India’s largest coal producer making progress
Coal India, a major coal producer, is reaping the rewards of a steadily improving economy. According to The Economic Times, the company's net profit rose 35 percent in its most recent quarter, which may affect both Indian residents and those who work in the U.S. and send money back home.
In May 2013, Coal India officials also noted that the business may raise its prices in the near future. The company has exceeded many industry analysts' predictions recently and expects its profits to further increase as a result of the improving economic climate.
Increased production helps Coal India
NDTV points out that several factors enabled Coal India to boost its profits over the past few months. As the business sought ways to extend its reach, company officials made numerous changes that helped it become more productive and efficient.
For example, the news source notes that the company's employee expenses fell in its most recent quarter on a year-over-year basis. Because fewer resources were devoted to workers, the business was able to save money.
Additionally, Coal India has enjoyed a production increase over the past year. If Coal India leaders continue to explore ways to improve workplace productivity, these administrators may watch their profits further rise.
Confidence in India's economy
Recent data indicated that India's economy may be on the rebound, especially when it is compared to other nations'. The Hindu reports that an April 2013 survey by a global market research firm ranked India's economy sixth in terms of confidence. The country's ranking could also improve if it makes progress in various industries soon.
"With food prices and commodity prices expected to remain stable and slow [in terms of growth] because of weak manufacturing prices, inflation is expected to be on a broad downtrend for the next six months," survey official Mick Gordon told the news source. "This, we believe, opens up room for more rate cuts … to propel growth."
Gordon added that he expects the Indian economy to grow around 6 percent in 2013 and 2014, which could help numerous Indian residents. If more opportunities become available to the country's citizens, many skilled professionals could find jobs throughout the nation and support the local economy.
Meanwhile, the study also provided details about how Indian residents view the nation's economy. Researchers found that 41 percent of Indian citizens believed that the country's economy was in good shape. Additionally, 47 percent of those who were from India noted that they believed the country's economy will get stronger within the next six months.
India can maintain economic growth
Several Indian administrators are considering solutions to spark the country's economy. In fact, the nation may surpass many financial experts' predictions if it can maintain consistent economic growth.
The Economic Times reports that Moody's Analytics representatives stated that the growth of India's gross domestic product could reach 7 percent by 2014, especially if the country makes strides in a variety of industries. Indian leaders may take extra steps to make easier for foreign investors to dedicate resources to the Indian economy, which could deliver immediate results for the nation.
Various Indian legislators have also spent plenty of time searching for ways to help reduce the country's deficit. As these lawmarkers determine the most effective solutions to lower the deficit, the nation could significantly benefit for years to come.
Many countries are slowly recovering from the economic downturn of the late 2000s, and India is among those that continues to improve. Indian administrators are working together to find ways to help the country's economy expand, and these legislators' efforts could noticeably impact the nation and its residents.