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ASSOCHAM Economic Weekly 2nd September, 2012

Assocham Economic Research Bureau

THE ASSOCIATED CHAMBERS OF COMMERCE AND INDUSTRY OF INDIA

Contents 1. Macroeconomy
1.1 GDP Growth Rates and Sectoral Development 1.2 All India Consumer Price Index Numbers for Industrial Workers 1.3 Fiscal deficit during April-July 2012-13 1.4 Drought mitigating measures announced

2. Corporate Sector
2.1 Performance of Eight Core Industries. 2.2 Sectoral Deployment of Bank credit 2.3 Mineral Production during June 2012 2.4 Additional Services Exempted from Service Tax

3. Market Trends 4. Global Developments


4.1 China Industrial Profits Decreased from January to July 2012-13 4.2 Euro Area Unemployment Rate at 11.3%

5. Data Appendix

1. Macroeconomy

1.1 Gross Domestic Product Growth Rates and Sectoral Development. GDP at factor cost at constant (2004-05) prices for the first quarter (Q1) of 2012-13 is estimated at Rs. 13,06,276 crore, as against Rs. 12,38,738 crore in Q1 of 2011-12, showing a growth rate of 5.5 per cent over the corresponding quarter of previous year. The economic activities which, registered significant growth in Q1 of 2012-13 over Q1 of 201112 are construction at 10.9 per cent, financing, insurance, real estate and business services at 10.8 per cent and community, social and personal services at 7.9 per cent. The estimated growth rates in other economic activities are: 2.9 percent in agriculture, forestry & fishing, 0.1 percent in mining & quarrying, 0.2 per cent in manufacturing, 6.3 percent in electricity, gas and water supply and 4.0 percent in trade, hotels, transport and communication during this period. The key indicators of construction sector, namely, production of cement increased by 11.0 per cent and consumption of finished steel registered growth rate of 8.8 per cent, during Q1 of 201213. Among the services sectors, the key indicators of railways, namely, the net tone kilometres and passenger kilometres have shown growth rates of 1.2 per cent and 6.9 per cent, respectively during Q1 of 2012-13. In the transport sector, the sales of commercial vehicles, cargo handled at major ports, cargo handled by the civil aviation, passengers handled by the civil aviation registered growth rates of 6.1 per cent, (-) 5.5 per cent, (-) 4.7 per cent and 2.6 per cent respectively during Q1 of 2012-13 over Q1 of 2011-12.

Please refer Table 1 for relevant figures Table 1 Quarterly estimate of Gross Domestic Product at 2004-05 prices
2011-12 Q1 Rs. Crore 167548 26251 196170 24333 96539 357883 225165 144849 1238738 2012-13 Q1 Rs. Crore 172402 26282 196544 25867 107087 372192 249575 156327 1306276 Q1 3.7 -0.2 7.3 8.0 3.5 13. 8 9.4 3.2 8.0 2011-12 (Y-o-Y) Q2 3.2 -2.9 2.7 9.8 4.3 9.8 10.5 6.6 6.9 Q3 2.8 -2.8 0.6 9.0 6.6 10.0 9.1 6.4 6.1 Q4 1.7 4.3 -0.3 4.9 4.8 7.0 10.0 7.1 5.3 2012-13 (Y-o-Y) Q1 2.9 0.1 0.2 6.3 10.9 4.0 10.8 7.9 5.5

1. agriculture, forestry & fishing 2. mining & quarrying 3. manufacturing 4. electricity, gas & water supply 5. construction 6. trade, hotels, transport & commn. 7. financing, ins., real est. & bus. servs. 8. community, social & personal servs. GDP at factor cost Source: CSO

1.2 All India Consumer Price Index Numbers for Industrial Workers All India Consumer Price Index Number for Industrial Workers (CPI-IW) rose by 4 points and pegged at 212 (two hundred and twelve). On 1-month percentage change, it increased by 1.92 per cent between June and July compared with 2.12 per cent between the same two months a year ago. CPI-IW stood at 9.84 per cent for July, 2012 (over July, 2011) as compared to 10.05 per cent for the previous month and 8.43 per cent during the corresponding month of the previous year. Similarly, the Food inflation stood at 11.27 per cent against 10.45 per cent of the previous month and 6.25 per cent during the corresponding month of the previous year.

