Economy News - Page 23

Growth in credit to priority sector slows to 10 pc in Oct

Credit disbursement to the priority sector stood at Rs 12.48 lakh crore in October, compared to Rs 11.35 lakh crore in the same month last year, according to the Reserve Bank of India.

Gold falls to lowest level in a week on euro downgrade fears

The most-active gold for February delivery on the Multi Commodity Exchange was 0.54 percent lower at Rs 28,890 per 10 grams, after hitting Rs28,763 a level last seen on November 26.

Retail FDI will jack up prices, hurt consumers: traders body

The proposal to permit FDI in retail could spell doom for consumers as foreign investors will dry up existing supply chains and then jack up prices to exploit the situation to their benefit.

Brent crude falls towards $109 on eurozone downgrade risk

The S&P news also overshadowed ongoing tensions between OPEC producer Iran and the West that could lead to crude supply being disrupted from the world's fifth-largest exporter.

FinMin wants FDI in aviation within SEBI takeover code

While approving the draft Cabinet note on FDI in airlines, the Finance Ministry has suggested the DIPP consult Sebi on the issue as several airlines.

Rupee drifts lower on oil payments, weak shares

Traders said the near-term outlook was bearish even after the central bank pledged to support the rupee, which had hit a record low last month.

FII outflows an area of concern: Pranab

The minister, however, took some comfort from the increase in foreign direct investment (FDI) so far this year.

Retail, manufacturing largest employers in Bihar

According to a recent report around 9.77 lakh people are employed in the retail sector, while more than 4.58 lakh people work in the manufacturing sector in Bihar.

Rupee gains 6 paise against US dollar in early trade

Dealers said increased selling of dollars by exporters and range-bound movement of the euro and Asian currencies against the dollar overseas helped the Indian rupee strengthen

Japan says Yes to US nominee to head World Bank

Jim Yong Kim, a physician and anthropologist, was named by the Obama administration in March as the US pick to succeed Robert Zoellick when he steps down in June.

Rupee gains 40 paise against US dollar in opening trade

Gains made by the euro and other currencies against the dollar overseas after coordinated action by central banks to pump liquidity into the global financial system gave support to the Indian rupee.

Credit offtake up 18% in 12 months to 18 Nov

The non-food credit has grown 17.8 percent to over Rs 43.20 lakh crore in the 12 months to 18 November, according to the Reserve Bank of India (RBI).

Oil cos hike jet fuel price, third time this month

State-owned oil companies today hiked jet fuel price by a steep 3.7 percent, the third increase in rates in a month.

Eight core sector industries grow by 0.1% in Oct

Growth of eight infrastructure industries slowed down to 0.1 percent in October this year, from 7.2 percent expansion witnessed in the same month last year.

RBI asks banks to ensure opening of Aadhaar enabled accounts

The Reserve Bank today directed banks to ensure opening of Aadhaar enabled banks accounts for beneficiaries social security schemes for facilitating electronic transfers.

GDP below expectation; economy to grow 7.3% in FY12: Pranab

Pranab Mukherjee said global financial problems had adversely affected domestic growth.

Air India to lease out planes after Dreamliner induction

State-run Air India, which has got lenders' approval to restructure its finances, said on Tuesday it plans to lease out excess aircraft after the induction of Boeing 787 Dreamliners into its fleet.

FDI in retail being used for political mileage, says Montek

Foreign direct investment (FDI) in retail is a non-issue which is being milked for political mileage, Montek Singh Ahluwalia today said.

AI to go for leaseback option for Boeing Dreamliners

Air India today decided to go in for sale-and-leaseback option for Boeing 787 Dreamliners instead of their outright purchase.

US ready to help EU resolve its economic crisis: Obama

US President Barack Obama has said that his administration stands ready to help Europe resolve its on-going economic crisis.

Vodafone, Tata must decide on C&W Worldwide bid soon

Tata Communications and Vodafone have both been given more time to decide whether they want to bid for British telecom group Cable & Wireless Worldwide.

Rupee gains 4 paise against US dollar in opening trade

Forex dealers said dollar weakness against the euro and other currency rivals overseas and a higher opening in the domestic stock market supported the Indian rupee's rise

Refineries likely to cut petrol prices by a rupee a litre on Thursday

The companies cut petrol prices by about 3.2 percent earlier this month, the first reduction in retail prices in nearly three years and the first since prices were decontrolled in June 2010.

Moody's says China growth in medium term to remain robust

In a special report, Moody's said that a new phase of structural policy reforms is coming into focus following the Chinese government's recent announcement of a new, lower annual GDP growth target of 7.5 percent.

Icra downgrades India growth projection to 7.3-7.5% for FY12

Icra today revised downward its growth projection for the Indian economy to 7.3-7.5 percent for this fiscal.

Inflation could decline to 7% by March, says Rangarajan

C Rangarajan today said inflation could decline to 7 percent by the end of the current fiscal on account of good monsoon this year.

Another cut in petrol prices?

The state refiners could cut petrol prices by about one rupee a litre or 1.5 percent as softening Singapore spot gasoline prices have offset the impact of a declining rupee.

RBI's limited forex market intervention is credit positive: Moody's

Moody's today said the Reserve Bank of India's limited intervention in the currency market to stymie rupee depreciation is "positive" for the country's credit outlook.

MNC retailers must source 30 pc from Indian MSEs: Govt

The government today dispelled doubts saying the 30 percent obligation before the global players is limited to India.

All EU ratings threatened by crisis: Moody's

Moody's noted that political uncertainties in Greece and Italy and the worsening of the economic outlook across the euro area had given rise to "the likelihood of even more negative scenarios.