| |
| News and Events |
One day Workshop on "Do it yourself - Energy Audit" - Wednesday, 6th July, 2011
|
The "Do it yourself - Energy Audit" Workshop appraised all the participants about the energy saving potential existing in their own places and how they could reduce their utility bills on electricity and fuel simultaneously by simple and cost effective measures.
The participants were trained to evaluate their total energy consumption (fuel and electricity) and were taught to calculate the energy efficiency of their appliances by simple techniques. They were taught to select the right energy efficient gadget from alternates for maximum return on their investment.
More than 30 participants from various industries attended the unique opportunity to save on their utility bill, through simple efforts. |
|
| |
|
High Growth, High Inflation to Continue - Centre for Monitoring the Indian Economy(CMIE) |
|
|
Growth and inflation are expected to remain high in 2011-12. Both, however, are likely to be a shade lower than their respective levels of 2010-11.
|
Real GDP is projected to grow by 8.8 per cent, after having grown a tad faster, at nine per cent, in 2010-11. The agriculture and allied sector is projected to grow by 3.3 per cent, the industrial sector by 9.4 per cent, and the services sector by 9.9 per cent.
Production of major crops is estimated to have grown by a robust nine per cent in 2010-11, after two consecutive years of decline. Copious precipitation in most parts of the country and a significantly lower base-year effect because of the fall in the preceding two years contributed to this handsome growth rate.
We expect the major crops to record a growth of 2.8 per cent in 2011-12. The India Meteorological Department has predicted a normal monsoon in 2011 and reservoir levels were at a 10-year high as of May 2011. Thus, the crop of 2011-12 is expected to be well-irrigated.
We believe that inflation will remain high in 2011-12. We project a 7.2 per cent increase in the Wholesale Price Index (WPI) and an equally high Consumer Price Index for Industrial Workers (CPI-IW). Both, however, would be a shade lower than their respective levels in 2010-11.
Unlike in the past, RBI's tight-money stance has been transmitted through the banking system this time. Banks have raised interest rates. However, these higher interest rates are unlikely to dampen growth in consumption or investment demand. Consumption expenditure is not leveraged enough and investment projects have progressed far into implementation for higher interest rates to have any adverse impact.
Inflation is influenced much more by global commodity price trends and by higher employment caused by new capacities than by the levels of interest hikes announced by the Reserve Bank of India. We see significant new capacity additions in 2011-12. Its corresponding new employment and higher wages is expected to drive capital formation and consumption growth in 2011-12.
Private final consumption expenditure is projected to grow by a healthy 7.5 per cent and gross fixed capital formation by 14.6 per cent in 2011-12 in real terms. |
| |
| India's Foreign Trade: April, 2011
A. EXPORTS (including re-exports)
Exports during April, 2011 were valued at US $ 23849.32 million (Rs. 105819.43 crore) which was 34.42 cent higher in Dollar terms (34.03 per cent higher in Rupee terms) than the level of US $ 17742.13 million (Rs. 78951.58 crore) during April, 2010. B. IMPORTS
Imports during April, 2011 were valued at US $ 32834.36 million (Rs.145686.06 crore) representing a growth of 14.13 per cent in Dollar terms (13.79 per cent in Rupee terms) over the level of imports valued at US $ 28770.06 million ( Rs. 128025.31 crore) in April, 2010.
C. CRUDE OIL AND NON-OIL IMPORTS
Oil imports during April, 2011 were valued at US $ 10185.9 million which was 7.7 per cent higher than oil imports valued at US $ 9454.0 million in the corresponding period last year.
Non-oil imports during April, 2011 were estimated at US $ 22648.4 million which was 17.3 per cent higher than non-oil imports of US $ 19316.0 million in April, 2010.
EXPORTS & IMPORTS : (US $ Million)
(PROVISIONAL)
|
| |
|
Fiscal policy, like medicine, must fit an economy's specific ills - Viral Acharya |
COUNTERCYCLICAL fiscal policy or stimulus, like medicine, works only if it is customised to the economic disease on hand. If not, it may be wasteful. Worse, it can even backfire.
