Asian Lite News Archive

Category: Economy

  • Red carpet awaits Xi

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    Chinese President Xi Jinping arrives here Wednesday afternoon on the first leg of his three-day India visit during which trade and investment are expected to top the agenda of talks with Prime Minister Narendra Modi besides other bilateral and regional issues. Xi is arriving in Ahmedabad, the commercial capital of Gujarat state, at the head…

  • Modi sees upswing in ties

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    Ahead of Chinese President Xi Jinping’s visit, Prime Minister Narendra Modi Tuesday described the India-China ties as moving ahead from “Inch (India and China) towards Miles (Millennium of Exceptional Synergy)”. In a conversation with Chinese journalists based in New Delhi, Modi said: “India and China are bound by history, connected by culture, and inspired by…

  • China to leave japanese breathless

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    Cash-rich China is looking to outwit rival Japan by pledging to invest billions of dollars in India’s railway, manufacturing and infrastructure projects during President Xi Jinping’s maiden visit to the country this week. As Xi’s visit to India scheduled for September 17 draws close, Chinese officials are becoming increasingly vocal about Beijing’s decision to scale…

  • Advantage India in summit season

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    Evan A. Feigenbaum is Vice Chairman of the Paulson Institute at the University of Chicago and Nonresident Senior Associate in the Asia Program at the Carnegie Endowment for International Peace. He is a former US Deputy Assistant Secretary of State for South Asia and Central Asia. In Asia, it’s summit season again – the time of…

  • How to erase poverty?

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    Lord Meghnad Desai said Abolishing poverty is a never ending quest Lord Meghnad Desai, eminent India-born British economist, author and Labour Party politician, said it is ideal to focus on the core problems ofpoverty and try to remove them. “Abolishing poverty is a never ending quest. Poverty Line (PL) is not a single straight line,…

  • Govt committed to growth: Sushma

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      External Affairs Minister Sushma Swaraj Saturday said the Narendra Modi government was firmly committed to bring back growth and has clear policies to facilitate business environment in India. Addressing around 400 delegates comprising overseas Indians as well as business and industry leaders from Bahrain at the Diaspora Engagement Meet here, Sushma Swaraj stressed on…

  • Currency Corner by Vatsal

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    Vatsal Srivastava in his weekly column Currency Corner says ECB has gone all out to fight Europe’s economic woes  It’s official – the zero-interest rate policy (ZIRP) era is here to stay. After the US Federal Reserve, Bank of England and the Bank of Japan, ECB president Mario Draghi made it clear that it too would undertake…

  • Global languages under threat

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    Economic growth is the main driver of language extinction, says a study that also identified the global “hotspots” where languages are under threat. Levels of GDP (Gross Domestic Product) per capita – GDP divided by mid-year population – correlated with the loss of language diversity, the findings showed. The more successful a country was economically,…

  • UK construction industry grows

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    The construction sector expanded at its fastest pace for seven months in August, despite supply shortages holding back growth, a survey suggests. The Markit/CIPS construction Purchasing Managers’ Index (PMI)surged to 64 in August from 62.4 in July, surprising economists who had forecast a fall. It is the 16th month in a row that the index…

  • UAE workforce increases

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    For the second consecutive year since the global financial crisis, the UAE’s total workforce has registered an increase, the Ministry of Labour said in a recently issued report on its achievements and gains. According to the report, after the global financial crisis, the number of employees in the country decreased from 4,079,453 in 2008 to 3,889,234…

  • Indian Market – Weekly Review

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    Expectations of stable GDP growth figures coupled with an overall expectation of further reform and quick notifications for the hike in foreign capital limits in defense and railways led to positive investor sentiments in the Indian equities market which made gains in the week ended Aug 28. “Overall the markets have remained positive to the…

  • Google on Indian online market

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    Indian online market set to explode: Google study With the Indian online market set to explode, telecom companies stand to generate an additional revenue of $8 billion and EBITDA of $2.9 billion over the next three years, a joint study by Google and AT Kearney has forecast. India will witness a major mobile explosion with…

  • Indian states to overhaul tax rates

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    Biswajit Choudhury says Indian states drop compensation hurdle for proposed Goods and Services Tax  With state finance ministers having dropped the issue of compensation in lieu of a cut in the central sales tax from the agenda of their upcoming meeting on implementing the Goods and Services Tax (GST), the major hurdle appears to have…

  • Can you ignore Rajan’s call?

