India’s Forex reserves at $295bn as on end-September: RBI

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India's forex reserves have risen by over USD 400 million to USD 294.84 billion between end-March and September 2012. RBI, in its half-yearly report on the forex reserves, said “The forex reserves stood at USD 294.4 billion as end- March 2012. During the half year under review, it came down to USD 286 billion at the end of May after which it

PPAC Data shows rise in India’s Jan oil products sales

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According to the provisional data by the Petroleum Planning and Analysis Cell (PPAC), the oil ministry's research arm, India’s oil product sales in January has increased from 7.8 per cent year on year to 13.12 million mt led by higher consumption of gasoil and gasoline. The Indian government on January 17 announced a full deregulation of gas

Iron ore exports post nearly 68% drop during Apr-Jan period

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In the first 10 months of the current fiscal, iron ore exports tumbled by 68.27 per cent attributable to excessive export duty as well as ban imposed on mining in states such as Goa, Odisha and Karnataka, said the media reports.

As per the Federation of Indian Mineral Industries’ data, overall shipment for 10-month period from April,

“India in a difficult not impossible situation”, says Raghuram Rajan

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Considering the Indian economy that seems to be at a turning point, Chief Economic Advisor Raghuram Rajan stated that “India is in a difficult, but not impossible situation”. Rajan also credited the declaration of growth to 5 per cent to both global and domestic factors. Thereby, he expects the global economy to improve in coming years.

Economic Survey 2013: WPI Inflation may decline to 6.2-6.6% in March 2013

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After a slew of disappointing macro-economic numbers released in Economic Survey 2012-13 today, reflecting the gloomy state of the economy, the headline WPI inflation has been pegged to decline between 6.2 to 6.6 per cent in March 2013. The fall could provide some solace and a level of comfort to India Inc. for demanding further reduction in interest

RBI directs lenders to probe alleged errors in farm debt waiver scheme

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The Reserve Bank of India (RBI) and National Bank for Agriculture and Rural Development (NABARD) have directed lenders to probe alleged errors in far debt waiver scheme and take action against the defaulters. The move has come after the Comptroller and Auditor General pointed out “errors of inclusion and exclusion” in the scheme launched

Govt to give VAT subsidy on diesel to farmers

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The state government is in talks to give VAT subsidy on diesel to the farmers as given to the industrial units. Besides, it has refused to consider the demand of the opposition members in the state assembly to waive the VAT on diesel in UP, said a media report. “VAT on diesel accounts for 13 per cent of the total revenue of the state and it woul

RBI dy governor Anand Sinha’s term gets 11-month extension

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The government has extended the term of Anand Sinha, one of the deputy governors of RBI, by 11 months to January 18, 2014, making him the first ever man to hold that position even after the age of 62 years. Sinha was supposed to retire on February 28, tomorrow, as he completed 62 years of age; a deputy governor in RBI is appointed for a period of five

Foreign investors bet big on India growth story as FII investment

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Foreign Institutional Investors (FIIs) continue to pour money into the Indian stock markets amid hopes that the recent interest rate cut by the RBI and a slew of economic reforms may help fastrack growth in Asia’s third biggest economy. According to India’s capital market regulator, the Securities and Exchange Board of India (SEBI), the FI

Fresh order inflows at 4-year low in Oct-Dec 2012

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Fresh order inflows at Indian companies, which indicate the health of economy and investment activity, have slipped to 4-year low in the quarter ended December 31, dragged down by sectors like power, capital goods, construction and infrastructure, said a media report. According to a leading financial media agency, the new orders for companies in secto

India bags 19th rank midst largest exporters: Government of India

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India has been ranked19th, amongst the largest exporters with a share of 1.7 per cent in the worldwide merchandise trade. Amongst largest importers, India has bagged 12th position with a share of 2.5 per cent, as declared in the year 2011. If commercial services are considered, India has managed to place itself on the 8th rank amongst world’s la

FinMin to sell stake in SAIL, NALCO, MMTC, RCF in current fiscal

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Finance Ministry today voiced intentions to sell minority stake in four state-run companies including SAIL, NALCO, RCF and MMTC via Offer For Sale (OFS) in the current fiscal to achieve Rs 30,000 crore disinvestment target. The Minister of State for Finance, S S Palanimanickam, in a written reply to Lok Sabha, said that the government is planning to

