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Thread: Indian Economy

  1. #571
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    Country: India
    India's exports may surpass target of $126 bn in 2006-07

    New Delhi, Sept. 8, 2006: India's merchandise exports are likely to surpass the target of $126 billion during 2006-07 if the first quarter growth is sustained, Commerce Minister Kamal Nath said.
    The target of $126 billion exports will be exceeded going by the 40 per cent growth momentum seen in the first quarter of this fiscal, Nath said at a meeting of the Parliamentary Consultative Committee of the Commerce Ministry.

    Exports grew by 23 per cent to reach $103 billion in 2005-06, he was quoted as saying in an official release on Thursday.

    Nath also said that Engineering Process Outsourcing (EPO) services from India would be a key element of the country's engineering export strategy, and the development of the EPO sector will have a far-reaching impact on India's engineering industry as a whole.

    The EPO market in India has the potential to exceed $40 billion dollars by 2020, which would catapult India's market share in this category to 30 per cent from the current 12 per cent, he said.

    All stakeholders, including government, service providers and trade bodies must boost investments in infrastructure and improve marketing efforts to tap the EPO market, he said.

    Engineering goods exports from India have crossed $5 billion in the first quarter of the current financial year, showing a growth of 20 per cent, he said, adding it had the potential to grow at a rate of 30 per cent annually.

    The government is giving high priority to engineering, which was an important segment of India's manufacturing sector, he said.
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    Forex reserves surge by $1.1 bn to $166.45 billion

    MUMBAI, SEPT 8 : Aided by strong inflows from foreign institutional investors (FIIs) in the wake of a few mega deals among the corporates, the country’s foreign exchange reserves surged by $1.132 billion during the week ended September 1, 2006.
    The total foreign exchange reserves increased to $166.458 billion during the week as against $165.326 billion in the previous week.

    Detailed break-up of the country’s forex position, as per the weekly statistical supplement released by the Reserve Bank of India (RBI), revealed that the foreign currency assets grew by $1.152 billion during the week to settle at $159.152 billion as on Sept 1, 2006 compared with $158 billion in the preceding week.

    In the foreign exchange market, the domestic currency remained stable and was seen trading in a range-bound manner during the week ended September 1, 2006.

    However, the country’s gold reserves dipped by $19 million to $6.538 billion as on September 1, 2006 as against $6.557 billion.

    The country’s position under special drawing rights (SDRs) remained static at $1million during the reporting week.

    Meanwhile, the reserve tranche position in the International Monetary Fund (IMF), declined by $1 million to $767 million for the week ended September 1, 2006.
    http://www.financialexpress.com/fe_f...tent_id=139868

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    India's External Debt Rises

    India's External Debt Rises to $125.2 Billion for Fiscal Year
    Monday September 11, 2006

    NEW DELHI (AP) -- India's external debt rose to US$125.2 billion (euro98.5 billion) through the past fiscal year ended in March, but the borrowings remain well within limits, the government said Monday.
    The Finance Ministry said India added US$2 billion (euro1.6 billion) in net foreign loans through the fiscal year that ended in March.

    Surging exports and increased capital inflows have helped in slowing India's debt accumulation in recent years, the ministry said.

    Also, India's external debt position compares well with other indebted countries, it said.

    India's external debt comprises 15.8 percent of the gross domestic product, sharply down from 38.7 percent in 1991-92, when the country faced a balance of payment crisis and was bailed out by the International Monetary Fund.

    http://biz.yahoo.com/ap/060911/india...debt.html?.v=1

  4. #574
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    Country: India
    China, India drive growth

    ASHWINI PRASAD
    Tuesday, September 12, 2006


    THE Asian Development Bank report released last week said faster growth is projected in the Pacific region, now at 3.3 per cent for 2006.

    It said this reflected upward revisions for the two largest economies Fiji and Papua New Guinea.

    It said in a statement that ADB raises developing Asia 2006 growth forecast to 7.7 per cent before easing to 7.1 per cent in 2007.

