The Mint Report for 01 June 2010

The Mint Report for 01 June 2010

The government is all set to start the process of identifying families below the poverty line. Pilot projects are going to start next month in 260 villages across the country. We’ve learnt that the villages chosen are from all across the country. And they include four from every agricultural-climatic region. The government expects to get results from the pilot projects by March of next year. Its full-scale survey of below the poverty line families will then begin in April.

At the heart of the proposed survey of India’s poor is a disagreement over numbers. India’s Planning Commission estimates the country’s BPL population at 62.5 million. But the rural development ministry says that number is more like 107 million. The ministry set up a panel to resolve the conflicting numbers. Now its pilot census of below poverty line families will put that panel’s criteria to the test.

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May has been a good month for auto sales. India’s top car makers did good business, with Maruti Suzuki’s local sales increasing 27% to more than 90,000 vehicles. Domestic sales for Hyundai Motor India sped up 13% to more than 27,000. And Tata Motors sold 38% more vehicles this May, a total of nearly 53,000 cars, trucks and other vehicles.

Two-wheeler sales stayed on the fast lane as well. Hero Honda’s increased to 436,000 units, an increase of 14%. And Bajaj Auto’s India sales accelerated 63% to nearly 270,000 two-wheelers.

Markets broke a four-day rally Tuesday on troubling economic news. Data showing a slowdown in Chinese factory output took their toll on European shares, and Indian markets followed suit. The Sensex plummeted 373 points to close at 16,572. And the Nifty lost 116 points to end the day at 4,970.