India continues with its economic progress. Foreign exchange reserves have added $35 billion to the kitty since the beginning of the year and now stand at $212 billion. Jet Airways is not only introducing flights from New York to Mumbai but breaking new ground by introducing "flying suites". Read these and other economic snippets emerging from India.
Jet Airways to introduce "flying suites" on its 777 airplanes flying from New York to Brussels and onto Mumbai reports New York Times. The new luxury service will start on August 5th and will include eight suites in first class.
India's foreign exchange reserves now stand at $212.549 billion as of June 22, 2007 adding $35 billion over last six months. India started the year at $177.251 billion. Year to date increase in the reserves stands at healthy 20%.
Washington Post reports that Marriott Hotels will triples it portfolio of hotels in India by 2010.
Hotels rooms in India are slated to double in next five years. There are about 100,000 hotel rooms in India today.
According to Goldman Sachs, BRIC (Brazil, Russia, India and China) collectively house 35% of the top twenty energy companies overtaking the U.S. for the first time. Europe has 35% and the U.S. has 30% of the top twenty companies.
India's trade deficit was reported to be $6.2 billion in May. May number is little lower than the trade deficit in the month of April.
India's commerce & industry minister, Kamal Nath, expects foreign investments to hit $30 billion in the current fiscal year.
Mahindra & Mahindra's vehicle output has increased by 52% over last year. India auto industry is registering high growth numbers starting from relatively low base.
