India Petrochemicals Report Q1 2014 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-02 21:35:02
The structure of the Indian market is likely to be affected by the combination of an economic downturn and rupee depreciation. The latest India Petrochemicals Report notes slower than expected growth in construction and the automotive sectors that will impact negatively on overall polymers consumption rates, while industrial growth and economic activity overall will be lower than averages seen in recent years. Rupee depreciation combined with slower consumption growth and a surge in capacity expansion will lead to lower import growth, ending a period when India was seen as a market able to absorb growth in Middle Eastern production.
Starting with the sell-off in the rupee, economic headwinds have accumulated quickly in India, forcing us to downgrade our real GDP growth expectations. The rupee´s performance, and the harsh response enacted by the central bank, suggests to us that private domestic demand will be much weaker than previously anticipated. As such, we now see full-year real GDP growth remaining flat at 5.0% in FY2013/14 (April- March). On the upside, industrial growth will strengthen in line with exports, which should support a recovery in petrochemicals over the medium term, although it will remain below par compared to previous years. Overall, the operating environment in 2014 should be better than the previous year.
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