Assocham Economic Review May29 2011

8/2/2019 Assocham Economic Review May29 2011

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ASSOCHAMEconomicReview

For the Week Ended

May 29, 2011

Prepared by:

ASSOCHAM Research Bureau


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SectionECONOMY

OECD sees India economic growth at 8.5% in 2011-12

Food inflation rises to 8.55% for week ended May 14, 2011

FDI dips 32% in January-March, 2011 to US$3.39 billion

India offered US$5 billion to Africa, keen to boost ties

CORPORATE

Tata Motors sees profits triple on Jaguar turnaround

Indonesia, US, Canada and India are the most favourable place for

entrepreneurs - said BBC Survey

REPORT

Inflation unlikely to ease in FY12, says RBI surveyOECD sees risk of 'stagflation' for global recovery

India, China lead global economic recovery: UN

INTERNATIONAL

Japan beats deflation for the first time in two years

US economic slowdown confirmed by growth figures

Foreign investment into Europe jumps thanks to US

Japan posts 12.5% drop in exports

MARKETS


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ECONOMYOECD sees India economic growth at 8.5% in 2011-12

The Organization for Economic Cooperation & Development (OECD) hasprojected the Indian economy to expand 8.5 per cent in 2011-12, thus indicatingthat economic expansion would be slower during the current fiscal. In 2012-13,the economy is projected to expand 8.6 per cent.

OECD noted that Indias growth slowed to a more sustainable pace towards theend of 2010, after strong post-crisis rebound driven by a surge in privateinvestment. Going forward, growth will pick up somewhat, underpinned bybuoyant corporate sentiment and demand for infrastructure spending, thethink-tank said.

It also pointed out that inflationary pressures have become more generalized dueto rising non-food prices, though liberalization of FDI in retail sector would helpin easing pressures of food inflation. "Liberalisation of foreign direct investmentin the retail sector would promote competition and help modernise supplychains, thereby reducing food inflation pressures," it added.

"The recent increase in world oil prices has been passed through into domesticpetroleum product prices only to a limited extent and higher energy subsidyoutlays are likely in 2011," OECD said. "A renewed commitment to reducingsubsidies is needed to lower the burden on public finances. Efforts to bettertarget subsidies on the needy ought to be stepped up," it added.

Food inflation rises to 8.55% for week ended May 14, 2011

India's food inflation rate based on the Wholesale Price Index (WPI) stood at 8.55per cent for the week ended May 21, 2011 as compared to 21.55 per cent during


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the corresponding period of 2010. Food inflation for the previous reported weekwas recorded at 7.70 per cent on a year-on-year basis. The Increase was mainlyon account of higher prices of Egg, fish, Meat and coarse cereals.

Among the major groups, the index for Primary Articles rose by 0.4 percent as

compared to the previous week. Annual rate of inflation for this group was 11.60per cent, up from last week's level of 10.94 per cent. It was 20.31 per cent for thecorresponding week of the preceding year.

The index for sub-group 'Food Articles' also increased by 0.6 per cent, due tohigher prices of poultry chicken (5%), jowar (4%), fish-marine (3%), mutton,barley and maize (2% each) and milk (1%). However, the prices of tea (5%),arhar and ragi (2% each) and masur and urad (1% each) declined.

The index for Non-Food Articles sub-group declined by 0.2 per cent owing to

lower prices of fodder (12%), raw silk and gingelly seed (3% each), safflower(2%) and raw jute (1%). However, the prices of flowers (10%), sunflower (2%)and castor seed, raw rubber, groundnut seed, copra and rape & mustard seed(1% each) moved up.

On the other hand, index for another major category fuel, power, light &lubricants remained unchanged at its previous week level. Also, the annual rateof inflation under this category for the week ended May 21 stood at previousweek level of 12.11 per cent.

FDI dips 32% in January-March, 2011 to US$3.39 billion

India received foreign direct investment (FDI) worth USD 3.39 billion during January-March, 2011, a decline of 32 per cent as compared to same period lastyear, according to the latest data released by the Ministry of Commerce andIndustry. During the first three months of 2010, the country received FDI worthUSD 4.96 billion.

