Wednesday, October 6, 2010

CAD manageable because of huge capital inflows: economists

ndia's current account deficit, which represents net outflow of income from the country barring capital movement, surged to $13.7 billion in April-June this fiscal, but is manageable as the country is receiving huge capital inflows, say economists.

Current account deficit (CAD) trebled to $13.7 billion in April-June over the same period last year, due to larger imports after economic recovery and higher payments abroad for certain services.

"Although CAD is high, but we do not see any financing problem. Capital inflows will bridge the high CAD and throughout the year capital flows is expected to remain healthy," Yes Bank chief economist Shubhada Rao said.

Despite eurozone crisis, which moderated inflows by foreign institutional investors, capital inflows remained robust due to higher external commercial borrowings by India Inc and external assistance in the first quarter of 2010-11.

India received $17.5 billion of foreign capital on net basis in April-June against $4.6 billion in the year- ago period.

With the country receiving more capital inflows than its deficit on current account, there was net accretion of $3.7 billion to foreign exchange reserves of the country.

"If FII flow dampens suddenly, then financing the high CAD could be a concern. But I do not see such a situation arising in the context of likely further easing in the US and continued growth story in India," Rao said.

Prime Minister's Economic Advisory Council Chairman C Rangarajan discounted fears on the widening current account deficit saying it will not be a problem to finance the deficit this fiscal due to the high capital inflows.

Crisil chief economist D K Joshi said, "Right now we have good capital inflows. Although a high CAD makes an economy vulnerable, but right now there is no peroblem."

Though first quarter CAD constituted 3.7 per cent of GDP, Joshi pegged it at 3 per cent for the entire 2010-11.

However, financial services firm Nomura India projected CAD to increase to 3.7 per cent of GDP this fiscal against 2.9 per cent last fiscal.

"We expect the CAD to worsen in the third quarter, but high net capital inflows should boost the Balance of Payments surplus. Overall, we expect a CAD of 3.7 per cent of GDP in FY11," Sonal Varma, economist with Nomura, said.

Barclays Capital Research also expected CAD to increase to 3.6 per cent of GDP this fiscal on strong domestic demand and rising commodity prices.

"Given the strong growth momentum in India and the weaker export prints in recent months, the current account deficit is likely to widen further in the coming quarters."


Friday, September 3, 2010

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Saturday, July 3, 2010

'India is one of our top CAD markets'

Computer-aided design (CAD) is now being used to create a host of products, from snazzy guitars to cool cars. Which means the software behind that design needs to be available to the broadest community of developers, says SolidWorks' chief executive Jeff Ray, who was recently in India. The $367-million US-based SolidWorks creates software products for designers and design hot spots, part of the monolithic €1,335-million Dassault Systemes. Ray, who took over the reins three years back, speaks about design simplicity and sustainability.

“At SolidWorks, we are simplifying three-dimensional CAD from cost and ease-of-use perspectives. As we expand offerings to our customer's (read product engineers) adjacent needs like data management and simulation, we've remained true to this philosophy. You don't have to be an engineer or have a PhD to complete complex vibration and flow testing,” says Jeff.

For one, SolidWorks is extending online its product data management solutions, which will help individual users or smaller firms share and collaborate on designs. “Our technologies now allow a digital experience before you do it physically. A website that offers lighting solutions can allow you to download a particular lamp, and you can combine that with a picture that you have taken of your room and then see how the room lights up with that lamp,” he explains.

Bang in the middle of the recession last year, SolidWorks launched SolidWorks Sustainability, a tool that helps to modify a product with selected materials to lessen adverse ecological impact. “It measures the environmental impact over the life-cycle of your product in terms of four factors: carbon footprint, air acidification, water eutrophication (rise in chemical nutrients in an ecosystem), and total energy consumed,” Jeff explains.

He says product engineers need to be environmentally conscious about design. That implies that product engineers have to look at a large database of materials, be cognisant of where the materials are mined and consumed, — which, in turn, determines transport cost. So, you not only have a massive amount of data to analyse, but also a massive amount of iterative steps to test your theory.

What the new solution can do is to take individual part models and automatically show how the ‘like' material compares with the original material you chose on environmental impact. “This helps you to hone in on the perfect material more efficiently. In European Union, where environmental regulations are very strict, TVs are being designed to be broken up easily so that most parts can be reused and very little goes to a landfill. Products like Sustainability can help designers of such products,” he says.

The inevitable question about India's contribution crops up. “India's growth potential is important to SolidWorks. Much of the Indian market has begun adopting 3D CAD tools to compete in time-to-market, quality, and innovation. And we want to make sure that our solutions are the software of choice. Moreover, many US and European companies are investing in Indian design teams. So, we are extending our support in India so that these firms are able to use one CAD system globally,” says Jeff.


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