Economy News - Page 11

Odisha to offer PDS doles to over 5,000 fishermen

In a boost to beleaguered traditional marine fishermen living along Paradip coast in Odisha, the state government is all set to extend public distribution system (PDS) doles to over 5,000 fishermen families.

Rupee falls to 56.03 after Fitch cut India's outlook

The rupee fell to 56.03 after Fitch Ratings cut India's sovereign outlook to "negative" from "stable".

'May inflation at 10.36% left no room for RBI'

India's annual consumer price inflation remained unchanged in May at 10.36 percent whereas In April, consumer prices provisionally rose 10.36 percent.

Rupee gains on Greek bailout, RBI may cut rates

The rupee gained on Monday following the Greek election results supporting the bailout. RBI will also look at cutting interest rates by 25 base points

Maha sales tax dept unearths tax evasion of Rs 1000 crore

Maharashtra Sales Tax department has unearthed tax evasion of Rs 1,000 crore, involving 1,150 hawala dealers. Of this, Rs 400 crore has already been collected.

Eurozone concerns will dampen global markets, India growth: PM

Singh also noted that BRICS countries have been the new growth poles of the global economy.

Greece election results to have an impact on global financial markets

Greek elections will set the stage for a volatile week in the financial markets.

Bonds prices fall, rupee weakens as inflation rises to 7.55%

The bond prices and Indian stocks fell following inflation rise to 7.55 percent. The BSE sensex fell 0.2 percent following these numbers.

RBI needs bigger rate cuts, liquidity action: Nomura

Nomura said the central bank has wanted the repo rate to "remain the operative rate," and has thus brought banking system liquidity into deficit to increase the effectiveness of India's main lending rate.

IEA warns Iran's falling exports could push oil prices higher

The IEA, which advises on energy policies of oil consuming nations, said the world was better supplied with oil now than in recent years but warned against calling it an over-supplied market.

Greek borrowing rates rise in T-bill sale

Greece's debt management agency says the country has raised 1.625 billion ($2 billion) in an auction of 26-week treasury bills, but at a relatively hefty interest rate that rose from a similar debt sale last month.

Rupee falls as part of global risk sell-off

The market participants also went on to overlook the disappointing industrial production numbers for April that showed IIP expanded at a frustratingly slow pace of 0.1%

Crude slips below $98 on eurozone debt fears

Optimism over a bailout for Spain's troubled banks faded on concerns about the impact the package will have on public debt, while uncertainty surrounding elections in Greece compounded worries the financial crisis in Europe will deepen

Rs 5.7 lakh cr direct tax collection target achievable: Gujral

Direct tax collections in 2011-12 was about Rs 4.95 lakh crore, marginally short of the downwardly revised target of Rs 5.05 lakh.

Mukherjee to review performance of PSBs on Tuesday

Mukherjee would meet with chiefs of public sector banks and financial institutions to review their performances.

No austerity condition attached to bailout package: Spain

Spain will become the fourth eurozone nation to receive a relief package from the EU and the International Monetary Fund after Greece, Ireland and Portugal since the outbreak of the euro-zone sovereign debt crisis two years ago.

India's growth below average, says OECD

The Indian and Chinese economies that once showed a lot of promise and growth are now starting to falter, according to Paris-based Organisation for Economic Co-operation and Development (OECD)

Oil glut hits price, $100-$120 reasonable: OPEC chief

Oil is now trading at about $100 a barrel after falling back from a four-year high of $128 in March. Worries about the slow pace of global economic recovery have helped depress prices.

India poised for turnaround in growth by next quarter: Montek

Ahluwalia also said he expects India to grow 6.5-7.0% in the 2012/13 fiscal year that started in April.

North-East should grow at 14 percent per annum: NEC

The NEC official said the border residents in the region were the richest in terms of economic activities.

Govt to set up panel on rental housing stock

The business model for rental housing stock should be such that developers as well as those who would manage are able to earn profit.

Cotton output rises by over 9 percent due to Bt seeds

The study on 'socio-economic impact assessment of Bt cotton in India' has highlighted that area under cotton has grown by 4.91 percent in the last 10 years.

Akhilesh asks Nabard to allocate Rs 2,250 cr for Uttar Pradesh

The chief minister had a detailed discussion with Nabard chairman over development of the state.

Gogoi urges PM to implement FDI in retail

The UPA government has renewed efforts for a consensus on on the politically-sensitive issue of FDI in retail, estimated to be a about $550 billion market.

Pranab assures Arunachal Pradesh of financial assistance

The finance minister recently held discussions with chief ministers of North Eastern states on the fiscal situation.

Gold rises ahead of ECB policy meet on eurozone crisis

The yellow metal rose in tandem with the euro ahead of the European Central Bank policy meeting expecting a stimulus package to ease the eurozone crisis.

Asian shares rise as Spain seeks bail out

Asian shares sore as Spain hopes for a stimulus package to bail itself out of the eurozone crisis. The Australian dollar and the Japanese nikkei rose by a percent.

Nomura predicts RBI to cut repo rate by 25 basis points

Nomura predicted that the RBI will cut the repo rate by 25 basis points in its June 18 policy meeting following the RBI's deputy governor's statement that there's room for rate cuts.

Sorry! rate cut won't help India: JP Morgan

In dismissing the optimism brought by the RBI deputy governor announcing some room for rate cuts, JP Morgan said that this rate cut won't help ease the pressures caused by the macroeconomic conditions.