| Indian Economy increasingly getting integrated with World Economy |
The Union Minister for Commerce & Industry, Shri Kamal Nath addressing a Press Conference to announce the Annual Supplement to the Foreign Trade Policy (2004-09), in New Delhi on April 11, 2008.
Shri Kamal Nath, Union Minister of Commerce and Industry, has said that the Indian economy is increasingly getting integrated with the world economy. India’s share in the world exports has increased from 0.7% in 2001 to 1% in 2006. India’s trade as a percentage of GDP has increased from 14.6% in 1990-91 to 21.2% in 2000-01 and 34.9% in 2006-07. This was stated by Shri Kamal Nath while inaugurating the 77th Annual General Meeting (AGM) of International Chamber of Commerce (ICC) India on the theme of “Global Economic Outlook: Impact on Asia”, here today.
“Indian merchandise exports have witnessed a sustained high growth rate of more than 20% per annum during the Tenth Plan. Exports reached a level of US $ 126.3 billion in 2006-07 registering a growth rate of 22.5% over the previous year. Against the target of US $ 160 billion for the year 2007-08, exports reached a level of US $ 111.1 billion during April-December 2007. |
With the present trend growth, exports during the current year are expected to reach a level of US $ 152-155 billion”, Shri Kamal Nath said.Keeping the current international scenario in view, Shri Kamal Nath said that there is a need for a new architecture of international relations which should be based on trust and mutually beneficial integration. With economic power of the emerging markets accounting for a larger share of global GDP, China, India, Brazil, Russia and other crucial players need to be brought to the table of international policymaking.
While commending the role of ICC, the Minister stated that ICC promotes an open international trade and investment system and the market economy. He further stated that the high growth of Indian exports during the recent years has been possible due to concerted efforts made by the government to reduce trade barriers, bring down transaction costs and facilitate trade accompanied by a favourable international environment. The Minister was quoting the World Bank publication “Doing Business 2008”, that India has been rated as the top reformer in the Trading Across Borders in 2006-07.
Shri Kamal Nath emphasized that the agenda for world trade negotiations need to be more receptive to the needs and sensibilities of the developing countries and LDCs, and added that agriculture should remain at the heart of the negotiations since the livelihood concerns of more than a billion resource poor farmers depend on it. He further added that a delicate balance between the defensive agenda on agriculture and the relatively offensive agenda on Services and NAMA. |
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exports up by 20.47% during january 2008 india’s |
India’s exports during January, 2008 were valued at US $ 13140.71 million which was 20.47 per cent higher than the level of US $ 10907.72 million during January, 2007. In rupee terms, exports touched Rs.51739.82 crore, which was 7.00 per cent higher than the value of exports during January, 2007. Cumulative value of exports for the period April- January, 2008 was US $ 124190.41 million (Rs.500117.15 crore) as against US $ 102110.27 million (Rs.464532.19 crore) registering a growth of 21.62 per cent in Dollar terms and 7.66 per cent in Rupee terms over the same period last year.
India’s imports during January, 2008 were valued at US $ 22504.41 million representing an increase of 63.57 per cent over the level of imports valued at US $ 13757.93 million in January, 2007. In Rupee terms, imports increased by 45.28 per cent. Cumulative value of imports for the period April- January, 2008 was US $ 191604.13 million (Rs.771628.90 crore) as against US $ 147812.69 million (Rs.672514.33 crore) registering a growth of 29.63 per cent in Dollar terms and 14.74 per cent in Rupee terms over the same period last year.
Oil imports during January, 2008 were valued at US $ 7711.78 million which was 60.81 per cent higher than oil imports valued at US $ 4795.46 million in the corresponding period last year. Oil imports during April- January, 2008 were valued at US $ 57023.33 million which was 16.49 per cent higher than the oil imports of US $ 48951.65 million in the corresponding period last year.
