New index for measuring industrial output approved

The IIP for April would be based on the new model of measuring the country's factory output. The index will include items like ice cream, fruit juices, mobile phones, computer stationary, newspapers, chemicals like ammonia, ammonia sulphate, electrical products like solder power systems, gems and jewellery and molasses

New Delhi: Production trend in 100 new items, including ice cream, fruit juices and mobile phones will weigh on measuring the pace of industrial production, as per the new index series approved by the government, reports PTI.

The new Index of Industrial Production which will come into effect from 10th June, with the base year 2004-05, has been approved by the Committee of Secretaries (CoS), an official said.

The new items in the Index of Industrial Production (IIP) would also include computer stationary, newspapers, chemicals like ammonia, ammonia sulphate, electrical products like solder power systems, gems and jewellery and molasses.

On the other hand, obsolete articles like typewriters, loud speakers and VCRs would be taken off to make the series representative of the present-day industrial production and demand scenario.

The base year for the new series will be changed to 2004-05 from 1993-94.

The IIP for April would be based on the new model of measuring the country's factory output. The April data would be released on 10th June.

The new IIP series will help policymakers and market participants, the official added.

The Department of Industrial Promotion and Policy (DIPP) and the Central Statistical Organisation (CSO) were jointly working on the new index. Currently the IIP basket has 283 items.

The industrial output data or IIP is released on monthly basis.

The factory output grew by 7.8% in the fiscal 2010-11.

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Bank of India: Soft & gentle

The new Bank of India TV ads are gentle, earthy and made realistically. They entertainingly bring out the struggles of modern life and this helps make the brand fit happen endearingly

I watched the new Bank of India TV campaign with a degree of circumspection. Public sector advertising has traditionally been safe and cliché ridden in India. But must say I was left pleasantly surprised… it's actually quite a nice campaign. Indeed, it's good to see sarkaari banks wake up to the need for solid advertising in these highly cluttered times.



There are three commercials on air. Each one sells a different kind of loan. One deals with home loans. This one features a dude flirting with and chasing a shy girl on the city streets. She seems to like him, but is worried that onlookers will take notice. We assume they are lovers. Or that something nefarious is at play out here, what with the chap unwilling to quit his flirty behaviour. Anyway, they reach the girl's home, and he follows her there too. And we discover they are married, and have reached their own home. But since it's a joint family, the couple has no option but to romance on the streets. Enter Bank of India Home Loans.



In another commercial, two young execs are seen sipping tea at a roadside chai shop. They are unhappy at their workplace, and want a loan to start their own venture. One very pissed off exec screams at the chai boy for serving him rubbish tea, and the two walk off in a huff. Meanwhile, the tea boys get together and complain about the same thing-that they should start their own business, instead of putting up with crabby customers every day. Enter Bank of India biz (SME) loans. The car loans ad is only slightly weaker. In this one, a man is unable to take his entire family out for a movie on his scooter, so half of them are compelled to travel by a rickshaw.

I quite like this work. The ads are gentle, they are earthy, they are made realistically… a reflection of urban Indian middle class life. Without demeaning people's dreary existence, without any hard sell, they entertainingly bring out the struggles of modern life, and this helps make the brand fit happen endearingly. Suddenly, you want to meet up with the Bank of India guys. How charming their staffers will turn out to be, is another story, of course.

A very good example of how advertising can help consumers connect with and feel affectionate to a brand. More importantly, a good example of how to sell without upsetting TV viewers with noise, tall claims and condescending celebrities.

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Indian stocks to see range-bound opening: Tuesday Market Preview

Policymakers are worried about the pace of the economic recovery across the globe amid rising prices

The Indian market is likely to see a range-bound opening on the back of negative cues from the global markets and domestic inflationary pressures. Wall Street settled lower on Monday on economic concerns in the US and debt issues plaguing countries in Europe. The Asian pack opened weak on Tuesday on growth concerns and profit booking. The SGX Nifty was 10 points down at 5,480 compared to its previous close of 5,490.

The steep hike in petrol prices which came into force on Sunday, rattled investors, and led to the market opening lower. Negative cues from the global arena also added to the woes. The Sensex opened 31 points lower at 18,493 while the Nifty opened at 5,542, three points off its Friday close. Nervousness ahead of the announcement of headline inflation data also added to the sluggishness, and saw indices range-bound in negative terrain. The market touched its intra-day high in the first hour of trade, with the indices around the opening levels.

The market pared some of its losses as inflation numbers were marginally lower. Concern is already building that despite easing headline inflation, high fuel costs could lead the Reserve Bank of India (RBI) to go in for further tightening measures in June.

The market dropped in the post-noon session on the possibility that the government may also increase diesel and domestic LPG prices. The indices touched their intra-day lows in post-noon trade, with the Sensex at 18,320, down 211 points, and the Nifty off 57 points at 5,488. However, the market closed a little above these levels. The Sensex settled at 18,345, down 186 points and the Nifty closed at 5,499, down 46 points.

If the Nifty is able to keep itself above 5,540, we can expect the market to see some gains. The first resistance for the Nifty is at 5,650 but if the Nifty declines to below 5,472, we may see the market head for 5,390.

Markets in the US closed lower on signs of economic weakness as a gauge of manufacturing in New York State declined more-than-expected in May to its lowest level in five months, the New York Federal Reserve said. The Empire State Manufacturing Index fell to 11.88 in May from 21.7 in April, the lowest level since December 2010. Besides, White House and congressional Republicans have not been able to reach a consensus over the deficit and the debt ceiling. A failure to raise the debt limit could lead to a worse financial crisis than the one in 2008-09, president Barack Obama warned. This apart, European debt issues also weighed on investors’ sentiments.

The Dow Jones declined 47.38 points (0.38%) to close at 12,548.37. The S&P 500 fell by 8.30 points (0.62%) to settle at 1,329.47 and the Nasdaq was down 46.16 points (1.63%) to 2,782.31.

Markets in Asia opened lower on Tuesday on concerns about the pace of global growth and profit booking after recent gains. Global financial firm Moody’s Investor Services said Greek default losses may “far exceed” bank loans. Authorities stepped up pressure on Greece to sell assets and expand spending cuts to win an increase of its 110 billion- euro ($156 billion) aid package and more time to repay the loans.

The Shanghai Composite fell by 0.51%, the Hang Seng declined 0.58%, the Nikkei 225 lost 0.44%, the Seoul Composite retreated 0.29% and the Taiwan Weighted was down 0.28%. Markets in Singapore, Malaysia, Thailand and Indonesia are closed for a public holiday.

Back home, the new Index of Industrial Production (IIP) which will come into effect from 10th June, with the base year 2004-05, has been approved by the Committee of Secretaries (CoS).

Production trend in 100 new items, including ice cream, fruit juices and mobile phones will be included in the new index. It will also have items like computer stationary, newspapers, chemicals like ammonia, ammonia sulphate, electrical products like solder power systems, gems and jewellery and molasses.

On the other hand, obsolete articles like typewriters, loud speakers and VCRs would be taken off to make the series representative of the present-day industrial production and demand scenario.

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