Economy News - Page 8

CCEA hikes minimum price for rabi crops, wheat waits

Among cereals, the CCEA has okayed increasing the support price of barley to Rs 1,100 per quintal for 2013-14 from Rs 980 per quintal this year.

India, UK amend pact on avoidance of double taxation

The Convention, as amended by this Protocol, will provide tax stability to the residents of India and the UK and will facilitate economic cooperation between the two nations.

RBI policy: Slight easing likely in first quarter of 2013, says M Stanley

"Given the central bank's guidance for monetary policy stance, we believe that policy rates would be on hold until end of 2012, with easing to start in 1Q 2013," Morgan Stanley said.

RBI may cut rates only in January: Rangarajan

Rangarajan said that if the inflationary situation improves and there are any definite signs of decline, "perhaps the RBI may be wiling to do it even six weeks earlier than the January end".

Cabinet clears National Policy on Electronics 2012

Under the policy, government has set objective to create an eco-system for a globally competitive Electronic System and Design and Manufacturing sector in the country to achieve a turnover of about $400 billion by 2020.

PMO asks CIL, Central Electricity Authority to work on price-pooling of coal

To offset the impact of high import costs, the Planning Commission has said that CIL should adopt a pooling formula on prices by combining rates of imported and domestic coal.

Railways earnings up by 26 percent in October

Railways' earnings during the first 10 days of last month were Rs 3131.75 crore compared to Rs 2487.17 crore during the same period last year, registering an increase of 25.92 percent.

India's emergency oil stock storages face delay

The 1.33 million tonne strategic storage under construction at Visakhapatnam will cost Rs 1,038 crore and was to be completed by October this year.

India extends sugar export by another year

The decision will be effective when the government issues a formal order. India will soon take a decision on the recommendation made by an expert panel over lifting curbs on the sugar industry, Thomas added.

Maharashtra petrol pumps to run only 9-5 from today

Toughening their stance on enhanced commission, petrol dealers across Maharashtra started a 'single shift' operation, affecting lakhs of fuel-starved vehicle owners.

India confident of getting IMF quota reforms done by Jan 2013

The quota reforms of the International Fund (IMF) to give greater say to the developing countries in the working of the multi-lateral lending institution is likely to be completed by January 2013, said Indian Finance Minister P Chidambaram.

Global liquidity infusion may fuel commodity prices: FM

India today said huge liquidity infusion by the US and Europe into the financial system could result in increased investments into developing countries though there are concerns these might also fuel commodity prices.

Reforms necessary if India wants to be competitive : IIF

Institute of International Finance has said opening up of more sectors to FDI is timely and necessary as India needs to address the issues of inefficiencies and protectionism.

Coal India to double production in Chhattisgarh by 2017

State-run Coal India has said it plans to double its production capacity in Chhattisgarh to 220 million tonnes by 2017.

Govt plans 'smart cities' under urban renewal mission

Government is planning to develop two "smart" cities with a host of modern features like intelligent transport and carbon neutral status in each of the states in the second phase of the Jawaharlal Nehru National Urban Renewal mission.

Cylinder cap to boost sales of modern appliances

The union government's decision to cap the number of subsidised cooking gas cylinders per household is likely to push a switchover in kitchens to alternate appliances like induction cookers and microwave ovens, industry experts say.

Oil near $92 after US manufacturing improves

Analysts at Capital Economics said in a market commentary that the boost in oil prices following the Federal Reserve's announcement of a third round of bond buying to help boost the U.S. economy was starting to wane.

Govt trying to seek consensus on GST: Rawat

Referring to recent steps taken by the government to boost the economy, he said the country needs to take more such measures.

Rupee nears 5-month high on fiscal hopes, global risk sentiment

While the market was expecting the government to stick to its borrowing plan for now, a Reuters poll showed economists expecting 500 billion rupees of extra bond sales.

FM to review Income Tax dept's appeal-filing mechanism

Finance Minister P Chidambaram is likely to review the entire appeal-filing mechanism of the Income Tax department in view of concerns expressed by the Supreme Court recently over delays in revenue cases.

Finmin, RBI to discuss govt's borrowing plan

The government is scheduled to borrow Rs 2 lakh crore during October-March as part of Rs 5.7 lakh crore to be raised for the whole year ending in March 2013.

India, US officials meet to increase collaboration in energy sharing

Top officials from India and the US are holding a series of meetings here to strengthen collaboration in the energy sector with special focus on mobilising clean and affordable sources for their requirements.

India-Asean partnership, a win-win situation for both sides

India's growing partnership with ASEAN is a win-win situation for both sides which together constitute about 1.8 billion people along with a booming market, India's Ambassador to Thailand Anil Wadhwa said.

Goa govt to shut down mines polluting Selaulim reservoir

Goa government has finally resolved to shut down the mines pouring manganese and iron ore in the Selaulim reservoir, the source of potable water for 55 percent of the state population.

IMG recommends cancellation of four coal mines alloted to private firms

The Inter-Ministerial Group (IMG) on coal blocks allocation has recommended de-allocation of four mines alloted to private firms and encashment of bank guarantee of three others on the ground of non-development of mines within a prescribed time.

Without Bt crops, India missing on development: expert

India had imposed a moratorium of an unspecified period, in 2009 on commercial release of Bt brinjal on health grounds.

Uttar Pradesh hikes VAT by 0.5%; ACs, mobiles get costlier

The decision was taken at the Cabinet meeting on Tuesday and would be applicable after issuance of the notification today, an official said.

Germany should support common banking union: Deutsche Bank

Deutsche Bank co-chief executive Fitschen's criticism was aimed at smaller German savings and cooperative banks which have argued they should not fall under the umbrella of a European supervisor