RBI Bulletin December 2011

December 12, 2011 by · Leave a Comment
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Mumbai, India 12 Dec 2011  — The Reserve Bank of India today released the December 2011 issue of its monthly RBI Bulletin. The Bulletin carries six articles, namely, (i) India’s Foreign Trade: 2011-12 (April-September) (ii) Central Government Finances 2011-12 (April-September) (iii) Inflation Expectations Survey of Households: September 2011 (Round 25) (iv) Quarterly Industrial Outlook Survey: July-September 2011 (Round 55)  (v) Quarterly Order Books, Inventories and Capacity Utilisation Survey: April-June 2011 (Round 14) (vi) Consumer Confidence Survey: September 2011.

Highlights:

1. India’s Foreign Trade: 2011-12 (April-September)

The article reviews India’s merchandise trade performance during 2011-12 (April-September) on the basis of data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S). It also analyses disaggregated commodity-wise and direction-wise details for the period 2011-12 (April-June).

Main Findings

  • During 2011-12 (April-September), exports stood at US$ 160 billion and recorded a growth of 52.1 per cent as compared with an increase of 30.0 per cent during the corresponding period of the previous year.
  • During 2011-12 (April-September), imports at US$ 233.5 billion registered a growth of 32.4 per cent as compared with 37.6 per cent in the preceding year.   There has been significant rise in import of gold and silver and machinery.
  • Petroleum, oil and lubricants (POL) imports at US$ 70.4 billion in 2011-12 (April-September) exhibited a higher growth of 42.0 per cent, reflecting increase in international crude oil prices, as compared 31.8 per cent a year ago.
  • Non-oil imports during 2011-12 (April-September) at US$ 163.1 billion recorded a growth of 28.5 per cent as compared to 40.0 per cent in the corresponding period of the preceding year.
  • Trade deficit during 2011-12 (April-September) amounted to US$ 73.5 billion, as compared with US$ 71.2 billion during April-September 2010.
  • The disaggregated data on commodity-wise merchandise exports indicate that during 2011-12 (April-June), engineering goods, petroleum products, chemicals, gems & jewellery and agricultural products contributed more than 80 per cent of exports. Export growth was higher in sectors, viz., leather & manufactures and textile & textile products while the same was lower for petroleum products and ores & minerals.
  • There has been diversification of merchandise exports towards developing countries with their share in total exports increasing to 43.6 per cent during April-June 2011-12 from 41.7 per cent during April-June 2010. Read more

Reliance Power contracts with GE over $750 Million for largest Gas Turbine Combined Cycle Power Project In India’s History

Mumbai, 6th November, 2010 – President Barrack Obama today graced the ceremony to commemorate the contracts between Reliance Power and GE for the 2400 MW gas based Samalkot Expansion Power Project in Andhra Pradesh.

Speaking at the side line of the announcement President Obama said “We are just scratching the potential. Already 10000 jobs have been created.”

Mr Anil Ambani said at Reliance Power GE ceremony – “This is a defining moment in Indo U.S. energy cooperation. Reliance Power in partnership with GE will implement India’s largest clean green power project at Samalkot, India. The fast track power project to be operational in less than 2 years by 2012.”

He added that “Reliance Power partnership with GE and other US companies to result in over $ 2 bn of manufacturing exports from US to India over next 24 months.”

Mr. Jeffrey Immelt, Chairman of GE said: “This is a great agreement for our two companies. But its also a great agreement for our two countries – an example of how trade truly is win-win. India will benefit from state-of-the-art technology, generating reliable power for millions of its citizens, and helping to support economic growth and jobs here in India. In the United States, the export of these turbines – assembled principally in Greenville, SC and Schnectady, NY – will support US jobs.” Read more

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