    While launching the Asian Development Outlook 2006 (ADO), ADB chief economist Ifzal Ali said developing Asia's rapid growth was underpinned by strong performances by the People's Republic of China and India, which together accounted for more than 50 per cent of regional GDP.

    "The region should take advantage of this strength to act in three areas that could undermine growth if not addressed the need to complete the adjustment to high oil prices, the need to pick up the pace of fiscal consolidation, and the need to stimulate investment," he said.

    The ADO update is a supplement to ADB's annual flagship publication.

    It said the 7.7 per cent forecast for 2006 represents a 0.5 per cent point increase from April forecast.

    For 2007, ADO update forecasts growth of 7.1 per cent for developing Asia, up marginally from the 7.0 per cent forecast in April.

    It said the easing from 2006 growth was anticipated based on expected slower demand from industrial countries and continuing high oil prices.

    Growth in South Asia in 2006 is projected at 7.5 per cent, up from 7.3 per cent forecast in April while in South East Asia the forecast has been downgraded marginally to 5.4 per cent from 5.5 per cent in April.
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  5. #575
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    Country: India
    My intention is to ensure 8 per cent economic growth: Chidambaram

    K. T. Jagannathan

    "Ready to tolerate even dissent if it did not come in the way of growth''

    # Calls for building India into a knowledge society
    # Fiscal package for hardware industry in a week


    MARAIMALAI NAGAR: Union Finance Minster P. Chidambaram, on Sunday asserted that he was willing to tolerate any debate and, perhaps, even dissent as long as it did not come in the way of the targeted eight per cent growth of the Indian economy.

    Addressing a function got up by SPEL Semiconductor Limited to launch leadless moulded packages at Maraimalai Nagar, Mr. Chidambaram said, ``it is my intention to ensure that India grows at eight per cent.'' He made this remark specifically addressing the overseas visitors in the audience. ``Any dissent that comes in the way would be brushed aside,'' he made it very clear. The Finance Minister asserted that India could grow at more than eight per cent.

    Emphasising that none would part with R&D (research and development) for nothing, he called for building India into a knowledge society. ``How long can India remain as a knowledge-borrowing society?'' he asked. It was time India became a ``knowledge-inventing, knowledge-producing and knowledge-sharing society,'' he added.

    In this context, he pointed to the success achieved by Indians living elsewhere in the world. A climate could be created in India as well for the Indians living abroad to return and achieve success, he added.

    While lauding SPEL Semiconductor for setting up the only cutting-edge technology facility for IC (integrated chip) assembly and testing in India, Mr. Chidambaram said the competition was not far away and that it was just some kilometres away (pointing to a new unit coming up in the vicinity). ``Competition is not measured by distance but quality,'' he added.

    The Finance Minister said he would live up to his promise made in his budget speech on incentive package for the hardware industry. ``My intention is to keep the promise,'' he said. A fiscal package for the hardware industry would be out in a few weeks from now. He expressed the optimism that the hardware industry in India would reach the position that software had scaled now. It took 15 years for the software industry to do this. This should happen in a much shorter time frame in the hardware industry, he said.

    Mr. Chidambaram said IC assembly and testing were only initial technology steps in the chain of hardware production.

    ``We must set up fabrication units. We must manufacture chips,'' he said.

    Ar Rm Arun, Vice-Chairman, SPEL Semiconductor, said the company had drawn up a $286 million five-year investment plan. This would also see the company expand its product portfolio and set up a Special Economic Zone. This would see the company's IC volume increase from 185 million now to 5,575 million in five years.

    Addressing a press conference earlier, Mr. Arun said the SPEL had initiated necessary action to develop the SEZ.

    The unused portion of the land at its Maraimalai Nagar facility would be transferred to the proposed SEZ, he said.
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    Country: India
    SA aims for $12bn trade with India by 2010
    Reuters


    NEW DELHI - SA wants to treble two-way trade with India to $12bn by 2010, Deputy President Phumzile Mlambo-Ngcuka said today as she invited Indian firms to invest in the African nation’s infrastructure and IT sectors.