The largest upward contributions to the change in current index came from food prices which rose by 2.38 per cent, contributing 2.44 percentage points to the total change. The largest upward pressure came from Rice, Arhar Dal, Green-chilly, Onion, vegetables, mainly Potato and Tomato,
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and Sugar. This was, however, partially offset by downward contributions from French Bean, Brinjal, and Poultry (Chicken). House rent which increased by 2.96 per cent, contributed 1.05 percentage points to the overall change. The change was reported during the 21st round of Repeat House Rent Survey conducted from January to June, 2012 to capture the change in expenditure incurred on rent by industrial workers. The increase in the current round was mainly on account of annual increment awarded to the salaried persons under centre/state sphere as well as the rise in rent reported from private dwellings. The largest downward contributions to the change in current index came from Transport and Communication with a decline of 0.99 per cent, contributing 0.09 percentage points to the total change. At centre level, largest increase of 18 points has been recorded in Durgapur followed by RanchiHatia (10 points), Vijaywada and Jabalpur (9 points each), Goa and Faridabad (8 points each), Bhilai (7 points) and Hubli-Dharwar, H.P., Tiruchirapally and Delhi (6 points each). Among others, 18 centres have recorded rise of 5 points followed by 4 points in 15 centres, 3 points in 13 centres, 2 points in another 13 centres and 1 point in 4 centres. Howrah was the only centre which reported decline in index of 1 point. Rest of 3 centres indices remained stationary. There are in all 26 centres whose indices are at par or above All-India Index and rest of 52 centres have indices lower than national average.

1.3 Fiscal deficit during April-July 2012-13 Fiscal deficit in four months is 51.5 percent of the Budget estimate for 2012-13 as compare same period of last year, which is lower (55.4 percent in 2011-12) While the governments non-Plan expenditure is rising, the fiscal deficit at the end of April-July 2012-13 stood at Rs. 2, 64,432 crores.

The years deficit saw a jump to 5.7 per cent of the GDP against the budget estimate of 4.6 per cent. In the current financial year, the fiscal deficit is estimated at 5.1 per cent of the GDP. This year, the government has pegged its market borrowings at Rs. 240756 crore, 49 percent of budget estimates. This is 8 percent lower as compare to last year same period. The revenue deficit stood at Rs 214718 crore in April to July 2012-13, which is 61.3 per cent of Budget estimates in 2012-13. Please refer Table 2 and 3 for relevant figures: Table 2 The State of Finances of Union Government at the end of July 2012 (in Rs. Crores)
Budget Estimates 2012-2013* Rs. 1 2 3 4 5 6 7 8 9 Revenue Receipts Tax Revenue (Net) Non-Tax Revenue Non-Debt Capital Receipts Recovery of Loans Other Receipts Total Receipts (1+4) Non-Plan Expenditure On Revenue Account (i) of which Interest Payments On Capital Account (i) of which Loans disbursed Plan Expenditure On Revenue Account On Capital Account (i) of which Loans disbursed Total Expenditure (8+11) 15 Fiscal Deficit (14-7) 935685 771071 164614 41650 11650 30000 977335 969900 865596 319759 104304 923 521025 420513 100512 19156 1490925 513590 Actuals@ upto July 2012 Rs. 168826 142789 26037 4033 2703 1330 172859 323295 290354 80615 32941 10344 113996 93190 20806 3984 437291 264432 % of Actuals to Budget Estimates Current 18.0 18.5 15.8 9.7 23.2 4.4 17.7 33.3 33.5 25.2 31.6 1120.7 21.9 22.2 20.7 20.8 29.3 51.5 COPPY** ( 17.4) (17.2) (18.4) (16.8) (54.0) (2.9) (17.3) (32.3) (32.0) (25.2) (35.0) (3841.8) (25.3) (26.8) (18.2) (22.0) (29.8) (55.4)

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11 12 13 14

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Revenue Deficit (9+12-1)