Take the United States for example. Its economic problems were over-leveraging of household balance sheets and under-capitalisation of the financial sector amid a housing market crash. TARP II and stress tests of Spring 2010 (followed by private recapitalisation of the banks) stabilised the financial sector and a downward spiral was averted, at least on large-bank front. This was good fiscal policy, even if not perfectly executed at each point. TARP II, however, was approved with the intention of helping the Main Street directly, too. Not much was achieved. There were some half-hearted mortgage-interest-rate reduction programmes and other efforts, like cash-for-clunkers, but nothing decisive was accomplished in reducing household debt burdens or restoring home equity. While securitisation may have created legal impediments in this pursuit, the continuing losses at Fannie Mae and Freddie Mac, and their large ownership of mortgage tail-risk as well as (to a smaller extent) of mortgages outright, suggest that a direct principal write-down program might have been more effective and could have been delivered through these agencies. Right now, there is support for housing markets but it is not solving the real problem of household indebtedness in a direct manner. In this sense, the stimulus failed as it instead focused on more infrastructure in geographies that don't need more of it, more investment incentives for corporations already flooded with cash due to a lack of aggregate demand, and the prolonging of state budget problems with transfers that primarily benefited government employees but did not do much more directly.
Did the consumers and households get a raw deal in the US fiscal stimulus? In such an environment, is an expansionary monetary policy simply making further transfers away from those indebted (and now saving) to the current borrowers? Is this the primary reason behind the lack of a vibrant recovery in the US? These are certainly plausible questions if one wants to deliver a rhetoric on countercyclical fiscal stimulus.
Similarly, Japanese stimulus in the 1990s missed out on dealing directly with the financial sector's under-capitalisation. The current European sovereign-debt plans ignore the need to recapitalise their potentially insolvent banks, even in stronger countries, in the event of a meaningful Greek, Irish and Portuguese debt restructuring, which seems necessary. Irieland's guarantees of its financial sector also ignored bank insolvency and have since swallowed the government's balance sheet. Of course, if government balance sheets are themselves the disease, since plenty of stimulus is often built into the system thanks to entitlements, leverage-inducing tax policy and financial sector regulation, then a countercyclical fiscal policy is feasible only in conjunction with a default on some government creditors, mainly external.
Thus, in many ways, a blanket call for fiscal stimulus misses the point that like in medicine, we first need a precise diagnosis of the problem, possibly multiple expert opinions on the best available treatment, and then a decisive action plan rather than a resort to general-purpose steroids or a protracted festering of wounds. Similarly, the claim that fiscal stimulus will always hurt ignores that such a diagnosis and treatment are possible, even though political economy considerations lead some to take such a cynical view.
Courtesy - The Economist
|
| |
|
Monthly Economic Report- May 2011
|
|
• The overall growth of GDP at factor cost at constant prices, as per Revised Estimates, was 8.5 per cent in 2010-11 representing an increase from the revised growth of 8.0 per cent during 2009-10
• The cumulative rainfall received for the country as a whole, during the pre monsoon
season, 2011 (March 1 to May 31), was 13 per cent below the normal
• Food grains (rice and wheat) stocks held by FCI and State agencies were 45.88 million tonnes as on March 1, 2011.
• Overall growth in the Index of Industrial Production (IIP) was 6.3 per cent during April
2011 as compared to 13.1 per cent in April 2010 as per the first monthly index released under the new series of IIP with base 2004-05. During 2010-11, IIP growth was 8.2 per cent as compared to 5.3 per cent during 2009-10.
• Six core industries grew by 5.2 per cent in April 2011 as compared to the growth of 7.5 per cent in April 2010. During 2010-11, these sectors grew by 5.8 per cent as compared to 5.5 per cent during 2009-10.
