Download - High Commission of India, Colombo
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INDIAN ECONOMY External SectorThe Government <strong>of</strong> <strong>India</strong> is highly active in terms <strong>of</strong> establishing and maintaining its relations with foreigncountries. The efforts are paying <strong>of</strong>f well as the country is getting recognised on the global map as a growthorientedand investor-friendly nation. Certain foreign countries have taken steps to increase trade and businesswith <strong>India</strong>. Some <strong>of</strong> the recent developments in this space are discussed below: The exporters' body - Federation <strong>of</strong> <strong>India</strong>n Export Organisations (FIEO), has recently stated that countriesfrom Latin America and the Caribbean (LAC) intend to double their trade with <strong>India</strong> to US$ 50 billion by 2013-14. <strong>India</strong> made a trade <strong>of</strong> US$ 24.43 billion with LAC countries in 2010-11 out <strong>of</strong> which <strong>India</strong>'s exports wereUS$ 10.23 billion. Hungary is very keen on investments from <strong>India</strong> in automobile industry, including auto components segment.Janos Terenyi, Ambassador <strong>of</strong> Hungary to <strong>India</strong>, has indicated that the European country is not onlyinterested to strengthen trade and business ties with <strong>India</strong>, but also desires bilateral co-operation in political,cultural and economic relationship.Currently, bilateral trade between <strong>India</strong> and Hungary is projected at US$ 30 million.Road Ahead<strong>India</strong> Inc is now looking for new markets and resources to strengthen its presence globally. This would notonly provide a great impetus for their future growth, but would mark <strong>India</strong> as an international partner for inwardand outward foreign investments.Pharma retail market grows 15% in 2011Domestic pharma retail market clocked a robust 15% growth during 2011, mainly driven by therapieslike anti-diabetic, vitamin, anti-infectives and dermatology. The pharma sector continued to show its resilienceamid slowdown concerns in the economy with December posting a strong growth, with anti-infectives back infavour during the month. The domestic pharma retail reached a new milestone by recording overall sales <strong>of</strong>Rs 60,000 crore for the year 2011.Monthly Economic ReportThe overall growth <strong>of</strong> GDP at factor cost at constant prices, as per Revised Estimates, was 8.5 percent in 2010-11 representing an increase from the revised growth <strong>of</strong> 8.0 per cent during 2009-10. Overallgrowth in the Index <strong>of</strong> Industrial Production (IIP) was 5.9 per cent during November 2011. During April-November 2011-12, IIP growth was 3.8 per cent. Eight core Infrastructure industries grew by 6.8 per cent inNovember 2011 as compared to the growth <strong>of</strong> 3.7 per cent in November 2010.Exports, in US dollar terms increased by 3.9 per cent and imports increased by 24.5 per cent, duringNovember 2011.The cumulative growth for April-November 2011 was 33.2 per cent and 30.2 per cent forexports imports respectively. Tax revenue (net to Centre) during April-November, 2011 recorded an increase<strong>of</strong> 8 per cent compared with corresponding period <strong>of</strong> 2010-11 custom duties, service tax and taxes on incomeare the main contributors to the growth <strong>of</strong> tax revenue.Source: www.ibef.orgPrevious Page Back to Cover Page Next Page
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