CUT THROAT in Grocery as Splurging Mode in Consumer Capital Market.Coalition Time for Biggies in RETAIL.And Enhancing Rural Purchasing Power!
Results 1 - 10 of about 33,800,000 for Retail market in India. (0.27 seconds)
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India Retail Industry
India retail industry is the largest in India, with an employment of around 8% and contributing to over 10% of the country's GDP.
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The India Retail Industry is the largest among all the industries, accounting for over 10 per cent of the country's GDP and around 8 per cent of the ...
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Commercial real estate services company, CB Richard Ellis' findings state that India's retail market is currently valued at US$ 511 billion. ...
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Indian Realty News offers updates on retail market in India, News on ongoing market trends of Indian retail industry.
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Retail market in India, shopping malls, retail space, retail outlets in Delhi, Mumbai, Gurgaon, Pune, Bangalore, Chandigarh, Chennai, Hyderabad, Ahmedabad, ...
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India retail market
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India ranked 5th in the Global A.T Kearney Retail Development Index. Second only to China in Asia; Least saturated of all global markets studied ...
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Indiaretailing, the voice of Indian retail industry, is one stop destination for India retail news, world retail news, retail technology, retail support, ...
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19 Jan 2007 ... Says one retail analyst, nascent markets like India need a lot of room for experimentation on part of the retailers. ...
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Amritt Ventures assists retail organizations with Marketing to India.
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DRM, GPS, WiMAX, IPTV - Market Research Solutions India, Access Control ... The value of retail sales in Vietnam has expanded rapidly over the past few ...
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FBD: Rural India – A US$ 300 billion potential market for global ... - 2 hours ago The Retail Industry in India has come forth as one of the most dynamic and fast paced industries with several players entering the market. ...FoodBizDaily.com (press release)
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IPO: Offer price is not the only deciding factorEconomic Times - 7 hours ago To a trained eye, there's nothing unusual in the variation in the market price of various companies in a sector. But for a retail investor, market price is ... NHPC IPO gains from good show by other PSU issues Business Standard NHPC launches $1.25 billion IPO FinanceAsia NHPC public offer oversubscribed 3.54 times on Day 1 ISI - Emerging Markets Bond prices end lower, to come under pressureEconomic Times - 1 hour ago Further clues will come from the retail sales, industrial production and first-time jobless claims data that will be out this week. ... bigshoebazaar.com plans online cash-and-carry siteEconomic Times - 10 hours ago 10 Aug 2009, 1026 hrs IST, PTI NEW DELHI: Online marketplace and footwear retail chain bigshoebazaar.com is planning to launch an online cash-and-carry ... Coke buys back Kinley bottling rightsEconomic Times - 20 hours ago The mass-distributed Kinley leads the Rs 2200-crore retail packaged water market with a 10.3% share, according to market research firm AC Nielsen. ... India Hospitality takes control of Mars groupEconomic Times - 16 hours ago With most restaurants run by individuals, the organised restaurant market is still small. But with middle class consumers spending more than 13% of their ... India sugar extends rally on demand, thin supplyReuters India - 4 hours ago Traders are still buying as retail demand is very strong due to the festival season," said a member of Bombay Sugar Merchants Association. ... More Positive Reviews for India SharesBusinessWeek - - 1 hour ago Interestingly, in spite of being more complex a product than cash equity, the equity derivatives market is quite popular with retail investors, ... Silver prices set to touch Rs 27000 per kg by DecemberEconomic Times - Aug 9, 2009 9 Aug 2009, 1259 hrs IST, PTI MUMBAI: Silver prices are set to touch the Rs 27000-mark per kilogram in forward market by December, following renewed retail ... 'Pulses MSP at market rates, curbs on zero-duty import to ease prices'Financial Express - 18 hours ago With kharif acreage under pulses going down in India, the situation has been aggravated by the lack of availability of pulses in the global market. ... |
Email this storySteel production grows on robust demandEconomic Times - 1 hour ago "There seems to be moderate recovery in markets for metals in most of Asian countries led by China. With massive infrastructure investment planned in India, ... Monsoon woes drag Indian shares down; Bharti dropsReuters India - - 3 hours ago Other than that, the market looks good," S. Ranganathan, head of research at LKP Shares, said. "Sectors that may be hurt by weak rains like consumer goods ... Monsoon woes drag Indian shares down; Bharti drops Reuters India India Hospitality takes control of Mars groupEconomic Times - 16 hours ago LONDON/MUMBAI: India Hospitality Corp, a London-listed firm with interest in the consumer and hospitality space in India, has taken operating control of its ... Off the beaten trackBusiness Standard - - 20 hours ago “Currently, companies are focusing on penetrating the rural market and reaching out to maximum number of outlets. With the growing consumer brand ... 13 stocks in Nifty 50 turn market leaders Economic Times Nifty choppy with negative bias; auto, FMCG crashMoneycontrol.com - 9 hours ago Dabur India, ITC, United Spirits, Marico and Godrej Consumer declined 2-3.5%. In the cement space, ACC lost 3.67% and Ambuja Cements fell 2.66%. ... Sensex tanks 354 pts on monsoon woes Business Standard Busy IIJS Show Boosts Confidence in Indian Diamond Consumer MarketDiamonds.net - - Aug 9, 2009 He stressed the importance of India as a consumer market and reported that the show was an opportunity to reconnect with serious buyers that his company was ... Sugar Rallies 40% in Options Pointing to '81 PeakBloomberg - - 7 hours ago “The market has rallied on investor flows due to weather concerns, policy changes in top consumer India and higher energy prices, strong fundamentals but ... 'Pulses MSP at market rates, curbs on zero-duty import to ease prices'Financial Express - 18 hours ago With kharif acreage under pulses going down in India, the situation has been aggravated by the lack of availability of pulses in the global market. ... Monsoon and the marketsReuters India - - 2 hours ago A bad crop will mean the strong numbers that we see in two-wheeler sales, cement dispatches and consumption of fast moving consumer goods will start ... Stay up to date on these results: |
Results 1 - 10 of about 10,700 for Indian Back in Splurging Mode. (0.32 seconds)
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Indians prefer shopping for luxury items abroad, say experts
NEW DELHI - Indian consumers who avidly shop for luxury goods when travelling ... shouldn't expect affluent shoppers to go back to splurging anytime soon, ...
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4 Jul 2008 ... India Movies. Find the latest bollywood hindi movie reviews, ... to hilt while DJ Akabar Sami lauds out with stylish and chic mode DJ wizardry. ... vocals back together but the splurge of chartbusting treat is missing. ...
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Then they retreated back home with their new purchases, ready to settle into consumer hibernation mode. In India, though the Sensex exchange has lost more ...
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21 Feb 2009 ... In material terms, in money-can-buy-me-all-that-I-want mode, ... to GQ India that he's always held back his need to splurge so as not to ...
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Two adults up front and, for short distances, two small children in the back. Options Worth Splurging on, Power-adjustable seats; S Tronic transmission. ...
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5 Jul 2009 ... could stay back and watch the exciting last over between India and ... Why are chowmein and sushi a part of American life while Indian food ... it to western shores, splurging at boutiques and flaunting labels, ... moots a socio-economic and environmentallyfriendly model called Applied Holism. ...
timesofindia.indiatimes.com/Life/...Indians.../4739713.cms - Cached - Similar -Holy Growl
Indian agriculture that was coughing for a long time actually got back on its ... so it will take them a while to go back to their old mode of splurging, ...
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13 Feb 2008 ... Our urge to splurge, New spending data from the government captures the vast changes in ... I am quite sure that's also the experience of most Indian families which have ... There are hard numbers to back our individual experiences. ... Recession hasn't forced B-schools into introspection mode ...
www.livemint.com/2008/02/.../Our-urge-to-splurge.html - Cached - Similar -~%~ Toys that India's Billionaires love ~%~ - SantaBanta Forums
15 postsIn material terms, in money-can-buy-me-all-that-I-want mode, the answer is ..... in an interview to GQ India that he's always held back his need to splurge ...
forum.santabanta.com/showthread.htm?t=112530 - Cached - Similar -Indian Men - Sulekha coffeehouse Forums
Indian men are not money minded and don't hesitate to splurge on the one they like. ... Oh the chief Chick-Repeller of CH is back. What, your wife again dumped ... in Indian women - bcz I need to get out of this universal Bhaiya mode. ...
