF). India is “projected to grow at 5.6 percent in 2014 and pick up further to 6.4 percent in 2015…

  • India Inc upbeat

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    The confidence level of corporate India is improving in line with a slight turnaround in the economy, industry surveys showed Monday. And companies expect overall economic situation to become better in the near term, they said. The Business Confidence Index in the Federation of Indian Chambers of Commerce and Industry (FICCI) survey stood at 72.7,…

  • Modi inspires investor confidence

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      Prime Minister Narendra Modi’s “extremely successful” US visit, especially his meeting with top business leaders there, has seen a US-India business body committing to $42 billion investment in India with many lauding the “Gujarat model” of development. In a survey following Modi’s five-day visit, the US-India Business Council (USIBC), in a survey, found that…

  • Increase in India’s domestic air passenger demand

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    Travel industry body International Air Transport Association (IATA) said India’s domestic market increased by 7.4 percent in August over the previous year. “Results for the last two months have been solid, perhaps an early sign of improvement as a result of the new business-supportive government regime,” IATA said in a statement. According to IATA, India’s…

  • IMF: Global economy at inflection point

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    International Monetary Fund (IMF) chief Christine Lagarde said Thursday that the global economy was at an inflection point with weaker than expected recovery momentum, as he called for bolder policies and multilateral efforts to inject new impetus. Speaking at the IMF-World Bank annual meeting in Georgetown University, Lagarde said the global economy was weaker than…

  • RBI unbiased on rates: Raghuram Rajan

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    The Reserve Bank (RBI) is without bias either way about raising or cutting interest rates, while further policy will be contingent on relevant data coming in, Governor Raghuram Rajan said Wednesday. “Our policy stance today is reasonable and we see no reason to alter it today based on the information we have. As data comes…

  • Modi hard sells India to CEO’s

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      Hard selling India with assurances of a business-friendly environment and a stable and simpler tax regime, Prime Minister Narendra Modi invited top US business to come and invest in India. Addressing the US-India Business Council comprising 300 top US companies doing business with India here Tuesday, he promised to replace bureaucratic red tape with…

  • India’s software technology exports increase

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    By Sujit Chakraborty  India’s exports from the Software Technology Parks (STP) across India are rising at a pace of 8 to 10 percent annually and would further increase in the upcoming years as the industry spreads across the country, a senior sector official said. “There are huge software technology markets across the world and India’s…

  • Modi will market Brand India

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    By Ranjana Narayan When Prime Minister Narendra Modi sits down to breakfast with the CEOs of top US companies Monday, he will be speaking to them with the knowledge and authority of a business honcho who knows what he wants and can possibly market India as an investment destination better than anyone else. The prime…

  • By Modi, about Modi ‘Make in India’

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    By Prashant Sood  The launch of “Make in India” campaign here was as much about the new initiative as about the man behind it. Prime Minister Narendra Modi was the star of the occasion as a galaxy of industry leaders showered praise on him for his vision as Modi connected and bonded with the large…

  • Business on top in Modi’s US agenda

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    Prime Minister Narendra Modi leaves Thursday on a five-day much anticipated visit to the US, during which he will address the UN General Assembly and also hold a summit meeting with US President Barack Obama which would see trade and investment high on the agenda. The visit to the US caps a month of fast…

  • Modi launches ‘Make in India’ campaign

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      Prime Minister Narendra Modi  launched his pet “Make in India” campaign to put India prominently on the global manufacturing map and, in turn, facilitate the inflow of new technology and capital, while creating millions of jobs. The ambitious scheme, that also puts in place the logistics and systems to address in a timely manner queries…

  • Modi dreams business on US visit

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    Trade and investment, including focus on renewable energy, railways and the government’s “smart cities” project, would be high on the agenda of Prime Minister Narendra Modi during his visit to the US that is expected to see him engaged in intensive talks with President Barack Obama in an effort to give a fillip to the…

  • Active Voice by Amit Kapoor on India’s economy

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    India crisis of competitiveness by Amit Kapoor & Sankalp Sharma The title of this article draws from a section in the World Economic Forum’s Global Competitiveness Report 2014-15 that looks at the reasons for India’s Lucifer like fall from 48 in 2007-08 to 71. It is the worst rank in the BRICS economies (Brazil-57th, Russian Federation-53rd,…