Backed by stimulus steps, auto sector posts marginal growth

September 20th, 2009 NEW DELHI - Companies in the telecom and auto sectors have witnessed robust growth in turnover despite not increasing their advertisement budgets, according to the Associated Chambers of Commerce and Industry (Assocam), an industry lobby. In a study titled "Cost-Benefit Analysis of Advertisement Campaigns", Assocham said: "The amount spent on the marketing expenses in proportion to the sales has undergone a substantial decline in 2008-09." However, it added that Indian telecom and auto companies, "despite spending less on their advertisement and promotion campaigns, were able to increase their sales volume significantly".

July 23rd, 2009 NEW DELHI - The timely release of stimulus packages has helped the infrastructure sector post a good growth rate last month despite the economic slowdown, Commerce and Industry Minister Anand Sharma claimed here Thursday. Referring to the 6.5 percent growth rate achieved by the six core infrastructure sectors in June, Sharma said: "It's clear that the government's stimulus packages and the budgetary proposals have had a positive impact.

July 21st, 2009 NEW DELHI - India's economy is expected to grow at around 7 percent this fiscal, Minister of State for Finance Namo Narain Meena said in the Rajya Sabha Tuesday. "As per the Economic Survey for 2008-09 and assuming the monsoon would be normal, India's gross domestic product (GDP) is expected to grow at around 7 percent in the fiscal 2009-10," Meena said.

June 18th, 2009 World Bank raises 2009 China growth forecastBEIJING — The World Bank is raising its 2009 growth forecast for China due to the country's stimulus-driven investment boom. But it also cautions that it is still too soon to say a sustained recovery is on the way.

May 29th, 2009 NEW DELHI - India registered an impressive 6.7 percent growth in fiscal 2008-09, despite the deepest economic crisis facing the global economy in six decades, official data showed Friday. Albeit lower than the 9 percent growth in gross domestic product (GDP) registered in 2007-08, the expansion in the current fiscal has been on the upper side of between 6-7 percent that was predicted by the government in the wake of the global slowdown.

May 17th, 2009 NEW DELHI - Main points of the prime minister's 100-day action plan: - Fresh stimulus to economy, put it on 9-10 percent growth trajectory - Tackle job losses especially in textile and diamond sectors - Emphasis on welfare policies in social sector - Prepare blueprint to carry out Congress party's manifesto promises - Modernise both security and intelligence mechanisms.

May 10th, 2009 NEW DELHI - India's manufacturing sector showed marginal signs of recovery in the second and third quarters of the last fiscal as compared to the corresponding quarters in 2007-08, says a report by an industry lobby. A Confederation of Indian Industry (CII)-Ascon survey said five sectors - fertilisers, low and high density polythene, pig iron, steel and mopeds - moved from negative to moderate growth.

April 25th, 2009 THIRUVANANTHAPURAM - Banks in Kerala have posted a marginal growth of 6.3 percent in advances from Rs.80,131 crore in June 2008 to Rs.85,174 crore as on Dec 31, according to the State Level Bankers Committee (SLBC). The SLBC in a meeting here said loans given to the education sector reported the biggest jump when it went up from Rs.2,920 crore in June to Rs.4,049 crore in December.

April 7th, 2009 NEW DELHI - India should have more fiscal stimulus measures to help the economy weather the global slowdown, Planning Commission Deputy Chairperson Montek Singh Ahluwalia said here Tuesday. 'We should have more fiscal stimulus measures.

March 31st, 2009 NEW DELHI - The auto sector has no scope for any further price reduction, according to TVS Motor chairman and managing director Venu Srinivasan, the newly-elected president of industry group Confederation of Indian Industry (CII). 'The auto sector is among the worst-hit sectors and the higher interest rate has further hit the profit margins of auto companies,' Srinivasan told reporters after taking over as CII chief Tuesday.

March 30th, 2009 LONDON - This week's summit of Group of 20 (G20) nations in London must 'deliver a strong message of unity in the face of crisis', US President Barack Obama said in an interview published Monday. The US president, who was due to arrive in Britain late Tuesday, said each participating country would have to take steps to promote growth and trade with what he called a 'robust approach to stimulus' as well as fighting off protectionism.

March 8th, 2009 NEW DELHI - Growth in the manufacturing sector is expected to pick up in the first quarter of 2009-10 on the back of increasing demand in some segments, said an industry lobby survey. The manufacturing survey by the Federation of Indian Chambers of Commerce and Industry (FICCI) said six out of the 12 sectors it covered will report higher growth rate in the April-June quarter over the year-ago period, pushing the entire manufacturing sector to positive growth.

February 22nd, 2009 NEW DELHI - Despite the global economic slowdown, India's auto industry will continue to grow as demand is still high and there is no shortage of raw materials, Hero Honda Group chairman Brij Mohan Munjal said Saturday. 'The economic environment in the country is conducive for the growth of the auto industry.

February 15th, 2009 NEW DELHI - Though the interim budget has not announced any specific sops for the crisis-hit auto sector, the increased allocation for defence and surface transport ministry would boost vehicle sales, according to a leading industry lobby. The higher outlay for the defence sector, the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and the ministry of surface transport 'could be used for funding the vehicle replacement programme and for boosting the purchase of new vehicles,' the Society of Indian Automobile Manufacturers (SIAM) said.

December 23rd, 2008 NEW DELHI - In a bid to help the economy tackle the global financial meltdown, the government is expected to come out with its second stimulus package within the next three days, commerce Minister Kamal Nath said here Wednesday. 'We are looking at financial, some liquidity issues, export, and something to stimulate demand and realty also,' Kamal Nath told reporters.