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    Vatsal Srivastava looks into Indian Reserve Bank Governor Raghuram Rajan’s call for coordinated global monetary policy a distant dream . Rajan earlier predicted the meltdown in the US banking sector which triggered the global recession  RBI governor Raghuram Rajan has been constantly urging major central banks, particularly the US Federal Reserve, to keep in mind…

  • Smart Cities – Engines of growth

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    Amit Kapoor & Sankalp Sharma say Competitive cities as fundamental drivers of prosperity  Cities have been the engines of growth and prosperity since time immemorial. In fact, it may be surprising to note that the rise of Europe before the industrial revolution was, in part, driven by port cities like Genoa and Venice which competed against other…

  • Med tech to clock $50 bn by 2025

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    The $6.3 billion medical technology industry in India has the potential to expand to $50 billion by 2025 if it receives the appropriate policy support, the Confederation of Industry said. “The medical technology industry in India, which is just $6.3 billion in size at present, has the potential to expand to $50 billion by 2025…

  • Red Tape hurdles investors

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    Fakir Balaji says regulatory hurdles keep away foreign retailers from India Regulatory issues over the entry of foreign brands and luxury goods are keeping international retailers from investing in India in a big way, says a new study by the US-based global investment management firm Jones Lang LaSalle (JLL). “Though international retailers have shown a…

  • Tata magic makes big cat purr

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    Jaguar Land Rover PLC more than doubled net profit in the latest quarter riding on steady sales of its luxury sports cars and sport-utility vehicle. Retails in the quarter increased 22% year on year to 115,596 vehicles. Car giant Ford had sold its luxury UK-based car brands Jaguar and Land Rover to Indian company Tata,…

  • Special Report: Indian Real Estate

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    Vinod Behl writes about Indian Real Estate sector. Will real estate investment trusts go the right way?  With markets watchdog Securities and Exchange Board of India (SEBI) finalising the long-pending guidelines for the creation and regulation of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (IN ITS), the stage is set for the launch…

  • India Inc. hails RBI move

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    India Inc. Tuesday welcomed the Reserve Bank of India’s (RBI) move to put more funds into the system by cutting statutory liquidity ratio (SLR). However, it said that an interest rate cut should also be considered when inflation is slowing down and growth needs a boost. “At a time when industrial growth continues to be…

  • India retains key lending rates

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    The Reserve Bank of India (RBI), as expected, left key interest rates unchanged in its third bi-monthly monetary policy review Tuesday and said near-term tightening is not expected if inflation continues to ease. “Reserve Bank will continue to monitor inflation developments closely, and remains committed to the disinflationary path of taking Consumer Price Index (CPI)…

  • Cameron lauds BME entrepreneurship

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    British Prime Minister hailed the entrepreneurial spirit of Britain’s black and minority ethnic communities as he welcomed news that thousands of entrepreneurs and young people of African-Caribbean and Asian heritage are benefiting from the Government’s long term economic plan to back enterprise, support new businesses and boost the skills of tomorrow’s workforce. Latest figures show that  thousands of…

  • State Bank of Patiala to merge with SBI

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     Gyanendra Kumar Keshri talks to S.A. Ramesh Rangan, managing director of State Bank of Patiala One of the five associate banks of the country’s top lender, the State Bank of India (SBI), is set to merge with the parent this fiscal. State Bank of Patiala is the most likely suitor, a top banker has said. “We have no…

  • Finance Bill passed by Lok Sabha

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    The Lok Sabha Friday passed the Finance Bill, 2014 by a voice vote with which the legislative proposals notably on direct and indirect taxes proposed in the national budget for this fiscal can now become effective formally. The bill was passed after Finance Minister Arun Jaitley gave his reply to the debate on the budget,…

  • $18 bn World Bank aid for India

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    The World Bank Wednesday said it will provide financial support of $15-18 billion to India over the next three years to help accelerate economic growth and reduce poverty. Talking to media persons after meeting Prime Minister Narendra Modi here, World Bank group president Jim Yong Kim said the Indian government has outlined a comprehensive plan…

