Indian fan industry still reeling under slowdown

July 23rd, 2009 NEW DELHI - Despite the economic slowdown, the country's fast moving consumer goods (FMCG) sector grew by almost 15 percent in 2008-09, thanks to high demand for such goods in rural India, says a report released Thursday. "At times of economic slowdown, for instance, consumers may be cutting down on durable and other capital expenditure but cannot avoid spends on daily necessities," said the report jointly prepared by the Federation of Indian Chambers of Commerce and Industry (FICCI) and industry tracker Technopak Consultants.

July 13th, 2009 MUMBAI - The capital goods industry can expect more supportive measures from the government in the coming months, Heavy Industries Minister Vilasrao Deshmukh said here Monday. Our endeavour is to support the capital goods industry so that it can help Indian manufacturing industry to meet the challenge of global competition and sustain the growth momentum in exports, Deshmukh said at a function organised by the Confederation of Indian Industry (CII).

June 28th, 2009 MANDI GOBINDGARH - Steel making units in this "steel hub", already hit by the global slowdown, are now struggling to cope with another problem - restricted power supply. The Punjab State Electricity Board (PSEB) has slapped steel makers located here with a week-long ban on operating furnaces, citing power shortage.

June 19th, 2009 KOLKATA - Tobacco and fast moving consumer goods (FMCG) giant ITC Ltd has recruited more management graduates during the economic slowdown than it normally does, without retrenching any of its staff, claimed a top official here Friday. "Management graduates who otherwise would have gone to the Wall Street have come to us this time and this has encouraged us to recruit more," said Kurush Grant, chief executive of the tobacco division of the company.

June 12th, 2009 NEW DELHI - The government will exempt the slowdown-hit textile sector from service tax as part of its short-term strategy to bail out the industry, Minister for Textiles Dayanidhi Maran said here Friday. As part of our short-term strategy for the textile industry, we will try to rationalise fiscal structure, exempt service tax, reduce interest rates on pre and post-shipment credit and facilitate faster clearance of arrears, Maran said here while releasing a report on the effects of the slowdown on the textile sector.

May 17th, 2009 NEW DELHI - India's realtors, one of the worst-hit by the slowdown, believes the sector will get more attention under the new government given its professed thrust on infrastructure. Anuj Puri, chairman and country head of realty consultancy Jones Lang LaSalle Meghraj, says the industry can expect the broad reform agenda would continue under the next United Progressive Alliance (UPA) government and the realty sector to benefit.

May 12th, 2009 NEW DELHI - Venture capital (VC) funding has fallen nearly 25 percent in recent months on account of the global slowdown, industry officials said here Tuesday. 'There have been an overall dip of 25 percent in venture capital funding since last year,' Rahul Chandra, director of venture capital firm Helion Advisors, told IANS.

April 19th, 2009 NEW DELHI - While most sectors face a slump in demand owing to the global slowdown, the franchising industry is scaling up operations and recruiting professionals, an industry lobby survey has said. 'While other industries are constrained to lay off people, franchisors are having a busy time as they are recruiting new franchisees,' according to the survey by the Federation of Indian Chambers of Commerce and Industry (FICCI).

March 26th, 2009 NEW DELHI - The state-run Steel Authority India (SAIL) expects its sales to grow in March despite the current slowdown, saying it would be close to the month before. 'In February we grew by 9-10 percent.

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.

February 28th, 2009 NEW DELHI - The government Friday came to the rescue of the media industry reeling under the impact of economic recession by announcing a 10 percent hike in the advertisement rates issued by the directorate of audio visual publicity (DAVP). 'The downturn has impacted the Indian media industry also.

February 25th, 2009 NEW DELHI - India's state-run oil marketing companies (OMCs) have put on hold their plans to invest in ethanol projects in Brazil due to the current economic slowdown, Petroleum Minister Murli Deora said here Tuesday. The oil marketing companies - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp - had explored the possibilities of acquiring sugarcane farms and setting up ethanol manufacturing units in Brazil, Deora said while answering a question in the Rajya Sabha.

February 12th, 2009 NEW DELHI - India Inc lauded the rail budget tabled in parliament Friday, but said Railway Minister Lalu Prasad has not responded to the prevailing slowdown in the country's economy that could have been somewhat cushioned by a cut in freight rates. 'The Railway Minister has presented a mixed budget,' said Harsh Pati Singhania, president of the Federation of Indian Chambers of Commerce and Industry (FICCI).

February 12th, 2009 KOLKATA - The interim railway budget presented by Railways Minister Lalu Prasad in the Lok Sabha Friday could not match the expectations of the business community here, which is reeling under the impact of global economic slowdown. 'Though there are many positive proposals, there was no reduction in trade rates, which could have helped industry and trade in times of economic recession,' Sanjay Budhia, president of Indian Chamber of Commerce and Industry, told IANS.

February 11th, 2009 NEW DELHI - The chief ministers of Delhi, Madhya Pradesh and Jammu and Kashmir Thursday said the industry should play more 'proactive' role and join in the government's efforts to tackle the global economic slowdown, which could threaten millions of jobs in the country. Speaking at the 81st annual general meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI) here, Delhi Chief Minister Sheila Dikshit said the industry should 'help the government's efforts to ensure that the current economic crisis did not lead to loss of employment in the country'.