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Thursday, October 1, 2009

IMF predicts Indian economy to grow 5.4% in 2009

The International Monetary Fund projected Indian economic growth at 5.4 per cent in 2009, implying a slower growth in the second half of this calendar year.

In its twice-yearly World Economic Outlook released in Istanbul, the Fund lowered the projection for the next year by 0.1 per cent to 6.4 per cent.

The Indian economy grew by 5.8 per cent in the first quarter and 6.1 per cent in the second quarter of this calendar year.

Finance Minister Pranab Mukherjee and Planning Commission Deputy Chairman have expressed doubts whether the economy will grow at the rate of 6.1 per cent in the third and fourth quarters of 2009 due to an weak monsoon.

The economy grew by 7.3 per cent in 2008 and 9.4 per cent in 2007. If the IMF projections prove correct, it would grow at the least rate in recent years due to the global financial crisis and drought.

source PTI

Indian Exports still in red as world economy still under recession

India's merchandise exports fellh in August, with the value of shipments falling 19.4 per cent to $14.29 billion from $17.72 billion in the like month of last year.

Imports during August were valued at $22.66 billion, showing a drop of 32.4 per cent, while the cumulative figure for the five-month period was down 33.4 per cent at $102.3 billion, showed the data released by the commerce ministry.

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"Although the downtrend in our exports continued in August, it is worth noting the rate of decline has come down to below 20 per cent compared to 28-33 per cent in each of the preceding four months," said the Federation of Indian Chambers of Commerce and Industry (FICCI).

"It would be a formidable challenge even to maintain the level of exports reached last year. This would mean we have to achieve a robust growth of over 32 per cent in the remaining seven months of 2009-10 to touch the $182 billion mark of in 2008-09."

The country's oil import bill also fell 47.4 per cent during the five-month period ended Aug 31 to $28.28 billion, from $53.74 billion in the corresponding period of last fiscal. In August, oil imports fell 45.5 per cent to $6.28 billion from $11.52 billion.
Welcome the future of world economy
Accordingly, the country's trade deficit during April-August was estimated at $38.17 billion, which was lower than the deficit of $60.73 billion during the like period last year.

Sunday, September 27, 2009

Future World Economy - The fossil fuel free economy

greetings from himanshu to all the readers of the blog - so here i start -

we all must be thinking that world economic recession has ended...but wait a minute and rethink it again ! fuel prices are hovering at $72 per barrel in market and set to reach the $ 100+ per dollar mark in near future so the future looks dark again :(

The world economy should now start shifting from fossil fuel based economy to fossil fuel free economy which it is slowly starting to do.. but wait When the ongoing global recession will be completly over that is when the production in USA reaches the same level (before the recession) when all the factories start working again in full flow , when the asian countries start exporting goods to US at same rate , when the jobless claims in USA becomes nil and there are more job openings in there.. Have anybody thought what can happen then??

Well the crude oil prices would skyrocket and could well go beyond the $ 200 mark this time and a double dip recession will again haunt the global economy because presently the global economy is fossil fuel based economy and i think that the pace of shifting the global economy from crude oil based economy to crude oil free economy should increase considerably if we want that no recession should prevale any more in future, actually this is a very big task "SHIFTING OF GLOBAL ECONOMY FROM FOSSIL FUEL BASED ECONOMY TO FOSSIL FUEL FREE ECONOMY" presently in the world every thing is governed or in other words is dependent on prices of fossil fuels as everything uses fossil fuels.

and we all know that fossil fuels are limited and the middle east countries would never increase the production from present levels (for decreasing the prices) because if they do this now their own future would be very very dark. i think that was one reason that US attacked Iraq some years back to get hold of the key oil assets present in Iraq (kudos to Bush for such a shrewd thinking..) . the shift should be now gradually to the battery powered energy, nuclear energy, solar enregy(which i think would be biggest energy source in future .. in the same way as fossil fuels are today)

For protecting the double dip recession we should now shift our thinking from conventional sources of energy to renewable sources of energy like the sun, and wind i talked about few lines back. Solar energy would play a very important part in future for providing power to industrial units, cars, houses, transport, communication rather then fossil fuels, and world would become much safer place to live in. becauses there would be no threat of recession anymore once we shift from a fossil fuel based world economy to fossil fuel free economy in future.

probably in coming 20 years there would be gradual shift from the way we fulfill our energy demands today, middle east countries would be dependent on others (in contrast with today).. they would have very few sources of income in future for sure once the fossil fuels are only available in museums in future. so i can see that the world economy has to now shift to fossil fuel free economy as soon as possible .