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For FY11, the think-tank has said that it expects all three broad sectors of the economy—agriculture, manufacturing and services—to improve their performance
Driven by an estimated 8.4% growth in the fourth quarter, the economy was expected to have grown by 7.1% in the just-concluded fiscal and by a robust 9.2% in the current financial year, economic think-tank Centre for Monitoring Indian Economy (CMIE) has said, reports PTI.
“We estimate the real gross domestic product (GDP) would have risen by 7.1% in fiscal 2009-10 and (will grow) by 9.2% in 2010-11,” CMIE has said in its report.
While GDP growth for the just-concluded fiscal is a tad lower than the 7.2% expansion that finance minister Pranab Mukherjee as well as the Central Statistical Organisation have been projecting, the current year’s projection is much above the minster's 8.75% forecast.
In the fourth quarter, the economy is estimated to have grown by an “impressive” 8.4%, the CMIE report said, adding that during the first three quarters of the past fiscal, real GDP grew by 6.7% compared to 7.1% in the same period of 2008-09.
“The growth in 2009-10 would be driven by the rise in GDP from the industrial sector including construction,” CMIE said. “We estimate that the industry sector would have grown by 9.4% in 2009-10, with the manufacturing segment clocking a robust 10.3% growth.”
Real GDP from mining and quarrying is estimated to have grown by 10.3% in 2009-10, on top of a 9.7% growth in 2008-09.
“Coal, natural gas and iron ore are the few items whose production has recorded impressive growth,” the report said. Growth in the services sector is estimated to have come down to 8.2% in FY10 from 9.8% in FY09, it said.
“This slowdown is largely on account of a steep deceleration in growth in the public administration and defence segment to 8% from 22.1% in 2008-09,” CMIE said.
Real GDP from the agricultural sector is also estimated to have declined by 1% in FY10 because of a decline in kharif crop production, it said.
This would be the first fall after 2002-03, when the sector had witnessed a 7.2% decline, the report said.
For FY11, the CMIE report said that it expected all three broad sectors of the economy—agriculture, manufacturing and services—to improve their performance.
The industrial sector, including construction, is projected to grow by 9.6% in FY 11, better than the 9.4% in FY10, the report said.
Growth in the construction sector will be led by the food products segment, particularly sugar and edible oil, the CMIE report said.
“Acceleration in consumption and investment growth in 2010-11 will contribute to a higher growth in consumer durables and capital goods output,” it said.
Around Rs6.5 lakh crore worth of projects are scheduled to be commissioned during FY 11 as against an estimated Rs4 lakh crore in FY 10, it said.
IT-enabled services and insurance were the two sectors which saw the maximum number of jobs being created
India Inc’s hiring activity picked up 1.5% in March, led by IT-enabled services, insurance and auto sectors, a report by job portal naukri.com has said.
The portal’s monthly ‘Job Speak’ survey reflected renewed optimism among recruiters, with the new job index moving up to 962 in March compared to 947 in February, reports PTI.
Naukri takes into account not only the jobs posted online by its clients, but also those made by them with the help of the website’s tele-calling team.
“The hiring intentions of companies in most industry sectors seem to be moving in a positive direction as reflected by the consecutively upward moving job index in the first quarter of 2010. It seems ‘cautious optimism’ among employers has given way to definite optimism,” said Sumeet Singh, national head (marketing and communication) of Info Edge, which owns the website.
Hiring in IT-enabled services and insurance sectors have seen maximum movement with the index moving up by 13% and 15% respectively in March over the last month.
Recruitment in the auto sector moved up by 8% and in the pharmaceutical sector by 7% in March, the report said.
Professionals in production, banking and HR also witnessed an increase in hiring by 8% to 12% in March over February, the report said.
Overall, the index seems to be moving in a robust manner with hiring moving up across all industry verticals, functional areas and cities.
Among cities, Delhi has emerged as the most bullish on hiring, with the city-wise job index moving up 13% over the last month.
The court has upheld the decision of the Central Information Commission which had declared that the stock exchange is a public authority
The Delhi High Court today said that the National Stock Exchange (NSE) is a “public authority” and is bound to reveal information under the Right to Information (RTI) Act, reports PTI.
Justice Sanjiv Khanna dismissed NSE’s plea that it cannot be forced to disclose information under the transparency law because it is an autonomous body and not controlled by the government.
The court upheld the decision of the Central Information Commission (CIC) which had declared the stock exchange as a public authority.
The CIC had in 2007 held that stock exchanges are quasi-governmental bodies which are bound to disclose information to the public under the RTI Act.
“A stock exchange being a quasi-governmental body working under the statute and exercising statutory powers has to be held to be a public authority under the Act,” the CIC had said while directing the NSE to put in place a mechanism for the purpose.
The NSE then approached the Delhi High Court, which had on 4 July 2007, stayed the CIC order.
Contending that it is an independent organisation and registered as a company, the stock exchange had submitted that it cannot be forced to comply with the transparency law as a private organisation and that it cannot be placed under the ambit of the RTI Act.