• Broad money (M3) (up to May 20, 2011) increased by 2.5 per cent as compared to 1.7
per cent during the corresponding period of the last year. The year-on-year growth, as
on May 20, 2011 was 16.8 per cent as compared to 15.1 per cent last year.
• Exports, in US dollar terms increased by 34.4 per cent and imports increased by 14.1
per cent, during April 2011.
• Foreign Currency Assets stood at US$ 279.8 billion at end May 2011 compared to US$
248.2 billion at end May 2010.
• Rupee depreciated against US dollar, Pound Sterling, Japanese Yen and Euro in the month of May 2011 over April 2011.
• Year-on-year inflation in terms of Wholesale Price Index was 9.06 per cent for the month of May 2011 as compared to 10.48 per cent in the corresponding month last year.
• Tax revenue (net to Centre) during April- March, 2010-11 recorded a growth of 25.5
per cent compared with corresponding period of 2009-10. Non-tax revenue grew by
90.5 per cent in April- March 2010-11 on account of one-off nature of receipts of proceeds from Spectrum auction.
• As a proportion of the GDP, fiscal deficit during April-March 2010-11 was 4.7 per cent and revenue deficit was 3.1 per cent.
ECONOMIC GROWTH
As per the Revised Estimates (RE) of Central Statistics Office (CSO), the growth in Gross Domestic Product (GDP) at factor cost at constant (2004-05) prices was estimated at 8.5 per cent in 2010-11 as compared to 8.0 per cent in 2009-10 (Quick Estimate). At disaggregated level, this (RE 2010-11) comprises growth of 6.6 per cent
in agriculture and allied activities, 7.9 per cent in industry and 9.4 per cent in services
as compared to a growth of 0.4 per cent, 8.0 per cent and 10.1 per cent respectively during 2009-10. Real GDP grew by 7.8 per cent in the 4th quarter of 2010-11 following
a growth of 9.3, 8.9 and 8.3 per cent in the first three quarters of 2010-11.
AGRICULTURE
Rainfall: With respect to rainfall situation in India, the year is categorized into four seasons: winter season (January-February); pre monsoon (March-May); south west monsoon (June-September) and post monsoon (October-December). South west monsoon accounts for more than 75 per cent of annual rainfall.
In 2010-11, during the south west-monsoon period (June 1 to September 30), the cumulative rainfall received for the country as a whole was 912.8 mm, which was 2 per cent above the normal. During this period, out of 36 meteorological sub-divisions
in the country, 31 received excess/normal rainfall and 5 received deficient rainfall.
The Indian metrological Department (IMD) has issued its first stage long-range forecast for the 2011 south west monsoon rainfall (June-September) on 19.04.2011. IMD forecast is that the rainfall for the country as a whole is most likely to be NORMAL. Quantitatively, monsoon season rainfall is likely to be 98 per cent of the long period average (LPA) with model errors of plus or minus 5 per cent. The long period average rainfall for the country as a whole for the period 1951-2000 is 89 cm.
The cumulative rainfall received for the country as a whole, during the pre monsoon season (March 1 to May 31), was 13 per cent below the normal. The cumulative rainfall received for the country as a whole during the period June 1, 2011 to June 8,
2011 was 17 per cent above normal.
All India production of food grains: According to the Third Advance Estimates released on 6th April, 2011, the production of food grains is estimated at 235.88 million tonnes during 2010-11 compared to 218.11 million tonnes (final estimates) in
2009-10.
Procurement: Procurement of rice
as on March 1, 2011 (Kharif
Marketing Season 2010-11) at
22.74 million tonnes represents a decline of (-) 1.3 per cent compared to the corresponding date last year. Wheat procurement during Rabi Marketing Season 2010-11 was
22.51 million tonnes as compared
to 25.38 million tonnes during the corresponding period last year.
