Purnartha – 13-Jan-2015 - Important news (India & Global) (To receive these updates in your mailbox every morning - just call our toll free number: 1800 - 266 - 0161 or send an e-mail to support@purnartha giving your name and phone number) 1) The Index of Industrial Production (IIP) for the month of November was reported at 3.8% versus (-) 4.2% in October. The manufacturing growth stood at 3% versus -7.6% in October. Mining growth was reported at 3.4% versus 5.2% October. Electricity growth declined to 10% versus 13.3% in October. Basic goods growth came in at 7% versus 5.4% in October and consumer non-durables growth was at 6% versus (-) 4.3% in October. However, the Consumer Price Index (CPI) inflation for the month of December rose to 5%, driven by higher food costs. Urban inflation was reported at 5.32% versus 4.69% in November and rural inflation stood at 4.71% versus 4.09% in November. Vegetable price inflation rose to 0.58% versus (-) 10.9% in November. 2) Prime Minister Narendra Modis Make in India initiative to revive manufacturing in the country may have drawn some skepticism at home, but World Bank President Jim Yong Kim sees it as a good idea. Kim said with many industries leaving China, India could well be a gainer when it came to manufacturing, even as he suggested that the countrys vibrant services sector must not get the short shrift as it attempts to project itself as a global manufacturing hub. I think that the efforts that are being made right now to explore how competitive India can be and I think it is very important. There are lots of industries that are leaving China right now and they very well may come to India. GLOBAL 1) Chinas trade surplus came in ahead of forecasts in December, on the back of better-than-expected exports and imports. According to official data, Chinas trade surplus narrowed to $49.61 billion in December from $54.47bn in November. Chinas exports rose 9.7 per cent in December from a year earlier. This was up from a 4.7 per cent rise in November and above the median forecast for 6.6 per cent growth by 17 economists surveyed by The Wall Street Journal. Imports fell 2.4 per cent from a year earlier after a 6.7 per cent fall in November, less than economists median forecast for a 7 per cent decline. For the full year 2014, the country reported a trade surplus of $382.46bn, compared with a surplus of $259.75b in 2013. Exports rose 6.1 per cent in 2014, down from an increase of 7.9 per cent in 2013. Imports climbed 0.4 per cent, down from growth of 7.3 per cent in 2013. 2) The price of a barrel of the North Sea benchmark dropped by 5.5% to $47.36, its lowest level since early 2009. US crude oil was also at its lowest level since that time, down by 5% to $45.90 a barrel. Meanwhile, a leading investment house drastically cut its three-month forecast for Brent crude from $80 a barrel to $42. Goldman Sachs said the price would stay close to $40 for most of the first half of this year, at which price the firm said investment in the US shale gas industry would be held up. The oil price has now fallen by more than half since June, when the price stood at $110 per barrel.
Posted on: Tue, 13 Jan 2015 07:04:21 +0000
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