(Updates with comment from Economist in the fourth paragraph).
April 15 (Bloomberg) - inflation in the India more accelerated that economists in March found that the cost of fuel and manufactured rose, putting pressure on decision-makers to increase interest rates in the third largest economy in Asia.The benchmark in wholesale-price rose 8.98% from a year earlier after a percentage of 8.31 gain in February, the Ministry of commerce said in a statement in New Delhi today. Which exceeded all estimates 28 in a Bloomberg News survey, where the median forecast was for an increase of 8.36%.Expansion in the economy of the India $ 1.3 trillion has stimulated consumer demand and stimulated the manufacture, sale of cars and credit growth, stoking the risk of the market and which prompted the Central Bank to increase the rate of eight times since early 2010. Inflation in the first quarter exceeded the Reserve Bank of India of the prediction that the price increases would be 8% at the end of March this year. "Inflation will remain poorly high this year,"said Leif."Eskesen, Singapore the Chief Economist at HSBC Holdings Plc-based"the RBI is facing its most aggressive rate and we are looking at three rate increases more this year."The Bombay Stock Exchange's sensitive index extended declines after the report of inflation, down 1.4% at 11: 52 in Mumbai. The yield on the binding of 8.08 per cent in August 2022 was 8.25%, compared to 8.21% before the publication of data.Rate IncreaseRising for oil and fresh products and sustained economic growth are escalation of pressure on Asian central banks to boost borrowing costs. April 5, China raised rates for the fourth time since mid-October. Viet Nam, Taiwan, South Korea and the Thailand also fresh borrowing increase this year to curb inflation, and Singapore, said yesterday that it would also allow foreign currency gains.China's economy grew a further estimated 9.7% in the first quarter and inflation in March has accelerated the fastest rate since 2008, with the consumer price amounting to 5.4% a year earlier, a report shows today.Governor of Reserve Bank Duvvuri Subbarao March 17 has increased the rate of purchase by a quarter point to 6.75% after raising inflation forecasts for the second time since late January, when it considers it to 7% by end of March. Announcement of the next monetary policy of the Central Bank is scheduled for May 3. Inflation food "In the absence of a response strong supply, growing demand will inevitably to higher prices", Reserve Bank Deputy Governor Subir Gokarn said April 5. He said a "monetary response is justified" must demand of exceeds supply and stoking inflation.The inflation of manufactured goods was 6.21% in March, compared to 4.94% in February, today report shows. Price of fuel and power increased to 12.92%, compared to 11.49% the previous month. The India relies on imports to meet three-quarters of its annual energy needs.Prices of foodstuffs increased by 8.28% during the week of April 2, compared to 9.18% the previous week, the Ministry of commerce said today in a separate report."The Indian economy can be extended especially of 9.25% in the year ending March 31, 2012, the Department of finance said in the growth of industrial production, February.Production GrowthStill, India suddenly slowed down to 3.6% in February, a report showed this week."Even though industrial production continues to be unstable, other indicators, such as the latest purchasing managers index, direct and indirect tax collections, exports of goods and bank credit, suggest that the dynamics of growth continues, "the Central Bank said in the statement of March 17.The industrial production of the India has fluctuated since may, when he registered a growth of 12.2%. Growth has facilitated to 7.2% in June, rebounded to 15.1% in July, have slipped to 4.9% in September and then recovered in October, according to government data.Maruti Suzuki India Ltd., more great constructor of the nation, plans to increase the capacity of 21% in the current financial year within the framework of the investment plans totalling as much as 40 billion rupees ($900 million), Chief Financial Officer Ajay Sethsaid in an interview on April 6. Sales of the company soared to a record of data March.Recent show lenders are giving loans at a faster rate than the target of the Central Bank. Commercial lending increased by 21.4% in the year of 25 March, more than 20 per cent rate prescribed by the Reserve Bank of India.Rising SalariesManufacturing rose a 24 straight months, with an index of managers to purchase holding unchanged at 57.9 in March from FebruaryWhen it is accelerated at the fastest pace in three months, HSBC Holdings and Markit Economics said April 1. India wages this year are likely to increase most in the Asia - Pacific region, fueling demand for consumers, a survey by Aon Hewitt LLC showed March 8. Under the Act National Rural guarantee spending on Government use of 2005 rose almost four times to 399 billion rupees.The application can be found more support from the budget of Finance Minister Pranab Mukherjee for the fiscal year ending March 31, 2012, which plans to stimulate spending and exempt income less than 180,000 rupees tax, higher than the previous threshold of 160,000 rupees.-With the help of Kartik Goyal, Manish Modi and Pradeep Kurup in New Delhi, Hari Govind in Mumbai and Shamim Adam at Singapore. Editors: Thomas Cherian, Stephanie Phang
To contact the reporter on this story: Unni Krishnan in New Delhi, to ukrishnan2@bloomberg.net.
To contact the editor responsible for this story: Stephanie Phang to the sphang@bloomberg.net
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