Off-take: Off-take of rice during the month of February, 2011 was 26.80 lakh tonnes. This comprises 19.86 lakh tonnes under TPDS and 6.94 lakh tonnes under other schemes. In respect of wheat, the total offtake was 22.17 lakh tonnes comprising 15.31 lakh tonnes under TPDS and 6.86 lakh tonnes under other schemes
Stocks of food-grains (rice and wheat) held by FCI as on March 1, 2011 were 45.88
million tonnes, which is higher by 1.19 per cent over the level of 45.34 million tonnes
as on March 1, 2010.
INDUSTRIAL PRODUCTION
During April 2011, the IIP growth was
6.3 per cent as
compared to 13.1 per cent growth during the corresponding period of previous year. In mining, manufacturing and electricity sectors, the growth rates in April 2011 were
2.2 per cent, 6.9 per cent and 6.4 per
cent respectively. The growth rates have decreased in mining, manufacturing and electricity sectors during April 2011 as compared to April 2010. In the use-based industrial groups, the growth rates have decreased significantly in capital goods, intermediate goods and consumer goods in general including consumer durables and consumer non-durables in April 2011 as compared to April 2010. In basic goods sector only the growth rate has increased to 7.3 per cent in April 2011 as compared to
6.7 per cent in April 2010.
Six core industries:The index for six core industries
(comprising crude oil,
petroleum refinery products, coal, electricity, cement and finished carbon steel) with a weight of 26.68 per cent in the IIP grew by 5.8 per cent during April-March 2010-11, as compared to growth rate of 5.5 per cent achieved during the corresponding period in 2009-10. During the month of April 2011, the overall growth of the core sector industries was 5.2 per cent as compared to the
growth of 7.5 per cent during April, 2010. During Apri1 2011, the growth in crude
oil sector was 11.0 per cent followed by electricity 6.8 per cent, petroleum refinery
6.6 per cent, finished steel 4.3 per cent and coal 2.9 per cent. The cement sector registered negative growth during April 2011.
MONEY AND BANKING
Broad money (M3) (up to May 20, 2011) increased by 2.5 per cent as compared to 1.7
per cent during the corresponding period of the last year. The year-on-year growth,
as on May 20, 2011 was 16.8 per cent as compared to 15.1 per cent last year.
Reserve money (M0) during the financial year 2011-12 (up to June 3, 2011) showed
deterioration of 1.5 per cent as compared to nil improvement in the corresponding period of the previous year. The year-on-year variation revealed an increase of 17.3 per cent as on June 3, 2011, compared to 20.6 per cent on the corresponding date of the previous year.
An important source of reserve money, namely, net foreign exchange assets (NFA) of
the RBI increased by 3.2 per cent (during the financial year) as on June 3, 2011 as compared to increase of 0.4 per cent in the same period last year. The y-o-y growth rate of NFA, was 10.8 per cent as compared to improvement of 1.0 per cent on the corresponding date of the last year.
Scheduled Commercial Banks (SCBs): business in India
During the current financial year i.e. 2011-12 (upto May 27, 2011), Bank credit showed improvement of 0.2 per cent as compared to improvement of 0.1 per cent during the corresponding period of last year. The Non-Food credit during this period recorded increase of 0.1 per cent as compared to increase of 0.04 per cent during the corresponding period of last year.
The aggregate deposits with SCBs recorded an increase of 2.2 per cent (as on May 27,
2011) as against an increase of 1.8 per cent in the corresponding period of last year.
Interest rates (per cent per annum): As on May 27, 2011, Bank Rate was 6.00 per cent. Call money rates (borrowing
& lending) were 7.40 per cent as compared with 3.98 per cent on the corresponding date of last year.
EXTERNAL SECTOR
Foreign trade: Exports, in US dollar terms and customs basis, during
April 2011 increased by 34.4 per cent and imports increased by 14.1 per cent over April
2010. Oil imports increased by 7.7 per cent and non-oil imports increased by 17.3 per cent during April 2011 over April 2010.
