RBI may cut repo rate by 25 bps on back of core inflation

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The Reserve Bank of India (RBI) is likely to cut the repo rate by 25 basis points at the mid-quarter review of its monetary policy on March 19, following the fall in core inflation to 3.8 per cent in February even as headline inflation surged. Analysts said that since headline inflation continued to be way higher than the comfort zone of RBI, a repo

I-T Dept & FIPB plan to renovate their web interfaces

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In a bid to ensure quality service, the Income Tax (I-T) Department and the Foreign Investment Promotion Board (FIPB) have planned to revamp their national website and online application mode for their investors. I-T department has invited offers for the design, development, content management and maintenance of the website by April 23 and would hire

Minimise pendency in Central Administrative Tribunal: V Narayanasamy

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Union Minister V Narayanasamy emphasised on reducing pendency of cases in Central Administrative Tribunal (CAT). "There is still room for improvement in its efficiency. It is observed that by the end of January 2013, as many as 805 cases were pending for more than five years. We should try to minimise such pendency," he said during a day-lon

India is an attractive M&A destination: E&Y

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India is considered as an “attractive” destination for merger and acquisition activities owing to its favourable demographics and growth opportunities, according to global consultancy Ernst & Young. In an interview, E&Y Global Vice Chair (Transaction Advisory Services) Phillipa McCrostie said, “Catering to a growing, expandin

Chidambaram calls for increased lending to spur growth; Will meet PSUs ahead of Policy review

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Finance Minister P Chidambaram will meet heads of public sector banks today to scrutinize the situation amid softening growth and slowdown in investment. The agenda at the meeting would include direct benefit transfer, deteriorating asset quality and credit growth. According to the reports, the Finance Minister could ask banks to increase lending to p

India could be 5th largest manufacturing nation: BCG

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India could move up to 5th position from the current ninth-as a manufacturing nation- if it is able to increase the share of manufacturing in GDP to 25 per cent. As per the National Manufacturing Policy, India's manufacturing sector should increase its share of GDP from 15 per cent at present to 25 per cent by 2022, in line with global peers. In t

Ratan Tata eyes India on track of 7% plus growth in couple of years

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In a cautious note, the chairman emeritus of the Tata Group Ratan Tata on Friday said he sees Indian economy back on track of 7 per cent plus growth in next couple of years, but finds ambitious growth of 8 per cent beyond reach amid persistent global slowdown. The veteran business leader maintained that the recent policy reforms initiated by governmen

Canada keen on making investments in joint projects with India

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Canada is keen on investing in joint projects with India especially in tourism, agriculture, IT and education sectors. Indian Chamber of Commerce organized a meeting recently with a delegation of Commonwealth Parliamentary Association (CPA), which included some senators and MPs of Canadian Parliament, where the latter stated that the size of trade bet

S&P says India’s sovereign rating faces risk from weak economic support

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Rating agency Standard & Poor’s (S&P) said the economic support for India’s sovereign rating has weakened “somewhat” following sluggish growth in Asia’s third largest economy and the continued concerns over rising fiscal deficit. Kim Eng Tan, senior director of Asia-Pacific Sovereign Ratings at Standard & Poor

Curbing plan expenditure only way to solve debt-inflation problem: Chidambaram

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Justifying the 17 per cent cut in plan expenditure for the current fiscal year over Budget estimates, finance minister P Chidambaram on Thursday said it was the only way left to rein in fiscal deficit which was increasing inflationary pressure in the economy. With an aim of reducing the fiscal deficit to 5.3 per cent in 2012-13, Chidambaram announced

No exploratory activities observed in Sir Creek marshland by India, says Hina Rabbani Khar

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There is no exploratory activities been reported for oil and gas by India in the disputed Sir Creek marshland said , Foreign Minister Hina Rabbani Khar. The foreign minister said that the specific area is under inspection by Pakistan Maritime Security Agency and Pakistan Navy, both the countries will have to co-operate then only the negotiation can be

Govt sends notices to 35-k more defaulters on I-T return

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The government on Thursday send notices to as many as 35,000 defaulters on income tax asking them to pay their dues along with interest and seek a penalty waiver. “I know some of you are concerned about penalty. The I-T Act has a provision where a person voluntarily files his returns and pays the tax and interest income, the authorities can tak

RBI allows FIIs to offer Indian debt securities as collateral in F&O segment

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The Reserve Bank of India (RBI) has allowed foreign institutional investors (FIIs) to offer government securities and corporate bonds as collateral to bourses for derivative transactions. The move, which has come after consultation with the Government of India and the Securities and Exchange Board of India, is aimed at strengthening FIIs inflows to In

