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Economy - News
& Views
Our
Opinion
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RBI Makes a Move -
Will the Government Reposition?...Surprising analysts and the market alike, the RBI reduced its key policy rate,
the repo rate under
the LAF,
by a higher than expected 50 basis points to 8%. If the Government in
turn can
make a quick move to push forward important reforms measures, together
it can
provide tremendous boost to India’s
wilting economy hurt by weak global growth. RBI’s decision could have
been
guided by the fact that India's industrial output not only rose a much
slower-than expected 4.1% in February, the January figure was sharply
revised
downwards to a growth of 1.14% from 6.8% announced earlier. 
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Some Facets of
India's Union Budget for 2012-13..The
budget mostly promised
to reduce the nation’s fiscal deficit and rein in costly subsidies and
bring in
critical reforms, but for the moment given the political situation
garnering
the necessary revenue has been done through increases in indirect
taxation.
Though allocation to critical sectors have been increased there is no
immediate
focus on putting the economy on a high growth trajectory.
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News - Indian Economy
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News - Global
Economy
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Industrial output contracted
by 3.5% in March
Manufacturing production shrank by 4.4 percent in March while output of
capital
goods such as factory equipment -- an important investment measure and
portent
of future activity -- contracted by 21 percent. For the financial year
ending
March 2012, industrial production expanded by just 2.8 percent, sharply
below
its 8.2 percent growth the previous year.
WPI inflation rises
to 7.23% in April
Prices of food articles rose 10.49% in April, compared with 9.94% the
previous
month; prices of vegetable soared 60.97%, and that of egg, meat and
fish 17.54%.
Manufactured products, with a weight of nearly 65%, inched up to 5.12%
in the
last month from 4.87% in March.
RBI takes measures
to ease foreign currency flows
To augment foreign currency inflows to banks and facilitate their
foreign
currency loans to exporters the interest rate ceiling on Foreign
Currency
Non-Resident [FCNR (B)] deposits of banks has been raised from 125
basis points
above the corresponding LIBOR/Swap rates to 200 bps for maturity period
of 1
year to less than 3 years, and to 300 bps for maturity period of 3 to 5
years.
The ceiling rate on export credit in foreign currency which was
constraining
the availability of credit to exporters in foreign currency has been
deregulated by allowing banks to freely determine their interest rates
on such
credit.
Trade deficit at
7-month low on weaker imports
Merchandise exports rose a modest 3.2% from a year earlier to $24.5
billion,
import growth decelerated 3.8% to $37.9 billion mainly because of a
sharp slide
in imports of gold and silver. A slowdown in petroleum imports also
helped keep
the overall import growth under check.
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U.S. logs first monthly budget surplus in
42
months
The government notched a larger-than-expected $59.12 billion surplus
last
month, compared with a $40.39 billion deficit in April 2011, on a rise
in tax
receipts and a drop in government spending. Even so, the cumulative
budget
deficit for the first seven months of the fiscal year totaled $719.86
billion,
compared with a shortfall of $869.81 billion over the same period in
fiscal
year 2011.
US
job growth slows for
second straight month with just 115,000 jobs added
The recovery in the jobs market has stalled for a second month as the US
added just
115,000 new positions even as the unemployment dropped to 8.1%.
Euro zone economy
avoids recession
Euro zone GDP was stable recording no change in Q1from Q4 2011; Germany surprised with 0.5% growth even
as the
French economy stalled and Italy
reported contracting 0.8%.
Euro zone industrial
production falls back in March
Industrial production in the Euro zone fell by 0.3% on a 8.5% fall in
energy
production. Spanish production fell by 1.8%, while that in Greece
contracted by 1%. Production in Germany
rose by 1.3%.
UK
manufacturing output rose 0.9% in March
The wider measure of industrial production fell 0.3%, due to a drop in
oil and
gas production. Sectors including chemicals, transport equipment,
computer and
electronics were behind the recovery.
China cuts banks’
reserve requirements
It is the third time the central bank has made such a move in six
months. It
follows recent economic data suggesting that the Chinese economy is
slowing
down, as in April industrial output growth slowed to 9.3%—the slowest
rate
since 2009.
China
Economy by Numbers—April
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Ecofin-Surge
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is an endeavor to provide data support to anyone interested in
researching the Indian and International Economy..
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Our
Terminology
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Our
Terminology...
Bank rate is
the standard rate at which the Reserve Bank buys or re-discount bills
of exchange or other commercial paper. It is used as
a penal rate which the banks have
to pay for their failure to meet the mandatory CRR and SLR.. more
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Subscribe to our Publications:
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Stay
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View the latest economic indicators of the
World. |
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Economy
- Indicators
Indian Economy
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GDP
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6.10% - Q3, 2011-12
6.90% - Q2, 2011-12
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IIP
Revised
All-India IIP
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-3.5% (March, 2012)
4.1% (February, 2012)
#:Base
2004-05=100

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WPI
Inflation(%)
Highlights of
Revised
WPI
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All
Commodty: 7.23%*(Apr, 2012)
All
Commodty: 6.89%*(Mar, 2012)
*:
Provisional; *: Revised
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CPI
Inflation(%)
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7.65% (All India);7.38% (Rural Areas); 8.25% (Urban Areas)
(January, 2012)
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Interest
Rates
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CRR:
4.75% p.a (wef 09 March, 2012)
Bank Rate:
9.00% p.a.(wef
17 April,
2012)
Reverse Repo Rate: 7.00% (wef
17 April,
2012)
Repo Rate: 8.00% (wef
17
April, 2012)
CMR/CBLO(April 27, 2012): 8.08/7.52

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Exchange Rate
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53.38 (Dollar), 69.31 (Euro),
86.18 (Pound), 66.90 (Yen)
[May 07, 2012 to May 11, 2012,
weekly average]
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Updated
on 16 May, 2012
See
Terminology
section for explanations and notes.
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| Global
Economy |
|
(YOY
%)
Change
|
US
|
UK
|
Euro
|
Japan
|
China
|
GDP
|
2.1
Q1-2012 |
nil
Q1-2012 |
0.7
Q4-2011 |
-0.6
Q4-2011
|
8.1
Q1-2012 |
CPI
|
2.7 Mar2012
|
3.5
Mar2012 |
2.7
Mar2012 |
0.5
Mar2012 |
3.6
Mar2012 |
IIP
|
3.8
Mar2012 |
-2.3
Feb2012 |
-1.5
Feb2012
|
13.9
Mar2012 |
11.9
Mar2012 |
Emp
|
8.1
Apr2012
|
8.3
Jan2012 |
10.9
Mar2012 |
4.5
Mar2012 |
4.1 Q1-2012
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Updated on 14 May, 2012
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Note: Emp-
Unemployment Rate (%)
Updated
on 02 May, 2012
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