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| India calling: NRI investments in India | ||||||||||
For Saurav, today was a bit unnerving. He had received a call from his cousin Abhay in Ahmedabad and for once he was unable to make a quick decision.
http://economictimes.indiatimes.com/quickiearticleshow/4877713.cms
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Grocery store - Wikipedia, the free encyclopedia
Groceries redirects here. "Groceries" can also mean items which have been bought, of the sort which could be bought at a grocer's. ...
en.wikipedia.org/wiki/Grocery_store - Cached - Similar -Grocery Store Wars
6 min - 14 Nov 2006 -
Not long ago in a supermarket not so far away. Help fight the dark side of the farm. Rate the film, favorite the film, comment the film and subscribe to our ...
www.youtube.com/watch?v=hVrIyEu6h_E -Food Stores in India - Health Products Food Shopping - Grocery ...
We pioneered the retail revolution in India, by introducing the concept of specialty stores like FoodWorld, Health and Glow and Music World.
www.spencersretail.com/ - Cached - Similar -Local business results for Grocery near Kolkata, West Bengal
- Change location - Back to resultsA. Shopper's Stop
- www.shoppersstop.com - 033 22830434 - MoreB. Big Bazzar
- bigbazaar.com - 033 25703651 - MoreC. Mother Dairy
- www.motherdairy.com - 033 69440674 - MoreD. Super Marketing Ltd
- www.kkfindia.org - 033 22175325 - MoreE. Spencer's
- www.spencersretail.com - MoreF. Big Bazzar
- bigbazaar.com - 033 26437428 - MoreG. Spencer's
- www.spencersretail.com - 033 24843746 - MoreH. Big Bazzar
- bigbazaar.com - 033 24364148 - MoreI. Big Bazzar
- bigbazaar.com - 033 23633345 - MoreJ. Shopper's Stop
- www.shoppersstop.com - 033 23582903 - More
More results near Kolkata, West Bengal » Remember this locationGrocery List Generator :: Add-ons for Firefox
The GLG (Grocery List Generator) is a helpful little tool to store your recipe-ingredients and other groceries you need regularly. ...
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Online grocery shopping made easy at EfoodDepot. Free shipping over $75 or more offering large variety of very best ethnic foods online with recipes, ...
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Find here the complete list of Indian Grocery Stores Services, Businesses,offers and more. Read reviews on Grocery Stores in Bay Area by Indians.
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Blending domain knowledge with technology expertise, Wipro's Grocery practice offers product information management, inventory planning, online retailing, ...
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The Grocery Manufacturers Association (GMA) represents the world's leading food, beverage and consumer products companies. The Association promotes sound ...
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Search India Indian Grocery Stores - Indian Grocery Stores in USA.
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18 Jun 2009 ... Washington, DC – June 11 recently expanded its value category offering, significantly expanding the availability of free grocery coupons, ...
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Monsoon sensitive sectors like auto, FMCG, and cement stocks took a pounding. Stocks like M&M, Bajaj Auto, and TVS Motor lost over 8%, while ACC and Ambuja Cement lost over 7%. Some fertiliser stocks like Chambal Fertilisers and Nagarjuna Fertilisers also bore the brunt of monsoon weakness and saw cuts of 5-7%. See what Udayan Mukherjee is saying about the markets IT stocks bucked the trend, with heavies like TCS, Wipro, and Infosys closing with above 2% gains. Breadth too was dismal at 1:3 in favour of declines, while turnover was strong at Rs 90,000 crore. Monsoon impact:
Betadpur stated that that he would also be very cautious about owning anything in the space which is dependent on rural incomes or where inputs require commodities coming in from rural income stocks such as Hindustan Unilever.
Road ahead for markets: Shah sees the markets trading sideways or consolidating for the next 2-4 weeks. "Then, we will definitely break out on the higher side. The monsoon is not going to be as bad as people predict. It will have an impact but a limited one unlike in the past." According to him, we are seeing strong liquidity across the globe and two big destinations for that liquidity are China and India. "At the right price and right valuations, there is huge money waiting to come in the country." He advises investors to do a bottom up stock selection. "Identify the right stocks and managements and just wait for your time. When the correction is over, just go and buy. I think we are going to see a very different level in 6-9 months."
Jitendra Mehta of Edelweiss Securities feels the correction that started last Thursday is continuing. "We are possibly going to see further downside from 4,430. Maybe it could consolidate around 4,350-4,300, before a further upmove can be initiated." India versus global markets: Betadpur feels India will underperform because of the monsoon hangover. Unlike China, we have potential for higher fiscal deficits, so there is less flexibility for the government to do stimulus spending that other countries are doing. There is also the risk that our currency will weaken. From a global perspective, India will relatively under perform. It will have some absolute performance by the end of the year, but relatively it will be worse-off than other markets. If the rupee depreciates, export-oriented sectors will benefit because the rest of the world will obviously be picking up." |
The looming drought clouds continued to cast a dark shadow on the markets. Early morning gains dried up on the MET Department's gloomy outlook. Recovery attempts didn't amount to much and the 
Satish Betadpur of Independent International Investment Research says the markets' reaction to the news of scanty rainfall was just. "Although the India Meteorological Department (MET) says that in the next couple of days monsoon could revive, that’s something we need to wait and watch. But the positive to take out of it is that the market did not go down, it was just selective stock that have gone down. The market stayed positive with the global cues and that’s something which we should look ahead for in the next coming days."
Nishid Shah, President and CIO, IDFC Investment Advisors, feels monsoons are not going to severely impact or change the course of the market. "In Q1, we have seen margins improving by almost 4% points and cost have come down because of strong rupee. Material cost has been down, interest cost has come down sharply, and that is going to be the case for the next three quarters. We have already seen 
Technical Analyst Ashwani Gujral feels the 
Staff Reporter
| AEC Chairman points to climate change fallout, depleting resources |
RICH HAUL: P. Sushila Rao, receiving 16 gold medals from Chief Justice of India and Chancellor of NLSIU, Justice K.G. Balakrishnan, at the 17th annual convocation, of National Law School of India University in Bangalore on Sunday. Anil Kakodkar, Secretary, Department of Atomic Energy & Chairman, Atomic Energy Commission (right) looks on.
BANGALORE: “The rapidly depleting earth resources, the impending climate change disaster and such other phenomenon would soon lead to a shift in terms of things that we take for granted as a free gift of nature,” Anil Kakodkar ,Chairman of the Atomic Energy Commission, said here on Sunday.
“There may soon come a time when basic resources such as air and water may be priced.” Under such situations, how do we handle the plight of those who cannot pay and what about other living species who also need these resources, he asked.
Mr. Kakodkar was delivering his address at the 17th annual convocation of the National Law School of India University (NLSIU), Bangalore.
Climate change has added a “new complication” to our lives. “The international, national, regional, and local legal systems have to face this huge challenge.” It would be the duty of the new generation of lawyers to protect the rights of those who cannot pay for these resources, he said.
Mr. Kakodkar said nuclear energy can provide more power per unit mass of materials extracted from the Earth without the risk of further degrading the global environment that “threatens our very survival as a result of climate change.” “Nuclear energy thus provides an option that addresses both the sustainability issue, as well as the climate change issue,” he said.
Chief Justice of India K.G. Balakrishnan, who is also the Chancellor of NLSIU, released a collection of convocation addresses to the NLSIU between 1993 and 2008 and gave away various degrees.
Professor R. Venkata Rao, Vice-Chancellor of NLSIU, presented a report on the programmes of the university and the challenges ahead.
