Car manufacturers led by Maruti Suzuki and Hyundai Motors recorded their best-ever monthly performance in February 2010, with consumers flocking to showrooms to avoid all possibility of a price increase, expected in the Union Budget presented in the last month. Collectively, sales of eight companies surged by 31 per cent to 1,60,297 units during February compared with 1,22,353 units sold in the same month a year earlier. The record growth for all the companies took place despite the month having two to three days less than the average one.

Central Public Sector Enterprises (CPSEs) invested Rs 5,28,951 crore in 2008-09, an increase of 16.2 per cent over the previous year, in spite of the global economic slowdown. The investment in CPSEs in 2007-08 stood at Rs 4,55,367 crore.

Food inflation rose marginally to 17.87 per cent for the week ended February 20, 2010 on the back of higher prices of milk, wheat, rice and vegetables. On an annual basis, price of rice increased by 10 per cent, wheat by 14 per cent, pulses by 35 per cent, onions by 11 per cent and potatoes by 28 per cent. Inflation in fuel, power, light & lubricant group was 9.59 per cent, slightly lower than 9.89 per cent in the previous week. However, it is expected to surge significantly next week when the impact of the fuel price hike starts getting reflected in the Index.

Direct tax fetches Rs 2.7 lakh cr. till Feb. 2010

The government has collected Rs 2.7 lakh crore from direct taxes till February 2010, short by Rs 1 lakh crore to meet the target set for the fiscal. The direct tax collections were up by 7.5 per cent in the first 11 months against Rs 2.5 lakh crore in the same period last fiscal. The Finance Ministry officials are confident of achieving the revised target of Rs 3.8 lakh crore for direct taxes for the current fiscal.

During February 2010 growth in direct tax collection, at Rs 14,675 crore, was 27.5 per cent year-on-year (Rs 11,506 crore in February 2009). There had been a negative growth of 19.8 per cent in Janaury 2010.

During February 2010 corporate tax collections recorded a growth of 16.8 per cent, while personal income-tax mop-up was up by 37.5 per cent.

The government in the next fiscal expects to collect Rs 4.3 lakh crore, higher by over 10 per cent from what it is likely to collect this fiscal.

Double-digit salary hikes are likely to be back this year in India with employees expecting an average hike of 10.6 per cent in 2010, the highest in the Asia-Pacific, according to a survey conducted by HR Consulting firm, Hewitt Associates. The average salary increments had shrunk to just 6 per cent last year (from around 15 per cent in 2007) as the economic slowdown hit India Inc's bottomlines.

Foreign exchange reserves declined by $315 million to $ 2,78,357 million for the week ended February 26, 2010, according to the Reserve Bank of India Weekly Statistical Supplement. This is the second consecutive week that reserves have dropped.

Foreign currency assets of the nation fell by $212 million to $2,53,991 million during the week under review. Gold reserves declined by $136 million to $17,920 million, while SDRs increased by $26 million to $5,053 million and the reserve position in the IMF tranche increased by $7 million to $1,393 million during the week under review.

According to the United Nations Industrial Development Organisation (Unido), India is the ninth largest industrial manufacturer in the world, while China has pipped Japan to occupy the second position. The US, the world's largest economy, tops the list.

The leading three countries, the US, China and Japan, produce half the world's manufacturing output, according to the International Yearbook of Industrial Statistics : 2010.

China's share of the global total manufacturing value is at 15.6 per cent, slightly higher than Japan, which stands at 15.4 per cent. While China has a lead in absolute amount of production, the UN Report also points out that Japan is still the world's most industrialized country in terms of MVA per capita, totalling nearly $9000 compared to $700 for China.

Crude oil surged to a seven-week high after US employment declined less than forecast in February 2010, bolstering optimism that fuel demand will climb in the world's biggest energy consuming country. Crude oil for April 2010 delivery rose by $1.78, or 2.2 per cent, to $81.99 a barrel on the New York Mercantile Exchange. Futures reached $82.07, the highest level sicne Janaury 12, 2010.

The Finance Minister tabled the second supplementary demand for grants in the Lok Sabha last week for Rs 14.43 lakh crore for 2009-10. The demand includes debt repayment of Rs 13.67 lakh crore, which is provided as a technical grant and, therefore, would not involve additional net cash outgo.

Addl 6.38 lakh new jobs created in Oct.-Dec. 2009

Bolstering the overall economic revival story, latest employment estimates show an addition of 6.38 lakh jobs in October-December 2009 quarter. Accoding to the fifth quarterly quick Employment Survey, the employment increased in almost all the sectors, except the transport sector, which saw a marginal decline. The survey for the previous quarter (July - September) had shown an increase of 4.97 lakh.

During the latest reported quarter, over 91 per cent of the jobs created were in the exports sector, which had borne the brunt of the global downturn in the previous quarters. Of the 6.38 lakh new jobs, the biggest increase in employment of 5.70 lakh was reported in the IT and BPO sector alone. On the basis of the sample, the estimated employment in the select sectors has experienced a net addition of 7.90 lakh since September 2008.