Matthias's Feed
Feb 9, 2012

Iran turns to India for wheat as palm oil dries up

NEW DELHI (Reuters) – Iran has turned to India for wheat supplies as other sellers divert grain cargoes away from the Middle East country because of sanctions-related payments problems that have caused palm oil imports to grind to a halt.

Indian tea was also added on Thursday to a growing list of Iran’s food imports that are being disrupted by U.S. and European Union sanctions aimed at forcing Tehran to scrap a suspected nuclear weapons program.

Feb 9, 2012

Current account deficit seen widening as exports struggle

NEW DELHI (Reuters) – India’s current account deficit is on track to reach 3.5 percent of GDP in the fiscal year ending in March, its worst in at least eight years, because of a widening trade shortfall, a top government official said on Thursday.

Exports are struggling to maintain the growth rate seen between April and September, because of sluggish demand from the United States and Europe and outlook remains difficult.

Feb 9, 2012

India’s c/a deficit seen widening as exports struggle

NEW DELHI, Feb 9 (Reuters) – India’s current account
deficit is on track to reach 3.5 percent of GDP in the fiscal
year ending in March, its worst in at least eight years, because
of a widening trade shortfall, a top government official said on
Thursday.

Exports are struggling to maintain the growth rate seen
between April and September, because of sluggish demand from the
United States and Europe and outlook remains difficult.

Feb 6, 2012

Cars, software, services threaten EU-India trade deal

BRUSSELS/NEW DELHI, Feb 6 (Reuters) – Hopes of India
and the European Union striking a free trade deal at a summit
this week are fading fast, with differences over duties on cars
and market access for software and service companies standing in
the way of an accord.

At stake is an agreement that would create one of the
world’s largest free-trade zones by population – covering 1.8
billion, or more than a quarter, of the world’s people.

Feb 2, 2012

Exclusive – India team to seek boost in Iran imports for oil

NEW DELHI (Reuters) – India will send a delegation to Iran this month to explore boosting exports to smooth use of the restricted rupee currency, which the two sides have agreed to use for 45 percent of New Delhi’s $11 billion (6 billion pound) a year oil bill, sources told Reuters.

India is currently paying Iran for the oil through Turkey’s Halkbank after a previous mechanism was closed 13 months ago, but fears that route may also succumb to international pressure.

Feb 2, 2012

India team to seek boost in Iran imports for oil

NEW DELHI, Feb 2 (Reuters) – India will send a
delegation to Iran this month to explore boosting exports to
smooth use of the restricted rupee currency, which the two sides
have agreed to use for 45 percent of New Delhi’s $11 billion a
year oil bill, sources told Reuters.

India is currently paying Iran for the oil through Turkey’s
Halkbank after a previous mechanism was closed 13
months ago, but fears that route may also succumb to
international pressure.

Jan 29, 2012

Punjab, bread basket of India, hungers for change

LUDHIANA, India (Reuters) – Punjab made Sunil Jain’s family rich, but now he wishes he could afford to leave.

Almost every day, the lights go out and machines shut down at the two factories of his $3-million-a-year packaging business in the northern India state. When the power goes out, the plants have to use generators, at up to three times the cost.

Jan 16, 2012

Exports pick up but “difficult year” ahead

NEW DELHI (Reuters) – India’s exports accelerated in December as demand for its vehicles, engineering goods and petroleum products remained robust, but global economic uncertainty will likely make 2012 a difficult year, Trade Secretary Rahul Khullar said on Monday.

Asia’s third-largest economy will come close to meeting its target of about 20 percent export growth for the fiscal year ending March, helped by a sliding rupee that could make Indian products more competitive, Khullar added.

Jan 16, 2012

India’s exports pick up but “difficult year” ahead

NEW DELHI, Jan 16 (Reuters) – India’s exports
accelerated in December as demand for its vehicles, engineering
goods and petroleum products remained robust, but global
economic uncertainty will likely make 2012 a difficult year,
Trade Secretary Rahul Khullar said on Monday.

Asia’s third-largest economy will come close to meeting its
target of about 20 percent export growth for the fiscal year
ending March, helped by a sliding rupee that could make Indian
products more competitive, Khullar added.

Jan 10, 2012

Restrictions on FDI in single-brand retail lifted

NEW DELHI/MUMBAI (Reuters) – India formally eliminated restrictions on foreign investment in its single-brand retail sector on Tuesday, opening the door to the likes of Swedish furniture giant IKEA to open stores in Asia’s third-largest economy.

Foreign retailers that want to invest beyond the previous cap of 51 percent ownership will need to source 30 percent of their goods from small and village industries, said the government, which faces five state elections in the next few months.