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 Indian trade deficit narrows to $12.24 billion in June

Easing pressure on the current account balance, India’s trade deficit narrowed in June to $12.24 billion from a 7-month high, as compared to $20.1 billion a month ago mainly on the back of slowdown in gold imports. The overall trade deficit for April-June 2013 was estimated at $ 50.18 billion which was higher than the deficit of $42.21 billion during same period last fiscal.

India’s exports contracted by 4.6 per cent, for the second consecutive month, to $23.79 billion in June 2013 compared to that in the year-ago period. Moreover, on cumulative basis, value of exports for the period April-June 2013 was $72.45 billion, as against $73.49 billion, registering a negative growth of 1.41 per cent in Dollar terms over the same period last year.

Imports too declined marginally by 0.37 per cent to $36 billion in the month as against $36.16 billion in June 2012. While, on the cumulative basis, imports for the period of April-June 2013 was at $122.63 billion as against $115.70 billion, registering a growth of 5.99 per cent in Dollar terms over the same period last year.

Meanwhile, Oil imports in June grew by 13.74 per cent to $12.76 billion from $11.22 billion in the same period last year. On the other hand non-oil imports declined by 6.7 per cent to $23.2 billion.

Meanwhile, gold become the second biggest item in the country’s import basket, after crude oil, on the back of enormous demand from Indian customers. In a bid to trim down gold demand, Indian government took slew of measures including a 2 percentage point hike in import duty which appeared to have worked as the growth in gold and silver imports slowed to 22.8% year-on-year at $2.45 billion last month. Gold and silver imports had jumped an annual 109% in April and May combined as retail buyers tried to take advantage of sliding global prices.

Share of Countries-Email and Tweets

* India Today,Funalytics

India's Own Pride-PSLV C22

Veeriyam India is proud to present you a proud moment of India's growth story

                                            http://www.youtube.com/watch?v=nt7EGo2yZvU
Joining a select group of nations, India entered a new era in space applications with its first dedicated navigation satellite being succesfully put into orbit by its polar rocket PSLV that will give the country an alternative to US' GPS.

In a midnight launch, India's workhorse 44-metres tall Polar Satellite Launch Vehicle (PSLV) blasted off in a perfect text book launch at 11.41pm on Monday night carrying the indigenous IRNSS-1A from the Satish Dhawan Space Centre in Sriharikota.

The IRNSS-1A satellite is the first in a series which will give India its own space-based navigator system.

Consisting of a space segment and a ground segment, IRNSS has three satellites in geostationary orbit and four satellites in inclined geosynchronous orbit and is to be completed before 2015.




*Source:Times of India,Spacevid

Petrol Price V/S Income -Interesting Comparison Of Nations

Interesting Fact about Petrol Price,Now the importance of HDI comes into play

*Source:-India Today,Bloomberg.

UNCOMPROMISING TRADE DEFECIT-India's trade deficit with China balloons to $12 billion

The India-China trade deficit increased by 34 per cent to reach $12 billion in the first five months of the year, presenting a bleak picture for Indian exports as bilateral trade continued to decline, denting hopes of achieving a trade volume of $100 billion by 2015. 

According to the data released by Chinese customs, the India-China bilateral trade touched USD 26.5 billion till May 2013. 

The trade deficit for India has widened year-on-year to $12 billion, up by 34 per cent. The trade volume was lowered by over $2 billion compared to last year. 
Bilateral trade fell to about $66.7 billion last year from around $74 billion in 2012. The trade deficit touched about $30 billion last year, causing concerns in India. 

While the Chinese exports registered marginal increase the bilateral trade numbers are falling. 

Exports have declined substantially while imports have risen marginally, officials here told PTI. 

Much to the disquiet of India, its main items of exports like cotton, iron ore and copper have continued their downward slide. 

Iron ore declined sharply by 76 per cent to $595.42 million. Cotton and copper declined year-on-year by 40 per cent to $1.39 billion and 24 per cent to $688.53 million respectively. 

India's overall share in Chinese exports has dropped to under 1 per cent from 1.33 per cent, the data showed. 

Cotton yarn and diamonds are the other two exports that rounded off the top five. Cotton yarn is the sole bright spot showing a jump of 115 per cent to reach a value of $740 million. 

Diamonds have increased at a modest 14 per cent to record $562.1 million. 

The Chinese exports to India maintained an even keel, rising by 2.7 per cent year-on-year. 

The declining trade as well the promise held out by the Chinese Premier Li Keqiang in the last month's visit to New Delhi to provide more market access to Indian goods were the focus of discussions between the two countries in the past few weeks.


Source:-Times of India

A Wake Up Call For GOI

The percentage of Indians employed in agriculture has slipped below 50 per cent, says the latest data on employment trends released by the government.

But more worrying for the government is that the rising army of workers freed from the agricultural sector are unlikely to land a stable job in the urban areas.

The data shows a clear rise in unemployment among these workers with urban unemployment rising in the past two years.The lead results released from the 68th round of National Sample Survey Organisation (NSSO) shows that male unemployment in urban areas has risen to 3.2 per cent. To make up for the lack of employment opportunities women are joining in as workers to supplement the family income (14.7 per cent against 13.8 per cent in the 66th round). So while fewer women in the rural areas compared to two years ago and even earlier are entering the job market, the reverse is happening in urban areas.

Overall unemployment measured by the usual status for both men and women have risen to 2.7 per cent across both rural and urban households, compared to 2.5 per cent in the earlier rounds showing the impact of the lower economic growth in the past two years. The numbers are a worrying sign for the government in a poll year.

As a result the workers are depending more on daily wage and other causal labour to earn their family meal. Measured by current daily status the percentage of unemployed has come down from 6.98 per cent to about 6 per cent. This has also happened as the number of workers available for employment has come down.

The lead results of NSSO show that despite a rise in the number of people in the employment age group, the percentage of them available in the job market has shrunk. From 34.1 per cent in 2009-2010 the percent has shrunk to 33.9 per cent. The same trend is visible when employment is measured by other yardsticks too, the data shows. The data bears out the anecdotal evidence that workers due to a combination of low work opportunities and the prospect of a dole like the NREGA have opted out of employment market, said Pronab Sen, India's former chief statistician and current professor, Indian Statistical Institute.

The rise in unemployment is disconcerting as the total number of Indians now in the workforce has expanded by 14 million to reach 473 million, a growth of 3 per cent in just two years. Yet because of the lack of job opportunities 52 per cent of them are now self employed, the data shows.

Source:-Indian Express.