  • India Biz targets Latin America

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    Saroj Mohanty says India, Latin America set to tango An India-Latin America Forum to forge a new paradigm of cooperation leading to a “strategic partnership” could be in the offing in the near future. India and the Community of Latin American and Caribbean States (CELAC) are exploring possibilities of a “dialogue mechanism”, based on the recent…

  • Energy security top priority: Modi

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    Prime Minister Narendra Modi Monday reiterated that energy security, increasingly based on clean and reliable sources, was the critical driver of India’s rapid and sustained long-term development. On a visit to the Bhabha Atomic Research Centre (BARC) here during his maiden trip to Maharashtra after taking over as prime minister, Modi envisaged an essential role…

  • Asian exports and decoupling

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    Vatsal Srivastava in his weekly column Currency Corner looks in to the state of Asian exports. Will ‘decoupling’ theory work this time around? During the financial crisis of 2008, there was a prevailing view among asset managers that a sell-off in developed market (DM) equities would not lead to a downturn in emerging market (EM) equities, especially in…

  • Whisky tops Scottish export to CW

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    Almost a fifth (19%) of exports of Scotland’s national drink goes to Commonwealth countries. Last year exports to the Commonwealth were up 1% on 2012 to £793 million, out of a global total of £4.3 billion. Singapore is the largest market in the Commonwealth for Scotch Whisky with exports of £330m last year. However, a…

  • UK to top on G7 economy growth

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    The British economy will grow faster in 2014 than any other G7 economy, while low wage rises will ensure interest rates do not rise until next year, an influential report has forecast. UK GDP growth will hit 3.1% this year, spurred by strong capital investment by businesses, the EY Item Club said, BBC reported. Meanwhile rates will…

  • INTERVIEW: M.S. Swaminathan

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    Anando Bhakto talks to eminent agriculturalist M.S. Swaminathan and he says special Agricultural Zones can aid food security in India He’s been credited with mentoring the Green Revolution of the 1960s and 1970s that saw India grow from a food deficit nation to a food surplus nation. Now, in the face of an “unpredictable” monsoon,…

  • Chinese exports regain pace

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    Mark McFarland, Chief Economist for Coutts, comments on Chinese exports ChChina’s latest data set adds conviction to our overweight stance on Asia Pacific markets. China’s economy grew at an annual rate of 8% when comparing the quarter ending June to the previous one. Economists had expected growth to rise from 5.6% in the first quarter…

  • Modi to meet South American leaders

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      Prime Minister Narendra Modi will meet a group of South American leaders to foster cooperation between the two regions. This is perhaps the first time that an Indian prime minister is getting an opportunity to meet and speak to a group of South American leaders together. South America is emerging as a contributor to…

  • India’s exports rise by 10.22 %

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    India’s exports rose by 10.22 percent to $26.48 billion in June, while imports increased by 8.33 percent to $38.24 billion, leaving a trade deficit of $11.76 billion, the government data showed Wednesday. Exports have posted a healthy double digit growth for the second consecutive month. The country’s merchandise exports jumped by 12.4 percent to $27.99…

  • Agreement on BRICS bank

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    Terming the agreement towards setting up BRICS New Development Bank a significant step, Indian Prime Minister Narendra Modi Tuesday said an open international trading regime is critical for global economic growth. In his statement on the agenda “Sustainable Development and Inclusive Growth” at the sixth BRICS summit, he said the global economic environment remains uncertain…

  • India’s inflation eases

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     India’s wholesale price-based inflation fell to a four-month low of 5.43 percent in June, while retail inflation declined to the lowest level since January 2012 on the back of moderation in food prices, providing much needed relief to the government of Prime Minister Narendra Modi. The country’s key inflation based on the Wholesale Price Index…

  • Delhi to top populous city list

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    Delhi to be second most populous city till 2030 Delhi, currently the world’s second most populous city after Tokyo, is expected to retain the spot till at least 2030, according to a UN report. According to the Population Division of the UN Department of Economic and Social Affairs, Delhi’s population — presently pegged at 25…

  • Modinomics is here, promise growth

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    Tax payers could save on their salaries and consumer goods like TVs, soap, footwear, processed food and computers will cost less as the Rs.18-lakh crore ($300-billion) maiden budget of Prime Minister Narendra Modi’s government promised to arrest price rise, boost investor mood, cut expenditure and restore India’s growth to 7-8 percent in three years. During…

