Chinas services sector growth slows down in July: Survey
The Dollar Business Bureau The growth of China’s services sector was marginally low in the month of July as the expansion of new businesses eased, said a private business survey on Thursday. The latest findings were in sync with an official estimate of non-manufacturing sector released on Monday that showed cooling down of growth in services sector, adding to the speculations that the world’s second largest economy could grow slightly slower in upcoming months. The Caixin/Markit services purchasing managers' index (PMI) declined a little to 51.5 in July compared to 51.6 in the previous month. Though the decline was marginal, the figures matched with the level of reading in April this year that was lowest since May last year. New businesses continued to grow at ...
Ports can act as catalyst for India to achieve 10% growth, Amitabh Kant
The Dollar Business Bureau Ports can act as a catalyst for India to achieve a consistent growth rate of 10% per cent, NITI Aayog CEO Amitabh Kant said. Addressing a workshop organised by the Ministry of Shipping under the Sagarmala programme on ‘Accelerating Sagarmala Implementation, Engaging with States’, Kant said that the Sagarmala programme is a game-changer. "Ports can act as the catalyst of growth and help in achieving 10 per cent consistent growth rate for the country, hence making Sagarmala programme the game-changer for the country’s development," Kant said. The main objective of the workshop was to enhance the engagement among the shipping ministry, other line ministries and various maritime states of India, an official statement said. Citing examples, he said success stories emerged ...
Despite key risks, global economy to grow at 2.7% this year: WB
The Dollar Business Bureau World Bank on Sunday kept unchanged its forecast for growth of global economy at 2.7% for 2017 and 2.9% for 2018, amid pick up in manufacturing and trade and improved confidence. The world economy is set to register a strong growth in 2017, in view of improving global trade and improved performance by major emerging economies, but substantial uncertainties could still loom over the outlook, said the World Bank. Increasing trade protectionism measures and policy uncertainties, majorly in the US, pose significant cautions for the growth outlook. This is for the first time in the last four years that the recent edition of the Global Economic Prospects report of World Bank has not lowered the growth prediction even as new risks have emerged. ...
UN publishes study on impact of demonetisation in India
The Dollar Business Bureau It has been six months since the Modi-led government decided to invalidate more than 85% of cash in circulation. Curbing terror funding, boosting cashless economy and cracking down on counterfeit currency were among a host of reasons cited, the most critical one being elimination of black money from circulation. The UN recently released a study titled ‘Potential Impact of Demonetisation in India’, which stated that demonetisation alone will not be able to uproot the seeds of black money. To prevent future flow of black money, the study said, other complementary measures would be required. The Goods and Services Tax reform, voluntary disclosure of income scheme, the linking of taxation with unique identification numbers, were among the other supporting steps ...
Manufacturing sector witnesses growth for the 4th straight month
The Dollar Business Bureau India’s manufacturing sector recorded growth consecutively for the fourth month in April, but the rate remained unchanged compared to the previous month, as increase in new orders was balanced by moderate rise in production, according to a survey. The Nikkei Markit India Manufacturing PMI (Purchasing Managers’ Index) — a manufacturing activity indicator — matched with 52.5 reading of March. However, the growth was most evident in order books since October last year and fresh export orders surged for the third straight month when the growth rate eased from March. Recording contraction post-demonetisation, the manufacturing sector witnessed growth for the fourth straight month in April. A reading on PMI above 50 shows expansion, whereas a score below that mark indicates contraction. “Buoyant domestic demand coupled with sustained growth of ...
Indias core sector growth in January slips to 5-month low
The Dollar Business Bureau India’s core industries grew at a slower pace in January as a contraction in the production of refinery products, cement and fertilizer weighed. The overall growth fell to a five-month low at 3.4% in the month, the slowest since August last year, when the sectors had witnessed a growth rate of 3.2%. In January 2016, the rate of growth in eight infrastructure sectors of coal, natural gas, crude oil, refinery products, steel, fertilisers, electricity and cement was 5.7%, while in December 2016, it was 5.6%. The production of refinery products, cement and fertiliser declined by 1.5%, 13.3% and 1.6%, respectively, in the month of January. Coal and electricity sectors expanded at 4.8% during the month under review, compared to 7.9% ...
Govt expects 10% rise in the per capita income in FY17
The Dollar Business Bureau The government data on Tuesday showed that India's per capita net national income is likely to increase 10.2% to Rs.103,818 in the fiscal 2016-17. During the fiscal 2015-16, the country’s per capita national income was Rs.94,178, a rise of 8.9% compared to the previous fiscal. “The per capita net national income during 2016-17 is estimated to be Rs.103,818 showing a rise of 10.2% as compared to Rs.94,178 during 2015-16 with the growth rate of 8.9%,” according to the data on Second Advance Estimates of National Income, 2016-17, released by the Statistics and Programme Implementation Ministry. In real terms, at 2011-12 prices, the per capita income during this fiscal is expected to reach a level of Rs.82,112, over Rs.77,524 in 2015-16. “The ...
India is likely to grow at 7.6% in 2017: UN report
The Dollar Business Bureau India's economy is likely to grow at the rate of 7.6% in 2017 led by rebound in investment and strong manufacturing base coupled with the implementation of Seventh Pay Commission and Goods and Services Tax (GST) regime, said a UN study.“India's economy is projected to sustain a 7.6% growth rate in both fiscal years 2016-17 and 2017-18,” as per the year-end update of the UN’s flagship report Economic and Social Survey for Asia and the Pacific 2016.The continuing structural reforms are likely to benefit the private investment in the country. In India, though the economic growth in first quarter April-June of current fiscal was moderate due to shrinkage in fixed investment, a recovery is expected, the report said.“Initially, the growth ...
