Growth in services slowed in July compared with a 17-month high in June. Both orders and sentiment moderated, the widely-tracked HSBC PMI survey showed. However, prices rose at a faster rate over the period, justifying the RBI’s cautious stance on interest rates. The PMI stood at 52.2 points in July against 54.4 in the previous month. The July reading was an expansion in services for a third month in a row, after the tertiary sector contracted for 10 consecutive months.
Swiss gold exports to India rise to 42%; hit Rs 500bn
As a debate continues on alleged black money stashed by Indians in Swiss banks, India now accounts for nearly 42% of total gold and silver leaving Switzerland shores largest for any single country. According to the latest official data from the Swiss govt., its total export of gold, silver and coins in the month of June 2014 stood at 3.9 billion Swiss franc (over Rs 260bn), out of which India alone accounted for 1.63 billion Swiss franc (about Rs 110bn).
FIPB clears 14 FDI proposals worth Rs 15.28bn
Foreign Investment Promotion Board has approved FDI proposals worth Rs 15.28bn from 14 firms including ACME Solar Energy and Sinclairs Hotels. It rejected the FDI proposals of six companies and deferred decision on seven others. Of the proposals approved, pharma company Laurus Labs will invest Rs 6.00bn; ACME – Rs 275; Sinclairs Hotels – Rs 0.41bn and Golden Agri Resources (India) Rs 4.86bn.