    India’s exports to SA grew by 58% to $1,55bn in the fiscal year to March, while imports were up by 11,44% to $2,45bn, government data shows.

    The two-way trade between the two countries amounted to $4bn during 2005/06.

    "I ask businessmen to set a target of $12bn by 2010," Mlambo-Ngcuka said at a business conference.

    India is already negotiating a preferential trade agreement with member nations of the South African Customs Union (SACU)

    - a regional trade block comprising of SA, Botswana, Lesotho, Namibia and Swaziland.

    Mlambo-Ngcuka urged Indian firms to forge joint ventures with South African firms, especially in the infrastructure sector and also in food processing, IT, hospitality and textiles.

    "We will require $55 billion investments in infrastructure in the next 3-to-5 years," she said, outlining SA’s plans to boost economic growth to 6% annually from 2010 onwards from the present target of 4,5%.

    One of India’s leading Indian business houses, Tata group, is already eyeing major investments in SA.

    Tata Motors is stepping up production at its bus building facility in SA, while Tata Steel plans to build a ferrochrome smelter there and is looking for coal mines.

    India exports farm, dairy products, chemicals, medicines, textiles, electronic goods and vehicle parts to SA and imports mainly pearls, precious stones, iron and steel.
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  7. #577
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    Country: India
    Arise the Indian Phoenix
    By Sean Kelleher, Special to Gulf News

    As Phoenix's go this recovery was as good as they get, that's the view of Prakash Idnani, president and head of research at Mumbai's Padmakshi stockbrokers.

    Worth listening to as he predicted the correction in this space before the May downturn.

    "Overall", for those who don't get to the end of this piece, "the recovery is a proxy for the Indian economy", says Prakash.

    Pretty much summing up the current mood in Mumbai which seems to be one of unfettered confidence in the future of the Indian economy. But what seems to make this recovery exciting is that, whilst the confidence in the economy was bound (at some time) to turn the Sensex around, nobody thought the turn-around would be so quick.

    A recovery from around 10,200-ish in May, to 11,820 (and rising) on September 7, reflects a gain getting towards 17 per cent. It was a gain that seems to have taken even the staunchest Sensex supporters by surprise.

    Back in May/June there was a genuine fear that the market would be spooked by a U-turn from foreign investors whom Prakash values at about 50 per cent of the market. This U-turn, it was feared, could be exacerbated by higher interest rates in the US and climbing oil prices.

    Fitting his specs with hindsight, Prakash is more comfortable with a retrospective analysis that defines the correction as "a speculators' crash".

    The speculators had seen the height of the Sensex climb, and took the New-tonian view that whatever goes up must come down, so they betted on the market coming down. "Speculative elements including heavy leveraging and derivatives were chiefly responsible," says Prakash.

    More good news

    This takes us to the heart of why Prakash feels this Phoenix is better than others: his point is that there is still lots of good news left in the Indian economy. The fundamentals are strong, indeed they were never really as weak as the market correction would seem to have suggested. It was wrong to shoot the bird down in the first place; relieved we should be that it has now arisen!

    Prakash calls a number of items to the jury's attention to make the point. Item 1: The fact that India has the fastest growing GDP in the democratic world. Manmohan Singh, the Prime Minister, is targeting 10 per cent growth, whilst he is probably short of this, the touted figures of around eight per cent is still high.

    Item 2: GDP, according to Prakash is becoming more robust. He describes the three main props to the economy under the headings: industry, services and agriculture. "India remains the back office of the world," says Prakash, and whilst greater global competition is evident, in absolute terms, India's service industry is still growing.

    More jubilantly, Prakash points to the even more dramatic recent surge of the industrial sector, "it means that the economy is running on two engines".