Of the 350 students who graduated on Sunday, 70 received the B.A., LL.B., degrees, while the rest were awarded post-graduate degrees in philosophy and business law.
P. Sushila Rao, B.A., LL.B., won 16 gold medals, including the medal for the University first rank, meritorious student and overall topper. Sanhita Ambast, B.A., LL.B. received six gold medals as the second ranker and the best outgoing student.
http://www.hindu.com/2009/08/10/stories/2009081056451800.htm
Opinion - Editorials 
Shrinking fiscal space
Despite the well laid down contours of fiscal federalism in India, the space available to the States has been shrinking in recent times. The growing centralisation of financial powers might well be an unintended consequence of the changing dynamics in public finance. For instance, a major reform of the indirect taxes, through the value added tax (VAT), required a careful reworking of the Centre-State financial relations including the question of compensating the States for possible revenue loss. Adjustments of an even greater magnitude would obviously be required if the Goods and Services Tax (GST) is introduced, as announced in the budget, on April 1, 2010. The switchover to the GST is a bold move to increase the share of the States’ tax revenue by bringing into their net the fast growing services segment. However, a great deal of preparatory work needs to be carried out, and this includes amending the Constitution, before the change could take effect. For the States, consumption taxes are the major sources of revenue. The fact that they will be subsumed under the new tax demands that the rate structure of the dual GST should be worked out in a way that the States do not lose in the long run. On no account should the existing vertical fiscal imbalances be accentuated further.
Another significant development impinging on the fiscal autonomy of the States relates to the changing composition and nature of central government expenditure. In recent years, the Union budgets have tended to step up outlays on centrally sponsored social sector schemes. For instance, this year’s budget has considerably enhanced outlays on schemes such as the National Rural Employment Guarantee Scheme, the Sarva Shiksha Abhiyan and the National Rural Health Mission. They are set to get Rs.40,791 crore more than the Rs.54,476 crore budgeted for in 20008-09. Since in some cases the States will have to make matching grants, their funds are tied to the central schemes. More invidiously, the pattern of central expenditure goes against the grain of decentralisation and federalism. In a recession year, tax revenues of both the Centre and the States are expected drop sharply. The States will therefore have to reckon with a shortfall in revenue arising out of lower central tax devolution as well as a fall in their own revenues. In the circumstances, the recent enhancement of the borrowing limits of the State governments to four per cent of GDP might not be sufficient to finance the additional expenditures they may have to bear.
http://www.hindu.com/2009/08/10/stories/2009081054620800.htm
Farm workers engaged in a paddy field near Palakkad in Kerala. The country’s agricultural sector has recorded a growth of about 4 per cent annum with substantial increase in plan allocations and capital formation credit flow in 2008-09 was Rs 2,87,0 00 crore and the target for 2009-10 is being set at Rs 3,25,000 crore. Photo: K K Mustafah
Economic times reports:
The retailers have formed a rainbow coalition that will align their sourcing operations and share private labels, logistics, warehouses and hiring details on a transactional payment basis, said top executives with some of the largest players in the sector. The move mirrors a similar step taken by manufacturing firms in the late 90s to share markets and cut costs.
“We may fight at the front-end but we need not compete at the back-end. Collaboration is the way forward in retail. We are taking lessons from telecom players that share towers. Our infrastructure and resources are designed to be shared with others,” said Kishore Biyani, who runs Future Group, the country’s largest retail player.
Retailers are hoping to improve their operating margins by 2-3% by sharing back-end resources. Most players in the Rs 30,000-crore plus organised retail industry are affected by teething problems and the economic downturn. Grocery formats have recorded huge losses, forcing retailers such as Reliance Fresh, Birla’s More, Indiabulls and Spencers to shut down unviable outlets and halt expansion.
THE retailers clarified that this move doesn’t amount to cartelisation, as the cooperation among players is limited to the back-end .
“We will continue to compete on the front-end to offer the best to the consumer,” said an industry executive, who asked not to be named. According to Mr Verghese of Aditya Birla Retail, the players are also discussing ways to sell private labels to each other and collaborate on shrinkage—essentially a reduction in inventory due to shoplifting, employee theft or supplier fraud.
“We are looking at how we can use somebody’s facilities like their food and vegetables section and sweat our own assets for others. The collaboration can be extended to include sale of each retailer’s power brands, not necessarily store brands,” he said. Mr Goenka of retail chain Spencer’s didn’t reply to an email sent by ET.
A Reliance Retail executive said the move essentially focuses on how to cut costs in supply-chain and third-party manufacturing. “It is a common practice abroad where the eco systems are far developed,” he said, requesting anonymity.
On an average, supply-chain costs—expenses incurred in moving product from the producer to the endcustomer—in India account for 12-50 % across product categories. Till recently , supply-chain management was perceived as a low value-add activity.
After three years of unplanned expansion , retailers are being forced to initiate corrective steps, especially in the food and grocery space. Retail companies are currently focused on bringing down distribution costs by eliminating intermediaries and transport delays between the sourcing point and point of sale. Currently, traditional retail, both grocers and chemists, constitutes over 95% of total sales in the country. Modern trade is just 3-5 % of the total sales, but it is growing at over 10-15 %.
In grocery, burdened by consumer expectations of more frills compared to no-frills kirana shops, modern formats had to shell out 30% higher costs on rent, energy, bar codes, air-conditioning , bright lights and other aspects. Also, lifestyle retailers were forced to mark down prices to move volumes as consumers traded down to more affordable brands in a challenging environment .
The collaboration also has to address issues such as unused fitoutsessentially furniture or design and completion of shell space—that instead of lying unattended in warehouses can be sold to fellow retailers. Then there is the issue of modern retailers who are keen to promote their own private labels. Under the new concept, retailers may have to sell such labels to each other.
“It’s a welcome concept but needs to be complemented by developing the systems and procedures as the Indian retail sector is still growing. There are various issues also that need to be tackled parallely for the model to be finalised ,” said Pinakiranjan Mishra, partner and national leader (retail and consumer products practice) at consulting firm Ernst & Young.
Such a joint initiative would also need to address nimble mom-and-pop stores that are swifter in merchandising and understanding local nuances and requirements. Modern formats with their regional and central sourcing structures typically are unable to compete in such a situation.
“While the plans seem extremely smart, very often issues crop up during the implementation stages. Retail is a business of detail and when there are too many players involved, issues of funding and ownership tends to derail the progress,” said an analyst tracking the retail sector.
Fuel prices remained unchanged, while prices of manufactured products fell 0.1 per cent.
Despite a sharp fall in the WPI(Wholesale Price Index), driven by the decline in prices of industrial commodities (especially fuel and metal), consumer price index (CPI) inflation remained in or around double digits.
STC has floated a tender to import about 1.18 lakh tonnes of pulses, MMTC for 46,000 tonnes, PEC for 31,000 tonnes, while Nafed has invited bids for an unspecified quantity, according to the tender notices published on the website of the respective PSUs.
The pulses will be sourced from Myanmar, Africa, Canada and the US. Most of the tendered pulses will reach Indian ports by September and the rest by December, they said.
The festival season has just started and the demand for pulses is expected to increase during this time. State-run agencies have floated tenders in last ten days asking bidders to supply the produce during this period, when the demand goes up.
Currently, the prices of pulses have skyrocketed to Rs 90 a kg in the domestic market.
According to tender notices, public sector undertakings (PSUs) are importing yellow peas the most, followed by tur (pigeon peas), urad (black mapte), moong (green gram), chana (chick peas) and dun peas.
Recently, Agriculture Minister Sharad Pawar had said that as on July 22 PSUs have contracted 10.29 lakh tonnes of pulses, of which 9.13 lakh tonnes have arrived and 7.3 lakh tonnes out of which have been sold in the open market.
India imports pulses to bridge the demand-supply gap of about 3.5 lakh tonnes. The country's pulses production is estimated to be 14-15 million tonnes against the demand of 17-18 million tonnes.
