Banks’ credit to industry grows at slower rate in Jan

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Data from the Reserve Bank of India (RBI) showed that the banks’ credit to industry has increased by 15.2 per cent in January, as against the 20.2 per cent increase in the year ago period, thereby witnessing growth at a sluggish pace, said the media reports. In addition to overall economic slowdown, the decline in aggressive lending by the banks

Australia, India to ink comprehensive economic treaty

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A top Australian official recently told media that the country is upbeat about inking a Comprehensive Economic Cooperation Agreement with India. The agreement will be benefiting the countries on economy grounds, official said. Australian High Commissioner to India Patrick Suckling also stated that the nations have already attended 4 rounds of discussi

February Retail inflation rises to 10.91% on higher vegetable, edible oil prices

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Continuing the northward journey for the fifth consecutive month, retail inflation moved up to 10.91 per cent in the month of February as prices of vegetable, edible oil, cereals and protein-based items offered no respite. Retail inflation, as measured by Consumer Price Index (CPI), stood at 10.79 per cent and the latest data points to a third-consecu

January IIP beats expectations at 2.4% versus (-) 0.6% in December

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India's industrial production index rose at a better-than-expected rate of 2.4 per cent in January 2013, after two consecutive months of contraction, aided by a significant spurt in manufacturing-related output. Analysts on an average had expected the IIP to come at around 1 per cent. Manufacturing, which constitutes about 76 percent of industrial

Govt instigate to extract oil from coal

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The government has proposes to extract oil from coal notifying coal liquefaction as one of the specified end uses for the purpose of allotment of captive coal/lignite blocks to the entrepreneurs. Both direct and indirect methods of converting coal into oil have been tested commercially in different countries. An experimental project using direct conv

RS passes bill seeking to widen the criterion for appointment of SAT head

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Rajya Sabha on Monday passed a bill seeking to widen the criterion for appointment of Securities Appellate Tribunal (SAT) chief, a post which has been lying vacant for over a year. The Securities and Exchange Board of India (Amendment) Bill, 2013 seeks to allow a retired High Court judge who served for over seven years to head the tribunal which settl

West Bengal raises VAT as FY’13 revenue deficit overshoots Budget estimates

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Mamata Banerjee led Trinamool Congress, for the first time since it came into power, made an announcement for increasing taxes in the state in a major way, while presenting a Budget document for 2013-14. West Bengal Finance Minister Amit Mitra on Monday presented Budget for 2013-14 proposed to raise value-added tax rates by one per cent, at the lower

Easing inflation will pave way for RBI to cut rates: Morgan Stanley

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Inflation appears to be coming down from threatening levels, paving way for Reserve Bank of India (RBI) to cut rates in upcoming monetary policy review, said Morgan Stanley official in a statement on Monday. “... I think inflation in India seems to be coming off the boil and that gives some leeway for the RBI to act. But I find RBI is not the ma

Indian companies invest $1.65 bn in foreign countries in February

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Indian companies invested USD 1.65 billion in foreign countries during the month of February by way of equity, loans and issuing guarantees to their wholly-owned subsidiaries (WOS) and joint ventures (JVs), said the data released by Reserve Bank of India (RBI). The data said that Indian companies had invested USD 3.30 billion in foreign countries duri

Aiming for 7-8% growth in next five years is reasonable: Montek

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the 10-year average economic growth rate, the Planning Commission Montek Singh Ahluwalia on Monday said Indian economy will grow in the range of 7-8 per cent in the next five years. “It will be reasonable to assume that the growth rate would be 7 to 8 per cent, which I would call passing grade. I am reasonably confident that over this four-five

$90 bn Delhi Mumbai Industrial corridor project finally kick starts

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Finance Minister P Chidambaram, in his budget speech stated that Delhi Mumbai Industrial Corridor (DMIC) project will soon be started which will undertake building of seven new cities including two smart cities, one at Dholera in Gujarat and the other at Shendra Bidkin in Maharashtra. Industry sources reported that the USD 90-billion worth DMIC projec

Exports up 4.25% at $26.26 bn in Feb

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In the month of February this year, the country’s exports increased by 4.25 per cent to USD 26.26 billion, as against overseas shipments worth USD 25.19 billion in the same month a year-ago. "Europe is performing better, there is a slight improvement in demand," Commerce Secretary, S R Rao said.