    Item 3: Corporate profits. This is the ultimate barometer of how well an economy is running. Prakash estimates that 90 per cent of corporates are outperforming market expectations. To him this is a huge endorsement to the strength of the economy because "the market is a hard task master, continually pushing corporates to sustain performance growth", which they are clearly doing.

    Item 4: Unprecedented levels of liquidity in private equity, venture capital and real estate funds. These sources are likely to provide the market with greater depth in the near future through IPOs and other market entries. "These guys are flush with funds and are hungry for projects", says Prakash, implying that successful medium-sized ventures will not struggle for capital. Implying also that India will not always be about Tata and Reliance and the rest of the old brigade.

    It all seems to imply that India will always be going up in my lifetime? I asked Prakash. "Actually, I think the market is due for a correction perhaps 600 to 800 points," he says, surprising me a bit amidst all the other positives.

    "However, whatever the dip, rises of over 15 per cent to 20 per cent over two years should be expected. In other words, in this environment dips are opportunities. At every dip, investors should be advised to buy," Prakash adds in restoring the confidence.

    To underline that confidence, Prakash concludes with a flurry, "There is no better asset available in the world than Indian equities. Whoever you are, you should be holding some Indian equities".

    Checking his confidence level with a query, "What about Chinese equities?" I am shot down by a flurry, "India has many edges over China, including: greater transparency; a legal framework that has credibility on the world stage; a high level of corporate governance; and a beneficial tax regime".

    The writer is managing director of Mondial (Dubai) LLC.
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    IMF forecasts 8.3% growth for India in '06

    SINGAPORE: India's fast-growing economy should expand by 8.3 per cent this year instead of 7.3 per cent as previously projected, the International Monetary Fund (IMF) said on Thursday.

    Interest rates may have to be raised further to check inflation, the IMF said in its twice-yearly World Economic Outlook, predicting India and China would be twin engines driving the roaring economies of emerging Asia.

    In 2007, India's growth is forecast to slow to 7.3 per cent, still higher than the 7.0 per cent projection made by the IMF in April, after growth of 8.5 per cent in 2005.

    "On the upside, there is the possibility of even faster-than-projected growth in China ... and in India," the IMF said.

    At the same time, higher inflation due to rising oil prices could pose a risk for India and monetary authorities there may need to raise interest rates further to check an increase in consumer prices.

    "In India, inflation has picked up with rising oil prices and strong domestic demand," the IMF said, projecting inflation of 5.6 per cent this year and 5.3 per cent in 2007.

    "While the Reserve Bank of India has raised interest rates in recent months, further tightening may be needed to resist inflationary pressures."

    India's central bank raised its key interest rate by a quarter point to a four-year high of 6.0 per cent in July, the fourth increase since last October. The IMF said countries including India, Pakistan and the Philippines with high public debts or budget deficits should put their fiscal positions on a sustainable footing for the medium-term.

    With pressure on the government to spend more, the IMF urged India to take measures to broaden its tax base and reduce state subsidies.

    "In India, strong spending pressures have emerged, limiting fiscal adjustment in financial year 2006/07," the IMF said.

    "With the general government deficit and debt still high, further consolidation is clearly warranted at both the central and state government levels, including through measures aimed at broadening the tax base and reducing subsidies

    http://timesofindia.indiatimes.com/a...ow/1990923.cms

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    Indians getting richer, more demanding

    NEW DELHI, SEPTEMBER 21: As more Indians grow wealthy, they are also becoming more demanding in their tastes, a report by a major credit card company said on Thursday.

    Buoyed by India's booming economy, many more people have become affluent in recent years and the already rich have become wealthier, said Rob Henin, the head of American Express' India operation.

    The company authored the informal study to learn how best to cater to this high-end group.

    According to the report, one main trend indicates that India's rich are very brand conscious, so that their status as affluent be immediately obvious to others. There was also competition between the wealthy for higher status, the report said.

    Once consumers buy something, they are determined to have the best available, said Henin at a media conference to launch the study.