Alarm Swine Flue also creates undercurrents!Swine flu is increasing on a "vast scale" and India is gearing up to tackle its spread, union Health Minister Ghulam Nabi Azad said on Monday of the infection that has killed six people and affected over 850 in the country.
The Union Health Ministry said 82 fresh swine flu cases were reported from across the country on Sunday, with the maximum of 34 coming from Pune. The break-up of those tested positive to the A(H1N1) virus is: Delhi (13), Mumbai (12), Chennai (7), Goa (4), Vadodara (3), Kozhikode (2), Hyderabad (2), Gurgaon (2), Thiruvananthapuram (1), Sirsa in Haryana (1) and Thrissur (1).
All the 34 cases in Pune are indigenous ones, mostly schoolchildren. In Mumbai, 11 are indigenous cases, while the 12th patient is an 8-year-old boy, who recently arrived from Europe.
With swine flu claiming its fourth victim in the country – a 43-year-old NRI in Ahmedabad – Prime Minister Manmohan Singh on Sunday asked Union Health Minister Ghulam Nabi Azad to step up the preparedness and ensure closer coordination between the Health Ministry and the State governments to check the spread of the highly contagious disease.
Dr. Singh, who called up the Minister to take stock of the situation, also stressed the need for creating more awareness and checking spread of misinformation on the disease, and asking State governments to create more isolation wards in hospitals and train more doctors and paramedical staff to deal with any eventuality.
Mr. Azad told journalists: “We are going to launch a dedicated website on swine flu on Monday to create more awareness of the disease, give all necessary information and updates about it.” So far, two people have died in Pune and one each in Mumbai and Ahmedabad due to “delayed diagnosis.”
A Health Ministry team was in Pune to monitor the situation, while another team was being rushed to Mumbai.
bigshoebazaar.com plans online cash-and-carry site
Online marketplace and footwear retail chain bigshoebazaar.com is planning to launch an online cash-and-carry portal for wholesale
footwear business as part of its plans to become a Rs 100 crore company by 2012.
The company, promoted by the former Vishal Retail CEO (Corporate Affairs) Manmohan Agarwal, is also going ahead with the expansion of its retail chain business with plans to have up to 250 outlets across India by FY'11.
"Our online cash-and-carry portal will be operational in about a month's time. All our 68 existing clients, including leading national and international footwear brands, and any other prospective footwear maker can use this site to do bulk business with retailers," bigshoebazaar.com Director Manmohan Agarwal told media.
He said the concept has been modeled on the lines of the markets in advanced countries where online business has penetrated retailing in a big way. "This concept is being tried out to aggregate footwear manufacturers and retailers into one platform. Online transactions take away a lot of hassle and is already a multi-million dollar business in the West," Agarwal said.
bigshoebazaar.com started in 2007 as an online portal for business-to-customer footwear retailing in 2007 and has 68 clients including Woodland, Lee Cooper, Reebok and Puma, with a portfolio of 10,000 designs at a given time. Earlier this year, bigshoebazaar.com also launched its retail chain under the franchise model with the first four outlets coming up in Goa, Guwahati, Bahadurgarh and Raigarh.
"We are now going ahead with expansion of the retail chain and our target is to have up to 250 outlets by March 2011," Agarwal said, adding, that the company is targeting a turnover of Rs 100 crore by 2012 from its retail business and the online market together.
He added that each outlet will entail an average franchise investment of Rs 20 lakh and will have an average size of 1,000 sq ft. "Our outlets will have a special touchscreen kiosk which will display the entire range from all our clients. If any particular model is not available in the store, it could be delivered home within a specific time period, as with our online portal," he said.
No direct involvement, no recovery of monetary loss: CAT
Government cannot recover the amount from its employee for the monetory loss caused to it by his negligence if he is not directly
The tribunal slammed the Postal Department for recovering Rs two lakh from the salary of its postmaster for his alleged negligence which resulted in loss of Rs 32.35 lakh to it in which he was not directly involved.
"If there is no direct link between the misconduct on the part of the government servant on one hand and the pecuniary loss sought to be recovered from him, the result would be that this penalty recovery cannot be imposed on him," the tribunal said.
"There must be cause-and-effect relationship between the misconduct of the government servant and the pecuniary loss caused to the government," the Tribunal said while quashing the Centre's order.
The Tribunal passed the order on a plea of one Nagendra Pal Singh challenging the Department's order of halting his increment for one year and recovery of Rs two lakh from his salary after it came to the conclusion that there was negligence on his part.
The department, justifying the action taken against Singh, alleged that during 2003-04 when he was assistant postmaster of Head Post Office, Aligarh, he had supplied 300 blank passbooks to another post office, which was misused by its sub postmaster.
India to grow at 7.8% in FY11: Goldman Sachs
India’s economy will likely grow at 7.8% in fiscal year 2010-11, higher than a previous forecast of 6.6% due to an improved investment outlook, better external environment and a recovery in consumption demand, Goldman Sachs said in a note on Monday.
But it kept its growth estimate for the current year ending March 2010 at 5.8% citing a poor monsoon and the follow-on negative impact on rural demand in the near-term.
Goldman’s fiscal year target for wholesale price index-based inflation as of end-FY10 is 6.5% with an upside risk, and expects the Reserve Bank of India (RBI) to tighten policy rates by 300 basis points in calendar year 2010.
“With growth and inflation expected to be higher, the ‘exit´ policy from an extremely loose policy would entail in our view, tightening through the currency, rate hikes, liquidity absorption, and a gradual removal of the fiscal stimulus, in that order,” Goldman Sachs said.
Top 12 banks clock 55% jump in Q1 net profit: CARE
Bolstered by a four-fold jump in treasury gains, India's top 12 banks clocked a 55.2 per cent jump in net profits in the quarter ended June
30, but high cost of funds hit their net interest margins, rating agency CARE said in a report today.
Aggregate net profits of the top banks zoomed to Rs 8,175.6-crore in the quarter as compared to Rs Rs 5,266.7-crore in the year-ago period, with treasury gains accounting for 11.6 per cent of the operating income, the report said.
However, higher cost of funds and lower lending rates brought down the NIMs (net interest margin) of the top 12 banks in the April-June quarter due to subdued growth in the net interest income (NII), it said.
Given that a substantial portion of deposits were mobilised in Q2 and Q3 of FY 09, the interest outgo on these deposits remained high during the quarter, CARE said.
In the face of slowdown, banks' provisions for non-performing assets rose by 3.5 times in the quarter over the same period in the previous year, the report said.
However, the banks could report lower provisioning during the quarter due to change in secondary market conditions, it added.
"Due to improvement in secondary market conditions, depreciation on investments was written back during the quarter, helping banks to lower total provisioning cost," it said.
The year-on-year credit growth of top banks fell to 15.1 per cent for the month ended June, 2009, the lowest level since March, 2004, the report said.
Also, the top 12 lenders restructured loans worth Rs 32,530 scrore in Q1 FY10, taking the total restructured assets to nearly Rs 73,000 crore, with public-sector banks takinig lead in the process, the report said.
However, the proportion of total restructured advances to total loans remained within a comfortable level of 4 per cent, the report said.
The top 12 lenders--State Bank of India, Bank of Baroda, Bank of India, Canara Bank, Axis Bank, HDFC Bank, ICICI Bank, IDBI Bank, Central Bank of India, Punjab National Bank, Union Bank of India and Syndicate Bank-- covers 61 per cent of the credits in India.
Potato prices rise on higher demand, tight arrival
New Delhi (PTI): Potato futures price rose by 0.85 per cent on the Multi Commodity Exchange on Monday as speculators enlarged their positions on pick up in demand in the spot market amid restricted arrivals.
On the MCX counter, potato for far-month October contract shot up by 0.85 per cent to Rs 1160 per quintal, clocking an open interest of 154 lots.
Similarly, the potato for delivery in September month contract gained 0.25 per cent to Rs 1,090.10 per quintal in open interest of 418 lots, while current month August contract inched up by 0.13 per cent to Rs 1,024.80 per quintal in trading of 128 lots.