Exchange rate:The rupee depreciated by 1.2 per cent against US dollar, 0.9 per cent
against Pound Sterling, 3.6 per cent against Japanese Yen and 0.4 per cent against
Euro in the month of May 2011 over April 2011.
.
External assistance and debt service payments:Gross external aid in April-May
2011-12 is 3149.71 crore as compared to 11950.99 crore corresponding period of
2010-11. Net disbursement was 1986.04 crore in 2011-12 compared to 10876.68 crore in 2010-11. Net transfers were 1614.06 crore in 2011-12 compared to 10495.00 crore in 2010-11.
INFLATION
Wholesale Price Index (WPI 2004-05=100):The revised WPI inflation for March 2011 is
9.68 per cent in place of 9.04 per cent reported earlier. The WPI inflation for all commodities for the month of May 2011 has increased to 9.06 per cent as compared to
8.66 per cent last month. The 40 basis points increase in headline inflation is mainly
on account of sharp rise in manufacturing prices. Manufacturing Food products
(edible oil, dairy products and sugar) are the major contributor within manufacturing. The inflation in food product was almost zero till February, 2011, thereafter, it has started rising and has shown significant jump in the current month.
In addition to that, cotton textile, chemicals and transport equipments have also contributed significantly to manufacturing. The average WPI inflation rate for last 12 months (June 2010 to May 2011) was 9.3 per cent as compared to 5.4 per cent during corresponding period in 2010-11. The build-up of inflation since March to May 2011 stood at 1.47 per cent during current financial year as against 2.05 per cent in the corresponding period last year. Major breakup of WPI inflation rates is indicated in Table 14 below.
Inflation based on Consumer Price Index: Inflation in Consumer Price Index for Industrial
Workers (CPI-IW) has increased to 9.41 per cent in April 2011 as compared to 13.33 per cent
in the corresponding month last year. CPI-IW food inflation (weight 46.20%) has also declined
to 8.24 per cent in April 2011 from 14.47 per cent in the corresponding month last year. CPI- RL food inflation (weight 66.77%) has also declined to 9.11 per cent in April 2011 from its peak of 20.78 per cent in January, 2010.
FISCAL SITUATION
•As a proportion of revenue estimate, fiscal deficit during April- March 2010-11
was 92.0 per cent and revenue deficit was 90.7 per cent. The lower levels reflect one-off nature of growth in non-tax revenue (from auction of spectrum).
•Tax revenue (net to Centre) at 3,774 crore during April, 2011 registered a decrease of 62.5
per cent as against 10,062 crore in the same period of last year.
•Revenue deficit has increased by 19.7 per cent and constitutes 19.7 per cent of
2011- 12(BE).
•Fiscal deficit during April, 2011 at 74,661 crore has increased by 38.3 per cent compared to similar period last year constituting 18.1 per cent of 2010-11(BE).
| Consumer Price Index |
Department of Economics & Statistics
No.P3.Pdl.1/2011/DES Thiruvananthapuram , 20/06/2011
Consumer Price Index ( Cost of Living Index ) Numbers for Agricultural and Industrial Workers for the Month of April 2011
Vide G.O.(MS) No.7/2002/Plg. dated 21-3-2002 of Planning and Economics Affairs (B) Department , Government of Kerala and Government Notification No. G.O (Rt) No 2728/2001/LBR dated 14-09-2001 published in the Kerala Gazette extra ordinary No.1381(Vol. XLVI) dated 15-09-2001.
( Base 1998-99 =100 )
Linking factors approved in G.O (MS) No .7/2002/Plg. dated 21-03-2002 have been used from October 2001. Base for all centres is 1970 = 100 in old series
The Consumer Price Index (Cost of Living Index) Numbers applicable to employees in employment under the Minimum Wages Act (Central Act XI of 1948) for the month of April 2011 as ascertained by the Director of Economics & Statistics under clause (C) of Section 2 of the Act.