    The study also found that, for the affluent, it is important to be first to acquire new status symbols. However, because so many luxury brand names have opened in India in recent years, giving so many more access to these products, the wealthy are turning to custom-made products to preserve their social edge, the report said.

    The report also identified a trend to blend global luxury with local Indian ideals.

    "The wealthy Indians are very proud of India and Indian heritage," Henin said.

    Finally, the survey showed that India's upper classes were becoming increasingly uncompromising in their demands for the best.

    This is the third such study by American Express. The first two focused on the habits of the wealthy in Singapore and Hong Kong.

    According to figures cited in the report, there are 711,000 individuals with liquid assets worth more than US$100,000 (euro785,000) in India. That number is expected to rise to 1.1 million in the next three years.

    India's economy has grown rapidly since the implementation of economic reforms in the early 1990's and has been growing at a rate of some 8 per cent a year.

    http://www.financialexpress.com/late...tent_id=141093

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    Dip in fuel prices brings down inflation to 4.78%

    NEW DELHI, SEPTEMBER 16: Inflation dipped to 4.78% for the week-ended September 2, after crossing the 5% mark in the previous week, mainly due to slackening of industrial fuel prices.

    In the week ended August 26, 2006, inflation had touched 5.01% due to a rise in the prices of essential commodities like vegetables, fruits, wheat and pulses.

    The wholesale price-based inflation stood at 3.64% during the corresponding week in the previous fiscal and the wholesale price index was 196.6 points in the corresponding period a year ago.

    Finance minister P Chidambaram had recently expressed the confidence that inflation would be reined in at 4.5-5% and that further efforts would be made to bring down inflation to below 4%.

    The wholesale price index for all commodities rose by 0.3% to 206 points due to increase in prices of fruits, vegetables, wheat, atta, maida, eggs, moong, logs and timber, aviation fuel, sooji, edible oils, cement, textiles, cycle tyres, chemicals and batteries.

    During the week under review prices fell for naphtha, furnace oil, jowar, raw cotton, nylon filament yarn, zinc, basic pig iron, foundry pig iron, Ms Bars & rounds.

    Fuel, power, light and lubricants group index declined by 0.5% to 326.6 points due to lower prices of naphtha (6%) and furnace oil (4%), even as aviation turbine fuel became cheaper by 2%. The index was 308.3 points a year ago.

    The primary articles group index was up by 1.4% due to increase in prices of food and non-food items. The index was 196.5 points a year ago.

    The index for food articles group rose by 1.6% to 210.4 points owing to spurt in prices of fruits (13.1%), eggs, condiments & spices, bajra and maize (2% each), wheat, moong and gram (1% each) and vegetables (0.2%). But, jowar became cheaper by 1%.

    The manufactured products group index rose by 0.3% to 178.2 points due to rise in prices of food products, textiles, paper, rubber, chemicals, cement and machinery. The index was 171.7 points in the year ago period.

    http://www.financialexpress.com/late...tent_id=140591

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    Inflation falls to 4.61%

    NEW DELHI, SEPTEMBER 22: Inflation declined to 4.61 per cent for the week ended September 9 from 4.78 per cent in the previous week, mainly due to cheaper chemicals, cement and some non-food items.

    The wholesale price-based inflation stood at 4.11 per cent during the corresponding week last year

    The Wholesale Price Index (WPI) for all commodities was up by 0.3 per cent to 206.6 points as prices rose for fruits, moong, arhar, milk, gram, condiments and spices, eggs, urad, ragi, maida, atta, some edible oils and sooji. The index was 197.5 points in the year ago period.

    Government revised the final inflation figure to 4.62 per cent for the week ended July 15 from provisional 4.52 per cent while the WPI stood corrected at 203.9 points as against the earlier estimate of 203.7 points.

    Primary Articles group index rose by 1.6 per cent to 212 points due to increase in prices of food articles and the index was 197.2 points.

