Indian Economy Shows ‘Firming Growth’ Says OECD

In the September release of the Composite Leading Indicators (CLIs) that are designed to anticipate turning points in economic activity relative to trend, the Paris-based Organization for Economic Cooperation and Development (OECD) said India is expected to see “firming growth”.

As reported on their Website, the CLIs signal stable growth momentum in the Euro area particularly in Germany and Italy, while growth is firming in France. Stable growth momentum is also anticipated in Japan.

In Canada as well as in the United Kingdom and the United States, growth momentum is anticipated to moderate albeit from relatively high levels.

The outlook continues to deteriorate for China, with the CLI pointing more strongly to a loss of growth momentum. Signs of slowing growth momentum are also re-emerging in Russia. In Brazil, weak growth momentum is anticipated.

October 12, 2015   No Comments

Modi Government Signed 18 Contracts for $20.1 Billion in its First 9 Months

The Defense Ministry of India has signed 18 international contracts worth $20.1 billion between May 2014 and February 2015. The contracts were signed with armaments manufacturers from USA, Russia, the UK, Israel, Germany and France reports Defense World.

“Defense Procurement Procedure details direct dealing with the original equipment manufacturers, authorized vendors or government sponsored export agencies (applicable in case of countries where domestic laws do not permit direct export by original equipment manufacturers),” Defense Minister Manohar Parrikar said.

“It also provides that vendor is required to give full details of any agents / technical consultants / authorized vendors that may have been appointed by them for marketing of this equipment in India. These details should include the scope of work and responsibilities that have been entrusted with the said party in India,” Parrikar added,

Parrikar’s comments possibly display a changing mind set in the ministry regarding the employment of middlemen in potential defense deals on the basis of full disclosure.

August 15, 2015   No Comments

American Tourists Lead in India e-Visa Usage

According to data released by the Tourism Ministry of India, travelers  from the U.S.A. availed India’s Visa-on-Arrival facility the most. India’s electronic travel authorization is currently available for 44 countries, and  March statistics showed that 33 percent of all tourists were from the U.S., followed by 14 percent from Germany, 13 percent from the Russian Federation, while tourists from Australia and the Republic of Korea were 8 percent and 6 percent respectively. India has coined the term e-Visa for this process. Note: The India Expert recommends that business travelers from the United Stated do not enter India on a tourist visa. Business visas are not currently offered under this electronic plan yet.

March recorded a total of 730,000 foreign tourists, an increase of 5.3 percent from the same period last year, and the foreign exchange earnings from tourism showed a rise of 2.9 per cent, reports Economic Times.

May 6, 2015   No Comments

India Continues to Leads Weapons Imports

The volume of international transfers of major weapons in 2010–14 was 16 per cent higher than in 2005–2009 according to a new report by the Stockholm International Peace Research Institute. The five biggest exporters in 2010–14 were the United States, Russia, China, Germany and France, and the five biggest importers were India, Saudi Arabia, China, the United Arab Emirates (UAE) and Pakistan.  India accounted for 15% of all arms imports and its main suppliers include Israel, Russia, the United Kingdom and increasingly the United States.

Arms Imports by Country

Between 2005–2009 and 2010–14 imports increased by 140 per cent. In 2010–14 India’s imports were three times larger than those of either of its regional rivals China and Pakistan. This contrasts with 2005–2009 when India’s imports were 23 per cent below China’s and just over double those of Pakistan. India has so
far failed to produce competitive indigenous-designed weapons and remains dependent on imports.

March 16, 2015   No Comments

Steel Scrap is a Major American Export to India

Steel scrap is a vital raw material for the production of new steel and cast-iron products, and is a hundred percent recyclable. Since domestically generated steel scrap falls short of requirements by the casting and steel making industries, India imports this resource.

In 2013-2014 India imported five million tons of steel scrap, making it the world’s third largest importer of the metal, after Turkey and South Korea. While there is no official data on the amount of steel scrap being produced within the country, rough estimates put the figure at around ten million tons a year.

Steel is the most recycled material in the world with scrap accounting for 40 percent of the global steel production, reports The Hindu BusinessLine. The re-melting of scrap requires much less energy than the production of iron and steel products from iron ore.

The U.S. steel industry has been recycling steel scrap for more than 150 years, and the steel making and foundry industries are highly dependent upon the ready availability of scrap from manufacturing operations, and from the recovery of products that are no longer used or needed. The country also exports scrap iron mainly to Turkey, Taiwan, the Republic of Korea, and China, and will likely continue exporting valuable ferrous scrap for at least another decade.

December 31, 2014   No Comments