Anlysts said speculators enlarging their positions due to pick up in demand in the spot market against less arrival from producing regions mainly led to rise in potato prices at future market here.
New Delhi (PTI): Refined soya oil futures went up by 55 per cent on the Multi Commodity Exchange on Monday on traders enlarging their positions on pick up in demand in the spot markets for the ongoing festival season.
At the MCX plaform, refined soya oil for current month August contract edged up by 0.55 per cent to Rs 478 per 10 kg, clocking an open interest of 606 lots.
Similarly, the oil for delivery in September contract traded marginally 0.06 per cent higher at Rs 486.90 per 10 kg with an open interest of 266 lots.
The rise in refined soya oil mostly attributed to increased buying by speculators to meet the festival season demand led to rise in refined soya oil at futures market here.
Chana prices rise on higher demand
New Delhi (PTI): Chana futures price gained 0.39 per cent on the Multi Commodity Exchange (MCX) on Monday on expectations of a rise in demand in the spot market on account of the approaching marriage season.
On the MCX counter, chana for current August-month contract rose by 0.39 per cent to Rs 2,550 per quintal with an open interest of 661 lots.
Similarly, chana for delivery in the September-month contract gained 0.15 per cent to Rs 2,595 per quintal, clocking an open interest of 1,216 lots.
Marketmen said speculators increasing their positions on hopes of rise in demand in the spot market ahead of the festive season led to a rise in chana prices at the futures market here.
Sensex extends losses on monsoon concerns, loses 150 points
Mumbai(PTI): Shedding early gains, the Bombay Stock Exchange benchmark Sensex on Monday fell further by 150 points on brisk selling by funds on fears that weak monsoon rain would hurt a nascent economic revival.
The Sensex, which had lost 743.59 in the last two trading sessions, went down further by 150.47 points to settle at 15,009.77. It touched the day's high of 15,417.34 and a low of 14,902.02.
The 50-share National Stock Exchange index Nifty fell 43.75 points to 4,437.65, after moving between 4,562.50 and 4,399.85 points during the day.
A weak opening at the European stock markets this afternoon further precipitated the decline.
Auto sector shares led by Mahindra and Mahindra, the largest maker of sport-utility vehicles and tractors, sank 9.12 per cent.
The auto sector index fell 4.52 per cent to 5,210.27, followed by fast-moving consumer goods, which was down 2.96 per cent to 2,479.02, as segment majors Hindustan Unilever and ITC Ltd suffered heavy losses.
Foreign Trade policy likely to unveil measures for exporters
New Delhi (PTI): The Foreign Trade Policy to be unveiled later this month is likely to contain measures aimed at helping the exporting sector, especially the labour-intensive segments, which has seen a sharp business contraction since October 2008.
Commerce and Industry Minister Anand Sharma, who chaired the advisory Board of Trade (BoT) meeting here, said, "We hope that after consultations with the Finance Minister Pranab Mukherjee, we will be able to give more encouragement, possibly in the new policy".
FICCI President Harsh Pati Singhania, CII President Venu Srinivasan, FIEO President A Sakthivel and heads of different export promotion councils attended the BoT meeting giving inputs to the government on the difficulties faced by them in the recession-hit markets of the developed world.
Mr. Sharma said the government had received the industry specific suggestions. "Steps have been taken; steps will be taken and those will get clearly reflected in the new policy," he said, adding the Commerce Ministry would respond to the immediate challenges.
"We are working on a long-term vision to be reflected in the FTP," he said.
The policy is likely to address the needs of the labour-oriented exporting sectors, the Minister indicated.
While exports are on downslide since October 2008, the dip is about 30 per cent in the first quarter of 2009-10.
Mr. Sharma said the BoT would now meet twice a year.
Investors put in over Rs. 1.23 lakh crore, mostly in fixed plans
New Delhi (PTI): Mutual fund investors put in more than Rs 1.23 lakh crore into various schemes in July -- the second biggest infusion in a month this fiscal -- mainly in fixed income plans.
The Association of Mutual Funds of India (AMFI)in a monthly report said at the end of July, investors had put in funds worth Rs 1,23,679 crore. The maximum of infusion of funds was in fixed income plans.
This is the second biggest inflow in the fiscal 2009-10 after the Rs 1,54,192 crore investment in April.
The MF industry had witnessed outflows worth Rs 83,937 crore in June, after two consecutive months of inflows, which analysts believe was mainly on the back of a heavy pull-out by banks.
At the end of July, fixed income plans with assured annual returns, saw a maximum investment of Rs 95,764 crore, followed by liquid or money market funds which have a higher liquidity and a short maturity period, that saw inflows worth Rs 24,698 crore.
Besides, equity funds investing in stocks attracted investments worth Rs 4,232 crore.
"The banks can better anticipate the interest rate scenario in the country and accordingly they change their investment strategy," Taurus Mutual Fund Managing Director RK Gupta said.
However, Gilt funds, which invest in government securities, saw outflows to the tune of Rs 1,061 crore during the month.
So far this fiscal, the MF industry has seen net inflows worth Rs 2,24,082 crore, while the same was at Rs 48,137 crore in the first four months of the previous fiscal.
Analysts believe that volatility in the stock market has made banks park their surplus cash with income or debt funds with assured returns, thereby helped the MF industry's average assets under management (AUM) inch closer to the Rs seven lakh crore mark at the end of July.
The combined AUM of the 36 fund houses in the country rose to Rs 6,89,946.10 crore in July, an increase of Rs 19,009.49 crore or 2.83 per cent over the period a month ago.
"The equity market action has propelled fund buying in shares leading to an increase in AUM. Besides, fresh deployment by banks in MF schemes propelled the growth in AUMs," Gupta added.
The weak monsoon this year will jack up prices of primary articles further, even as the country's inflation is likely to be in negative territory for the next three months, a report says.
The weak monsoon will exert further pressure on prices of primary articles, which are already high, as this year's deficient rain in most parts of the country, especially in North-East and North-West India, is a major cause for concern.
"Rainfall deficiency has been all the more pronounced over North East and North West India -- both important from the point of view of foodgrain production," Edelweiss Securities said in a research report.
Though a large buffer stock level is a silver lining, "adverse monsoon effects on agro-production and an upsurge in agro-prices typically have knock-on effects on industrial prices as well", the report added.
Week-on-week growth in the primary articles' index stood at 0.4 per cent, caused by higher prices of food items.
Fuel prices remained unchanged, while prices of manufactured products fell 0.1 per cent.
| NHPC IPO | |||
ET Bureau http://economictimes.indiatimes.com/quickiearticleshow/4876810.cms
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6 Aug 2009, 0058 hrs IST, Sarah Jacob, ET Bureau
This is also resulting in people opting to shop at malls housing popular multiplexes. A few months back, Bollywood producers and multiplex owners locked horns over revenue sharing, resulting in blank screens for Hindi films from April to early June.
After the dispute was resolved, Forum Mall, one of the most popular hangouts in Bangalore that houses PVR Cinemas, has seen a 50% jump in footfall. Inorbit Mall at Malad, which hosts Fame Cinemas, has also witnessed a 12% surge in footfall. A growth in customer walk-ins is considered an indicator of a revival in the consumer buying sentiment.
Take the case of Shoppers' Stop at Inorbit Mall, which, on a like-to-like basis, saw a double-digit drop in footfall in April. In June, this drop was contained and by July, Shoppers' Stop recorded good double-digit growth in footfall at the mall.
"The April to May period witnessed factors such as the effect of the economic slowdown, absence of multiplex releases and the Indian Premier League, which kept customers away from malls. From a 17% like-to-like drop in footfall in the first quarter of FY10, we are now reporting strong growth in July across such stores," said Govind Shrikhande, CEO of Shoppers' Stop.
In fact, music retailers such as RPG Group's Music World outlets — which faced a sharp drop in sales due to a lull in audio releases during the stand-off — is seeing a sales spurt of 10-15% driven by Bollywood music, said K Dasaratharaman, president, (speciality retail) at RPG Retail.