350424

214718 183817

61.3 94.8

(63.4) (111.3)

17 Primary Deficit {15-9(i)} 193831 **COPPY: Corresponding Period of the Previous Year Source: http://www.cga.nic.in/

Table 3 Financing the Deficit at the end of July 2012


(Rs. Crores) Budget Estimates 2011-2012* Rs. 1 2 . External Financing Domestic Financing (a) Market Borrowings (b) Securities against Small Savings (c) Deposit Scheme for Retiring Employees (d) State Provident Funds (e) Special Deposits of NonGovt. Provident Funds, Insurance Corporation etc. (f) National Small Saving Fund - i- Savings Deposit and Certificates - ii- Public Provident Funds -iii- Investment In Securities - iv- Income/Expenditure of NSSF (g) Others (h) Cash Balance {Decrease(+)/ Increase(-)} (i) Investment (-) / Disinvestment(+) of Surplus Cash (j) Ways & Means Advances 10148.20 503442.25 488000.00 1197.52 0.00 12000.00 0.00 Actuals@ upto July 2012 Rs. -1403.81 265835.34 240756.93 -366.89 - 0.21 382.96 -246.98 % of Actuals to Budget Estimates Current -14 53 49 -31 0 3 COPPY** (9) (57) (57) (-1) (0) (12)

. . .

. . . . .

5005.48 -27000.00 27000.00 12122.24 -7116.76

4035.60 -3815.89 1789.86 6733.74 -672.11

81 14 7 56 9

(4278) (-8) (1) (-8) (-60)

. .

- 22760.75 20000.00

- 30663.88 18409.81

135 92

(250) (10)

33528.00

TOTAL FINANCING

513590.45

264431.53

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(55)

**COPPY : Corresponding Period of the Previous Year Source: http://www.cga.nic.in/

1.4 Drought Mitigation Measures Announced Government has introduced Diesel Subsidy Scheme to offset the cost of diesel used for pumping water for providing supplementary and protective irrigation to standing crops in drought affected areas. Government has also enhanced ceiling on subsidies on seeds of cereals, pulses & oilseeds and coarse cereals to partially recompense the farmers for the additional expenditure incurred by them in resowingand / or purchasing drought tolerant variety of seeds.

Diesel Subsidy Scheme Under this scheme, 50% of the cost of diesel for supplementary and protective irrigation will be provided as financial assistance to farmers, limited to 2 ha per farmer, which will be equally shared by Government of India (GOI) and respective State Government / Union Territory. GOIs contribution will be capped at Rs. 750 per ha. The scheme would operate till 30th September, 2012 in the following areas: Districts where rainfall deficit was more than 50% as on 15th July, 2012, as per India Meteorological Department (IMD) data, or Talukas and districts declared as drought affected areas by the respective State Governments; or Areas with prolonged dry spell with rainfall deficit of 60% or more, for any continuous 15 days period, beginning from 15th July 2012.

Enhanced Seed Subsidy Scheme Under this scheme, ceiling on seeds subsidy is enhanced from the rate of Rs.500 per quintal to Rs.700 per quintal in respect of cereals, from Rs.1200 per quintal to Rs.2000 per quintal in respect of pulses and oilseeds, and from Rs.800 per quintal to Rs.1000 per quintal in respect of coarse cereals.

2. Corporate Sector

2.1 Performance of Eight Core Industries. The Eight core industries have a combined Index was 147.3 in July 2012 with a growth rate of 1.8% compared to their 8.2% growth in July 2011. During April-July 2012-13, the cumulative growth rate of the Core industries was 3.2 % as against their growth at 6.0% during the corresponding period in 2011-12. Coal production registered a growth of 2.1% in July 2012 compared to its growth at 2.5% in July2011. However, in cumulative terms Coal production had a growth of 5.3% during April-July 2012-13 compared to its growth at 0.8% during the same period of 2011-12. Crude Oil production had a negative growth of (-) 0.7% in July 2012 compared to its growth at 1.4% in July 2011. Cumulatively also, Crude Oil production had a negative growth of (-) 0.6% during April-July 2012-13 compared to its growth at 7.3% during the same period of 2011-12. The growth rates of Natural Gas production was negative both in July, 2012, at (-) 13.5% and in July 2011 at (-) 8.2%. Cumulatively, Natural Gas production registered a negative growth of (-) 11.7% during April-July2012-13 and (-) 9.7% during the same period of 2011-12. Petroleum refinery production (weight: 5.94%) had a growth of 3.6% in July 2012 compared to its growth at 3.7% in July 2011. In cumulative terms, Petroleum refinery production registered a growth of 3.3% during April-July 2012-13 compared to its 4.8% growth during the same period of 2011-12. Fertilizer production (weight: 1.25%) registered a negative growth of (-) 2.2% in July 2012 against its growth at (-) 1.6% in July 2011. Cumulatively Fertilizer production had a

