Business & Economy Updates

August 12, 2009: India’s industrial output jumps from 2.7 % in May to 7.8% in June
August 8, 2009: India’s largest auction of oil, gas blocks

August 12, 2009: India’s industrial output jumps from 2.7 % in May to 7.8% in June
The Industrial output has expanded with the highest rate in last 16 months from February 2008, when India’s industrial production growth accelerated to 7.8 per cent in June compared to 2.7 per cent in May.
Reason : Recovery in the manufacturing sector due to higher demands in consumer sector.
Note: Manufacturing sector in India accounts for 2/3 of the industrial production and growth in this sector plays a vital role.

August 8, 2009: India’s largest auction of oil, gas blocks
Govt. of India has recently launched the largest auction of oil and gas blocks. All the major oil and gas companies operating in India as well as foreign firms, including BG Group of UK and Cairn Energy will participate in the bidding process, which is termed as NELP-VIII (NELP- New Exploring Licensing Policy.

The auction aims to attract an investment of $3-4 billion. This involves an offer of 70 oil and gas exploration areas in the 8th edition of the New Exploration Licensing Policy (NELP) & also 10 coal bed methane (CBM) blocks.

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