However, according to Baqar Naqvi, associate vice-president (retail & consumer goods) at retail consultancy Technopak, since multiplex movie-going is a purpose-driven activity, the trend is against serious shopping.
"The boost in footfall due to these releases may not necessarily result in large conversions for retailers. Low-value products, impulse purchases and food retailers present in malls are expected to gain," he said. Australian chain Cookie Man, which is present across most of the top malls, has seen a 12-15% surge in business too, with new releases creating more occasions for customers to walk in the malls.
Multiplex releases and conversions in the food-court segment at malls are closely related. "A slew of Hindi film releases has created new points of excitement for mall occupants. We have seen a 5-6% increase in footfall since June, and our Polynation food courts have witnessed strong traction," said Shankar Suryanarayan, vice-president (marketing) at Lifestyle International.
Lifestyle is present across several malls, including GVK One Mall, Hyderabad, which houses Inox and the Great India Place and Noida that houses Adlabs Multiplex. Since July, retailers have said that decline in sales have bottomed out, and they are seeing a spell of strength in footfall and average bill value.
Ravi Krishnan and Shally Seth
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Mumbai: A sharp rise in the prices of industrial commodities in the past three months following the return of liquidity to the global financial system has raised concerns over inflation and an earnings squeeze for companies, but analysts say the impact will be felt only after a quarter or two.
Also See Rising Demand (PDF)
Since June, the prices of industrial commodities such as steel, aluminium, copper and rubber have gained significantly as the economic recovery or talk of the economic recovery has gained traction, resulting in an increase in demand.
China, the third largest economy in the world, reported that its economy expanded by an unexpectedly high 7.9% in the three months ended June. This has spurred the manufacturing powerhouse to stock up on materials, leading to a rise in the prices of several commodities.
According to data from the London Metal Exchange, the spot price of aluminium has risen 36% since June to $1,961 (around Rs93,932) per tonne. And Bloomberg data shows that domestic prices for hot-rolled steel, used to build ships, gas containers and other products, has gained 19.8% since June to Rs30,250 per tonne.
Coal prices at Australia’s Newcastle port, an Asian benchmark, have climbed 27% since the end of March and were at $76.58 a tonne in the week ended 21 July, reported Bloomberg, citing the globalCOAL NEWC Index.
The price of crude oil too has risen in the past four weeks. It is now trading at around $71 a barrel on hopes of economic recovery.
To be sure, despite the spurt in prices, most commodities now cost less than they did a year ago, but according to the International Monetary Fund, or IMF, the rebound in prices (in the past two months) is “ahead of the recovery which is expected to get advanced”. This means the trend of increasing prices is here to stay.
“The recent rally in commodity prices has been strong and broad-based, reflecting improved market sentiment, US dollar depreciation and commodity-specific factors,” IMF said in an 8 July note.
In the first quarter ended June, the earnings of many Indian firms exceeded expectations, mainly on the back of higher profit margins, much of which was driven by savings on raw material prices and higher realizations. Rising commodity prices could, therefore, lead to a potential earnings squeeze for companies.
To add to the woes of companies, consumer demand hasn’t picked up across sectors. A Mint analysis of the performance of 43 of 50 firms that constitute the National Stock Exchange’s Nifty index shows that at an aggregate level, these companies reported a 7.76% fall in revenue, the steepest in three years. Despite this, their profits expanded the most in four quarters, year-on-year, in the three months ended June as they cut costs and benefited from lower raw material prices.
http://www.livemint.com/2009/08/09233725/Commodity-prices-rally-stoke.html?h=E
Madhurima Nandy
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Bangalore: When Van Heusen, a premium apparel brand, launched a new line of its women’s Western wear last year, it added its version of the little black dress because it knew from experience the limitations of an exclusive corporate-wear line.
“When we launched women’s wear (in end-2006), it was everyday couture comprising formals at premium pricing. We changed that last year and formals are only 30% of the entire collection because women are always looking beyond office formals,” said Shital Mehta, chief operating officer, Van Heusen.
Changing strategy: A Van Heusen store in Connaught Place, New Delhi. Analysts say the market is still evolving; some women say the formal, Western wear available is both expensive and unsuitable. Ramesh Pathania / Mint
While it may be too soon for this change to show up in numbers, a mere 10% of the annual business Van Heusen does (Rs320 crore) came from its line for women. In a recent promotion, it even offered steep discounts on women’s wear on every purchase from its men’s line.
Over the past five years, brands such as Provogue, Scullers, Indian Terrain and Arrow, which traditionally sold men’s garments, have started retailing women’s Western wear, a term that refers to formal dresses, pants, shirts, skirts and suits. But a lukewarm response has forced many of them to either roll back their lines or overhaul them in an effort to expand the customer base.
Analysts say it’s difficult to estimate the market size for a segment that’s still evolving in India. And some women say the formal, branded Western wear available in the country is expensive, not made with the bodies of Indian women in mind, or both.
Nilanjana Ghosh, 32, says she finds it hard to fit into most of the formal wear available in stores. “There is very little choice and I don’t want to pay Rs1,200 for a shirt that I wear to work,” says Ghosh, who used to work for a UK-based retail chain in the city.
Some companies too seem to have decided it just isn’t worth the effort.
In July, Indian Terrain, the retail brand of Chennai-based export firm Celebrity Fashions Pvt. Ltd, downscaled plans for its women’s line a little after a year of its launch. “We are not going to expand our women’s portfolio and will only focus on men’s wear,” said Surya Narayanan, executive director, Celebrity Fashions.
Allen Solly, one of the earliest brands to start selling Western wear for women, completely revamped its collection six months back. “We made it more casual, added more lines to bring younger customers to the stores, and there has been a marked improvement in response since then,” said Ashish Dikshit, president (lifestyle), Madura Garments, which also owns the Van Heusen brand here.
Provogue India Ltd says purely Western formal wear for women doesn’t work. “We are looking at casual and fusion wear now to do volumes,” said a senior official at Provogue, who asked not to be named citing company policy.
Following the economic downturn that spelt a death knell for several retailers as consumers stayed away, companies and brands are now getting back to addressing women buyers with a new strategy and new lines, said Ashish Dhir, associate vice-president, KSA Technopak Advisors Pvt. Ltd, a retail consultancy.
“There is also a need for a formal wear brand in the value segment for women. It is largely, a fragmented market in India and even stores that are exclusively for ethnic wear haven’t been doing well,” said Dhir.
Some companies too think the price card will help.
Scullers, the retail brand of Indus-League Clothing Ltd, part of the Future Group has reduced entry prices by Rs100 to Rs799 for its new corporate line for women. The range is priced at Rs799-1,099, lower than the Rs899-1,299 range for its previous lines. “The real acid test will be once the current end-of-season sale ends and regular buyers trickle in,” said Asha Shridhar, brand manager, Scullers.
Arrow, Arvind Ltd’s brand that stopped production of women’s wear two years ago is more optimistic. It is relaunching its women’s line in September because it sees demand returning and expects the market to be ready for the concept of Western wear for women now.
“The women’s wear market is growing now and we also want to cater to buyers who come with their spouses to shop at our stores,” said J. Suresh, chief executive of Arvind Ltd’s brands and retail divisions.
Still, Arrow is taking no chances. “Of course, we are going beyond the formal this time and there will be a lot of regular fashion wear,” added Suresh.
Udayan Mukherjee / CNBC-TV18
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Mumbai: Vice-chairman and joint managing director of First Global Stock Broking Ltd, Shankar Sharma, spoke in an interview about his views on the stock markets, whether they have hit bottom and the outlook in the near future. Edited excerpts:
From the evidence of the last three months, are you ready to say that the bear market is over?
I think so. Again, as in markets, when the bear market started, even though one might have made a call that we were entering a bear market, you are still never sure till the price action actually supports your basis thesis. And for the price action to support that, you need it to be substantial enough for you to really start believing in your own thesis.
