1.   

Economy turning around; GDP growth to exceed 6 per cent: Prime Minister

Indicating that the worst may be over for India's economy, Prime Minister Manmohan Singh said on Wednesday that the economic situation is turning around with inflation coming under control and the gross domestic product (GDP) growth likely to exceed 6 per cent in the current fiscal year. Speaking on the fourth anniversary celebrations of UPA-II government in Delhi, the Prime Minister said 8 per cent growth rate was possible if the Congress-led coalition is voted to power again next year.

2.   

'MSMEs share in India's exports may rise up to 50% by 2017'

The share of Micro, Small and Medium Enterprises (MSME) is expected to increase up to 50 percent in India's total exports in the 12th Plan from 36 percent now, Minister of State (Independent Charge) for MSME K H Muniyappa said on Thursday. The increase is expected on account of increasing demand from the western and emerging markets. "Earlier, it (the share of MSMEs in the country's total exports) was 40 percent, but now it has reduced to 36 percent due to demand slowdown in western markets," Muniyappa said, adding that "the contribution is likely to be up to 50 percent by 2017".

3.   

Government increases support for exports to Latin America

In a major push to market development in Latin America, Government has removed the upper ceiling with regard to eligibility for Market Development Assistance (MDA) for participation in Buyer-seller Mission BSMs/fairs/exhibitions abroad to explore new markets in focus countries of Latin America for export of their specific product(s) and commodities from India in the initial phase.

4.   

Dubai firm bids highest for PEC wheat at $305.10/tonne

State trading firm PEC Ltd has received the highest bid of $305.10 a tonne from the Dubai-based Al Ghurair for export of 40,000 tonnes wheat from Government stocks through the Kandla Port. For PEC’s other two tenders for shipments from Gangavaram and Krishnapattanam, it has received offer from Singapore-based Concordia at $303.10 and $301 for 30,000 tonnes and 40,000 tonnes, respectively.