The sectors that attracted majority of FDI include services (financial and non-

financial), telecommunications, housing and real estate, construction activitiesand power, the data revealed. Country-wise, the highest FDI came fromMauritius, Singapore, the US, UK, Netherlands, Japan, Germany and the UAE.

Overall FDI inflows into the country dropped by 25 per cent to $19.4 billionduring 20100-11 against $25.8 billion in the year ago period. The services sector,


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which contribute over 50 per cent in the countrys economic growth, declined by22.5 per cent to $3.4 billion in 2010-11.

Global financial problems, particularly in the European markets are makingplayers cautious of undertaking overseas investments. According to experts, to

attract more and more FDI into the country, the government should furtherstreamline FDI policies and make the environment more investment-friendly toattract foreign investment.

Recently, Chief Economic Advisor Mr Kaushik Basu has suggested that foreigninvestments in the multi-brand retail should be allowed at the earliest. Thegovernment is also taking steps like allowing FDI in Limited LiabilityPartnership (LLP) firms to attract more and more foreign inflows into thecountry.

India offered US$5 billion to Africa, keen to boost ties

At an address to an India-Africa summit in Addis Ababa on Tuesday, IndianPrime Minister Manmohan Singh trumpeted his country's historical ties withAfrica and pledged US$5 billion worth of lines-of-credit over the next threeyears, for the infrastructure projects, regional integration, skills training andhuman resource development African nations seek to reach development goals.

The new pledge followed the US$5.4 billion in concessional credit offered byIndia at the first Summit in New Delhi in 2008. In Addis, the Indian governmentalso promised US$700 million for joint India-Africa sector-specific institutionsand training programs in various countries.

"There is a new economic growth story emerging from Africa. Africa possessesall the prerequisites to become a major growth pole of the world," Dr.Manmohan Singh told a gathering of African Union leaders in a speech inEthiopia's capital Addis Ababa. "The India-Africa partnership is unique andowes its origins to history and our common struggle against colonialism,apartheid, poverty, disease, illiteracy and hunger" he added.

The Prime minister pledged development support in exchange for tradeagreements to fuel growth in India's resource-intensive economy, and boosts thepresence of Asia's third-largest economy which lags China in the continent.


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CORPORATETata Motors sees profits triple on Jaguar turnaround

Tata Motors has reported a tripling of profits in the last year. The Indiancarmaker made total profits after tax for the last 12 months of 92.7bn rupees($2bn, 1.3bn), up 260% from a year earlier, mainly on account of 33% rise inrevenues to 1.2tn rupees.

Business at its Jaguar Land Rover subsidiary saw a sharp turnaround, with1.1bn in profits before tax, having hardly broken even in the 2009-10 year.Mumbai-based Tata Motors bought the Jaguar and Land Rover marques from

Ford in 2008. The firm said it planned to expand exports by its UK subsidiary.Exports already drove a 51% jump in revenues at Jaguar Land Rover in the lastyear, with developing markets such as China seeing the fastest growth. Exportsby its Indian business rose 70%, led by demand in neighbouring countries, butremained a negligible part of its sales

The UK share of its business dropped from 28% to 24% of sales. The jump in theUK unit's profits - flattered by the falling value of sterling - helped it pay offdebts, with net debt falling by almost two-thirds to 233m. The company said itthought increased infrastructure spending in India would stimulate furtherdemand for trucks, while it planned to expand sales of its passenger vehicles in

rural India.

However, sales of small cars lagged somewhat in the last year, perhaps reflectingdifficulties with the Tata Nano, the world's cheapest car, which beganproduction in 2008. Tata previously reported that sales of its Nano had slumped85% in November last year. The company blamed customers' difficulty inobtaining loans, however analysts say that price rises, as well as publicity related


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to a series of fires in previously sold cars, had a role in the drop in sales. Tata saidit planned to start exporting the Nano in the coming year.

