English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

India’s economy – “too early to call it a recovery”

NEW DELHI: The Federation of Indian Chambers of Commerce & Industry (FICCI) says results from its fourth quarter survey (January-March 2014) suggest "marginal improvement in growth [but it is] too early to call it a recovery."

The FICCI surveyed 330 manufacturers and associations from both large companies and SMEs covering 14 sectors - textiles, capital goods, metals, chemicals, petrochemicals, cement, electronics, automotive, leather and footwear, machine tools, food processing, textile machinery, paper and tire – with a combined turnover of over US$100 billion.

The survey noted that a slight improvement in the export outlook could be offset by "domestic factors [that] continue to be a major cause of concern." Respondents expect an upturn in leather, textiles and chemical production for the quarter while growth in automotive, capital goods and electronics will remain "sluggish".

ficciThe FICCI says export manufacturing remains positive and "seems to have improved as the percentage of respondents expecting higher exports has risen to 58 percent compared to 48 percent in Q3 and 52 percent in Q2."

Based on expectations in different sectors, the FICCI says seven out of 14 sectors were likely to witness less than five percent growth in Q4 with only leather and textile sectors growing more than 10 percent.

Commenting on the Indian economy, FICCI business leaders think sustainable development should be in the DNA of an organization and adoption of sustainable measures should not be seen as an expense but as an investment for the future.

Vipul Shah, president, CEO and chairman of Dow Chemical in India, said there was an unprecedented need for collaboration between business, government, academia and civil society. Noting the world needs solutions to challenges such as climate change, energy and water shortages, he suggested sustainable development is the answer.

Ranganath N K, CEO of Grundfos India, added: "Passion is the most important ingredient for achieving both sustainability and business excellence." Atul Jain, joint managing director of Jain Irrigation Systems, thought "inclusiveness" was the most basic requirement for sustainability because it leads to innovation and sustainable growth. Manish Sharma, managing director of Panasonic India, noted his organization is in the process of addressing the issues faced by the supply chain by creating, storing, saving and managing energy.

Ranganath's comments concide with a U.S. discrimination complaint to the World Trade Organisation that India is requiring solar power developers to use Indian-manufactured thin-film technology instead of U.S. equipment. Trade representative Michael Froman commented: "These types of 'localization' measures not only are an unfair barrier to U.S. exports, but also raise the cost of solar energy, hindering deployment of solar energy around the world, including in India."

According to the FICCI, some of its CEO members think "sustainability should be a way of life for companies, it does not need to be mandated."

Founded in 1927, the FICCI is India's oldest business association.

News

Written on 18/01/2018, 20:29
extreme-weather-greatest-economic-risk LONDON: January 17, 2018. The latest Global Risks Report from the World Economic Forum (WEF) says extreme weather events are seen as the greatest...
Written on 18/01/2018, 15:17
amazon-shortlists-20-u-s-cities-for-second-headquartersSEATTLE: January 18, 2018. Amazon has chosen 19 U.S. cities plus Toronto, Canada from 238 locations across the U.S., Canada, and Mexico as possible sites...
Written on 17/01/2018, 21:42
seat-builds-spain-s-tallest-logistics-warehouseBARCELONA: January 15, 2018. Car manufacturer SEAT (Sociedad Española de Automóviles de Turismo) is constructing a new automated logistics center to store...
Written on 17/01/2018, 17:44
maersk-and-ibm-form-blockchain-companyCOPENHAGEN/ARMONK, NY: January 16, 2018: A.P. Møller - Mærsk and IBM are to establish a joint venture to leverage blockchain technology for global...
Written on 16/01/2018, 21:36
uk-roro-freight-depends-on-future-eu-accessLONDON: January 16, 2018. The UK short-sea ferry industry is spending over £1 billion on new ships, port and service facilities in the next four years,...
Written on 13/01/2018, 20:38
germany-to-allow-longer-trainsBERLIN: January 09, 2018. German railway operators have welcomed a decision by the federal government to allow more 740-meter trains to operate. Currently...
Written on 13/01/2018, 18:53
boeing-launches-electric-cargo-droneCHICAGO, January 10, 2018. Boeing is developing a 500lbs–payload electric vertical-takeoff-and-landing (eVTOL) drone for future cargo and logistics...
Written on 13/01/2018, 18:49
amazon-expands-at-cincinnati-hubSEATTLE: January 12, 2017. Dave Clark, senior vice president Operations for Amazon Prime Air, says the company has just added 210 acres to its future air...
Written on 10/01/2018, 22:50
disasters-cost-the-u-s-economy-us-306-billion-in-2017DENVER: January 09, 2018. According to the National Oceanic and Atmospheric Administration floods, tornadoes, hurricanes, drought, fires and freezes...
Written on 07/01/2018, 21:45
arizona-plans-bridge-not-wall-with-mexicoPHOENIX, AZ: January 06, 2018: As Donald Trump seeks US$18 billion from the U.S. Congress to build his border wall with Mexico, Arizona's Republican...
Written on 03/01/2018, 20:48
new-rail-line-delivers-first-containers-to-nairobi-from-mombasaNAIROBI: January 01, 2018. The new standard gauge rail (SGR) link between Nairobi and Mombasa saw the start of its first commercial freight service with...
Written on 03/01/2018, 16:57
eurozone-dominates-pmi-manufacturing-index-growthLONDON: January 03, 2018. According to the final IHS Markit Purchasing Managers' Index (PMI) for 2017, eurozone manufacturing reached 60.6 in December,...
Written on 18/12/2017, 23:19
dhl-underwrites-good-shipping-optionBONN: December 18, 2017. DHL Global Forwarding has signed an exclusive MoU with the Good Shipping Program. The company wants to decarbonize the ocean...
Written on 13/12/2017, 22:14
corruption-pervasive-in-trump-white-houseBERLIN: December 13, 2017. A new survey by ethics watchdog Transparency International says 44 percent of Americans now believe that corruption is...
Written on 13/12/2017, 22:07
banks-to-test-blockchain-for-sustainable-supply-chainsLONDON: December 13, 2017. The University of Cambridge Institute for Sustainability Leadership (CISL), supported by Barclays, BNP Paribas, Sainsbury's,...
Written on 13/12/2017, 21:38
shipt-a-target-for-us-550-millionMINNEAPOLIS: December 13, 2017. American bricks-and-mortar retailer Target Corp. is to purchase Shipt, an online same-day domestic delivery platform, for...
Written on 11/12/2017, 18:20
deutsche-bahn-subsidiary-regrets-rastatt-rail-closureDUSSELDORF: December 11, 2017. Speaking at meeting of rail operators last week, DB Netz CEO Frank Sennhenn expressed regret for his company's involvement...
Written on 10/12/2017, 22:44
rolls-royce-to-test-remote-controlled-shippingPARIS: December 06, 2017. The European Space Agency (ESA) and Rolls-Royce have signed an MoU to investigate how space technology can be used to develop...
Written on 08/12/2017, 20:10
beijing-continues-to-cut-carbonNAIROBI: December 06, 2017. According to an Assessment Report on Beijing Capital Airport, released during the third UN Environment Assembly in Nairobi...
Written on 07/12/2017, 20:53
bollore-begins-rail-renovation-between-cote-d-ivoire-and-burkina-fasoABIDJAN, Côte d'Ivoire: December 04, 2017. SITARAIL, a Bolloré Transport & Logistics subsidiary, has begun upgrading the rail link between Abidjan and...

- powered by Quickchilli.com -