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Indian Economic Update
v       IIP declined 2.3% from a year earlier in March, the most in 16 years.
v       Inflation fell to 0.48% in the week to May 2 from a year earlier after increasing 0.70% in the previous week.
v       CPI index rise 8.03% in March compared to 9.63% in February.
v       India's exports plummeted 33% in April, extending the slump for the seventh month in a row and into fiscal 2009-10.
v       Gem and jewelry exports from India, the world's largest producer, declined 34 % last month.
v       India ranks a low 23rd in global intellectual property index in a ranking of 24 countries.
v       Fitch downgrades India GDP growth to 5% in FY10 due to recession in advanced economies.
v       RBI in its latest survey of professional forecasters expects sees
·          Projects 5.7% growth in FY09. It is lower than 6% projection in its Annual Policy Statement for 2009-10.
·          Forecast a 16% growth in bank credit in the current financial year, against RBI's projection of 20%.
·          Projecting a negative WPI inflation of 1.4% in the first quarter of the current financial year. This is contrary to the forecast of inflation at 2.4% in the previous quarterly survey.
v       India's power production grew 2.7% in the year that ended March 31, slower than the previous year.
v       FICCI has suggested that the finance ministry slash the highest personal income tax rate from 30% to 25%.
v       CII sees green shoots of industrial recovery as per the survey.
v       Govt is likely to levy a cess on natural gas produced in the country.
v       India may permit duty-free imports of the raw variety of sugar beyond Aug. 1.
v       MSEDCL has proposed a 100% hike in fixed charges and 10 to 50% hike.
v       Indian weather bureau predicts slightly early monsoon. Southwest monsoon is expected to break over Kerala on 26 May, five days ahead of the normal onset..
 
Global Economic Update
United States:
v       Initial jobless claims rose by 32,000 to 637,000 in the week ended May.
v       Home prices in the U.S. dropped the most on record in the first quarter from a year earlier.
v       Retail sales in the U.S. unexpectedly dropped 0.4% followed a revised 1.3 % drop in March for a second month.
v       Confidence in the global economy jumped to the highest level in 19 months as central bankers pointed to signs of a revival and stress tests on U.S.
 
Asia:
v       Japan's economy contracted an annualized 16.1 % in the three months ended March 31, following a fourth- quarter drop of 12.1 %.
v       Japan's corporate bankruptcies rose 9.4% in April from a year earlier to 1329 cases for 11th month.
v       Japan's current-account surplus shrank 48.8% to 1.486 trillion yen.
v       FDI in China fell 22.5% to $5.89 billion in April compares with a 9.5% decline in March.
v       China's investment surged 30.5% in the four months to the end of April from a year earlier.
v       Hong Kong's economy shrank a seasonally adjusted 4.3% in the first quarter from the previous three months, the most since at least 1990
 
Eurozone:
v       Europe's economy contracted 2.5%, the fastest pace in at least 13 years.
v       European industrial production fell the most 20.2 % from a year earlier on record in March.
v       U.K. unemployment rose 244,000 in the three months through March to 2.22 million, the highest level since 1996.
v       Germany GDP plunged a seasonally adjusted 3.8 % from the fourth quarter, when it fell 2.2 %, steepest drop since quarterly data were first compiled in 1970.