Indonesia, US, Canada and India are the most favourable place forentrepreneurs - said BBC Survey

Indonesia is the best place for entrepreneurs to start a business, a BBC survey hassuggested. A group of BBC analysts surveyed countries across the globe for easeof starting a successful business.

The results come from a survey of more than 24,000 people across 24 countries.Taking all the answers together as a single index, Indonesia came out as the mostfavourable place for entrepreneurs. The US, Canada, India and Australia were

seen as among the next best countries at supporting new businesses. At the otherextreme, Colombia, Egypt, Turkey, Italy and Russia are among the leastentrepreneur-friendly.

The survey for the BBC's Extreme World series found wide variations inperceptions of the support different cultures offer to start-ups. All the developedeconomies surveyed were above the average score, with the exception of Italy,which was far below. But there were also plenty of developing economies thatcame out as pro-entrepreneur - India, China and Nigeria were also perceived bytheir own people as relatively favourable places for new businesses.

In terms of regions, the four countries of East Asia and the Pacific surveyed allreceived high scores. All the three countries in Sub-Saharan Africa also scoredabove average. But other regions were more varied. In Latin America, Mexicoand Peru scored relatively highly, but Brazil and Colombia were well belowaverage. In Western Europe, low scores in Italy and Spain were balanced byperceptions of a more favourable environment for entrepreneurs in Germany,France and the UK.

The poll results were consistent with widely-held perceptions of the countryconcerned. But there were some surprises. Labour laws in France are relativelytough, yet in this poll the country was seen as a good place for a new business.Also, Nigeria's problem with corruption did not stop it doing better than mostcountries in this survey.


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REPORTSInflation unlikely to ease in FY12, says RBI survey

The RBIs latest quarterly survey of Professional Forecasters on MacroeconomicIndicators expects the year-end inflation to be in the range of 7.0 to 7.9 per centthroughout this year, which is much above the RBI's projection of 6.0 percent byMarch 2012.

The survey represented views of the 26 forecasters and covered component-wisedetailed forecasts of various macro-economic indicators of short to medium termeconomic developments linked to the Indian economy. Forecasters were asked toassign probabilities to indicators such as GDP growth, inflation, savings, capitalformation, consumption expenditure, export, import, interest rates, moneysupply, credit growth, stock market movements, corporate profit and the like.

The projections or the mean probability pattern of forecasters responses on realGDP growth forecasts for 2011-12 showed a downward revision in growth rateto 8.2 per cent from 8.5 per cent as per the last survey. They have assignedmaximum probability of 38.2 per cent to 8.0-8.4 per cent growth range for GDP,nearly the same as projected by the central bank. The real GDP growth in thefourth quarter of 2010-11 was also revised downwards to the level of 8.2 percentfrom 8.5 per cent projected in the last round survey. On the other hand, the longterm forecast for real GDP for the next five years and ten years were pegged at

8.5 and 8.7 per cent respectively, same as predicted in the last survey.

Similarly, the domestic saving rate for the fiscal 2011-12 was revised downwardto 35.3 per cent. Forecasters expected gross domestic capital formation tocontribute 37.5 per cent, an upward revision from last round survey. However,the contribution of gross fixed capital formation was revised downward to 31.5


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per cent and the private final consumption expenditure has been predicted togrow at the rate of 15.8 per cent, revised upwards from last round survey.

Forecasters have assigned highest 30.2 per cent chance that WPI Inflationwill fallin the range of 7.0-7.9 per cent in end-March of 2011-12, with a downward bias.

Similarly, the median estimate for headline inflation in the first quarter of 2011-12 was predicted at 8.2 per cent, which has been revised upwards from 6.4 percent in the last survey. For the fourth quarter of 2011-12, the WPI-inflationprojected at 6.7 per cent. As far as long term projections for inflation wereconcerned, the survey revised upwards the WPI inflation rate for the next fiveand ten years to the level of 6.4 and 5.4 percent respectively.

