1.   

PM's council pegs FY14 GDP growth at 5.3%

Prime Minister's Economic Advisory Council (PMEAC) has pegged India's Gross Domestic Product (GDP) growth at 5.3% for the current financial year. This is way down from their earlier estimates of 6.4% but higher than sub-5% growth projected by various brokerage firms and independent economists. C Rangarajan, Chairman of PMEAC said in a press conference that containing the fiscal deficit within the budgeted target of 4.8% of GDP could be a challenge.

2.   

Manmohan promises help to states for improving agricultural production

Flagging the challenge of raising food grain production, Prime Minister Manmohan Singh on Friday promised all assistance to states for improving agricultural growth. “It’s a challenging job to increase production of food grains and other crops for the growing population of the country, especially, because agriculture is still dependent on monsoon in large parts of the country,” he said, addressing a gathering of farmers, who arrived in New Delhi as part of a nationwide tour from Banaskantha in Gujarat.

3.   

Govt eyes currency swaps with 7 emerging markets

The government is considering over half a dozen emerging markets with which India can trade in rupees through currency swap arrangements. This is a mechanism by which countries can trade in local currency and avoid dollar volatility. The countries with which currency swaps are being considered are Malaysia, Thailand, Russia, Vietnam, Turkey, Bangladesh and Mexico. These are the countries with which India has two-way trade and most of them have seen their currency being battered against the dollar.

4.   

India’s exports jump as investors turn optimistic

Indian exports climbed by nearly 13 percent in August on a 12-month basis in a sign the falling rupee is starting to help Asia’s third-largest economy, data showed Tuesday. In other positive news, shares climbed by nearly four percent and the currency continued to gain in value against the dollar after hitting a string of record lows in recent months. The trade deficit in August fell to $10.9 billion from $14.17 billion in the same month a year earlier, according to commerce ministry figures.