Economy News - Page 25

Creaky infra major roadblock to growth in India: S&P

The government has stepped up spending in recent years but the slow pace of reforms and a lack of long-term funding options constrain the infrastructure growth

Experts had advised RBI not to hike rates to fight inflation

Minutes of the 19 October meeting reveal that almost all external experts on RBI monetary policy advisory committee waere opposed to increase in policy rates to combat inflation.

India raises FII cap in corporate, govt bonds by $5 bn each

Foreign institutional investment (FII) limit in corporate debt now stands at a combined $45 billion, of which $25 billion must be invested in infrastructure bonds.<br /><br />

Decision to lower petrol prices taken by OMCs: Pranab

The finance minister said that oil marketing companies have to take decision depending on cost of their imports.

Oil falls below $99 after surprise US supply rise

Oil prices fell to below $99 a barrel Wednesday in Asia after a report showed US crude supplies rose unexpectedly last week, suggesting demand may remain weak.

Europe making gradual progress in crisis: Timothy Geithner

"This is absolutely within Europe's capacity to solve and it's within their ability. It's within their grasp, it's within their reach," US Treasury Secretary Timothy Geithner said.

FinMin still in talks with RBI to raise FII limit in govt debt: sources

The sources said the government has not finalised the timeframe for raising the limit nor has the amount of increase in the limit been finalised.

Europe on edge as Greeks gear up to reject more austerity

Prime Minister Lucas Papademos says Greece has to remain inside the eurozone and insists reforms are the only way to mitigate painful austerity measures.

India deserves higher credit rating, FinMin tells Moody's

ndia today told global rating agency Moody's that it deserves higher rating, at least two notches above the present grade, on the back of improvement in basic economic parameters witnessed in the last few years.<br /><br />

Banks need to step up efforts to resolve bad loans: RBI

The asset quality of banks need to be closely watched in the changing interest rate environment as the sticky loan portfolio of small and medium enterprises might rise.

Moody's says meeting with Indian govt, RBI routine

Moody's Investor Service's meetings with Indian government and Reserve Bank of India (RBI) officials on Monday were pre-arranged and are not linked to the downgrade of the country's banking sector outlook last week, a senior analyst said on Monday.

Unite or risk irrelevance: European Commission President

The European Commission President issued a pointed statement directed at the UK, saying they could no longer sit on the sidelines

Obama takes tough line on Chinese trade practices

US President Barack Obama took a tougher line with China, calling on the country to stop poaching U.S. intellectual property and allow the Yuan to rise.

Pakistan allows more imports from India

Pakistan removed restrictions on the import of 12 goods from India as part of measures to normalise trade between the nuclear-armed rivals, Pakistani officials said on Saturday.

Won't prune eurozone to a more selective club, says EU president

Reports earlier said that Germany and France had discussed a possible breakup of the eurozone in the face of the debt crisis roiling global markets

India may see just 6% growth in FY'12: Rangarajan

Prime Minister's economic advisory panel chief C Rangarajan has described the dip in factory output in September as "disappointing" and said industry may grow by just 6 percent in the current fiscal, as against the earlier projection of 7 percent.

Food inflation declines to 11.81% for week ended 29 Oct

Food inflation declined marginally to 11.81 percent for the week ended 29 October, but the slight moderation in the rate of price rise provided little respite to consumers burdened by high prices of essential kitchen staples like vegetables and pulses.

Jet fuel to get dearer by 2 percent from midnight

Jet fuel constitutes over 40 percent of an airline's operating cost.

NRIs wary of Punjab realty on eurozone woes

Lack of NRI investment into property market has also had a negative impact on overall property business in Punjab.

Petrol Min seeks 2-yr extension on tax holiday for refineries

Currently, refineries commissioned after March 31, 2012, will not be eligible for exemption from payment of income tax on revenues earned in the first seven years of operations.

Govt earmarks $60 bn to modernise Mumbai

40 percent of the $60 billion would be raised through public-private partnership models and the rest through government agencies.<br /><br />

Budget 2012 will be 81st in India's history

Mukherjee will present the Union Budget for the seventh time, the second-highest by any Finance Minister.

IPO slump drives Asia bankers towards block deals

For investors on high alert over Europe's debt troubles and concerned about a slowdown in the US and Chinese economies, buying into existing companies through block sales may be more tempting than venturing into untested IPOs.

China's October exports growth weakest in 8 mths

China's exports in October rose at their weakest pace in eight months, underlining official concern about the sector that has dragged on economic growth this year while imports jumped much more than expected.

Maha govt hopes Lavasa's phase II will not face hurdles

Maharashtra government does not foresee any major hurdle in the execution of the second phase of Lavasa Hill City project in Pune district, provided it conformed to the Centre's guidelines, a state minister said today.<br /><br />

RBI not to intervene in foreign exchange market: Gokarn

The Reserve Bank of India today said it does not intend to interfere with the exchange rate and its monetary policy stance in the coming months would be determined by movement in inflation.

Govt plans special MNREGA courts to check corruption

The move comes in the backdrop of reports that the UPA Government's ambitious rural job guarantee scheme is marred by corruption.

Exports up 11% in Oct; trade deficit widens to "worrying" level

India's exports grew year-on-year by 10.8 percent to $19.9 billion in October while imports expanded at a sharper rate, leaving a big trade deficit of $19.6 billion.

Pranab declines comment on petrol price rollback

"I am not making any comment, particularly when the PM is meeting representatives of Trinamool Congress. Whatever decision PM will take, will be implemented," Mukherjee told reporters when asked if a rollback was possible.

BRICS ready to give financial aid to eurozone via IMF, says Russia

Major emerging economies are ready to provide financial help to the euro zone via the International Monetary Fund but in return want commitments to reform the IMF to be implemented, Russian Foreign Minister Sergei Lavrov said on Monday