The Annual forecasts for some other macro-economic variables are as follows:

Markets, 2011-12:

The profit growth of corporate sector (of BSE listed companies) in 2011-12 hasbeen projected to be 20.0 per cent, revised downwards from last round survey.Broad money (M3) growth is revised downwards to 17.2 per cent in 2011-12 fromthe earlier forecast of 18.0 per cent. In 2011-12, bank credit is expected to grow atthe rate of 20.0 per cent, same as predicted in the last round of survey.

Fiscal Deficit for 2011-12:

Central Government fiscal deficit was placed at 5.0 per cent of GDP in 2011-12,which is same as predicted in the last survey. The combined gross fiscal deficitwas placed at 7.6 per cent of GDP in 2011-12, revised downwards from 7.8 percent in the last survey.

Policy rates, 2011-12:

The forecasters expect end period repo rate to be at 7.25 per cent in 2011-12,which is revised upwards from 7.00 per cent predicted in the last survey andreverse repo rate to be at 6.25 per cent in 2011-12 which is also revised upwardsfrom 6.00 per cent in the last round survey.

External Sector, 2011-12:

Exports are expected to grow at 17.2 per cent in 2011-12, which was reviseddownwards from 17.8 per cent in the last survey. Imports are expected to growby 20.0 per cent in 2011-12, revised upwards from 18.0 per cent in the last survey.Net surplus under invisibles was placed at US$ 96.0 billion in 2011-12 as againstUS$ 108.9 billion predicted in the last survey.


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OECD sees risk of 'stagflation' for global recovery

The global economic recovery still faces many risks, which could lead to

"stagflation", the Organization for Economic Cooperation and Development(OECD) has said in its latest economic outlook. OECD has suggested that theglobal economy could fall into stagflation because of higher food andcommodity prices, a bigger than expected slowdown in China and thecontinuing effects of the Japanese natural disaster in March. Stagflation is a termcoined to refer to a period of stagnant (or flat) growth coupled with higherinflation.

OECD identified the current political instability in the Middle East as a key factorwhich may send oil prices higher, precipitating economic slowdown. If the price

of crude oil rises, it has a knock-on effect not only on fuel costs, but since much ofthe worlds electricity generation uses oil, energy prices would also increase. Ofcourse, the vast array of products which are derived from crude oil would alsobecome more costly.

It points out that the finances of many countries are still weak as they struggle torecover from the global financial crisis. Given the spiraling sovereign debt crisisin Europe and continued fragility of government finances in many countriesincluding United States and Japan, the organization warned that if any of theserisks materialized, they could lead to further disruption in the financial markets.

However, the organization believes that if commodity prices do stabilize that theeffects of the Japanese disaster and the higher prices would fade as the yearcontinues, permitting the recovery to pick up towards the end of the year.Indeed, the OECD economists pointed to the possibility of strong pent-updemand for durable goods among Western consumers, and for capitalequipment by firms, as a reason why growth may take off more rapidly thanforecast.

In its twice-yearly Economic Outlook, the OECD forecast world growth wouldease to 4.2 percent this year from 4.9 percent in 2010 before accelerating to 4.6

percent in 2012. The OECD raised its outlook for the United States from its lastreport in November, forecasting growth this year of 2.6 percent, compared withan estimate of 2.2 percent in November.

It was also slightly more optimistic about the outlook for growth in the eurozone, forecasting the euro economy would expand 2.0 percent in 2011, up from1.7 percent in November. But it slashed Japan's forecasts after the country's triple


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disaster in March. It estimated the country's economy would contract 0.9 percentthis year, having forecast growth of 1.7 percent in November. For the UK, theorganization predicted sub-par growth of just 1.4 percent this year, rising to 1.8percent in 2012.

In a veiled reference to the impasse in Congress over the US federal debt ceiling,the report called for "unblocking political stalemate" in order for governments tocredibly commit to reining in their budget deficits. With European countriesmaking more of an effort to cut their deficits than the United States, the OECDsaid there was a stronger case for raising interest rates in the United States thanin the euro zone. With long-term inflation expectations on the rise in the UnitedStates, the OECD recommended in the report "an initial and visibly positive risein the policy rate from mid-2011." It said the U.S. Federal Reserve should thenfollow up with a series of rate hikes, lifting the Federal funds target rate by onepercentage point by the end of the year.

