Wednesday, June 11, 2014

India likely to achieve 5.5% growth


New government showing signs of economic reforms and brings in transparency in governance, the World Bank feels that India could achieve an economic growth rate of 5.5% this year as compared to 4.7% last year.

The auto industry produced a total 1,990,010 vehicles including passenger vehicles, commercial vehicles, three wheelers and two wheelers in May 2014 as against 1,742,939 in May 2013, registering a growth of 14.18% over the same month last year.

The sales of passenger vehicles declined by 3.46%, commercial vehicles segment registered a de-growth of 19.69%, three wheelers sales grew by 5.29% and two wheelers registered a sales growth of 14.03% in April-May 2014 over the same period of 2013. In April-May 2014, overall automobile exports grew by 22.23%.

According to Rubber Board data, natural rubber production during April-May 2014 dropped 7% to 104,000 tonnes compared with 112,000 tonnes during the same period of 2013. While consumption had a slight increase of 0.4% at 165,000 tonnes, compared to 164,305 tonnes in April–May 2013. Natural rubber imports were up 80% during the April–May 2014 period compared with the same period in 2013-14. A sharp drop in the international prices of natural rubber over the local prices is the chief reason for the rise in imports. While exports put up a poor show, dropping 98% to just 40 tonnes, compared to 1,723 tonnes exported during the April-May 2013 period.

Today, the benchmark RSS4 grade rubber closed at `.145.50 a kg at Kottayam, while RSS3 grade closed at `.122.91 a kg at Bangkok and Malaysian SMR20 closed at `.98.94 a kg. On National Multi Commodity Exchange, June 2014 futures were trading at `.142.75 a kg, July at `.144.35, August at `.142.22, September at `.141.70 and October at `.140.75 a kg, while Mini Rubber contract for June at `.141 a kg. On Tokyo Commodity Exchange, June 2014 futures series closed at ¥188.5 a kg, July at ¥189.8, August at ¥191.6, September at ¥195.5, October at ¥198.1 and the contract for delivery in November 2014 closed at ¥199.9 a kg.

For latest rate of Currency Exchange: www.rubber4u.com/Statistic/Notices

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