Economy News - Page 16

Rupee at a 2-week low of 50.56, crude nears $125

The rupee was at 50.56/57 to the dollar, after touching a low of 50.68, a level last seen on March 7

Over 2.79 cr BPL families issued health insurance

Out of 2,97,87,800 families enrolled until February this year, about 33 lakh have availed benefits in the hospitals.

Stanchart halves RBI rate cut forecast on hike in crude, duty

Standard Charter expects WPI inflation to be an average 7.5 percent in the second half of 2012/13, much higher than 6.9 percent in the first half of the fiscal.

Inflation to fluctuate for a while: Pranab

The wholesale price index, India's main gauge of inflation, edged up a faster-than-expected 6.95 percent from a year earlier in February after a spike in vegetable prices fanned food inflation.

Govt seeks Parliament nod for Rs 4.3 lakh cr additional expense

The third batch of Supplementary Demands for Grants 2011-12 was today placed in the Lok Sabha by Finance Minister Pranab Mukherjee.

DoT to finish spectrum auction by Feb 2013: FinMin

DoT, in an application filed before the SC, has sought 400 days to complete the 2G auction process. It has mentioned that it can start auctions by December 20 and allocate spectrum to bidders in March next year. <br /><br />

Modi criticises Centre for 'abrupt ban' on cotton export

Gujarat Chief Minister Narendra Modi castigated the Centre for its "abrupt ban" on cotton export, saying that the decision had inflicted a whopping loss of Rs 15,000 crore on the Gujarat farmers.

Bullion markets shut for 3 days, protest duty hike on gold

<br /><br /> The basic customs duty on standard gold bar, gold coins of purity exceeding 99.5 percent and platinum would be increased from 2 percent to 4 percent.

Eco survey vital for Budget making, govt policies: Pranab

The 2011-12 Survey has also suggested the government adopt the path of fiscal consolidation to bring down fiscal deficit, besides undertaking a crackdown on corruption.

PPP likely to generate investment of Rs 1.5 lakh cr for port sector

Port and offshore operations, and other factors are expected to contribute substantially and provide a support level for the sector's total sales during the year.

Rupee at 55.12, fourth consecutive gain today

The rupee appreciated on Thursday, its fourth consecutive daily gain. Asian equities are also up hoping for eurozone bailouts.

Jobless rate in UK hits record high

Figures released on Wednesday showed an unexpected slowdown in wage growth further squeezing household budgets with inflation still well above the central bank's 2-percent target.

Inflation to come down by March-end: Pranab

Driven by a sharp increase in food prices, especially vegetables and protein-based items, overall inflation rose to 6.95 percent in February.

Goa's iron ore exports likely to decline by 30 percent

The royalty collection by the state government will also slump this time, even as policymakers have geared up to mobilise additional resource, to make up for the revenue loss suffered from the mining industry.

After CRR cut, RBI unlikely to change policy rates further

The possibility of key policy rate cut is not bright as industrial output grew by 6.8 percent in January against just 2.5 percent in the previous month.

Rupee strongest in ten days, rises to 55.65

Rupee rose to its highest in ten days leading BSE to rise up 0.5 percent in the pre-open trade on Tuesday.

India targets $6 billion from asset sales in FY13: Pranab

The government has also set a target of 250 billion rupees from asset sales for the 2013/14 fiscal year, Mukherjee told lawmakers in a written reply.

Inflation may have picked up slightly in Feb

Economists expect headline inflation of 6.79 percent in February from a year earlier, faster than January's 6.55 percent.

Industrial growth indicates strong recovery: Pranab Mukherjee

The capital goods sector, however, witnessed a contraction of 1.5 percent, as against a growth of 5.3 percent in the same month last year. Mining output too contracted by 2.7 percent in January, as against 1.7 per cent growth in the year ago period.

Gogoi presents deficit budget in Assam assembly

The government has reduced the rate of tax under VAT from 13.5 percent to 5 percent for items including alcohol, honey, glucose and coal tar.

Hike in duty on diesel cars to cut use of subsidised fuel: FinMin

To discourage the consumption in subsidised diesel, the Finance Ministry is looking to raise excise duty. According to Oil Ministry estimates, 15 percent of diesel consumption is accounted for by personal cars and SUVs.

UPA has lost credibility over cotton export policy: Modi

Gujarat Chief Minister Narendra Modi said the Congress-led UPA government has lost its "credibility" in the eye of world for banning cotton export and then rolling it back buckling under pressure from allies.

FM asks private banks to redress customer complaints

Mukherjee further said, effective and efficient banking system is the backbone of a growing economy.

Cabinet defers decision on 2G Presidential reference

The government is considering seeking the Presidential reference as it wants clarity on the apex court's February 2 verdict on natural resources in the 2G spectrum case.

China grants new investment licenses to five overseas firms

China granted new investment licenses to five foreign institutions in February to invest in its stock and bond markets, the securities regulator said on Saturday

Oil hits record on higher than expected China imports in February

China's imports of main commodities posted a surprise rise in February versus January with crude oil hitting a daily record, soothing worries that a slowing economy has yet to cut into use of commodities

China February trade deficit at $31.5 billion as imports leap

Exports grew at 18.4 percent, undershooting expectations of 32 percent growth, while imports came in well ahead of forecasts of 27 percent growth to their strongest in 13 months as factories returned to full time work after January's week-long Lunar New Year shut down that delayed shipments.

Govt, steel makers review increasing price

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