The OECD said there was no need for an interest rate increase in Japan in theabsence of any signs that inflation is rising there towards 1 percent. But Chinamust stay focussed on taming inflation and raise interest rates by another 50basis points even though its economy is slowing, it said. The report voicedsupport again for the UK government's austerity programme, which "strikes theright balance", while calling on the Bank of England to begin raising rates thisyear.

India, China lead global economic recovery: UN

The emerging economies of India, China and Brazil are leading the globaleconomic recovery, according to latest World Economic Situation and Prospects(WESP) report released by United Nations (UN). "The rebound has been led bythe large emerging economies in Asia and Latin America, particularly China,India and Brazil," the report said. On the other hand, it said that the weaknessesin major developed economies continue to drag the global recovery and poserisks for world economic stability in the coming years.

The report said that while developing countries continue to drive the globalrecovery, their output growth is also expected to moderate to 6.0 per cent onaverage during 2011-2012, down from 7.1 per cent in 2010. China and India'sGDP growth is also expected to experience some moderation in 2011 and 2012.

The report said that many developing countries have been able to use the policybuffers (in the form of ample fiscal space and vast foreign-exchange reserves)


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they had generated in the years before the crisis to adopt aggressive stimuluspackages. The volume of exports of many emerging economies, including Brazil,China, India and other developing economies in Asia, have already recovered to,or beyond, pre-crisis peaks.

The report also expected the world trade to grow by about 6.5 per cent in 2011and 2012, moderating from the 10.5 per cent rebound in 2010. Also, the global oildemand is expected to increase further and most of the demand growth willcontinue to come from emerging economies, especially China and India.

INTERNATIONALJapan beats deflation for the first time in two years

Japan has beaten deflation for the first time in two years, but only due to a surgein fuel imports following the earthquake, tsunami and nuclear power crisis.Consumer prices rose by 0.6% in April, from a year earlier, according to the datareleased by Statistics Bureau of Japan. The rise in Japan's core consumer priceindex in April was largely in line with expectations.

Japan has been battling deflation, or falling prices, for more than a decade.However, the 0.6 per cent figure excludes the food prices. When this is included,it halves to 0.3 per cent. Secondly, the prices are going up, but this is primarilydue to the price of the imported crude oil needed to supply Japan's electricitysupply while the country recovers from the earthquake that destroyed some of Japan's ability to generate electricity. Economists have pointed out that whenthese factors are removed, prices are essentially stagnant.


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However, credit ratings agency Fitch has downgraded its outlook on Japan's debtto negative from stable. Fitch said it was worried about the high levels of Japanese government debt and the unknown cost of repairing the damagednuclear power plant at Fukushima. "Japan's sovereign credit-worthiness is undernegative pressure from rising government indebtedness," said Fitch's Director

and Head of Asia-Pacific sovereigns.

"A stronger fiscal consolidation strategy is necessary to buffer the sustainabilityof the public finances against the adverse structural trend of population ageing" -he added. Even Kaoru Yosano, Japan's economy minister, stated that this newdata does not point to any sustained gain.

In January this year, rating agency Standard & Poor's downgraded Japan's creditrating from AA to AA-, also citing Japan's worsening debt situation for the move.

US economic slowdown confirmed by growth figures

The U.S. Commerce Department confirmed that projected annual economicgrowth in the United States had slowed sharply in the first quarter of 2011.Compared to the previous quarter, gross domestic product (GDP) annualeconomic growth has slowed from 3.1% to 1.8% from January to March, said thesecond estimate of growth in the three winter months. This confirms the figurepublished a month earlier, while the median forecast of analysts gave an upward

revision of growth at 2.0%. In the fourth quarter of 2010, U.S. GDP rose by 3.1%.

