Wednesday, July 1, 2009

Indians looking forward to improving economic performances

Current events and happenings in the country are leading us to believe that a recovery of sorts is occurring, boosting the economic morale in India.

Amongst the various Indian industries that have been successful in bucking the global contagion and are showing good numbers are the Indian telecom, banking and biotechnology sectors. The country added over 8 million subscribers during May 2009, taking the total GSM subscriber base to over 30 million, registering a growth of 2.78 per cent. The country’s largest telecom operator, Bharti Airtel that reached the 100 million subscriber mark (fixed line and wireless) achieved a 2.91 per cent growth in its wireless subscriber’s base taking its total wireless subscribers’ count to 99.5 million. Vodafone-Essar, the second largest GSM operator in the country registered a 3.55 per cent growth in its subscriber market share, adding further 2.5 million subscribers.

The banking sector especially public sector banks did well enough to garner ample credit and deposits on the back of increased economic and robust market activity. In 2008-09, total advances grew at 17.3 per cent while total deposits grew by 19.8 per cent. Spending on infrastructure and the new fiscal reforms are likely to propel further growth.

Mr. Philip Kendall, Senior Sector Manager (International Biotech and Pharma) with the United Kingdom Trade and Investment arm recently observed, “India has a relatively young biotech sector and all the ingredients for growth, such as quality services and businesses”. This is indicative of the milestones that the biotech industry has begun to achieve, what with US-based and European biotech companies wanting a pie in the sector to not only grow but to also buck globally difficult times.

The textile industry has in the meanwhile found a savior in form of the newly inducted textiles Minister, Mr. Dayanidhi Maran, who stated that “considering the current developments and technological advancement, it is crucial to evolve a National Fiber Policy. My priority is to get some relief for the industry in the short term. Once the industry picks up, the rest will fall in place.”

The perfume industry is witnessing an upheaval with the entry of Giorgio Armani, one of the top luxury apparel and accessories brands, which recently launched its first ever ‘super-luxury’ range of Prive perfumes in India in collaboration with L’Oreal International. It is scheduled to open 10 outlets offering perfumes in the luxury segment across Delhi, Mumbai and Bangalore out of which six will come up by May end. The company will be selling a wide range of eighty fragrances except for its super premium Prive range in Lifestyle and Shopper’s Stop stores.

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