Oil prices eased in Asia as poor housing and
employment data from the United States sparked concerns of weaker crude demand
in the world's biggest economy.
The economy has slowed down, business has
slowed down. But this year, I expect the economy to grow at least by 1% more
than last year. Next year, I expect it to grow another 1% more than the current
year. We should soon reach our potential growth rate of 8%, said Finance
Minister P Chidambaram.
The final FY13 GDP numbers are expected early
next week and the GDP is widely expected to be around 5%. The Economic Survey
pegged GDP growth between 6.1 and 6.7% for FY14. In its annual monetary policy
announcement on 3rd May, the Reserve Bank had estimated growth for the fiscal
at 5.7%.
The rupee touching nearly 9 month low against
the dollar and Reserve Bank of India (RBI) has decided to relax norms for
exporters. RBI had imposed a host of restrictions on both banks as well as
corporates in December 2011 and subsequently in 2012 that were considered
necessary for curbing their speculative behaviour. As the situation improved,
many of these restrictions have been either relaxed partially or removed.
Thailand will not extend restrictions on
exporting natural rubber when the measure expires on 31st May; curbs had little
impact on prices. Most probably on Monday, TOCOM will be trading in negative.
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