    Food Articles group index was up by 2.4 per cent to 215.5 points due to higher prices of fruits (12.4 per cent), moong (5 per cent), arhar (4 per cent), jowar and milk (3 per cent each), gram, condiments and spices and eggs (2 per cent each) and mutton, urad and ragi (1 per cent each).

    Non-Food Articles group index declined by 0.2 per cent to 187.9 points owing to lower prices of raw rubber (9 per cent) and mesta (5 per cent).

    But, prices moved up for niger seed (3 per cent) and groundnut seed (1 per cent).

    Fuel, Power, Light and Lubricants group index remained unchanged at the previous week's level of 326.6 points. The index was 313.9 points a year ago.

    Manufactured Products group index declined by 0.1 per cent to 178 points due to cheaper chemicals, cement and machinery. The index was 171.7 points in the year ago period.

    http://www.financialexpress.com/late...tent_id=141191

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    Two Indians in club of 400 richest Americans

    WASHINGTON, SEPTEMBER 22: Indian-Americans are not just climbing the corporate ladder but also taking the elevator to the richie rich club, leaving behind many US corporate moguls including those from Starbucks, eBay and Motorola.

    Google Inc. founder-director Kavitark Ram Shriram and Bose Corporation Chairman Amar Gopal Bose have both moved up the rankings in the list of Forbes' 400 Richest Americans

    Acoustics pioneer Bose and tech wizard Shriram have tied at the 242nd position in the list, ahead of Margaret C Whitman, the President and CEO of global online auction giant eBay Inc, Howard S Schultz, chairman of coffee retail giant Starbucks and Hilton Hotel chairman William Barron Hilton.

    Bose and Shriram, who are now US citizens and worth 1.5 billion dollars each, have also beaten Rober William Galvin of telecom giant Motorola, Robert Drayton McLane Jr of world's largest retail Wal-Mart and Roy Edward Disney of Walt Disney.

    While Shriram had entered the list at 258 in 2005, for Bose (ranked 283 in 2005) it is the fifth year in a row on the Forbes 400 list. The networth of Shriram and Bose have grown to 1.5 billion dollars each from 1.3 billion and 1.2 billion dollars respectively last year.

    The feat achieved by Bose and Shriram comes close on the heels of four Indian expats -- Murli Kewalram Chanrai, Mustaq Ahmad, Sudhir Gupta and Kartar Singh Thakral -- making to the Singapore's Richest 40 list compiled by the same magazine.

    Forbes said that billions of dollars accumulated by Shriram, a founding board member of online search giant Google, are either self-made or are from technology business.

    Shriram, 50, was born and did schooling in Madras, now Chennai, and currently lives in California.

    He grabbed the limelight first with creation of shopping software solution Junglee, which he later sold to Amazon in 1998. He sold off more than half his Google shares since its high-profile IPO in 2004, but still owns 1.9 million shares worth 760 million dollars.

    His other investments include Zazzle (custom-designed T shirts, mugs, stamps), PodShow (online radio) and domestic call centre firm 24/7Customer.com.

    Bose, 76, has earned most of his wealth from Bose Corporation, an acoustics company. He completed his education from the Massachusetts Institute of Technology and founded Bose Corp in 1964.

    Bose started out by improving radio communications for NASA and the US military and today supplies to high-end automobiles like Porsche and Mercedes.

    Forbes said that for the first time ever, everyone in The Forbes 400 has a networth of at least 1 billion dollars. The collective networth of the nation's wealthiest climbed 120 billion dollars this year to 1.25 trillion dollars.

    Software czar Bill Gates tops the list with a fortune of 53 billion dollars, followed by investment mogul Warren Buffett with a networth of 46 billion dollars.

    http://www.financialexpress.com/late...tent_id=141203

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    Merchandise exports up 50% in August 2006

    NEW DELHI, SEPT 22: India’s merchandise exports during August 2006 touched $10.3 billion, 41.14% higher than $7.35 billion during the corresponding period last year.

    In rupee terms, the exports were at Rs 48,310.8 crore, 50.57% higher than Rs 32,085.72 crore during August 2005, according to provisional data released by the government.

