First woman US Ambassador to India: Nancy J. Powell (Photo: Ranjeet Kumar)
According to the report from India Times, US Ambassador Nancy Powell on Tuesday called for greater economic opening and more foreign investments for India’s higher economic growth, saying “there is more yet to do” in the area of reforms to return to 10 per cent growth.
Washington’s first woman ambassador to India contended that it was high tariff and non-tariff barriers that were preventing American companies, among others, from “competing” in the country. “Currently, tariff and non-tariff barriers are too high, preventing India from obtaining the latest and best technology and the most advanced equipment it needs to meet its objectives,” Powell said.
Posted by Innovator on May 21, 2013
According to The Economic Times,
In an interview with ET Now (Supriya Shrinate), Praful Patel, Heavy Industries Minister, shares his views on Indian economy, diesel price deregulation and taxes for the super rich. Excerpts:
What is your main focus area?
I think the main focus which we should be emphasising is on infrastructure. We have got to get the power sector right. We have to make sure that gets back on track because it has really cost us a lot of, I would say, goodwill. We have got to get the coal sector right. We got to get the power sector right, plus our other infrastructure sectors like roads.
You may not be the biggest but you are the most trusted UPA ally. How it has been for allies like you to standby some really tough decisions?
India is going to achieve a lot in the long run due to good, sound economic policies. At least as far the NCP is concerned, we have always been very rational and very supportive of the economic reforms.
India Inc, especially the auto sector, is very-very nervous. They believe taxes could be raised on diesel cars, that is an obvious conclusion people are drawing, I think demand will take a little bit of a hit because of diesel deregulation. How are you smoothening frayed nerves?
Posted by cbasdeo09 on January 25, 2013
Growth in China‘s giant factory sector accelerated to a two-year high in January, a preliminary private survey showed, as manufacturers received more local and foreign orders in an encouraging sign for the country’s economic rebound.
The HSBC flash purchasing managers’ index (PMI) rose to 51.9 in January, the highest since January 2011 and above the 50-point level that shows accelerating growth in the sector from the previous month.
The PMI, the earliest preview of China‘s economic health in 2013, is the latest indication that the world’s second-largest economy is steadily recovering from a near two-year cool-down.
“Despite the still tepid external demand, the domestic-driven restocking process is likely to add steam to China‘s ongoing recovery in the coming months,” Qu Hongbin, chief China economist at HSBC, said on Thursday.
HSBC said the sub-indices for output, new orders and employment that account for three quarters of the flash PMI all improved in January to hover above 50.
The output index climbed to 22-month highs while the employment sub-index was at its highest since May 2011.
Demand for Chinese exports also improved slightly this month, the flash index showed, but it shed little light on whether the pick-up would last.
China‘s exports had a surprisingly strong spurt in December, contributing to the country’s emergence from a protracted cool-down, though analysts worry the rebound would be short-lived on soft U.S. and European demand.
Posted by cbasdeo09 on January 24, 2013
According to Huffington Post’s Chris Brummitt, Jakarta, Indonesia — Months behind schedule, the construction crew racing to finish a highway encircling Indonesia‘s traffic-choked capital is being blocked by a determined group of locals and the ramshackle cemetery that is home to their ancestors.
Talks on a new location have yet to reach an agreement accepted by all the relatives of the some 500 people buried there. That has not stopped authorities digging a new cemetery a short distance from the old one – pointlessly according to Yaman, the neighborhood chief.
“There is no way we can agree to that,” said Yaman, pointing to workers hacking through the thick red earth during a midafternoon rain shower. “It will be too noisy. How are we supposed to pray for our ancestors there?”
Indonesia‘s economy is booming. But to sustain and deepen its growth, it badly needs new roads, bridges, power stations and ports. Land disputes such as this one in west Jakarta, and a host of other difficulties from corruption to budget-draining populism, make building such infrastructure a long and costly process. That is preventing the country from attaining the kind of transformational development experienced in a generation by countries such as South Korea and more recently China.
Last week, floods engulfed around 30 percent of Jakarta, including its central business district, dramatically exposing decades of underinvestment in the drainage and flood defenses of the city of 14 million people.
To be sure, beleaguered economies in the West would envy Indonesia‘s current growth rate of more than 6 percent. Coupled with political and social stability, it represents a dramatic change from the Indonesia of 12 years ago, when political crisis, separatist violence and economic meltdown led to fears the massive island nation could break apart.
Posted by cbasdeo09 on January 23, 2013
The faith of many pious believers in the China growth story has been shaken a little lately as the Asian economic powerhouse shows signs of a slowdown. China’s GDP slowed to 7.4 per cent in the first three quarters of 2012 from a dazzling high of 9.6 per cent last year.
The price of iron ore — Australia’ most important export earner — went on a wild roller-coaster ride on the back of China’s slowdown concerns, before sanity returned to the market.
After three decades of double-digit growths even during the winter of the global financial crisis, many people have grown accustomed to the China speed. However, the world must brace itself for a slower China, a country that is in search of a new model of growth.
