Rural markets drive growth despite drought
Livemint.com, 30 November 2009
In spite of a deficient monsoon this year, which led to 316 districts in 13 states being declared drought-hit, rural markets have proven to be resilient, marketeers say. More…
India GDP Up 7.9% on Year
Wall Street Journal, 30 November 2009
India’s economy in the July-September period grew at its fastest pace in 18 months as a surge in manufacturing helped offset sluggish farm output and stirred talk that the central bank may raise interest rates as early as in January. More…
FM’s last quarter focus: expenditure cuts
The Financial Express, 30 November 2009
The revised estimate of expenditure for the current fiscal is likely to see a major cut with the finance ministry determined to pare the Plan spend with just four months remaining for the financial year to close. More…
Infra investment target in 11th 5-yr plan may not be achieved
The Economic Times, 27 November 2009
The government may not achieve the Eleventh Five-Year Plan’s investment target of $500 billion in infrastructure due to the global economic downturn, a senior government official said. More…
India’s Sept quarter growth seen at 6.3 per cent y/y: Poll
The Economic Times, 27 November 2009
India’s economy is forecast to have grown an annual 6.3 per cent in the September quarter, a Reuters poll shows, its fastest rate in the year since the global economic crisis hit the country harder than expected. More…
Food inflation rises to 15.58 pct
The Financial Express, 26 November 2009
Food inflation rose to 15.58 per cent for the second week of November from 14.55 per cent in the previous week as potatoes and pulses turned costlier. More…
Sharma to lead India in fresh WTO talks in Geneva
Indian Express, 26 November 2009
India is fielding a team headed by Commerce Minister Anand Sharma for the 6th WTO Ministerial Meeting on November 30 that will focus on the internal functioning of the WTO. More…
Govt seeks $2.96 bn World Bank loan for 2-laning of national highway
Livemint.com, 25 November 2009
India has sought $2.96 billion loan from World Bank for two-laning of over 17,000 km of national highway in the country, road transport and highways minister Kamal Nath told Rajya Sabha on Wednesday. More…
India needs efficient banks and infra funding: RBI
The Economic Times, 25 November 2009
Inefficiencies in Indian banks have meant the large cuts in official rates have not been fully passed on to customers, hampering the effectiveness of monetary policy, the head of the central bank said on Wednesday. More…
No need to ban cotton export, says Maran
The Hindu Business Line, 25 November 2009
The Union Minister of Textiles, Mr Dayanadhi Maran, on Wednesday said the current situation does not warrant any ban on raw cotton export. The ban is being keenly sought by different stakeholders of the textile and clothing segments of the industry. More…
Recovery not broad based: Gokarn
Business Standard, 25 November 2009
Subir Gokarn, who took over as the Reserve Bank of India (RBI) Deputy Governor today, said economic recovery, which was still in its early days, was sluggish and not broad based. More…
Social activists seek right to food Bill
Business Standard, 25 November 2009
Several civil society groups are mounting a campaign for universal food rights and will march with 6,000 people to Parliament on November 26, to press enactment of a Right to Food Bill. More…
India is on trajectory of rapid growth: Nooyi
The Financial Express, 24 November 2009
Noting that India’s rapid growth is a critical engine of global economy, PepsiCo chief Indra Nooyi has said the business community in the US was eager on playing an active role in the country’s future economic development. More…
FDI to bridge current account deficit: PM
Business Standard, 24 November 2009
Inviting American companies to invest in India’s infrastructure and defence industries, through the public-private-partnership route, Prime Minister Manmohan Singh today said India would bridge a higher current account deficit through increased foreign direct investment. More…
Govt may do away with lock-in period for FDI in real estate
The Hindu Business Line, 23 November 2009
Setting the stage for easier FDI norms in the real estate sector, the Government is considering a proposal to do away with the three-year lock-in stipulation for repatriation of foreign investments in SPV projects. More…
Biofuel role limited in India: Ramesh
The Financial Express, 23 November 2009
Biofuels have a limited role in India due to land limitation and food security issues, Environment Minister Jairam Ramesh said, a view which differs from the official line pushing for a 20 per cent blend of such fuel in gasoline and diesel by 2017. More…
Govt gets proactive on financial inclusion
Business Standard, 20 November 2009
Most of the country’s 100 blocks without a bank branch are in the North-East. In a bid to take banking services to the remotest parts of the country, the government has asked banks to open at least one branch in each of the 13 unbanked blocks outside the North-East region. More…