Raghuram Rajan refuses to buy PMEAC chairman’s “stagflation” view on Indian economy: Report

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Soon after the chairman of PMEAC Dr. C Rangarajan said that Indian economy is facing stagflation, Raghuram Rajan, the chief economic advisor in the finance ministry, said that the economy is surely slowing down but not stagnating. Rajan further added that there have been signs of growth bottoming out and, at 5 per cent GDP rate, India may be growing a

India’s outlook can be revised to “stable” if Govt kick-starts reforms: S&P

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The rating agency Standard & Poor’s (S&P) on Thursday echoed its previous stance that it may revise India’s outlook to “stable” from “negative” if the government kick-starts reforms and rein in its twin deficits while boosting growth. S&P, in its report on Asia-Pacific Sovereign Ratings, repeated that In

Moody’s expect 25 bps rate cut on March 19 despite uptick in WPI inflation

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Rating agency Moody’s on Thursday said the slight uptick in headline inflation to 6.84 per cent may not prevent Reserve Bank of India (RBI) from reducing the repo rate by 25 basis points on March 19. “The recent rumblings from the Reserve Bank of India ( RBI), including praise for the government's reforms and recent budget, suggest tha

WPI inflation jumps to 6.84% in February

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Rising fuel prices pushed India's headline inflation, as measured by wholesale price index (WPI), during February to 6.84 per cent, from 6.62 per cent in the previous month. The jump in WPI - India's main inflation gauge - was more than the general expectations in the market, and may hold Reserve Bank of India (RBI) from easing liquidity sharp

Commerce Minister meets exporters to discuss challenges, boost trade

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Ahead of finalizing the country’s Foreign Trade Policy (FTP), Commerce and Industry Minister Anand Sharma on Wednesday met exporters to discuss challenges and measures needed for boosting exports of India which are crucial for capping the ever-widening trade deficit and current account deficit. “We have had three rounds with CII, with FICC

Rail Minister hints at another hike surcharge on bookings

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Shrugging off the opposition’s demand for roll-back of rail fare hike, Rail Minister Pawan Kumar Bansal hinted at another hike in surcharge on bookings and cancellations for balanced development of the country's largest transporter which is running high on losses. Bansal, replying to a debate on the Rail Budget 2013-14 in the Lok Sabha, said

India to get back to high growth trajectory in 2-3 years: PM

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While replying to a query in Lok Sabha, Prime Minister Manmohan Singh said that the country will return back to the high growth trajectory in the next 2-3 years. He added that the country’s economy has slowed from the last few years due to various international as well as domestic factors. "The crisis in the eurozone does impact the Indian

Morgan Stanley, HSBC cut India’s GDP forecast to 6%

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Financial services firms, Morgan Stanley and HSBC, each have cut their India’s GDP forecast for the financial year 2013-14 from earlier 6.2 per cent to 6 per cent. This cut in the country’s economic growth forecast reflects lower-than-expected growth in the October-December quarter. While stating that domestic and external environment will

Indian economy facing stagflation: C Rangarajan

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The chairman of the Prime Minister’s Economic Advisory Council, C Rangarajan has finally accepted that Indian economy, headed for 5 per cent growth this fiscal, is going through stagflation where an economy witnesses high inflation, and poor growth rate. “It is pertinent to note that stagflationary tendencies have already reared their head

Outstanding I-T arrears till Dec amounts to Rs 4.18 lakh cr: Chidambaram

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Finance Minister P Chidambaram today informed Rajya Sabha that a total of Rs 4.18 lakh crore income tax arrears were outstanding at the end of December 2012. "The total income tax arrears outstanding as on December 31, 2012 are Rs 4,18,696 crore," Chidambaram said in a written reply in the Rajya Sabha. These outstanding arrears include tax a

Possibility of easing monetary policy exists: Arvind Mayaram

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Just ahead of the RBI's monetary policy review next week, finance ministry has said that inflation has eased during the past few months and there is a scope for monetary easing. "Inflation numbers have also come down so there is certainly a case for (giving) further impulses for growth", DEA Secretary, Arvind Mayaram told media.

Government finalizes CSR guidelines for public sector units

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The government has notified that all CSR guidelines for public sector units, under which they will have to earmark a portion of their profit for social activities, have been finalized. Heavy Industries and Public Enterprises Minister Praful Patel in a written reply to the Rajya Sabha stated that the new set of guidelines will be put into force from Ap