This new model of growth will be discussed at Golden Networking‘s China Leaders Forum 2012, “Political and Economic Challenges for Xi Jinping, China’s President-in-waiting”, conference that will examine the political and economic challenges facing China nowadays and the long-term opportunities that will be created in the world’s largest economy by 2016.
Posted by Innovator on October 18, 2012
(Reuters) – China has given the green light to 60 infrastructure projects worth more than $150 billion, as it looks to energise an economy mired in its worst slowdown in three years, fuelling hopes the world’s growth engine may get a lift from the fourth quarter.
Prices of shares and steel futures contracts jumped on the plans to build highways, ports and airport runways, which are among the most ambitious unveiled in China this year.
The move signals the government’s growing intent to bolster economic growth as the country’s once-a-decade leadership change looms, analysts said.
China’s powerful economic planning body, the National Development and Reform Commission, announced approvals for projects that analysts estimate total more than 1 trillion yuan, roughly a quarter of the total size of the massive stimulus package unleashed in response to the global financial crisis in 2008.
The announcement comes just before a deluge of Chinese economic data due on Sunday that could confirm investors’ worst fears that a downswing in the world’s second-biggest economy has stretched into a seventh straight quarter.
Posted by byu2012 on September 8, 2012
GUANGZHOU, China — After three decades of torrid growth, China is encountering an unfamiliar problem with its newly struggling economy: a huge buildup of unsold goods that is cluttering shop floors, clogging car dealerships and filling factory warehouses.
The glut of everything from steel and household appliances to cars and apartments is hampering China’s efforts to emerge from a sharp economic slowdown. It has also produced a series of price wars and has led manufacturers to redouble efforts to export what they cannot sell at home.
The severity of China’s inventory overhang has been carefully masked by the blocking or adjusting of economic data by the Chinese government — all part of an effort to prop up confidence in the economy among business managers and investors.
But the main nongovernment survey of manufacturers in China showed on Thursday that inventories of finished goods rose much faster in August than in any month since the survey began in April 2004. The previous record for rising inventories, according to the HSBC/Markit survey, had been set in June. May and July also showed increases.
Posted by byu2012 on August 23, 2012
Indian Overseas Bank is marketing the first dollar-denominated bonds from the Asia-Pacific region in a week after yields on Indian debt in the U.S. currency tumbled to a 12-month low. Bond risk rose in Asia.
Indian Overseas Bank is offering 5 1/2-year notes yielding about 430 basis points more than similar-maturity Treasuries, according to a person familiar with the matter who asked not to be identified because the details are private. Yields on dollar debt from Indian borrowers dropped to 5.6 percent on Aug. 10, the least since Aug. 19 last year, according to a JPMorgan Chase & Co. index.
Dollar bond sales last week dipped to the least since the five days ending July 6, with no sales after China Petrochemical Corp., Sound Global Ltd. and Westpac Banking Corp. raised $1.9 billion on Aug. 6, according to data compiled by Bloomberg. Issuance in Asia is expected to remain patchy this week as August is traditionally a quieter month with some investors on holidays, according to Jefferies Group Inc.
“Dollar bond sales will probably be sporadic this week,” said Brayan Lai, a Singapore-based desk analyst in emerging market credit trading at Jefferies. “There’s a large pipeline from Indian banks but public demand is low as there’s concern about their future growth.”
Posted by stekunan on August 13, 2012
Jack Qiu spends evenings in front of his laptop in the southern Chinese city of Guangzhou, lending money to strangers online. An accountant by day, Qiu may be a better loan manager by night than most bankers. He says only two investments out of his 80,000 yuan ($12,525) total, each worth 100 yuan, have gone unpaid. Nonperforming loans at a Chinese bank, on average, would be almost four times as high. “I don’t care what the money is used for, because that’s beyond my control,” says Qiu, a 30-year-old certified financial planner who jumped into online lending in May by registering at Ppdai.com, one of the largest such sites in China. “For me, the key is to identify those who have at least a willingness to honor their debt, so I need to keep my eyes wide open.”
Peer-to-peer lending is taking off as lending among family and acquaintances moves online. More than 2,000 peer-to-peer websites have been set up nationwide since 2007, China National Radio reported in May. Akin to Lending Club or Prosper.com in the U.S., China’s online lenders let individuals invest a minimum of 50 yuan in projects ranging from small-business expansions to honeymoons for as much as 23 percent interest, the highest rate allowed.
Posted by stekunan on August 7, 2012
In line with economic growth, shares of construction companies and some telecommunications firms have posted big share price increases so far this year, reflecting a better outlook for the development of the country’s infrastructure.
Shares of Wijaya Karya, a state-controlled construction company, have risen 66 percent so far this year. Lippo Cikarang, an industrial estate company, is up 105 percent as demand for industrial land has risen along with investments in manufacturing.
Posted by stekunan on August 7, 2012