growth of (-) 9.5% during April-July 2012-13 compared to 0.4% growth during the same period of 2011-12. Steel production (weight: 6.68%) had a growth rate of 4.5% in July 2012 against its 16.5% growth in July 2011. Cumulatively, Steel production had a 3.8% growth during AprilJuly 2012-13 compared to its 10.4% growth during the same period of 2011-12. Cement production (weight: 2.41%) registered a growth of 3.8% in July 2012 against its 13.0% growth in July2011. The cumulative growth of Cement Production was 8.5% during April-July 2012-13 compared to its 12. Electricity generation (weight: 10.32%) had a 2.2% growth in July 2012 compared to its 13.0% growth in July2011. The cumulative growth of Electricity generation was 5.5% during April-July 2012-13 compared to 9.4% growth during the same period of 2011-12. 3.1% growth during the same period of 2011-

Please refer Table 4 for relevant figures: Table 4 Growth Performance of Eight Core Industries (Base: 2004-05=100) July 2012
Sector Coal Crude Oil Natural Gas Refinery Products Fertilizers Steel Cement Electricity Weight 4.38 5.22 1.71 5.94 1.25 6.68 2.41 10.3 2011-12 1.2 1.0 -8.9 3.2 0.4 7.0 6.7 8.1 April-July 2011-12 0.8 7.3 -9.7 4.8 0.8 10.4 3.1 9.4 6.0 April-July 2012-13 5.3 -0.6 -11.7 3.3 -9.5 3.8 8.5 5.5 3.2 July 2011 2.5 1.4 -8.2 3.7 -1.6 16.5 13.0 13.0 July 2012 2.1 -0.7 -13.5 3.6 -2.2 4.5 3.8 2.2

Overall Index 37.9 4.4 8.2 1.8 Source: Office of Economic Advisor, Ministry of Commerce & Industry, Govt. of India.

2.2 Sectoral deployment of Bank credit Sectoral deployment of credit collected on a monthly basis from select 47 scheduled commercial banks accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks for the month of July 2012
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Highlights of the data are given below:

On a year-on-year (y-o-y) basis, non-food bank credit increased by 16.5 per cent in July 2012 as compared with 18.9 per cent in July 2011.

Credit to agriculture increased by 18.8 per cent in July 2012, up from 11.8 per cent in July 2011.

Credit to industry increased by 17.2 per cent in July 2012, down from 21.2 per cent in July 2011. Deceleration in credit growth to industry was observed in all the major sub-sectors, barring petroleum, coal products and nuclear fuels, chemical and chemical products, glass and glassware, engineering and construction.

Credit to the services sector increased by 15.3 per cent in July 2012 as compared with 20.9 per cent in July 2011.

Credit to NBFCs increased by 40.5 per cent in July 2012, down from 54.0 per cent in July 2011.

Personal loans increased by 14.9 per cent in July 2012 as compared with 15.5 per cent in July 2011.