Department of Economics & Statistics
Thiruvananthapuram
Dated 20/06/2011
|
|
|
| |
Circulars and Notifications
|
| Trade Enquiries |
Business Representations / Contacts
DAMISON STORE
Condada del Rey,Panama
Tel: 230-2418 / 6616-9501
Contact: Mr. Milagros Damison
E-mail: milagroscar04@hotmail.com
Business Interest: Silver Jewellery
PANAFRUT, S.A
Nata, Cocle
Panama
Tel: 507 6617-3500/ 993-5546
E-mail: hermannernesto@gmail.com
Contact Person: Mr. Hernann Gnaegi
Business Interest: Cashews product
M/S. ELITE GIFT PRODUCTS
Ground Floor, Room No. 2-7-7,
Sakir Nagger,
Kela Bakhar (Near Himalaya Hotel)
90-Feet Road,
Dharawi. Mumbai - 400017, India
Telephone:9224700948, 9892197702
Contact : Mr. Alam
Email:garment92@yahoo.com; garment90@gmail.com
Business Interest: Manufacture of all types of garment products: T-Shirts, Caps and Uniforms
M/s. Klassic Klarol Filters Pvt. Ltd
3rd A/64, Nehru Nagar, Ghaziabad
Tel:09811201864
E-mail: klarol@vsnl.com
Web: www.klaroloilcleaningsystems.com
Business Interest: Oil Cleaning Systems
Weathertex Pty Ltd
ACN 084 713 986, Masonite Road,
Raymond Terrace NSW 2324
Australia
Tel: +612 4980 3100
Website: www.weathertex.com.au
E-mail: milagroscar04@hotmail.com
Business Interest: Timber |
Exports
EFENDIOGLU MERMER A.S
Tel: 0090 224 514 2021
Fax: 0090 224 513 1816
Istanbul, Turkey
Email: sedaerstensel@gmail.com
Contact: Ms. Seda Ertansel
Business Interest: Interested in exporting marble
DEPAR AYAKKABI LTD
Tel: 0090 212 565 7251
Fax: 0091 212 565 6459
Istanbul ,Turkey
Email: export@deparayakkabi.com
Contact: Mr. Adnan Orengil
Business Interest: Interested in exporting footwear |
Imports
M/s CAUSTIC SODA SHARE COMPANY
P.O. Box 5751, Addis Ababa
Tel: 00251-11-6184310/ 6184317
Fax: 00251-11-6611764
Email: causoda@ethionet.etare
Business Interest: Interested in the import of 3000 tonnes of Soda Ash or 5250 tonnes of Washed Trona from India. |
|
| |
| Statistics |
|
 |
|
|
| NEW STATISTICS REPORTS |
REPORTS ON EXPORTS
EXPORTER - PORT - PRODUCTS - LINEWISE
LINE - SECTORWISE
LINE - PORTWISE
PORT - EXPORTER - PRODUCTS - LINEWISE
REPORTS ON DRY/REEFER CAN BE HAD SEPARATELY
ICD REPORTS
EXPORTER - PRODUCT - PORT - LINE - LOCATIONWISE
REPORTS ON IMPORTS
IMPORTER - PORT - PRODUCT - LINEWISE
LINE - SECTORWISE
LINE - PORTWISE
PORT - IMPORTER - PRODUCTS - LINEWISE
ALL OF THE ABOVE REPORTS CAN ALSO BE HAD IN A SPREADSHEET FORMAT
MONTHLY REPORTS ARE AVAILABLE ON:
• TEA EXPORTS
• COIR PRODUCTS EXPORTS
• CASHEW EXPORTS
• COTTON EXPORTS
• COFFEE EXPORTS
• SEA FOOD EXPORTS
• SPICES EXPORTS
• MISCELLANEOUS EXPORTS
• IMPORTS
For further details - Kindly contact the Statistics Department, Cochin Chamber of Commerce & Industry at 0484 2668650 or statistics@cochinchamber.org
|
|
|
|
|
|