  • India to achieve 6% growth

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    Indian economy will grow 5.4-5.9 percent in 2014-15: Survey Projecting India’s growth at 5.4-5.9 percent, the annual report card on the state of the country’s economy said price rise remained a cause for worry, while calling for a complete rehaul of the subsidy regime and increasing tax revenues. The Economic Survey for 2013-14 tabled in…

  • India Inc’s thumbs up for railway budget

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    Welcoming the thrust on resource mobilisation in this year’s rail budget, India Inc Tuesday welcomed the new government’s maiden exercise as practical and execution-oriented. “The Minister has presented a practical and execution-oriented Budget, laying emphasis on implementation of on-going projects and focusing on monitoring them for an early closure”, Sumit Mazumder, president designate Confederation of…

  • Hope rail budget meets expectations: Gowda

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    Railway Minister D.V. Sadananda Gowda began presenting the rail budget in Lok Sabha Tuesday, promising to serve the social obligations of the ministry, but with an eye on financial viability and the need to maintain and upgrade the network. “Everybody feels there are solutions to meet the challenges that the Indian Railways faces,” the minister…

  • UK seeks better ties with India

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    The whole world watched India undertake the largest election in the history of mankind, and we have not stopped watching. Prime Minister Narendra Modi’s historic victory and his bold plans for India’s future have grabbed the world’s attention. The Indian people have given their government a mandate for change and for reform that could be…

  • A review of India’s deficits

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    Amit Kapoor and Sankalp Sharma look into India’s various deficits.   Over the past few years, we have heard of all sorts of deficits that have been ailing India. The most recent one has been a ‘rain deficit’ with monsoon expected to be less than normal according to the Indian Meteorological Department (IMD). While the lack…

  • World awaits Modi’s first budget

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    Gyanendra Kumar Keshri  says high hopes from Modi government’s first budget on Thursday  Amid high expectations from the common man and corporate India, the maiden budget of Prime Minister Narendra Modi’s government Thursday is expected to extend tax relief to the salaried class and unveil steps to spur investment and growth, even as fiscal situation remains…

  • Modi to walk Vajpayee’s path

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    Making his first visit to Jammu and Kashmir after taking office, Prime Minister Narendra Modi Friday inaugurated the Katra-Udhampur rail link and pledged to realize the dream of Atal Bihari Vajpayee to restore peace in the troubled state. Addressing a public meeting after flagging off the train from Katra, at the foothills of the Mata…

  • SPECIAL REPORT- Indian Property market

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    Vinod Behl says rising delivery defaults push demand for ready-to-move homes  Amid rising property prices, high loan rates and rising delivery defaults, home buyers are increasingly opting for ready-to-move properties to ensure safety of their investment. Though most of these delays are due to adverse market conditions resulting in slowdown in sales, in some cases…

  • East Africa gains from India

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    Francis Kokutse says India’s trade with East Africa rises 13-fold Trade between India and the East African Community (EAC) has risen 13-fold, from $490.8 million in 2002 to $6.6 billion in 2012, a study by India’s Exim Bank showed. The bank, which studied India’s trade and investment potentials in the region, said, “India’s trade and…

  • UK joins Islamic banking with Sukuk

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    UK become the first country outside the Islamic world to issue sovereign Sukuk The British government has cemented Britain’s position as the western hub for Islamic finance by becoming the first country outside the Islamic world to issue sovereign Sukuk, the Islamic equivalent of a bond. The government confirmed that £200 million of Sukuk, maturing…

  • Modi Faces Socialist Roadblock

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    Amulya Ganguli in his column Political Circus says Modinomics will face ‘socialist’ roadblock As Narendra Modi resumes the task of continuing the economic reforms even if it means administering “bitter medicine”, the first dose of which was given recently, one might have expected the Congress to offer him wholehearted support. Such a gesture would have been normal…

  • Billimoria challenges Ukip

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    Ukip and party leader Nigel Farage peddle “ridiculous nonsense” about the impact immigrants have on Britain, Cobra Beer boss Lord Bilimoria has said, The Huffington Post reported. The peer was speaking after appearing at the Enterprise Research Centre’s State of Small Business Britain conference at the International Festival for Business in Liverpool. The India-born crossbench…