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FDI inflows register unprecedented growth
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| 04. ECONOMY |
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| FDI INFLOWS REGISTER UNPRECEDENTED GROWTH |
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The Union Minister for Commerce & Industry, Shri Kamal Nath lighting the lamp to inaugurate the “TEX Summit-2007”, in New Delhi on August 31, 2007.
The Union Minister for Textiles, Shri Shankersinh Vaghela and other dignatries. |
Shri Kamal Nath, Union Minister of Commerce & Industry, while briefing the media persons informed that during the financial year 2006-07, the FDI equity inflows have been US $ 15.7 billion as compared to US $ 5.5 billion received during 2005-06. This is a growth of 185% as compared to the previous year. This is also the first time that FDI equity inflows into India have crossed the US $ 10 billion mark. If reinvested earnings and other capital inflows are also included, the total inflows in 2006-07 add up to US$ 19.5 billion compared to US$ 7.7 billion during the same period last year showing a growth of 153%.
During the first quarter of the Financial Year 2007-08, the FDI inflows have been US$ 4.9 billion as against US$ 1.7 billion received during the corresponding quarter of 2006-07, registering a growth of more than 185%. The first six months of the current calendar year (January-June 2007) have witnessed FDI inflows of US$ 11.4 billion as against US$ 3.6 billion received during the same period in 2006.This indicates a growth of 218%.
With regard to industrial production, Shri Kamal Nath stated that as per the Quick Estimates of Industrial Production released by the Central Statistical |
Organization, the industrial production registered a double-digit growth of 11% in the first quarter of the current fiscal as compared to the corresponding period of the previous year.
The Manufacturing Sector, which has around 80% weightage in the Index of Industrial Production, has also shown a double-digit growth of 11.9% during the first quarter of Financial Year 2007-08 (April to June 2007) as compared to a growth of 11.7% in the previous year. For the Financial Year 2006-07, Manufacturing Sector registered a growth of 12.5%, up from 9.1% in 2005-06. This was the highest growth registered by the Manufacturing Sector since 1995-96.
Among the use-base economic sub-groups, Capital Goods have registered an impressive growth of 22.3% during April-June 2007-08.
The industries which have shown a noteworthy performance during April-June 2007-08 include ‘Wood and Wood Products; Furniture and Fixtures’ (104.7%), ‘Jute and other Vegetable Fibre Textiles (except cotton)’ (30.1%), ‘Food Products’ (27.1%), ‘Basic Metal and Alloy Industries’ (20.1%),‘Machinery and Equipment other than Transport Equipment’ (19.2%) and ‘Rubber, Plastic, Petroleum and Coal Products’ (10.8%). |
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IMPORT OF SENSITIVE ITEMS DURING APRIL JUNE 2007 |
The total import of sensitive items for the period April-June 07 has been Rs.4877 crores as compared to Rs.4371 croresduring the corresponding period last year thereby showing an increase of 11.6%.The gross import of all commodities during same period of current year wasRs.226321 crores as compared to Rs.185988 crores during the same period of lastyear. Thus import of sensitive items constitute 2.4% and 2.2% of the grossimports during last year and current year respectively.
Imports of fruits&vegetables (including nuts), products of SSI,spices, marble&Granite, Tea&Coffee and milk&milk products haveshown a decline at broad group level during the period. Imports of items viz.edible oil, cotton&silk, automobiles, rubber and Alcoholic beverages haveshown increase during the period under reference.
In the edible oil segment, the import has increased from Rs.2407 croreslast year to Rs.2802 crores for the corresponding period of this year. Theimport of both crude oil as well as refined oil have gone up by 15.7% and 30.9%respectively. The increase in edible oilimport is mainly due to significant growth in import of Crude palm oil and itsfractions, which has gone up by 28%.
