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India's exports likely to grow 10% in 2013-14: PMEAC

The PM's economic advisory panel today projected about 10% increase in India's exports to $329.7 billion during the current fiscal in view of some improvement in the global growth situation. In the 2012-13 fiscal, the merchandise exports stood at $301 billion. The Prime Minister Economic Advisory Council (PMEAC) report said the imports may touch $542.7 billion during the current fiscal, from $501.1 billion in 2012-13.

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India may grow at 6.1% this fiscal: World Bank

India’s economy is likely to grow at 6.1% in the current fiscal year, compared with 5% in the previous year, the World Bank said in its India development update, but stressed the need for continuing reforms. In its biannual update, the World Bank said growth may accelerate in the coming months with recent economic data showing signs of a pick-up. The forecast is in line with similar ones by the International Monetary Fund as well as economists that the Indian economy may have bottomed out.

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India May Consider Cutting Wheat Export Price to Boost Shipments

India, the world’s second-biggest wheat grower, will consider cutting the export price to boost shipments from state reserves amid forecasts for a record harvest for a sixth year. A panel of ministers headed by Agriculture Minister Sharad Pawar will review the minimum price of 14,840 rupees ($274) a metric ton that private traders need to bid for supplies from the Food Corp. Food Minister K.V. Thomas told reporters in New Delhi today.

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New Zealand drought fuels boom for Indian dairies

A severe drought in New Zealand that has sent global milk prices soaring is proving to be a boon for Indian dairies, especially the co-operatives, which have seen a surge in demand for skimmed milk powder in recent months. The Gujarat Milk Marketing Co-operative Federation, which owns the Amul brand, saw its exports rise to 4,000 tonnes since the Government lifted the ban on shipments in June last year.