When the markets topped out at 21,000, till 16,000 there was still a chance that it was nothing but just a small pullback and would again go back and take out highs. But you know when it reached that level then one was pretty convinced this was the beginning of a pretty significant move and you know markets would head lower.
It is pretty much the same on the other side that till the markets reached, let’s say, you know prior to elections and my view has been this, that prior to elections there still existed a very significant risk that India would have decoupled negatively from the rest of the world had the election outcome been bad. The fact that it turned out to be good was a real positive.
But had it been bad we could have seen probably to limit down days just as easily as we saw the one limit up day. So you need price confirmation to support your basis thesis. Looking at the way the markets bounced have back post the budget correction—and globally, not just in India; that is really the big confirmation that one was looking for.
Had the pullback been very anaemic, very weak, and had the markets really struggled on the way back from the sell-off, then one would have been tempted to believe that look, it’s still just a bear market rally. But looking at the evidence on the ground that the numbers have been pretty okay.
The pullback has been very robust and today the markets really took out the range that they have been in since 18 May, which was 14,600 to 15,300-15,400 levels on the Sensex.
So, I think there is enough evidence now on the table to suggest that India at least within the emerging markets is looking at a new high in the next few months’ time.
Again, all these predictions are fraught with a lot of danger, are fraught with a lot of risk, but I would say the balance has shifted, the needle has shifted in favour of that happening rather than what I earlier thought maybe two or three years. It could probably happen in about a year’s time.
Where do you think we have a durable bottom in place now?
I think the current move probably takes us closer to 17,000 than to 13,000. I think 17,000 gets there before we get to 13,000. So, therefore, if you were to get to 17,000, then a 20% pullback doesn’t take you back to 13,000.
http://www.livemint.com/2009/08/09210834/Indian-market-is-like-8216a.html
| Contingency provisions in the trade agreements turn out to be safety valves |
How far have safeguards built into trade agreements helped in keeping trade open in these difficult times?
BRAINSTORMING: Ministers and delegates at a trade meeting session in Singapore last month.
The World Trade Organization released its World Trade Report 2009 recently in Singapore. The WTR examines a dilemma that governments face at the time of economic crisis. At one level most governments come under pressure — usually but not exclusively from the domestic political constituency — to adopt measures that may restrict trade.
If such pressures are not addressed adequately, they can lead to ‘a dangerous escalation’, with other countries embarking on tit-for-tat policies. Contingency measures that have already been agreed upon under the multilateral trade rules can act as a ‘safety valve.’ These include safeguards, anti-dumping measures and increase in tariffs up to limits prescribed by the WTO.
ProtectionismIt is perhaps inevitable that protectionism will rear its head in these times of a global financial and economic crisis. There might be a slight improvement in the global economic outlook but the developed economies are forecast to contract during 2009. Both the IMF and the World Bank expect only China, India and a few other developing countries to post positive growth rates. The global institutions have said that recovery, when it takes place, will be weak at least initially.
The developed countries — notably the U.S., the U.K., the EU and Japan — have the largest markets for goods and services.
Uncertain economic environment in those countries has led to a demand contraction and severely affected the economies of countries which export goods and services to them. In fact, trade has been a major casualty of the crisis. The WTO which had earlier predicted a 9 per cent decline in global merchandise trade this year now says that the decline will be 10 per cent. The downward revision is due to the fact that trade growth will be ‘strongly negative’ this year. Protectionism has already surfaced in many of the developed countries. In the U.S. there is a big official push to buy American goods. Visa rules for computer professionals have been tightened. Security concerns have been cited to keep away investment from specific countries in sectors such as ports and so on. There are many such examples of what UNCTAD (United Nations Conference on Trade and Development), in a recent report, calls ‘smart’ protectionism.
The big challenge for the WTO is to ensure that channels of trade remain open in the face of economic adversity. Well-balanced contingency measures, designed primarily to deal with a variety of unanticipated market situations are necessary to avoid ‘high intensity’ protectionism and to ensure the effectiveness and stability of trade agreements.
Contingency provisions in the trade agreements therefore turn out to be safety valves. When countries resort to them, they no doubt restrain trade flows but their governments get some space for political manoeuvre. They provide temporary relief from import competition, to allow domestic firms some time to make the necessary adjustments. They can also deter certain actions of trading partners.
Since these contingency measures are part of trade agreements, they ought to be viewed as upholding the rule of law: otherwise arbitrary protectionist actions are turned into prescribed and predictable policy measures.
Finally, contingency provisions may simply reflect the reality that the future is uncertain: it is either too costly or impossible to foresee all possible set of circumstances when to regulate government behaviours. Often, contingency measures are introduced in trade agreements to persuade governments to agree to ambitious levels of trade opening. Knowing that they have policy tools for adjustments, governments might agree to open trade channels wider than envisaged. Contingency measures might also preserve the sanctity of agreements. After all, a trade agreement that has in-built provisions for flexibility will be more credible than those agreements that are constantly breached.
Trade flexibilities are not harmless. Theoretically speaking, in the absence of market failures, trade restrictions will cause losses to economic welfare. They may also be used to backtrack on previous commitments.
Contingency measures must therefore be designed in such a way that they strike a balance between flexibility and commitments. The WTR points out that the design of contingency measures should not undermine the role of trade agreements.
Also, the circumstances in which such measures can be used must be clearly spelt out.
Finally, the WTR takes up the issue of whether WTO provisions provide a balance between giving governments necessary flexibilities (to face the ongoing crisis) and limiting the use of these measures for protectionist purposes. The usual safeguards are tariffs and quotas which may be introduced to counter increased imports deemed injurious to domestic industry, anti-dumping duties and countervailing duties which can be used to neutralise the effects of foreign subsidies.
Other policy optionsOther policy options such as the renegotiation of tariff commitments, the levy of an export tax and the increases in tariffs up to the maximum legally permissible extent are also discussed. The WTR’s main conclusion is that providing flexibilities in trade agreements come at a price. Exercising restraint is beneficial.
Transparency and effective monitoring of the safeguards will help. Timely and comprehensive reporting of such measures to the appellate bodies concerned will be useful. Member countries of the WTO should exchange information with one another.
C. R. L. NARASIMHAN
http://www.hindu.com/2009/08/10/stories/2009081050071400.htm
| The risks to the projections of GDP growth, inflation for 2009-10 are on the upside |
`Reduced production of kharif crops in the current year may have an inflationary impact on prices of food items'.
HOPING AGAINST HOPE: A farmer works in a paddy nursery on the outskirts of Vijayawada for transplanting them in the fields for kharif season.
While the Prime Minister, Manmohan Singh, voiced his concern over agriculture production, the monsoon blues are likely to knock down the market expectations, which were built-up after the general elections this year.
"Today the country is facing a difficult situation. The monsoon has been delayed and in many places it has been deficient, though some parts of the country have received normal or excess rainfall. Agricultural operations have been adversely affected in several parts of the country causing distress to farmers and their families. A deficit of more than six million hectares has been reported in paddy, which is the worst affected crop," Dr. Manmohan Singh said on Saturday while addressing the State Chief Secretaries.
OutlookThe monsoon outlook for June-September has further deteriorated and initial estimates available with the India Meteorological Department (IMD) suggest that the shortfall in rain has become worse in the past week with expectations of further deterioration.
The Bombay Stock Exchange 30-share sensitive index, Sensex, closed at 15160.24 for the week, a fall of 353.79 points or 2.28 per cent against its previous close. The market lost 744 points or 4.68 per cent in the last two days. An overwhelming response to the initial public offer by NHPC, subscription for which opened on Friday last, could not enthuse the markets.
"We think that the overall shortfall over the June-September period could rise to 15-18 per cent from the current 8 per cent forecasted by the IMD. We estimate that this could reduce agricultural growth to (-) 2 per cent yearon- year, down from our earlier estimate of +1.4 per cent year-on-year. We think that rural demand will be negatively impacted and this is a significant negative shock for the equity market, with sectors catering to rural demand such as FMCG particularly affected. We think bond yields may push higher in the near-term," said Tushar Poddar, Vice-President and Chief Economist, Goldman Sachs India.