The slowdown was blamed on corporate profits unexpectedly contracting for thefirst time in more than two years. Growth in consumer spending, which accountsfor more than two-thirds of US GDP, was revised down from 2.7% to 2.2%. Thatwas balanced by an upward revision to the amount of money businesses werespending on restocking, which was increased from $43.8bn (26.8bn) to $52.2bn.

Increasing petrol and food prices have caused the quickest inflationary rise inover two years and have put a dampener on spending. The average price ofgasoline in the US has risen to $3.799 a gallon, with prices increasing by 25% thisyear. This has hit household finances hard as a result. Inflation has soared to3.8%, reaching its highest level since 2008. The core inflation index, which doesnot include energy and food costs, moved up to 1.5% its highest level since thefinal quarter of 2009.

The government has faced criticism for its growth plan. it has let inflation surgeand allowed the deficit to balloon. However, Tim Geithner, the treasury


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secretary, thinks the recovery could stall if the government changes strategy andquickly implements large cuts. There is also disagreement between economistsabout the future path of the US economy, with some believing the disappointingfigures confirm that growth has slowed throughout the worlds top economies asmeasures of austerity come in and consequences of fiscal stimulus policies are

waning.

Foreign investment into Europe jumps thanks to US

Foreign investment into Europe grew sharply in 2010 to reach levels not seensince the global financial crisis began, a survey report suggests. A 24% rise inprojects funded by US investors was behind the rise.

"Following a significant decline in investment during the worst of the globalrecession, investors are now coming back in force to Europe, led by the the US,"said Mark Otty at Ernst & Young. This resulted in a record number of projectsfunded, while the number of jobs these helped to create rose by 10% to 137,000,said Ernst & Young. It said increased investment in Europe led to a 14% rise inthe number of projects funded to 3,757, a record level. The report also suggestedWestern Europe would soon rival China for attracting foreign capital.

Measured by project numbers, among Europe's major economies Germany sawthe biggest increase in foreign investment, with a 34% rise to 560 projects, the

report said. In UK, 728 projects were funded by investors outside Europe. Russia,Poland, Hungary and the Baltics also saw strong growth in foreign investment"reflecting the strong economic recovery in the region and its growingattractiveness to business", Ernst & Young said. However, Portugal, Greece andSpain saw a fall in project numbers.

Among the sectors, the car manufacturing sector saw the biggest rise ininvestment, with business services, renewable energy and software alsobenefiting. Looking forward, the report said business executives saw WesternEurope as a close second to China as the most attractive region to invest in, butexpected the two be equally attractive in three years.

Figures published by the United Nations earlier this year showed that, in cashterms, France was the top recipient of foreign investment in 2010. Measured bymarket capitalisation, the country attracted $57.4bn (35.4bn; 40.6bn euros) in2010, a slight fall on 2009 levels but still more than any other European country.Belgium was the next biggest recipient, with $50.5bn invested, followed by theUK ($46.2bn) and Germany ($34.4bn).


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Japan posts 12.5% drop in exports

Japan's exports dropped by 12.5% in April, from a year earlier, after theearthquake and tsunami in March disrupted factory production. The big fall inexports pulled the country's trade balance into a deficit of 463.7bn yen ($5.6bn;3.5bn) last month. However, the deficit was smaller than economists hadexpected.

On the other hand, the imports surged by 8.9% in April from a year earlier,reflecting higher prices for commodities. The country has been forced to importlarge amounts of fuel, after the 11 March earthquake and tsunami crippledelectricity generating plants.

The destruction to factories forced several manufacturers, notably Japan's carmakers, to suspend production. The economists expects trade deficit to continuein the coming months as the rising import prices and slump in production due tothe power shortage would weigh heavily on corporate activity .

Japan's economy, the world's third largest, slid back into recession in the firstquarter of 2011.


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MARKETSBSE: The 30 share BSE Sensex decreased by 0.3 per cent and closed at 18,266.10.

NSE: Nifty decreased by 0.2 per cent during the week and closed at 5,476.10.

