• Tuesday, June 01st, 2010
Indian economy performed better than the estimated 7.2 percent for the last fiscal. Government released data on Monday which showed that Indian economy grew by 7.4 percent in 2009-10. The major reason cited for this improvement is the double digit expansion in manufacturing sector and average performance by farm sector. Improvement in customer spending and business investments and rural economy growth despite the worst drought has enabled India to grow at its fastest pace in nearly two years.
Indian economy grew by 8.6 percent in the fourth quarter with good governance and consumer spending. According to Central Statistical Organization (CSO), this growth is attributed to growth in manufacturing by 16.3 percent and mining and quarrying by 14 percent. During the fourth quarter, the industrial growth also increased at about 13.3 percent while services sector witnessed a growth of 8.4 percent and agriculture grew by 0.7 percent.
According to finance minister Pranab Mukherjee, “It is a quite encouraging …so last quarter is 8.6 and about 7.9 was second quarter…3rd Quarter saw adverse impact of monsoon…on the whole it will be confirmed that it will be 7.2 plus.” Though investment activity has increased in the fourth quarter some doubt if the growth will support the forecasted economic growth of 8.5 percent for the year ahead. But the government is hopeful that a thrust in the infrastructure would keep the industrial growth and is also depending on a good monsoon to add on to the growth.
Category: 1, Indian Economy News
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Tags: 3rd Quarter, Adverse Impact, Business Investments, Consumer Spending, Doubt, Drought, Economic Growth, Farm Sector, Fourth Quarter, Good Governance, India Economy, India S Economy, Indian Economy, Infrastructure, Investment Activity, Last Quarter, Manufacturing Sector, Monsoon, Pace, Pranab Mukherjee, Rural Economy, Thrust |
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• Tuesday, November 24th, 2009
Though it seems highly unlikely, India’s economy has a new antagonistic presence – that of the country’s throbbing veins – the road network. The plans to expand and strengthen the national highways have so far been over ambitious. Even today, as India strengthens its presence as an international trade entity, the internal trade suffers because of poor quality roads and a sordid state of affairs as far as the national highways are concerned.
A brief look at statistics simply reasserts the worst. While in developed countries, goods carrying trucks are able to cover about 800 km per day, Indian trucks are only able to cover about 350 Km per day on an average. This is because the roads are so bad that the average speed is a mere 20 Km/hr.
There has been some development in this regard. However, poor road conditions continue to wreak havoc for those whose livelihood depends on transportation of goods. Besides the low speed, there are also delays at every checkpoint where not only are truck drivers detained indefinitely, but money is also demanded of them.
A recent study has shown that every year the economy loses out on about $600 million because of the constant delays. This however is not all. One can add about $5 million that is wasted in terms of fuel because of the stoppages and the slow speed.
The volumes of the freight keeps on increasing by about 9.06% every year. However, as compared to the increase in the volume, only about 3.77% of roads are added to contain the volume every year.
Category: Infrastructure
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Tags: 5 Million, Average Speed, Checkpoint, Developed Countries, Havoc, India Economy, India S Economy, International Trade, Livelihood, Low Speed, National Highways, Poor Quality, Poor Road Conditions, Quality Roads, Slow Speed, State Of Affairs, Stoppages, Transportation Of Goods, Truck Drivers, Veins |
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• Friday, November 06th, 2009
India’s economy has finally come of age. In the last five years, there has been phenomenal change in the global trade of goods and services in India. In fact, today the global trade makes up for almost fifty percent of the gross domestic product of the country. This, of course, is good news considering the fact that even after being isolated for years after independence, Indian economy is finally integrated with the global economy.
This growth in the contribution to the GDP itself is a giant leap considering that about five years ago, the goods and services sector made up for only 30.9% of the entire gross domestic product.
There has been a greater openness in the world as far as Indian services are concerned. The trade of merchandise has seen a 57% increase in the last five years. The services trade has also seen a significant growth. Though the ongoing global economic slow down has caused some unrest and has also interrupted India’s growth story, it is believed that this interruption is only temporary and brief. The continuing economic reforms and the government’s proactive interest in improving international trade and bringing India on to the map of global trade
Category: Economic Growth, Government
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Tags: Economic Reforms, Gdp, Giant Leap, Global Economy, Global Trade, Gross Domestic Product, India Economy, India S Economy, Indian Economy, International Trade, Interruption, Map, Openness, Phenomenal Change, Proactive Interest, Recession, Slow Down, Unrest |
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