Credit Suisse cuts India’s GDP forecast to 5.3% for FY’13

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Credit Suisse has lowered its forecast for India's GDP growth in the current financial year to 5.3 per cent from 5.7 per cent earlier due to "ongoing aggressive" fiscal tightening. A note from Credit Suisse said, “The ongoing aggressive fiscal tightening, equivalent to more than 1 per cent of GDP in the current fiscal, and another

Issues like employees unions’ strikes will go down, once growth revives: Montek

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Expressing concern over the ongoing industrial unrest across India, the Planning Commission deputy chairman Montek Singh Ahluwalia said that growth in economy will help combat industrial tensions. "I don't want to comment on today's strike. There are other people to comment on that. Limited point that I am making is on reviving industrial

Bandh not a solution to problems, but disruptive only: CII President

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In between the ongoing protest across the country, CII president Adi Godrej has said that the strike has significantly disrupted economic and industrial activity in many parts of the country. It is not clear how the Bandh would address the issues that are sought to be resolved through it. Expressing concern over the two day Bharat Bandh organized by e

India’s ability to cope with global slowdown depends upon Parliament functioning: PM

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Seeking cooperation of the political parties ahead of the crucial Budget session, the Prime Minister Manmohan Singh said formidable challenges thrown up by ongoing global economic slowdown require some credible actions to ensure growth and those actions depend upon the way parliament functions. “It is now a challenge for all of us to take credib

FDI inflows drop 19% at $1.1 bn in Dec

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Attributable to the global economic uncertainties, India’s foreign direct investment (FDI) inflows declined for the second straight month by approximately 19 per cent to USD 1.10 billion in December 2012. For the same month last year, the country’s FDI inflows stood at USD 1.35 billion. Moreover, as per the data of Department of Industrial

India Inc forecasts a dismal average salary hike of 10.3% in 2013

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A slight hike of just 10.3 per cent in India Inc employees’ average salary is expected, in 2013. As per Aon Hewitt’s HR consulting survey, the hike is considered to be the least salary hike in a decade. In accordance with India's growth figure of 5 per cent, a salary hike 10.3 per cent has been estimated. The survey is structured on th

India not likely to achieve $350 bn export target this fiscal: Anand Sharma

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The Commerce and Industry Minister, Anand Sharma today said that the country is expected to miss its export target of USD 350 billion in the current financial year ending in March 2013. As against the export target of USD 350 billion, the country is likely to attain exports worth approximately USD 300 billion in this fiscal, the minister added.

Finance Minister calls for more private investment in infrastructure sector

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While speaking at the launch of India Infra Debt Ltd. (Infradebt) on February 19, the Finance Minister P Chidambaram called for ground-breaking financing solutions in order to encourage additional private investment in the infrastructure sector, said the media reports. Of the overall investment in infrastructure sector, the share of private investment

Govt cancels Rs12k cr borrowing on surplus cash balance

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In the backdrop of surplus cash balance and positive inflows from recent reforms measures, the government of India has decided not to increase its borrowing target in the current fiscal. Taking a firm step in this regard, government on Monday cancelled the Rs 12,000 crore market borrowing scheduled for February 22, indicating that it would meet the fi

VVIP helicopter scam: Govt says ready for JPC probe

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The UPA government, bracing to face the opposition parties in the upcoming Budget session in parliament on alleged VVIP helicopter scam, said it is ready to do everything possible including a Joint Parliamentary Committee (JPC) to get to the roots of the problem. The defence minister AK Antony, who is at the centre of the attack, said he was ready to

States’ debt-GSDP ratio improved between 2009-10 & 2011-12: Icra

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Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report. According to the report, states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted

Govt sends revised Food bill to Law Ministry for vetting

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In line with recommendations of the Parliamentary panel, the government has revised the Food bill and has also proposed to offer legal right to more than 5 kg of food grains at Rs 1-3 per kg per month to approximately 70 per cent of the population, Food Minister, K V Thomas said. The minister added that a revised bill has been sent for vetting to the

CCI to provide clearance to oil and gas blocks in two weeks: Montek

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The government is planning to clear 39 oil and gas fields that are stuck owing to the delayed defense clearance, said Deputy Chairman, Planning Commission, Montek Singh Ahluwalia. The Cabinet Committee on Investment (CCI) has asked the ministries of defense and oil respectively to handle and sort out the issues concerning exploration area overlapping