Dollar: The value of rupee depreciated by Rs. 0.28 against the US dollar during

the week and closed at Rs 45.21 per dollar.

Euro: The value of rupee depreciated by Rs. 0.06 against the Euro and closed atRs. 64.40 per euro.

Gold: Prices of gold increased by Rs. 496.25 per 10 grams and closed at Rs.22,436.25 per 10 grams.

Silver: Prices of silver increased by Rs. 3,967 and closed at Rs. 56,950 per kg.

Crude Oil: The Brent index prices of crude oil increased by USD 3.60 and closedat USD 116.05 per barrel.

Forex Reserves: Indias Foreign Exchange reserves increased by USD 1.041billion to USD 308.534 billion during the week-ended May 20, 2011.


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ASSOCHAM Research Bureau

ASSOCHAM Research Bureau (ARB) is the research division of the Associated

Chambers of Commerce and Industry of India. The Research Bureau undertakesstudies on various economic issues, policy matters, financial markets,

international trade, social development, sector wise performance and monitoring

global economy dynamics.

The main banners of the Bureau are:

ASSOCHAM Eco Pulse (AEP) studies are based on the data provided by

various institutions like Reserve Bank of India, World Bank, IMF, WTO, CSO,

Finance Ministry, Commerce Ministry, CMIE etc.

ASSOCHAM Business Barometer (ABB) are based on the surveys conducted by

the Research Team to take note of the opinion of leading CEOs, MDs, CFOs,

economists and experts in various fields.

ASSOCHAM Investment Meter (AIM) keeps the track of the investment

announcements by the private sector in different sectors and across the various

states and cities.

ASSOCHAM Placement Pattern (APP) is based on the sample data that is

tracked on a daily basis for the vacancies posted by companies via job portals

and advertisements in the national and regional dailies, journals and newspaper.

Data is tracked for 60 cities and 30 sectors that are offering job opportunities in

India.

ASSOCHAM Financial Pulse (AFP) as an analytical tool tracks quarterly

financial performance of India Inc; forming strong inter-linkages with the real

economy and presents sectoral insights and outlook based on financialindicators, demand signals and corporate dividend activity.

For More Information: http://www.assocham.org/arb/index.php

Email:[email protected]
http://www.assocham.org/arb/index.phphttp://www.assocham.org/arb/index.phpmailto:[email protected]:[email protected]:[email protected]:[email protected]://www.assocham.org/arb/index.php


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THE KNOWLEDGE CHAMBER

Evolution of Value Creator ASSOCHAM initiated its endeavor of value creationfor Indian industry in 1920. It has witnessed upswings as well as upheaval ofIndian Economy and contributed significantly by playing a catalytic role inshaping up the Trade, Commerce and Industrial environment of the country.

ASSOCHAM derives its strength from the following Promoter Chambers:Bombay Chamber of Commerce and Industry, Mumbai; Cochin Chamber ofCommerce and Industry, Cochin; Indian Merchant's Chamber, Mumbai; TheMadras Chamber of Commerce and Industry, Chennai; PHD Chamber ofCommerce and Industry, New Delhi.

VISION

Empower Indian enterprise by inculcating knowledge that will be the catalyst ofgrowth in the barrier less technology driven global market and help themupscale, align and emerge as formidable player in respective business segment

MISSION

As representative organ of Corporate India, ASSOCHAM articulates the genuine,legitimate needs and interests of its members. Its mission is to impact the policy

and legislative environment so as to foster balanced economic industrial andsocial development. We believe education, health, agriculture and environmentto be the critical success factors.

GOALS

To ensure that the voice and concerns of ASSOCHAM are taken note of by policymakers and legislators. To be proactive on policy initiatives those are inconsonance with our mission. To strengthen the network of relationships of

national and international levels/forums. To develop learning organization,sensitive to the development needs and concerns of its members. To broad-basemembership. Knowledge sets the pace for growth by exceeding the expectation,and blends the wisdom of the old with the needs of the present.

Assocham Economic Review May29 2011

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