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Current Affairs July 14 2013



FDI hits 6-month high of $2.32 b in April

Foreign direct investment (FDI) into India increased 25 per cent year-on-year to $2.32 billion in April, the highest level in the past six months.

Best Performing Sectors:
                Hotels and tourism ($2.32 billion)
                Pharmaceuticals ($987 million)
                Services ($238 million)
                Chemicals ($51 million)
                Construction ($32 million)

Top countries form where FDI received
                Singapore ($1.29 billion),
                Mauritius ($355 million),
                Netherlands ($173 million)
                US ($149 million).

FDI inflows in 2012-13: $22.42 billion, a decline from $36.50 billion in 2011-12.
Commerce and Industry Minister Anand Sharma and Finance Minister P. Chidambaram travelled to the US in the past week to pitch for investments. An increase in FDI will help support the rupee, which depreciated to a record low of 61.21 against the US dollar on July 8.

June inflation may be over 4.9%

The country’s WPI inflation fell to 4.7 per cent in May, its lowest rate since October, 2009. The reading for the month of June is scheduled to come out on July 15.  Last week, the Consumer Price Inflation (CPI) rose 9.87 per cent year-on-year in June, up sharply from 9.3 per cent in May and this print poses some upside risks for the June  The central bank is scheduled to review the first quarter monetary policy on July 30.  The industry is demanding cut in key policy rate to boost economic activities. Industrial output contracted by 1.6 per cent in May on account of poor show by the manufacturing and mining sectors.

Plan panel may cut 12th Plan growth target to 7% from 8%

In view of continued economic slowdown, Planning Commission may reset annual average growth rate target to 7 per cent for the 12th Plan (2012-17) in the mid-term review of the five-year policy document.
According to sources, the Commission has already started the process of mid-term review of the 12th Five Year Plan and is considering reducing the target as it may not be possible to achieve the targeted 8 per cent growth in view of global and domestic factors. While the Index of Industrial Production ( IIP) contracted by 1.6 per cent in May, the lowest factory output in 11 months, the trade figures suggest 4.6 per cent decline in exports in June. The retail inflation inched up to 9.87 per cent in June mainly due to rise in vegetable and fruit prices. The Commission has earlier also scaled down the annual average growth rate of 9 per cent envisaged in the 11th Plan (2007-12) to 8.1 per cent in view of the global economic meltdown that began in 2008

 


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