The sectors that performed we

Govt to recycle 75% of cooking oil to produce bio-diesel

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The government has thought of implying a clue identified from United States and Europe where 75 per cent of the used cooking oil is recycled to produce bio-diesel. As the first step in this direction, the ministry of new and renewable energy has asked the National Food Safety and Standard Authority (NFSSA) to prescribe standards and regulations for u

Open offers in India Inc. surge to near six- year high in Jan’13

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Open offers made by Indian companies for acquiring shares from public investors stood at the highest level in nearly six years at over Rs 8,300 crore in January 2013. The open offers made in January 2013 comprised of offers from promoters and other entities for the purpose of consolidating their stake in the company or they were as part of a substanti

RBI tipped to cut rates by 25 bps this month, Standard Chartered says

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Bank of India (RBI) may undertake another 25 basis points interest rate cut at this month’s monetary policy review as easing inflationary pressures, government’s fiscal consolidation measures and improving capital account deficit leave more room for further monetary easing to fast track growth in Asia’s third biggest econ

Inflation, IIP data set to dictate market course this week

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Investors will be keenly eying the inflation and the industrial output data this week which could play a crucial role in determining the outcome of the RBI’s monetary policy meet on March 19, 2013. The two crucial macroeconomic data are also likely to dictate which direction the markets take this week. According to analysts, India’s indust

India Inc. deal value slumps 80% in Feb’13

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The deal value involving Indian companies took a severe hit in February 2013, slumping by 80 per cent over the same month a year ago amid a deepening slowdown in the global and the domestic economy. February 2013 witnessed 70 deals worth USD 3 billion, a leading tax and advisory firm, Grant Thornton said in a report on Sunday. Total deal value in Febr

India will grow by 6% next year: World Bank chief

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Concerned over 5 per cent estimated growth this fiscal, World Bank chief Jim Yong Kim said that Asia’s third largest economy will get back to 6 per cent growth path next year and more thereafter. “India is going to grow by 6 per cent next year and we hope for even more increase in future,” said World Bank President Jim Yong Kim while

Govt plans relook at rationale of FDI limit in different sectors: Report

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The government, scouting for ways to cut India’s current account deficit, now plans to take a relook at rationale of limits imposed on foreign direct investment (FDI) in various sectors as it continues to be a major hurdle in way of foreign investors looking to invest in India. Media report said that government may either increase or scrap the F

Indian refineries to stop Iranian oil imports as insurers refuse to provide cover: Report

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India may now stop importing crude from Iran as insurance companies have refused to provide cover for those refineries which process Iran’s oil amidst western sanctions, said a media report. Mangalore Refinery and Petrochemicals Ltd’s (MRPL) managing director PP Upadhya told a media agency that Indian refiners will have to halt imports fro

India to grow at 7 to 8% in next two to three years: PM

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Prime Minister Manmohan Singh on Friday expressed confidence over domestic economic outlook and asserted that the economic slowdown has bottomed out and the country will bounce back to the growth rate of 7 to 8 per cent in next two to three years. Referring to the recent policy reforms, PM said that the government is determined to give a push to the e

PM urges states to end logjam over NCTC

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In a bid to bring consciousness among the states over the issue of National Counter Terrorism Centre, Prime Minister Manmohan Singh today urged states to cooperate central government on this crucial security measure. “All political parties need to speak with one voice in dealing with terrorism. In order to bring about a broad national consensus,

India, Bhutan signs $100 mn currency swap agreement

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India and Bhutan recently signed a currency swap agreement for up to USD 100 million to take economic co-operation between the two countries, further. The swap arrangement has been inked between the Reserve Bank of India (RBI) and the Royal Monetary Authority of Bhutan (RMAB).

"The swap agreement is intended to provide a backstop line

UPA’s Land Acquisition Bill hits opposition barrier again

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United Progressive Alliance’s (UPA) Land Acquisition (Amendment) Bill might remain a dream for now as the all-party meeting convened to discuss the legislation ended inconclusive on Thursday. Spoiling the plans of ruling government that is keen on introducing the Bill in current session of Parliament, most of opposition parties asked for more ti

India Inc raises $4 bn via overseas bonds in 2013 so far

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Indian companies have raised around USD 4 billion via overseas bond markets in 2013 so far, helped by falling treasury yields in the international market and widened investors’ base, said a media report. The report further added that the momentum will continue this year as well and another USD 10 billion could find way into India through oversea