Slowdown may dip Indian chip market growth by 50 percent

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.

May 11th, 2009 LUDHIANA - Prime Minister Manmohan Singh Monday said it was 'creditable' that the United Progressive Alliance (UPA) government had been able to sustain the country's growth despite the global economic slowdown. 'Despite recession, our growth rate is the second highest in the world.

April 27th, 2009 HYDERABAD - Infotech Enterprises, a city-based technology services and solution provider, Monday announced a healthy 32 percent growth during 2008-09 despite the slowdown and volatile currency markets. The Hyderabad company posted a turnover of Rs.889.75 crore during the year, a year-on-year growth of 32 percent.

April 24th, 2009 NEW DELHI - Despite the global slowdown and recession in Europe and the US, India expects at least $40 billion as foreign direct investment (FDI) in the current fiscal, a senior industry ministry official said here Friday. 'The overall outlook for foreign investment is positive.

April 15th, 2009 BANGALORE - India's second largest IT bellwether Infosys Technologies, which survived the impact of slowdown in fiscal 2009, is bracing to stay afloat in a grim fiscal 2010. The global software major managed to meet the consolidated revenue guidance by posting Rs.21,693 crore (Rs.216.93 billion) for fiscal 2008-09, a robust growth of 30 percent year-on-year (YoY) under the Indian accounting standard.

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 26th, 2009 KOLKATA - The Indian economy, grappling with the current global slowdown, would start reviving in three to six months, a senior government official said here Thursday. 'I am reasonably hopeful that the monetary and the fiscal policies (taken by the government) would play themselves out,' Suresh Tendulkar, chairman of the Economic Advisory Council to the Prime Minister, said at a seminar here.

March 7th, 2009 MUMBAI - The fiscal deficit will stimulate growth of the Indian Economy, chief economic advisor Arvind Virmani said here Friday. 'GDP growth rate for India can be reasonably forecast after the publishing of figures for agricultural output.

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 DUBAI - The global economic slowdown is affecting Saudi Arabia, home to over 1.5 million expatriate Indians, with three-fourths of companies there expecting a freeze in hiring in the next two quarters of the January-December 2009 accounting year, according to a new survey. The 'Saudi Arabia's Business Confidence Q1-2009,' the quarterly survey of HSBC Bank's Saudi affiliate SABB, found that along with a freeze in hiring, there has been a significant dip in business confidence in the next two quarters as compared to the third quarter of 2008.

February 27th, 2009 NEW DELHI - The fears of a sharp slowdown in India were confirmed Friday, with official data showing economic growth at just 5.3 percent for the third quarter of the current fiscal - the slowest since 2003 - against 8.9 percent in the like period the previous year. The growth in gross domestic product (GDP) has dipped from 7.6 percent for the second quarter and 7.9 percent for the first quarter, showed statistics released by the Central Statistical Organisation (CSO).

February 16th, 2009 NEW DELHI - Unperturbed by the economic slowdown, the Edrington Group, maker Famous Grouse whisky, is planning to launch more brands in India and step up promotional campaigns, a senior official said Tuesday. 'We will be launching the Snow Grouse and Black Grouse in the coming fiscal, both priced tentatively around Rs.1,700,' group area director (Southeast Asia, Africa and Indian subcontinent) Geoff Kirk told IANS.

February 8th, 2009 NEW DELHI - The Indian economy is expected to log its lowest growth in six years and fall to 7.1 percent for the current fiscal, against 9 percent in the previous year, as per official projections on national income released here Monday. The estimates, compiled by the Central Statistical Organisation, said growth figures for all the three main components of the national income, namely agriculture, manufacturing and services, were expected to fall during the current fiscal.

February 7th, 2009 NEW DELHI - A leading industry lobby, the Confederation of Indian Industries (CII) Sunday said it favoured further cuts in interest rates to stimulate demand and help arrest slowdown in the manufacturing sector. 'With inflation declining, conditions are favourable for further cut in interest rates to stimulate demand and help arrest further slowdown in the manufacturing sector', CII director general Chandrajit Banerjee said, referring to the findings of a CII study.

January 1st, 2009 NEW DELHI - Hyundai Motors registered an overall growth of 55.7 percent in December in terms of units sold, including both domestic and export volumes, the company said in a statement Friday. The company sold 38,402 units last month as against 24,464 units in December 2007.