Non-oil imports during January, 2008 were estimated at US $ 14792.62 million which was 65.05 per cent higher than non-oil imports of US $ 8962.47 million in January, 2007. Non-oil imports during April- January, 2008 were valued at US $ 134580.80 million which was 36.13 per cent higher than the level of such imports valued at US $ 98861.04 million in April- January, 2007.
The trade deficit for April- January, 2008 was estimated at US $ 67413.73 million which was higher than the deficit at US $ 45702.42 million during April- January, 2007. |
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Steel Q3 net up 34%
India’s largest steel maker Tata Steel has announced a consolidated net profit of Rs 1,416 crore for the quarter ended December 31, 2007, against Rs 1,055 crore in the corresponding period of 2006. The net profit figure includes the profit of Anglo-Dutch steel maker Corus, which was acquired by Tata Steel for $2.5 billion last year. The turnover of Tata Steel, including its Indian, Thailand and Singapore operations, rose by Rs 2,157 crore to Rs 23,867 crore. |
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India`s forex reserves swell by $110 bn
India’s foreign exchange reserves shot up 55 per cent in 2007-08 to close at $309.16 billion – an increase of nearly $110 billion from $199.18 billion at the end of 2006-07. The surge was mainly due to large foreign institutional inflows, higher overseas borrowings by Indian companies and remittances from non-residents.
Source: www.businessstandard
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India Inc's Feb M&A deals touch $2.9 bn
Private sector lender HDFC Banks merger with Centurion Bank of Punjab (CBoP) has driven India Inc's merger and acquisition deal volumes to $2.9 billion in February this year. The total number of M&A deals announced in the month of February this year stood at 36 with a total announced value of $2.95 billion and the most significant deal was the merger of two financial entities HDFC Bank and CBoP, global consultancy firm Grant
Thornton said.
The other most significant deal was the acquisition of 17.2 per cent stake by Walt Disney Company in UTV Software Communication for consolidating its stake to 32.10 per cent in the domestic media company. It is interesting to note that there were 102 M&A deals with a total value of about $36.80 billion in January and February 2007. M&A volumes surged to record levels as two significant deals such as - Tata Steel's acquisition of Corus valued at $13.6 billion and Hindalco's acquisition of Novelis valued at $6 billion - were announced in
that period.
This year in January, the total number of M&A deals that were announced stood at 56, with a total announced value of $3.01 billion. In M&A space this year, cross-border deals continue to outnumber domestic transactions. While there were 17 domestic deals in February 2008, wherein both acquirer and target companies were Indian with an announced value of $2.47 billion, there were 19 cross-border deals with an announced value of $0.47 billion, Grant Thornton added.
Source: The Indian Express |
India's exports grow 20.47% in Jan
India's exports showed a healthy growth of 20.47 per cent in January this fiscal over the same month last year, but expanded by a single digit figure of 7.66 per cent in rupee terms due to pricey domestic currency. Exports increased to $13.14 billion in January 2008 from $10.9 billion a year ago, while imports grew by a huge 63.57 per cent to $22.50 billion, leaving a trade deficit of $9.36 billion.
With only two months to go for conclusion of the current financial year, exports during April-January period amounted to $124.19 billion, leaving a balance of $35.81 billion to meet the $160 billion target. "We hope to achieve exports in the range of $150 to $155 billion in the current fiscal," Commerce Secretary GK Pillai said.
Imports for the April-January period of 2007-08 stood at $191.6 billion, registering a growth of 29.63 per cent from $147.81 billion in the year ago period. Trade deficit for the 10-month period amounted to $67.4 billion, higher than the $45.7 billion in April-January 2006-07.
Presenting the Budget 2008-09, Finance Minister P Chidambaram had said, "Merchandise exports have come under some pressure due to the appreciation of the rupee and may fall just short of the target of $160 billion, although the growth rate was strong at 21.8 per cent during April-December 2007-08."
During the fiscal, rupee has appreciated against major currencies, including that of the US, UK, Japan, Euroland, China and Hong Kong. It rose by 9.8 per cent against the US dollar between April 3, 2007 and January 16, 2008.
Source:The Pioneer |
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