Please refer Table 5 for relevant figures Table 5 Gross Bank Credit by Major Sectors
Sector Outstanding as on Rs. billion Jul 29, 2011 Gross Bank Credit Food Credit Non-food Credit Agriculture & Allied Activities Industry Services Commercial Real Estate Non-Banking Financial Companies (NBFCs) Personal Loans 37956.2 674.6 37281.6 4430.0 16797.8 9040.6 1132.5 1729.4 7013.2 Jul 27, 2012 44393.2 968.3 43424.9 5262.8 19679.6 10427.7 1157.5 2430.3 8054.8 Growth Rate(Y-o-Y) Jul 29, 2011 / Jul 27, 2012 / Jul 30, 2010 Jul 29, 2011 19.11 31.55 18.90 11.76 21.21 21.16 18.64 54.00 15.54 16.96 43.53 16.48 18.80 17.16 15.34 2.21 40.53 14.85

Source: RBI

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2.3 Mineral Production during June 2012 The index of mineral production of mining and quarrying sector in June 2012 was lower by 4.5% compared to that of the preceding month. The mineral sector has shown a positive growth of 0.6% during June 2012 as compared to that of the corresponding month of previous year.

The total value of mineral production (excluding atomic & minor minerals) in the country during June 2012 was Rs.16828 crore. The contribution of petroleum (crude) was the highest at Rs. 5669 crore (34%). Next in the order of importance were: coal Rs 4521 crore, iron ore Rs.3538 crore, natural gas (utilized) Rs. 1298 crore, lignite Rs. 438 crore and limestone Rs. 344 crore. These six minerals together contributed about 94% of the total value of mineral production in June 2012.

Production level of important minerals in June 2012 were: coal 416 lakh tonnes, lignite 39 lakh tonnes, natural gas (utilized) 3468 million cu. m., petroleum (crude) 31 lakh tonnes, bauxite 1301 thousand tonnes, chromite 363 thousand tonnes, copper conc. 10 thousand tonnes, gold 124 kg., iron ore 154 lakh tonnes, lead conc. 13 thousand tonnes, manganese ore 203 thousand tonnes, zinc conc. 99 thousand tonnes, apatite & phosphorite 196 thousand tonnes, dolomite 470 thousand tonnes, limestone 237 lakh tonnes, magnesite 17 thousand tonnes and diamond 2269 carat.

In June 2012 the output of bauxite increased by 7.9%, chromite 4.1%, copper conc. 2.8 percent. However the production of petroleum (crude) decreased by 3.3%, diamond 3.4%, iron ore 3.7%, natural gas (utilized) 4.0%, limestone 4.1%, lignite 4.4%, apatite & phosphorite 6.0%, coal 6.8%, dolomite 8.6%, manganese ore 9.1%, zinc conc. 9.3%, gold 13.9%, lead conc. 17.3% and magnesite 20.2 percent. 2.4 Additional Services Exempted from Service Tax At present there are 17 items in the negative list (Section 66 D of the Finance Act, 1994) and 39 items in the mega exemption notification 25/2012-ST dated 20.6.2012. Government has recently exempted more services from the purview of service tax. Transport of goods by inland waterways, copyrights for cinematography, vocational education courses by institutes affiliated to the National Skill Development Corporation, hiring of buses to
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state transport authority, erection and commissioning of water supply, sale of space for advertisement on internet, hoardings, services by specified intermediaries, transportation of import cargo and specified schemes of insurance (all services exempted vide exercise of powers under Section 93 (1) of Finance Act, 1994, are now consolidated in Notification 25/2012-ST dated 20 June, 2012).

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3. Market Trends

BSE: The 30 share BSE Sensex decreased by 1.9 per cent and closed at 17,429.6 NSE: S & P CNX NIFTY decreased by 2.4 per cent and closed at 5258.5 Dollar: The value of Rupee appreciated by Rs. 0.05 against the US dollar during the week and closed at Rs 55.7 per dollar. Euro: The value of Rupee depreciated by Rs. 0.03 against the Euro and closed at Rs. 69.6per euro. Gold: Prices of gold decreased by Rs. 197.7 per 10 grams during the week and closed at Rs. 30725.40 per 10 grams. Silver: Prices of silver decreased by Rs. 1063.2 during the week and closed at Rs. 58029.7 per kg. Crude Oil: The prices of crude oil decreased by USD 1.8 and closed at USD 111.2 per barrel. Forex Reserves: Indias Foreign Exchange reserves increased by USD 1.3 billion to USD 290.18 billion during the week-ended August 24, 2012.