Imports of sensitive items from Indonesia, China P RP, Brazil, Germany,Japan, Thailand, Australia etc. have gone up while those from Argentina, UnitedStates of America, Cote D’ Ivoire, Malaysia, Benin, Sri Lanka DSR, Egypt A RPetc. have shown a decrease. |
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| INDIA’S FOREIGN TRADE DATA: APRIL-JUNE 2007 |
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India’s exports during June, 2007 were valued at US $ 11867.11 million which was 14.05 % higher than the level of US $ 10405.07 million during June, 2006. In rupee terms, exports touched Rs.48386.49 crore, which was 0.97% higher than the value of exports during June, 2006. Cumulative value of exports for the period April-June, 2007 was US $ 34303.50 million (Rs.141330.65 Crore) as against US $ 29044.58 million (Rs.132164.90 Crore) during the same period last year.
India’s imports during June, 2007 were valued at US $ 19195.69 million representing an increase of 36.68 % over the level of imports valued at US $ 14044.43 million in June, 2006. In Rupee terms, imports increased by 21.00 %. Cumulative value of imports for the period April-June, 2007 was US$ 54908.83 million (Rs.226321.35 Crore) as against US$ 40885.73 million (Rs.185987.92 Crore) during the same period last year. |
Oil imports during June, 2007 were valued at US $ 5664.99 million which was 9.85% higher than oil imports valued at US $ 5157.19 million in the corresponding period last year. Oil imports during April-June, 2007 were valued at US$ 14830.19 million which was 4.21% higher than the oil imports of US$ 14230.81 million in the corresponding period last year.
Non-oil imports during June, 2007 were estimated at US $ 13530.70 million which was 52.25 % higher than growth on non oil imports of US$ 8887.25 million in June, 2006. Non-oil imports during April-June, 2007 were valued at US$ 40078.64 million which was 50.36% higher than the level of such imports valued at US$ 26654.92 million in April-June, 2006.
The trade deficit for April-June, 2007 was estimated at US $ 20605.33 million which was higher than the deficit at US $ 11841.15 million during April-June, 2006. |
| EXPORTS & IMPORTS : (US $ Million) |
| (PROVISIONAL) |
JUNE |
APRIL-JUNE |
EXPORTS (including
re-exports) |
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| 2006-2007 |
10405.07 |
29044.58 |
| 2007-2008 |
11867.11 |
34303.50 |
| %Growth 2007-2008/ 2006-2007 |
14.05 |
18.11 |
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| IMPORTS |
JUNE |
APRIL-JUNE |
| 2006-2007 |
14044.43 |
40885.73 |
| 2007-2008 |
19195.69 |
54908.83 |
| %Growth 2007-2008/ 2006-2007 |
36.68 |
34.30 |
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| TRADE BALANCE |
JUNE |
APRIL-JUNE |
| 2006-2007 |
-3639.36 |
-11841.15 |
| 2007-2008 |
-7328.58 |
-20605.33 |
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BOA ON SEZs GRANTS 4 FORMAL AND 2 IN-PRINCIPLE APPROVALS |
The Board of Approval of the Special Economic Zones (SEZs) met to consider proposals for setting up of Special Economic Zones and also approve other miscellaneous requests pertaining to SEZs.
In this meeting, 8 applications for setting up SEZs, including 3 proposals for conversion of in-principle approvals to formal approvals were considered. The Board recommended grant of 4 Formal approvals and 2 In-principle approvals, which are as follows:-
- Formal approvals for two IT/ITES SEZ by Infosys Technologies Limited in Rangareddy District in Andhra Pradesh.
- Conversion of In Principle approval to Formal approval for:
- IT/ITES SEZ by M/s Genpact India in Rajasthan
- IT/ITES SEZ by M/s Enfield Infrastructure Limited in West Bengal
- In Principle approvals for:
- Multi Product SEZ by in Ispat Industries Limited Maharashtra.
- Biotech SEZ by Veritas Infrastructure Development Limited in Maharashtra
Addressing the Board of Approval members, the Chairman Shri G.K. Pillai informed that so far formal approvals have been granted for setting up of 362 SEZs out of which 136 have been notified. He informed that over Rs.45377 crores have been invested in these notified SEZs and that these SEZs are providing direct employment to over 38405 persons. |
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