RBI surveyA forecasters' survey conducted by the Reserve Bank of India (RBI), which was released last Friday, shows that for the year 2009-10, the forecast for agriculture growth has been revised downwards from 3 per cent to 2.5 per cent. For the industry and services sector, the growth forecasts have been revised upwards from 4.1 per cent to 4.8 per cent and from 7.5 per cent to 8.3 per cent, respectively, in 2009-10.
The `Survey of professional forecasters' conducted by the central bank presents shortto medium-term economic developments on major macroeconomic indicators like component-wise detailed forecasts of GDP growth, inflation, savings, capital formation, consumption expenditure, export, import, interest rates, money supply, credit growth, stock market movements and corporate profit. The Prime Minister also warned that "we need to be aware of the possibility that reduced production of kharif crops in the current year may have an inflationary impact on prices of food items in the coming months. Of late, we have seen a rising trend in prices of certain essential commodities like pulses, sugar and some vegetables".
The RBI-conducted forecasters' median estimates for Wholesale Price Index (WPI) inflation on a year-over-year basis in the second, third and fourth quarters of the current financial year are (-) 1.4 per cent, 2.5 per cent and 5.4 per cent, respectively.
WPI-based inflationThe forecasters were asked to assign the probabilities to the possibility that average WPI-based inflation during the current financial year and the next financial year will fall into various ranges. Forecasters have assigned the highest 41.2 per cent chance that inflation will be in the range 4- 4.9 per cent in 2009-10 and highest 39.8 per cent chance that it will fall to 5-5.9 per cent in 2010-11.
Inflationary pressure would also affect interest rates. The forecasters expect the repo rate to be 5 per cent in 2009-10 which is revised upwards from 4.5 per cent in the last survey. The reverse repo rate is perceived to be 3.5 per cent by the end of current financial year, higher than the last survey forecast of 3 per cent. This means interest rates would be rising by the time the busy season starts, from October.
Forecasters have revised their real GDP growth rate upwards to 6.5 per cent in 2009-10 from 5.7 per cent in the last survey. They were asked to assign probabilities to the possibility that yearover- year real GDP growth will fall into various ranges. The highest probability of 41.1 per cent is assigned to the growth range of 6-6.4 per cent for 2009-10. For 2010-11, they have assigned the highest probability of 42.7 per cent to 7-7.4 per cent.
"We retain our financial year 2010 GDP growth forecast of 5.8 per cent, and think that consensus forecasts of 6.3 per cent, and the Prime Minister's Economic Advisory Council's forecast of 7 per cent looks a bit rich," said Mr. Poddar.
"The sharp decline in WPI inflation has not been commensurately matched by a similar decline in inflation expectations," RBI Governor D. Subbarao had said a few days back in his first quarter review of Annual Policy. Within WPI, inflation of primary articles, particularly food articles, remains significantly positive. Moreover, consumer price indices (CPIs) have remained elevated, indeed also hardened in recent months. Said Dr. Subbarao, "Global commodity prices have rebounded ahead of global recovery and the uncertain monsoon outlook could further accentuate food price inflation".
Dr. Sigh also pointed out that "we are operating today against a back drop of record production and procurement of foodgrains in 2007-08 and 2008-09". This was made possible by the substantial increase in the minimum support prices and other policy initiatives. Thus, "we are in a position to ensure adequate availability of foodgrains in the drought affected areas". As a warning, he said "We should not hesitate to take strong measures and intervene in the market if the need were to arise".
The risks to the current projections of real GDP growth and inflation for 2009-10 are on the upside. The RBI Governor also had pointed out that the comfortable levels of foodgrain stocks should help mitigate the risks in the event of price pressures from the supply side.
The RBI will also closely monitor the level of liquidity so as to contain inflationary expectations if supply side price pressures were to rise. Indian agriculture and its farmers always got a raw deal. Even after several years of independence, the Indian farmer depends on monsoons for a good crop as 60 per cent of the agricultural land is not irrigated.
OOMMEN A. NINAN
Rahul Chandran
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New Delhi: Road transport and highways minister Kamal Nath may have hit the ground running when he took charge in May, but analysts say familiar problems such as as the pace of land acquisition and problems surrounding the shifting of utilities won’t go away in a hurry.
Development road map: Road transport and highways minister Kamal Nath has detailed 165 projects, including the 38 for which bids are on. Harikrishna Katragadda / Mint
The minister, in the weeks since assuming charge of the ministry, announced structural changes in the National Highway Authority of India (NHAI), met state ministers, pushed for a new form of project development that would help make most projects viable for the private sector, and talked up a separate expressway authority and a road finance corporation.
The ministry has initiated bidding on some 38 projects worth an estimated Rs42,331 crore spanning around 3,552.63km this year. Starting January this year, the highway authority has also awarded 10 projects worth an estimated Rs10,966 crore spanning 972km.
Bids for a further nine projects, spanning 728.43km and costing some Rs8,205 crore, are currently under evaluation by the authority.
In a recent response to questions in Parliament, Nath detailed some 165 projects, including the 38 for which bids are in progress as well as several for which feasibility studies have been undertaken. The minister said work on these projects is likely to commence within eight months from the date they are awarded.
The announcements come in the backdrop of continued criticism over delays that plagued the highway sector in the first five years of the United Progressive Alliance (UPA) administration, with the government failing to finish any of the 47 projects in the second phase of the north-south-east-west corridor, which falls under the national highway development programme, as Mint reported in December.
Three-fourths of the 5,300km-long, four-laned highway network, the Golden Quadrilateral, which envisaged connecting New Delhi, Mumbai, Chennai and Kolkata, had been already completed when the UPA took over. A part of the remaining 25% is still unfinished.
Highways were among the key sectors the government had identified to soak in $60 billion (Rs2.9 trillion) of investment in the five years to 2012.
The government estimates India should invest some $500 billion in its infrastructure by 2012 to attract foreign investment and boost economic growth.
Announcing a target of building 20km of roads a day, a target that some NHAI officials and analysts said was ambitious, the minister talked about reorganizing the highway authority so officers could be held accountable and about raising a dedicated cadre for the authority. Much of the authority’s staff are deputed from various state governments or from the ministry of road transport and highways.
“There’s some re-energizing, some push now. But for things to really get off the ground would take six months,” said Ankineedu Maganti, a director with Soma Enterprise Ltd, a Hyderabad-based infrastructure developer with interests in power and highways. Maganti said the financing situation had improved over the last six months, with lenders expressing interest in projects being bid for.
According to a recent Planning Commission report, up to March, 95 projects with a combined investment of Rs46,369 crore had been awarded under the public-private partnership (PPP) route, while a further 45 projects worth some Rs55,047 crore have been approved by the PPP approval committee and are at various stages of bidding.
The Centre has also approved viability gap funds for some 42 state highway projects worth Rs15,173 crore.
According to some analysts, while the availability of project finance is no longer in question, the ability of developers to access the money is. “There is a lot of liquidity. Exposure is not a problem. Banks have a lot of money. But bankers are asking for guarantees,” said Amrit Pandurangi, who heads the transport and infrastructure practice for consulting firm PricewaterhouseCoopers.
In what could be a sign of the changed circumstances, the number of bids for each project has declined from between eight and nine bids in 2007 and early 2008 to as few as two bids in recent times, Pandurangi said.
Land acquisition has often been cited as one of the foremost concerns for highway developers. Mint reported on 18 March that an official review found land acquisition was the cause for delays on 70% of some 190 infrastructure projects, of which 40 were national highway projects.
“One direction where infrastructure needs to move is an easier exit (for developers) so that it becomes easier to recycle capital,” said S.R. Ramanujam, chief executive officer of Crisil Risk and Infrastructure Solutions Ltd. That would open up the sector to a whole new class of investors who don’t want to take construction risk but might want to hold equity positions, he said.
http://www.livemint.com/2009/08/09212214/Kamal-Nath-steps-on-gas-but-fa.html?d=2
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