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4. Global Developments

4.1 China Industrial Profits Decreased from January to July 2012-13 From January to July, the industrial profits of enterprises above designated size achieved 2,678.5 billion yuan, a year-on-year decrease of 2.7 percent. In July, the industrial profits of enterprises above designated size achieved 366.8 billion yuan, a year-on-year decrease of 5.4 percent.

From January to July, the profits of state-owned and state-holding industrial enterprises above designated size gained 784.7 billion yuan, decreased 12.2 percent, that of collective-owned enterprises reached 42.6 billion yuan, increased 7.8 percent, that of joint-stock enterprises stood at 1,568.2 billion yuan, decreased 1.2 percent, that of foreign funded enterprises, and enterprises funded from Hong Kong, Macao and Taiwan achieved 609.0 billion yuan, decreased 12.6 percent, and that of private enterprises gained 818.7 billion yuan, increased 15.5 percent, year-on-year.

Within 41 divisions of industrial sector, the profits of 25 industrial divisions increased year-onyear, that of 15 declined, and that of 1 turned to get net loss from profits, year-on-year. Of which, the profits of agro-food processing industry rose by 16.6 percent, that of the manufacture of automobile industry increased 10.2 percent, that of manufacturing of electrical machinery and equipment increased 1.0 percent, that of production and supply of electric power and heat power expanded 29.3 percent, that of petroleum and natural gas extraction industry decreased 2.1 percent, that of raw chemical materials and chemical products went down by 21.3 percent, that of ferrous metal mining and processing decreased 60.8 percent, that of manufacturing of general equipment declined 0.9 percent, that of communication equipment, computers and other electric equipment production went down by 1.6 percent, that of processing of petroleum, coking,

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processing of nuclear fuel turned to get net loss from profits over the same period of previous year. The revenue from principal business of enterprises above designated reached 49,989.1 billion yuan, ballooned 10.6 percent, year-on-year. The cost of main business revenue for per hundred yuan stood at 85.41 yuan, with the margin hit 5.36 percent.

Source: National Bureau of Statistics of China

4.2 Euro area unemployment rate at 11.3% The euro area (EA17) seasonally-adjusted unemployment rate was 11.3% in July 2012, stable compared with June. It was 10.1% in July 2011. The EU27 unemployment rate was 10.4% in July 2012, also stable compared with June. It was 9.6% in July 2011. Eurostat estimates that 25.254 million men and women in the EU27, of whom 18.002 million were in the euro area, were unemployed in July 2012. Compared with June 2012, the number of persons unemployed increased by 43 000 in the EU27 and by 88 000 in the euro area. Compared with July 2011, unemployment rose by 2.104 million in the EU27 and by 2.051 million in the euro area.

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These figures are published by Eurostat, the statistical office of the European Union. Among the Member States, the lowest unemployment rates were recorded in Austria (4.5%), the Netherlands (5.3%), Germany and Luxembourg (both 5.5%), and the highest in Spain (25.1%) and Greece (23.1% in May 2012). Compared with a year ago, the unemployment rate fell in ten Member States, increased in sixteen and remained stable in Slovenia. The largest falls were observed in Estonia (13.2% to 10.1% between the second quarters of 2011 and 2012), Lithuania (15.2% to 13.0%) and Latvia (17.0% to 15.9% between the second quarters of 2011 and 2012). The highest increases were registered in Greece (16.8% to 23.1% between May 2011 and May 2012),Spain (21.7% to 25.1%) and Cyprus (7.7% to 10.9%). Between July 2011 and July 2012, the unemployment rate for males increased from 9.8% to 11.3% in the euro area and from 9.5% to 10.5% in the EU27. The female unemployment rate rose from 10.4% to 11.4% in the euro area and from 9.8% to 10.4% in the EU27. In July 2012, 5.468 million young persons (under 25) were unemployed in the EU27, of whom 3.388 million were in the euro area. Compared with July 2011, youth unemployment rose by 182 000 in the EU27 and by 204 000 in the euro area. In July 2012, the youth unemployment rate was 22.5% in the EU27 and 22.6% in the euro area. In July 2011, it was 21.3% and 20.7% respectively. In July 2012 the lowest rates were observed in Germany (8.0%), Austria (8.9%) and the Netherlands (9.2%), and the highest in Greece (53.8% in May 2012) and Spain (52.9%). In July 2012, the unemployment rate was 8.3% in the USA. In June 2012, the unemployment rate was 4.3% in Japan.