Infra play gets a push, IIFCL gets $700 mn loan
The Economic Times, 19 November 2009
Asian Development Bank(ADB) has sanctioned a loan of $700 million to state-owned India Infrastructure Finance Company (IIFCL) at marginally below the London inter-bank offered rate (Libor). More…
OECD expects India GDP to grow at 7.3% in 2010
Livemint.com, 19 November 2009
The group says that with the resurgence of inflation, monetary policy will need to be tightened fairly soon. India’s economy is expected to expand 7.3% in 2010 and 7.6% in the following year, with the recovery that’s now underway “modestly hampered” by a poor monsoon, the Organisation for Economic Cooperation and Development (OECD) said on Thursday. More…
India to import rice for first time in 20 yrs
The Economic Times, 19 November 2009
India, a traditional rice exporter, will import the grain for the first time in 20 years to meet a projected shortfall of the crop hit by drought and floods, the government said on Wednesday. More…
Bank lending grows 9.6 %
Business Standard, 19 November 2009
Bank lending rose by Rs 23,147 crore during the 14-day period ended November 6, unlike a contraction seen in the previous fortnight. Bankers said, “Much of the credit offtake is concentrated in retail loans (home, auto) and commercial vehicles. More…
ADB to provide up to $700 mn loan for infra projects
The Financial Express, 17 November 2009
Multilateral lending agency Asian Development Bank said it will provide up to USD 700 million (around Rs 3,360 crore) loan to India for accelerating infrastructure projects through public-private partnership initiatives. More…
India targets 1,000mw solar power in 2013
The Economic Times, 18 November 2009
The US and other advanced countries may be dithering in the fight against climate change but India is ready to launch its Solar Mission under the National Action Plan on Climate Change, with plans to generate 1,000 mw of power by 2013. More…
Govt clears 17 FDI proposals of 1,158 cr
The Financial Express, 17 November 2009
Among the major proposals which were approved today are the FDI applications of the world’s largest steelmaker ArcelorMittal and ductile iron pipe maker Electrosteel Castings, a government statement said. More…
Finance ministry seeks $1 bn World Bank loan for roads
Livemint.com, 16 November 2009
The finance ministry has asked for a $1 billion (Rs4,610 crore) loan from the World Bank to build two-lane highways in areas that may not support roads built in partnership with rivate firms, an official of the multilateral lending institution said. More…
IFC to infuse $1 bn into India
The Economic Times, 17 November 2009
International Finance Corporation (IFC), a member of the World Bank Group, plans to invest $1 billion in India this year. The investment could go up further in subsequent years. More…
Cooperate on climate change, PM tells Saran, Ramesh
Business Standard, 17 November 2009
Prime Minister Manmohan Singh has instructed Minister of State for Environment and Forests Jairam Ramesh and the PM’s special envoy on climate change Shyam Saran to sit together and formulate a “joint statement” on India’s approach to the Copenhagen Climate Summit scheduled for December 7 to 18. More…
Revenue collection to fall short by 15K cr: CBEC
The Financial Express, 16 November 2009
The government’s revenue collection from central excise, service tax and customs is likely to fall short by Rs 15,000 crore from the target of Rs 2,68,000 crore set for the current fiscal due to continuation of the stimulus package, the CBEC said on Monday. More…
Early signs of a recovery
Business Standard, 16 November 2009
The global economic recovery augurs well for domestic companies having a large exposure to overseas markets. The gradual recovery in global economies spells good news for India’s export-oriented companies as well as those with huge overseas exposure. More…
India’s GDP may exceed 6%: CII
The Financial Express, 15 November 2009
India’s economic growth is likely to exceed 6 per cent in 2009-10 as demand is picking up across sectors and the economy is getting back on track, industry body has said. More…
Food inflation up; new index next week
Business Standard, 06 November 2009
Food inflation inched up to 13.3 per cent for the week ended October 24, primarily due to rising prices of potatoes and onions, against 12.85 per cent in the previous week ended October 17. More…
SBI slashes deposit rates by 0.25-0.5%
The Financial Express, 06 November 2009
Signalling a lower interest rate regime in the market, India’s largest lender, State Bank of India reduced interest rates on various maturities of deposits by 0.25-0.5 per cent effective from Monday. More…
India to be global manufacturing hub by 2015
Press Trust of India, 06 November 2009
India is poised to be a global manufacturing hub by 2015 and Government efforts are directed towards achieving this objective, a senior Planning Commission member said. More…