india consumer spending at 7year lows
Last Updated : GMT 13:44:54
Arab Today, arab today
Arab Today, arab today

India consumer spending at 7-year lows

Arab Today, arab today

Arab Today, arab today India consumer spending at 7-year lows

New Delhi - AFP

India\'s consumer spending is at its weakest in seven years, global ratings agency Fitch said yesterday, as it cut the outlook for India\'s vast retail sector from stable to negative. The announcement was a new blow to the Congress-led government, underscoring the challenges new Finance Minister P. Chidambaram faces in reviving an economy growing at its slowest pace in nearly a decade. Analysts had been betting on strong retail and financial services sector performances to help power Asia\'s third-largest economy as India\'s 1.2 billion people move towards more Western-style consumer spending patterns. But the slowing economy, due to high borrowing costs and a weak global outlook, have brought \"a sustained deterioration in the discretionary spending ability\", Fitch said, in an outlook covering the second half of 2012. India\'s once-booming economy grew by just 5.3 percent between January and March — its slowest annual quarterly expansion in nine years. The Fitch assessment comes two months after it downgraded its overall credit outlook for India to negative from stable saying the nation\'s prized investment grade rating was at risk from flagging growth and spiraling deficits. Fitch yesterday warned spending was unlikely to pick up unless consumer price inflation, now running at over 10 percent, comes down significantly and consumers receive a \"significant raise in real wages\". Allowing supermarkets such as US giant Wal-Mart to enter India\'s retail sector could provide retailers easier access to foreign investment and have a \"positive impact\" on their finances, the agency said. India\'s government has allowed foreign brands such as Adidas to open 100-percent owned shops. But it has continued to block the entry of supermarkets amid parliamentary opposition and protests from small shopkeepers, who dominate the retail landscape and fear such a move will cause widespread loss of jobs. The retail sector is India\'s second-largest employer after agriculture. Foreign supermarket groups such as Wal-Mart currently operate as wholesalers in India but have been prevented from selling directly to the public. Analysts say the government, under Chidambaram, may move to fully open up the retail sector to foreign supermarkets — allowing them to sell directly to consumers — as it seeks to push ahead with long-stalled reforms. Trade Minister Anand Sharma said last month the government was committed to fully opening its retail sector to foreign investors but did not say when the decision might come. A study, meanwhile, by Indian industry body FICCI held out hope for the longer term, forecasting the retail sector will become a $1.3-trillion market by 2020, up from about $500 billion now. Turnover of so-called modern or chain stores will increase to $220 billion from $27 billion now, the report forecast.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

india consumer spending at 7year lows india consumer spending at 7year lows

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

india consumer spending at 7year lows india consumer spending at 7year lows

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Air China suspends flights to North Korea

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria opposition meets in Riyadh

GMT 06:23 2017 Thursday ,23 November

Syria opposition meets in Riyadh
Arab Today, arab today Online exhibit shows hidden depths of

GMT 11:45 2017 Thursday ,23 November

Online exhibit shows hidden depths of
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Srebrenica women cry tears of joy

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday