A government-industry task force headed by Commerce and Industry Minister Anand Sharma will meet soon in New Delhi to discuss fall in industrial output and suggest measures to reverse it. Sharma, who also holds the textiles portfolio, recently met Finance Minister P Chidambaram and discussed the macro-economic situation, especially the drop in industrial output.
India's industrial output dropped 1.8 percent in June, the third time in four months, due to a sharp contraction in manufacturing production, government data showed. During the April-June period, factory output measured in terms of the Index of Industrial Production (IIP) has contracted by 0.1 percent, according to data released by the Central Statistics Office.
The Confederation of Indian Industry's (CII) national IT committee has tied up with the central government for use of cloud computing among small and medium enterprises (SMEs) in the country.
India's sugar output is likely to drop by one million tonne to 25 million tonnes in the marketing year beginning October 1 due to poor rainfall in key producing states, especially Maharashtra and Karnataka, the Indian Sugar Mills Association (ISMA) said. However, there will be enough stocks to meet domestic demand, ISMA said.
Tea production in the organised sector in declining in India due to ageing bushes and little investment and the country may have lost 50 million kg of tea in the past 10 years. At the same time, it is rising in small holdings which account for nearly 28 percent of the total tea cultivation area and 26 percent of the country's total production.
The first-of-its-kind move by the Indian government to introduce national certification standards for organic textiles will push their exports greatly, reports The Hindu Business Line.
The long dry spell during the monsoon season may see apple production in Himachal Pradesh falling by 20 percent from the projected 25 million boxes of 20kg each, but this will still be higher than last year's production of 14 million boxes.
India is bracing for a record 257.44 million tonnes of foodgrain production during 2011-12, officials said, giving credit to the second green revolution for the upcoming bumper harvest. The fresh estimate is five million tonnes more than the April estimate, which had suggested 252.56 million tonnes, the Union Agriculture Ministry said.
India's total tea production in January-May 2012 stood at 215.82 million kgs, which is 11.41 percent less than the same period last year. The total tea production of the country, the second largest tea producer of the world, in 2011 was 243.62 million kgs.
India's headline inflation fell to 7.25 percent in June from 7.55 percent in the previous month, putting pressure on the Reserve Bank of India to cut interest rates to revive growth. The monthly inflation, based on wholesale price index (WPI), was 9.51 percent during the corresponding month of the previous year.