President Pranab Mukherjee confident of India logging 7-8% economic growth

Ireo Uptown, Gurgaon

Ireo Uptown, Gurgaon

President Pranab Mukherjee today expressed confidence that the Indian economy will return to higher growth path of 7-8 per cent in next two to three years and pitched for revitalising investments in the country.

“We are confident that we will return to 7-8 per cent growth bracket in the next two to three years.

“We need to revitalise investment in the country for this purpose,” Mukherjee said at the inaugural session of IFTDO’s World Conference and Exhibition here.

India economic growth was over 8 per cent in 2009-10 and 2010-11 fiscals, but it declined to 6.5 per cent in the following financial year.

Further, India’s economic growth slowed to a decade low of around 5 per cent in 2012-13 mainly due to global slowdown.

“Though our GDP growth in 2012-13 at 5 per cent is the lowest in ten years, it is much higher than that of G-7 countries,” he said.

Read more: Indian Express

FDI may increase to $36 billion in 2013-14: PM’s Economic Advisory panel

%20%28FDI%20may%20increase%20to%20%2436%20billion%20in%202013-14%3A%20PMEAC%29The PM’s Economic Advisory panel expects foreign direct investment (FDI) in India to increase to $ 36 billion this fiscal on the back of supportive policies.

“For 2013-14, we are projecting that with supportive policies it is possible to generate higher levels of inbound FDI flows of the order of $ 36 billion, comparable to four of the previous six years,” the Prime Minister’s Economic Advisory Council (PMEAC) report said.

The outbound FDI is also expected to increase, resulting in net FDI inflow of $ 24 billion, it said.

From 2007-08 to 2009-10, the annual foreign inflows ranged from $ 33-35 billion, while outbound FDI was $ 14-19 billion.

During the first nine months of the 2012-13 fiscal, India received foreign inflows worth $ 21 billion, lower than the $ 29 billion in the corresponding period of 2011-12.

The outbound FDI was marginally smaller and the net inflow of $ 15 billion in the first nine months of 2012-13 was significantly smaller than the $ 21 billion in the same period of the previous year.

Read more: The Economic Times

Infrastructure

Metro connectivity be extended to Greater Noida, Sonepat:panel

A Parliamentary panel has recommended the Urban Development (UD) ministry should work towards providing metro connectivity to Sonepat and Greater Noida.

In its report on the demand for grants for 2013-14 tabled in parliament today, the Standing Committee on Urban Development said the Urban Development ministry should hold talks with Delhi Metro Rail Corporation (DMRC), Delhi and Haryana in this regard.

The panel said he metro connectivity is now available in Delhi and extended to Noida, Vaishali in UP and Gurgaon in Haryana. The panel said it felt Regional Rapid Transit System (RRTS) corridors connecting areas like Sonepat would take time and the UD ministry should work towards it.

Read more: The Economic Times

Power

Country’s first solar thermal power plant to go on stream next month

Country’s first solar thermal power plant developed by Chhattisgarh-based Godawari Green Energy Limited (GGEL) in Rajasthan would go on stream in May.

The 50-Mw Solar thermal power plant set up in Naukh village located in the Jaisalmer district of Rajasthan is reported to be the first plant in the country. GGEL, the flagship company of the HIRA group in the renewable energy sector had pumped in Rs 700 crore on the project.

“The project of thermal solar power plant is ready and we are planning to commission it next month,” Hira Group Directors Dinesh Agrawal and Abhisekh Agrawal said Monday evening. The company is seeking President Pranab Mukherjee’s date to start the plant, they added. The solar thermal power plant is based on the parabolic trough technology which is the most prevalent and proven technology being used globally for such plants. GGEL was one among the seven developers of the solar thermal power plant in the first phase of Jawaharlal Nehru National Solar Mission (JNNSM).GGEL has signed the Power Purchase Agreement with NTPC Vidyut Vyapar Nigam (NVVN). “The construction work of the plant started in January 2011 and we have completed it in a record time,” the company directors said the company would explore the possibilities of taking up another project later.

Read more: Business Standard

Employment

India Inc may offer 11.3% average pay hike this fiscal: Deloitte

India Inc is expected to offer average salary increments of 11.3 per cent this fiscal and those working in sectors like pharmaceuticals, healthcare and life sciences are expected to get a hike of 13.1 per cent, a Deloitte survey says.

According to the survey conducted by Deloitte India, Human Capital Advisory Services (HCAS), a part of global consultancy Deloitte, the median salary increments across sectors is projected at 11.3 per cent.

On a year-on-year basis, however, there has been a decline in increment figures. In 2012, corporate India was expected to see an overall increment of around 12 per cent.

During this fiscal, the highest increment figures are likely in pharmaceuticals, healthcare and life sciences sectors at 13.1 per cent, while the financial services sector could offer the most conservative increment at 9.6 per cent.

“The overall median has dropped to 11.3 per cent. Indian economy is currently going through a challenging phase as the GDP growth has slowed down to nearly a decade low in 2012-13 with domestic as well as external factors playing a part in this downfall,” Deloitte India Senior Director, Human Capital Advisory Services, P. Thiruvengadam, said.

Read more: Business Line

Education

How can India’s education system benefit from FDI?

schoolThis week CNBC-TV18’s special show Emerging India Series brings fore the state of the education sector in the micro, small & medium enterprises (MSME) space. The government’s decision to bring in FDI has only hastened the growth in this sector.

With about 32 percent of its population in the 0-5 year age bracket, India today is one of the youngest nations in the world. This translates into the Indian education system being one of the largest globally with a network of more than 12 lakh schools and over 30,000 higher education institutes.

Recognising the importance of education for a developing nation like India, the government has laid stress on the importance of education especially primary and secondary education. The education sector in India is evolving led by the emergence of new sectors like vocational training, child skill enhancement and E-learning.

Watch Video: Money Control

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