Increased allocations growth-oriented, says industry body

September 11th, 2009 NEW DELHI - Further signs of recovery in India's industry emerged Friday with the latest official data indicating a 6.8 percent growth in July over the like month last year. Notably, the manufacturing output rose 6.8 percent during the month, as per the data on the index of industrial production released by the Central Statistical Organisation here.

September 11th, 2009 NEW DELHI - Further signs of recovery in India's industry emerged Friday with the latest official data indicating a 6.8 percent growth in July over the like month last year. Notably, the manufacturing output rose 6.8 percent during the month, as per the data on the index of industrial production released by the Central Statistical Organisation here.

August 20th, 2009 NEW DELHI - The Municipal Corporation of Delhi (MCD) Thursday cited a Comptroller and Auditor General (CAG) report that says that although 88 percent of the capital's roads are under the civic agency's purview, allocations are meagre" and unjust. According to the CAG report for the year till March 2008: The MCD, which maintained 88 percent of Delhi's road network, received very meagre allocations from the government compared to the PWD (Public Works Department) which maintained only 7.6 percent of the roads.

July 14th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Tuesday said high borrowings of the government and large fiscal deficit were inevitable in the national budget given the need to push economic growth and allocate more funds for welfare programmes. "I had to take this risk.

July 8th, 2009 NEW - The steel industry, supported by domestic demand and the government's increased infrastructure spending, will witness a growth this fiscal, Steel Minister Virbhadra Singh said here Wednesday. "The industry will see a major recovery this year and will grow at six-eight percent," Singh said at a conference organised by the Associated Chamber of Commerce and Industry of India (Assocham).

July 6th, 2009 RAIPUR/NEW DELHI - Chhattisgarh Chief Minister Raman Singh Monday termed the union budget as "anti-poor" and aimed to serve the Congress party's "political interests". Singh, who is in New Delhi, told reporters that the budget presented by Finance Minister Pranab Mukherjee in parliament "is anti-poor.

July 2nd, 2009 NEW DELHI - The automotive industry in India grew at a computed annual growth rate (CAGR) of 11.5 percent over the past five years, the Economic Survey 2008-09 tabled in parliament Thursday said. The industry has a strong multiplier effect on the economy due to its deep forward and backward linkages with several key segments of the economy, a finance ministry statement said.

June 11th, 2009 NEW DELHI - The Associated Chambers of Commerce and Industry (Assocham) Wednesday called on the government to bring down tax on household purchases to less than 20 percent from over 45 percent now to spur domestic demand. "Although the annual income of an average Indian is growing significantly, it is not resulting in increased savings because the government takes away over 45 percent on household purchases in terms of indirect taxes alone," Assocham president Sajjan Jindal said in a statement.

June 3rd, 2009 NEW DELHI - Indian IT hardware industry has called for parity in the countervailing duty (CVD) and service tax, levied on IT hardware products, in a pre-budget memorandum submitted to Finance Minister Pranab Mukherjee. It is strongly recommended that the rate of service tax be aligned to that of the excise duty/CVD to avoid structural anomalies, the Manufacturers' Association for Information Technology (MAIT) said in a statement Wednesday.

March 3rd, 2009 CHENNAI - The economic slowdown will impact allocations to social sectors in the 11th Five-Year Plan, said a top Planning Commission official here Monday. 'The allocations were proposed in the 11th Plan on the assumption that the economy would grow at 9 percent.

March 2nd, 2009 NEW DELHI - Hyundai Motor India's domestic sales soared by over 45 percent in February compared to its sales the same month last fiscal, the company said Monday, but added that times were still challenging and nothing should be read into increased sales. Cumulative sales increased by about 32 percent and exports by over 18 percent, a company statement said.

February 14th, 2009 NEW DELHI - India's service sector could see slower growth, said a Confederation of India Industry (CII) report released here Sunday. According to CII, recent data on specific service sector activities gives a mixed picture - while there has been a sharp drop in indicators such as tourist arrivals or air freight and passenger movements, railway traffic and cellular subscriber growth have been holding up.

February 9th, 2009 KOLKATA - The shipping ministry is preparing a document on the financial requirements of the industry, which will be submitted to the finance ministry next month, a top official said here Tuesday. 'Call it a growth package.

February 2nd, 2009 NEW DELHI - India and China should share their experiences to develop a sustainable growth strategy for the plastic industry, Minister of State for Chemicals, Fertilisers and Mines B.K. Handique said here Tuesday.

December 27th, 2008 NEW DELHI - Despite the global economic slowdown, some segments of India's services sector, including IT, education and organised retail, retained 'high' growth rate of 10-20 percent this fiscal, an industry lobby survey said here Sunday. The survey by the the Federation of Indian Chambers of Commerce and Industry (Ficci ) said: 'Although the slowdown is expected to make a further dent in the growth of some segments of the sector, given its overall contribution of 63 percent to the GDP (gross domestic product), the services sector growth is expected to help maintain a healthy GDP growth this fiscal.' According to the survey, the number of wireless subscribers grew 50 percent in April-November compared to the same month last year.