    Cumulative exports during April-August this year were $48 billion, 34.48% higher than $35.76 billion during the same period last year.

    In rupee terms, exports were Rs 2,20,853.33 crore during the same period, 41.67% higher than Rs 1,55,889.61 crore during the corresponding period last year.

    Imports touched $13.87 billion during August 2006, an increase of 32.16% over $10.49 billion in August, 2005. In rupee terms, the imports were Rs 64,546.27 crore, 41% higher than Rs 45,783.30 crore during August 2005.

    Total imports during April-August 2006 were $68.29 billion, 28.39% higher than $53.19 billion during the same period the previous year. In rupee terms, imports were Rs 3,13,472.15 crore, 35.2% higher than Rs 2,31,865.88 crore during April- August 2005.

    Oil imports during August 2006 were $5.04 billion, 27.25% higher than $3.95 billion in the corresponding period last year. Oil imports during April-August 2006 were $23.57 billion, 39.48% higher than $16.9 billion in the corresponding period last year.

    Non-oil imports during August 2006 were $8.83 billion, 4.37% higher than $8.46 billion in August 2005. Non-oil imports during April-August, 2006 were $44.72 billion, 8.76% higher than $41.12 billion in April- August 2005.

    The trade deficit for April-August 2006 was $20.2 billion, higher than the deficit of $17.43 billion during the same period in the previous year.

    http://www.financialexpress.com/fe_f...tent_id=141237

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    12 indian companies among "Fabulous 50" companies of Asia-Pacific's

    SINGAPORE: Bajaj Auto, BHEL, Infosys, ITC and RIL are among the 12 listed Indian companies which have figured in the latest list of "Fabulous 50" of prestigious international magazine 'Forbes Asia'.

    This is the second annual "Fabulous 50" list, the best of Asia-Pacific's publicly-traded companies with revenues or market capitalisation of at least five billion dollar.

    Other Indian companies are ICICI Bank, HDFC Bank, L&T, Satyam Computers, Sterlite Industries, Tata Motors and Wipro.

    India has been represented by the maximum number of companies followed by Japan with nine and South Korea and Taiwan with six companies each and China and Australia with five each.

    Bajaj Auto has regained momentum in the battle of two-wheelers with its main competitor Hero Honda, Forbes said, adding "last year, Bajaj made 238 million dollars on sales of 1.9 billion dollars, ensuring a spot on Forbes Asia's Fab 50 companies list."

    BHEL's heavy order book for its turbines, boilers, valves and pumps are up six-fold over last year as the government pushes to increase industrial capacity and improve infrastructure.

    BHEL with a market value of 11,835 million dollar remains a favourite with overseas fund managers, says Forbes.

    http://timesofindia.indiatimes.com/a...ow/2021235.cms

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    India moves up in competitive economy list

    GENEVA, SEPTEMBER 27: India has moved up two places on the World Economic Forum's list of most competitive economies to the 43rd rank, primarily due to quality of scientific research and the number of scientists and engineers the country produces.

    Switzerland has replaced the United States as the world's most competitive economy, which has dropped to the sixth position in the annual ranking released on Tuesday.

    India has been ranked above countries like China, South Africa, Vietnam and Brazil on the list of 125 countries, which is based on various factors affecting a nation's business environment and economic development.

    India has been ranked 27th in an accompanying list -- Business Competitiveness Index. It has also been placed at the 27th position for the quality of national business environment ranking and at 25th position in the company operations and strategy ranking.

    WEF said India's overall rank of 43 demonstrates remarkably high scores in the "capacity for innovation and sophistication of firm operations." "This is especially true of the quality of scientific research and the number of scientists and engineers, which are increasingly supplying highly skilled professionals to the private sector," it added.

    However, the WEF noted that India's health and education sectors were insufficient and that successive governments had proven "remarkably ineffective" in reducing the public sector deficit.

    http://www.financialexpress.com/late...tent_id=141642

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