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5. Data Appendix
Table 6 Latest Available Financial Information Aug. 17, 2012 Aug. 24, 2012 Percentage Change Item Deposits of Scheduled Commercial Banks with RBI (Rs.Billion) Foreign Currency Assets of RBI (Rs.Billion) Advances of RBI to the Central Government (Rs.Billion) Advances of RBI to the Scheduled Commercial Banks (Rs.Billion) 3,297 14,340 37 69 3,106 14,325 ----68 -5.8 -0.1 ------2.3

Table 7 BSE Sensex and NSE Nifty Index Aug. 27, 2012 Index 17,769.4 BSE SENSEX 5,387.9 S & P CNX NIFTY 5,258.5 -2.4 17,429.6 -1.9 Aug.31, 2012 Percentage Change

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ASSOCHAM Economic Research Bureau

ASSOCHAM Economic Research Bureau (AERB) is the research division of the Associated Chambers of Commerce and Industry of India. The Research Bureau undertakes studies on various economic issues, policy matters, financial markets, international trade, social development, sector wise performance and monitoring global economy dynamics.
The main banners of the Bureau are:

ASSOCHAM Eco Pulse (AEP) studies are based on the data provided by various institutions like Reserve Bank of India, World Bank, IMF, WTO, CSO, Finance Ministry, Commerce Ministry, CMIE etc. ASSOCHAM Business Barometer (ABB) are based on the surveys conducted by the Research Team to take note of the opinion of leading CEOs, MDs, CFOs, economists and experts in various fields. ASSOCHAM Investment Meter (AIM) keeps the track of the investment announcements by the private sector in different sectors and across the various states and cities. ASSOCHAM Placement Pattern (APP) is based on the sample data that is tracked on a daily basis for the vacancies posted by companies via job portals and advertisements in the national and regional dailies, journals and newspaper. Data is tracked for 60 cities and 30 sectors that are offering job opportunities in India.
ASSOCHAM Financial Pulse (AFP) as an analytical tool tracks quarterly financial performance of India Inc; forming strong inter-linkages with the real economy and presents sectoral insights and outlook based on financial indicators, demand signals and corporate dividend activity.

Email: research@assocham.com

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THE KNOWLEDGE CHAMBER

Evolution of Value Creator ASSOCHAM initiated its endeavor of value creation for Indian industry in 1920. It has witnessed upswings as well as upheaval of Indian Economy and contributed significantly by playing a catalytic role in shaping up the Trade, Commerce and Industrial environment of the country. ASSOCHAM derives its strength from the following Promoter Chambers: Bombay Chamber of Commerce and Industry, Mumbai; Cochin Chamber of Commerce and Industry, Cochin; Indian Merchant's Chamber, Mumbai; The Madras Chamber of Commerce and Industry, Chennai; PHD Chamber of Commerce and Industry, New Delhi.

VISION Empower Indian enterprise by inculcating knowledge that will be the catalyst of growth in the barrier less technology driven global market and help them upscale, align and emerge as formidable player in respective business segment

MISSION As representative organ of Corporate India, ASSOCHAM articulates the genuine, legitimate needs and interests of its members. Its mission is to impact the policy and legislative environment so as to foster balanced economic industrial and social development. We believe education, health, agriculture and environment to be the critical success factors.

GOALS To ensure that the voice and concerns of ASSOCHAM are taken note of by policy makers and legislators. To be proactive on policy initiatives those are in consonance with our mission. To strengthen the network of relationships of national and international levels/forums. To develop learning organization, sensitive to the development needs and concerns of its members. To broad-base membership. Knowledge sets the pace for growth by exceeding the expectation, and blends the wisdom of the old with the needs of the present.

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