Economy Round Up – February 24 to 28, 2014

India's fiscal deficit in the first ten months of the 2013/14 financial year crossed the target for the whole year

March 04, 2014 4:37 IST | India Infoline News Service
Top Stories

Q3 GDP at 4.7%

Quarterly GDP at factor cost at constant (2004-05) prices for Q3 of 2013-14 is estimated at Rs14.8 lakh crore, as against Rs14.1 lakh crore in Q3 of 2012-13, showing a growth rate of 4.7% over the corresponding quarter of previous year. As per the revision policy*, quarterly estimates and growth rates of 2011-12 and 2012-13 have undergone revision on account of revision in annual estimates of 2011-12 and 2012-13.However, the growth rates of Q1 and Q2 estimates of 2013-14 have not been revised and would undergo revision only at the time of the release of fourth quarter estimates and Provisional estimates for the year 2013-14 to be released on 31st May 2014. Therefore, Q1 and Q2 GDP estimates given in this release are based on Provisional estimates of 2012-13 released in May 2013, while the Q3 estimates are based on the First Revised estimates of 2013-14 released in January 2014. The economic activities which registered significant growth in Q3 of 2013-14 over Q3 of 2012-13 are, ‘financing, insurance, real estate and business services’ at 12.5%, ‘community, social & personal services’ at 7.0%, ‘electricity, gas & water supply’ at 5.0%, ‘trade, hotels, transport and communication’ at 4.3% and ‘agriculture, forestry & fishing’ at 3.6%. The growth rate in ‘construction’, ‘mining and quarrying’ and ‘manufacturing’ is estimated at 0.6 percent, (-) 1.6% and (-)1.9%, respectively in this period...Read More 

April-Jan fiscal deficit crosses full year target

India's fiscal deficit in the first ten months of the 2013/14 financial year crossed the target for the whole year. The fiscal deficit touched $85.95 bn during April-January, as compared with 89.4% at the same point a year ago, government data said.

Net tax receipts were at Rs Rs5.76 trn in the first ten months of the current fiscal year to March 2014, while total expenditure was Rs12.7 trn.

In his interim budget, Finance Minister P. Chidambaram said the fiscal deficit would not cross 4.6% of GDP...Read More 

Subrata Roy surrenders to UP police...to stay in custody till March 4

Sahara chief Subrata Roy surrendered to the Uttar Pradesh police in Lucknow after the Supreme Court refused to withdraw the non-bailable warrant against him, according to reports. Report said that Subrata Roy will stay in custody of the UP police till March 4. Roy had said he is not absconding from arrest and is ready to "unconditionally follow" whatever direction the Supreme Court gives him. Report says that Roy also appealed to the Supreme Court to allow him to be with his "ailing mother under house arrest till March 3, 2014".

"Last evening I had gone out of Sahara Shahar, Lucknow, to consult with a panel of doctors with certain medical reports of my mother and then I had gone to a lawyer's house also," he said Subrata Roy's son Seemanto Roy in a press conference today said that his father wilfully submitted himself before the Lucknow police and is cooperating with all authorities.

Sahara director Seemanto Roy's media statement

An analysis of the Indian Electorate from 1998 to 2014

A comparison of the electoral data as per the final publication of summary revision 2014 (released by the Election Commission of India on 14th February, 2014) with that of last four General Elections (from 1998 onwards) shows that the total electorate size of the country grew by 34.45% from 605,880,192 electors in 1998 to reach 814,591,184 in 2014. This growth was 21.31% relative to an electorate size of 671,487,930 in 2004. Among the 28 states and 7 union territories, Dadra & Nagar Haveli at 53.9% registered the highest rate of growth in electorate size during the period from 2004 to 2014, next followed by Puducherry at 39.1%. Among states, West Bengal registered the highest rate of growth at 31.7%. Among all states and UTs, Andaman & Nicobar Islands registered the lowest rate of growth at 6.7%, next followed by Jammu & Kashmir at 8.9%. In absolute numbers, Uttar Pradesh registered the highest growth in electorate size relative to 2004, while Lakshadweep the lowest...Read More

News Infocus

Losing job is 3rd most stressful after death and divorce

Losing one's job is so much so stressful that it is ranked third behind death and divorce. We have been offlate reading lot of news of retrenchment of employees by many MNCs as part of their restructuring operations. MNCs now found solution in the form of Outplacement / Career Transition Support as the solution for smoother layoffs of the Employees. Interesting read on. Satyam Computers, Canadian Phone maker Blackberry, British banking major RBS Bank and Chip maker Texas Instruments (TI), Target India, the technology unit that supports Minneapolis-based retailer Target Corporation; Software major Sapient, Walmart, Bloomberg TV India, Barclays all were in the news in the recent past for lay-offs or job cuts.  It is reported that RBS would be laying-off some of its 1,000 employees as it winds down retail and commercial business in the country. Similarly Chip maker Texas Instruments (TI) reported to cut close to 200-300 jobs in India. Some of these job cuts are part of a restructuring move of the respective companies. It is reported very recently that Barclays to slash 12,000 jobs this year...Read More

First-time homebuyer? What to look out for?

However there are a few important factors you should analyze before buying a house. Here are steps to take to help you decide whether you're ready to take the plunge. The purpose of buying a house: First decide why you need a house. Is it for investment or to live in it? The purpose of buying a home will help you in taking a call on where your home should be located and the kind of home loan or mortgage you should consider.

Timing for loan? This is one big gamble every homebuyer faces. Financial experts would advice you to buy a house when the real estate prices are low and interest rates are reasonable. Now, how does one decide if real estate prices are low or not and if interest rates are reasonable enough? It is important to understand the kind of circumstance you are in. A home loan is a big commitment, it is important that you don’t make a hasty decision. Before you take on the heavy burden of home loan, make sure you would be able to afford the bridge funding for the house you will have to do and also the EMI on a monthly basis...Read More

Local languages could lead to 24% rise in internet users: IAMAI

Internet users in India could increase by 24% if local language content is provided on the Internet, according to the ‘Local Language Study 2013’ published jointly by the Internet and Mobile Association of India (IAMAI) and IMRB International.  In the rural areas, 43% of the non-users of the Internet said they would adopt the medium if the content was provided in local language. In the urban areas, 13.5% of the non-users mentioned that they would use internet if content is provided in local languages. The report prima facie identifies local language as the single largest driver of internet growth in rural areas. The findings were based on a survey of 35 cities in seven states. Among the current users of Internet, the report found the current local language usage penetration among the active internet users is around 42%...Read More

51% of affluent consumers use their mobile phone for business: BBC Survey

BBC World News and BBC.com/news have released the results of a global study - the first of its kind - examining the usage of mobile devices by consumers around the world. The study surveyed 6,000 smartphone owners in Australia, Germany, Sweden, India, Hong Kong and the US. It compared the habits of affluent consumers - the highest 20% income earners in each country - to those of the general population. The results reveal the increasing importance of smartphones to affluent consumers and demonstrate the extent to which mobile devices are integrated into their personal and, crucially, their business lives, as improved technology enables greater engagement with content. The study also provides clear evidence that affluent consumers, who make up a large proportion of the BBC World News and BBC.com/newsaudience, are significantly more receptive to mobile advertising than the general population...Read More

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