Indias bauxite production is likely to reach to 49 MT by 2021: BMI report
The Dollar Business Bureau Bauxite production in India is likely to increase to 49.4 million tonnes by 2021 from 22.08 million tonnes in 2016, according to a report. The production of bauxite in the country is estimated to be 26.1 million tonnes in 2017, an increase of 18 compared to last year 2016, the report by BMI Research said. The production of the metal is likely to reach to 49.4 million tonnes in 2021, the report said. “We forecast Indian bauxite production to grow from 26.1 million tonnes in 2017 to 49.4 million tonnes in 2021, averaging an annual growth rate of 17.5% during 2017-2021, significantly higher than the annual average 3.9% growth over 2012-2016,” the Research report said. The growth of bauxite production in ...
Indias exports share to top destinations up 51.6% in FY17
The Dollar Business Bureau India's share in overall exports to top ten destinations globally rose to 51.6% in the last financial year of 2016-17, as compared to 49% in the fiscal of 2013-14, industry body PHD Chamber of Commerce and Industry (PHDCCI) said on Wednesday. The major export destinations of India include the US, Hong Kong, Japan, the UAE, China, the UK, Singapore and Germany. The merchandise exports from the country to the US increased to $42.33 billion in 2016-17 from $39.14 billion in 2013-14, Gopal Jiwarajka, President, PHDCCI said in a statement. Around 53% of exports to the US are primarily consumer goods, capital goods, intermediates and raw materials. Similarly, the country’s exports to Hong Kong increased 11.2% to $14.2 billion in the last financial year. “Going ahead, we are hopeful that our exports will touch $325 ...
Japans manufacturing index on a 3 month high, PMI
The Dollar Business Bureau Japan has secured new orders, prompting a 3 month manufacturing high in May supported by stronger increases in output, a survey reported. This is a clear sign that its economy is gaining in momentum in the second quarter of 2017. Japan Manufacturing Purchasing Managers Index rose to 53.1 in May stronger than the readings 52.0 and 52.7 recorded in April. This was the highest level recorded since February the survey said. Improvement in operating conditions has been linked to accelerated rises in both manufacturing output and new orders. This has prompted Japanese companies to increase hiring since production increased for the tenth consecutive month. Companies are reported to have said, that growth was supported by a demand both domestically as well ...
Apparel exports up 31.7% in Apr, on RoSL Scheme support
The Dollar Business Bureau The apparel exports from India recorded a momentous rise of 31.7% in April this year as compared to same month a year ago. In a statement to the media Apparel Export Promotion Council (AEPC) said “India’s apparel exports registered momentous growth of 31.7% in April 2017 compared to same period last year.” According to the data, the apparel sector has been witnessing a double-digit growth, after the introduction of disbursement of RoSL (Rebate of State Levies) scheme. During March-April, this year, the garment exporters were able to enhance their production capacity by about 30% for achieving such growth and employed around 5% more workers during this same period, the statement said. AEPC Chairman Ashok G Rajani, while attributing this growth to RoSL scheme, said, ...
China considers change in procedure to stabilise currency
The Dollar Business Bureau To reinforce its control on its currency, China is “considering” a modification in its procedures that would help in bringing more stability to the country’s financial system in near-term. “We were “considering” a change in procedures that would reinforce our control of the renminbi, said Chinese officials. This move by Beijing would probably bring more stability in short-term to the country’s financial system, which has already been the subject of new focus after the credit rating agency Moody’s Investors Service on Wednesday downgraded China’s credit rating on bonds, mentioning its rising debt. Moody's downgraded the country’s sovereign ratings to A1, stating it believes that the financial strength of the second largest economy of the world would erode in the coming years due ...
Rating agencies far from India's ground realities: Shaktikanta Das
PTI Upset over not getting a rating upgrade, India has lashed out at global rating agencies saying they are far detached from ground realities and must introspect as the reforms initiated certainly warranted an upgrade. Economic Affairs Secretary Shaktikanta Das said India was being denied an upgrade even as growth and fundamentals improve. In past too, India has questioned the methodology used by global rating agencies saying the nation compares favourably with other emerging countries on metrics such as default risk. In particular, it points to S&P Global Ratings keeping China at AA- despite rising debt and slowing growth while India has been kept at one step above junk. Moody's and Fitch too give similar rating citing ...
GST alone will add 2 percentage points to GDP growth
By Manishika Miglani It’s been three years since the Narendra Modi-led government came into power and announced a slew of measures to revive the investment climate of the country since then. In an interview with The Dollar Business, G.V.L. Narsimha Rao, Spokesperson, BJP, talks about the performance of the government, so far, and the party’s roadmap for further leveraging the business sentiment of the nation. TDB: The government has focussed on consolidating the investment scenario of the country? Has it been successful in achieving its targets? G. V. L. Narsimha Rao (GVL): At a time when global FDI inflows have turned negative, India has experienced the highest growth in the sector in the last three years. So, our government has been very successful ...
Exports rise 27.6% in March, 4.7% from last fiscal
PTI Export growth touched an over five-year high of 27.6% in March on account of a better performance of petroleum and engineering sector, though the expansion during 2016-17 stood at only 4.7%.During the last fiscal, exports aggregated at USD 274.64 billion. In March, the outward shipments were at USD 29.23 billion.The trade deficit in March, however, more than doubled to a four-month high of USD 10.43 billion due to a surge in imports, especially of gold.While overall imports rose by 45.25 per cent to USD 39.7 billion, gold imports jumped to USD 4.17 billion in March as against USD 973.45 million in March 2016."In continuation of the double-digit growth exhibited by exports during February, exports during March have shown a significant growth," ...
