Korean Companies To Benefit by Trade Deal with India

Hyundai Motor Co., LG Electronics Inc. and other South Korean companies will get greater access to India's 1.2 billion people in a trade deal to be signed tomorrow. India's $1.2 trillion economy grew 5.8 percent in the three months to March 31, brushing off the global slowdown that has dragged Korea into recession. Singapore's exports to India excluding oil products more than doubled in the two years after they signed a similar accord in 2005, turning the city state's deficit to a surplus, according…

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Pakintan's Oil Company To Invest $800 million

Oil & Gas Development Co. plans to drill in Baluchistan for the first time in six years as the government increases security against attacks from insurgents, tapping a region that holds half of Pakistan's gas reserves. Oil & Gas, Pakistan's biggest explorer, will drill at least nine of 51 planned wells in the western province that borders Iran and Afghanistan, Chief Executive Zahid Hussain said. "In Baluchistan we have entered areas that for about six years were high security zones," Hussain said…

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Indian Shares Rise 1.6% with Signs of Economic Recovery

Several factors, including strong global and local liquidity, a recovery in earnings growth and strong corporate balance sheets, will spur the market over the next 12 months, Morgan Stanley analyst Ridham Desai said. He added, "Indian equities are in a sweet spot. We would continue to buy the dips in the market". A few of the biggest companies in India, Reliance Industries, Tata Consultancy Services Ltd and Infosys Technologies rose, gained 3.1 percent, 11.9 percent and 4.5 percent, respectively.…

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Indian Gov Stimulus helped Revive Industrial Production in 2.7%

India's industrial production increased at the fastest pace in eight months as record-low interest rates and government stimulus measures helped revive demand and investment. Output at factories, utilities and mines jumped 2.7 percent in May from a year earlier after a revised 1.2 percent gain in April, the statistics agency said in New Delhi today. That was more than double the 1.3 percent increase expected by economists. Economies across Asia are starting to show signs of recovery from the worst…

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India to Borrow $ 93 billion to Fund Buget

Prime Minister Manmohan Singh's government is spending more to speed up economic growth and reduce poverty in a nation where malnutrition is worse than Sub-Saharan Africa. Stocks and the currency weakened on investor disappointment that Mukherjee didn't announce major asset sales and concerns a ballooning budget deficit may lead to a credit-rating cut. "The budget has failed to instill confidence as to how the government will achieve fiscal consolidation," said Rupa Rege Nitsure, chief economist…

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Good News for India's Economy

India's exports fell for the eighth consecutive month in May 2009, while industrial output increased 1.4 percent in April 2009. The economy expanded 6.7 percent, which is the most sluggish pace in the past six years, since 2003, where the economy expanded between 8.5 percent and 9 percent. Among India's many strengths is the country's large service sector, which contributes about 55 percent of India's GDP. Furthermore, the government's rural jobs program, which guarantees 100 days of work in a year…

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