FM woos foreign investors with promise of investment protection

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Finance Minister P Chidambaram is on foreign tour currently to sell India’s growth story as GDP falls to a decade low level while current account deficit hits record high. After two days in Canada, Chidambaram arrived in North America to project India as a viable investment destination and there he promised investors that their capital will be p

Softening crude oil prices to reduce India’s fiscal burden by up to Rs 50,000 cr: Crisil

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Softening crude oil prices will help Indian government cut its subsidy bill by up to Rs 50,000 crore, leading to a much-needed relief on the fiscal deficit front, said ratings agency Crisil. “The recent plunge in oil prices is positive for India as it will lead to lower under-recoveries and also reduce the import bill,” said Crisil in a s

Govt to ease oil & gas price controls; says FM

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In a bid to attract foreign investment, India is considering to liberalize the prices of the locally produced oil and natural gas from state controls says Finance Minister P Chidambaram. "We are at an advanced stage -a Cabinet paper is under consideration on how to move from a production sharing model to revenue sharing model for oil and gas exp

India’s renewable energy capacity to grow more than double by 2017: PM

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While assuring support to the development of green energy in India, the Prime Minister Manmohan Singh today said that the country’s renewable energy capacity is expected to become more than double from current 25,000 MW to 55,000 MW by the year 2017. Moreover, Singh added that a national institute of solar energy along with a global level R&

India proposes to import oil from Tajikistan

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New economy policies against Iran by the West has led India to look for other source ‘ Tajikistan’ to import oil to meet the energy deficiency. Vice President Hamid Ansari in a meeting with the top Tajikistan leader said that we are interested in having cooperation in the area of importing oil from Tajikistan. In a bid to acquire oil and

IMF sees India’s Current Account Deficit at 4.9% of GDP in 2013

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Despite falling prices of oil and gold, which are two biggest items in India’s import bill, the International Monetary Fund (IMF) on Tuesday projected India’s CAD at 4.9 per cent of GDP during 2013, marginally better than previous year’s 5.1 per cent. IMF also projected CAD falling to 4.6 per cent of GDP by 2014. Gold and oil have be

D-Street cheers as oil, gold prices crash

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Indian economic condition may not have changed in the last two days, but investors’ sentiments have really changed as benchmark indices Sensex and Nifty record over 2 per cent rise while commodities like gold and oil continue to drop. Helped by hopes of a rate cut, three-year low headline inflation, and falling oil prices, the bellwether BSE Se

Fiscal situation in India will improve in 2013: IMF

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The International Monetary Fund (IMF) said today that India’s better interest rate differential will give it an edge this year while addressing its deficit concerns as compared with many other countries which are facing challenges on the fiscal consolidation front. The IMF report said that “Deficits in advanced economies fell by 0.75 per

Govt committed to bring fiscal deficit down to 3% by 2016-17: Chidambaram

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Finance Minister P Chidambaram on Tuesday said government was committed to reducing the fiscal deficit, which could come down to 3 per cent by 2016-17 with 0.6 per cent reduction every year. “India will reduce the fiscal deficit until we reach the target of 3 per cent in 2016-17 or perhaps a little earlier,” said Chidambaram looking to

Bilateral investment agreement can't be subject to foreign jurisdictions: FM

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In a loud and clear note, Finance Minister P Chidambaram has said that any bilateral investment protection agreement has to be subject to jurisdiction of domestic legal institutions and India will not allow it to be subjected to foreign courts or tribunals. "We cannot allow highest court of the land to be subjected to any foreign courts or tribu

India loses around $951 mn in Q1 2013 as FIIs rush to buy US, Japanese equities

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Hopes of recovery in US and Japan—the two of the world’s biggest economies—have drained away foreign investments from markets such as India in the past three months. A data showed that India lost around USD 951 million in Jan-Mar 2013 while other emerging markets like Brazil and Russia lost USD 1.3 billion and USD 698 million respect

RBI looks to broad-base housing price database

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In order to assess an individual’s affordability of home loan and its repayment, Reserve bank of India (RBI) has said that it is looking to expand its home price database to monitor parameters like loan to value ratio , EMI or equated monthly instalments to income ratio. At an international seminar orgainsed by the National Housing Bank last we

Gold imports dip nearly 24% during Jan-Mar

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Gold imports in India have fallen nearly 24 per cent at 200 tonnes during the Jan-Mar quarter of the current year, said the president of the Bombay Bullion Association on Monday. The trade body head said that falling prices of gold internationally discouraged importers from buying the yellow metal as stocks bought before the slump started piling.

Inflationary pressure is coming down: Montek

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Cheering the Monday’s WPI data which showed headline inflation hitting over 3-year low, the Planning Commission deputy chairman Montek Singh Ahluwalia said that inflationary pressure is finally coming down gradually. “I have to say that monthly numbers can jump around but it has been our view that in a gradual way inflationary pressure is

CRISIL lowers FY’14 GDP growth forecast to 6%

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CRISIL Research has slashed India’s GDP growth forecast for 2013-14 to 6 per cent from 6.4 per cent earlier, expecting slowdown to continue in manufacturing and services sector on weak household consumption demand. “Although we continue to believe that GDP growth in 2013-14 will be greater than last year’s 5 per cent, the recovery i

March WPI hits 40-month low at 5.96%

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In a much-needed relief from the slew of disappointing macro-economic numbers in past few months, reflecting the dismal state of Indian economy, the headline inflation eased to over three-year low at 5.96 per cent in March 2013, said the data released by Ministry of Commerce on Monday. The headline inflation, as measured by Wholesale Price Index (WPI)

India to protect Iran Oil through “Indian Energy Insurance Pool”

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In a bid to insure refineries importing oil from Iran in India, the government has launched a new insurance pool which is first of its kind named as “Indian Energy Insurance Pool” to facilitate with a corpus ranging between Rs 2,000 crore and Rs 3000 crore. “The task force suggested that the government shall provide capacity by way o

I-T dept plans ‘name and shame’ scheme to dishonour habitual tax evaders

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If you are habitual of dodging taxes, then don’t be surprised if you see your name and address on the Income Tax Department’s website. The department is planning a ‘name and shame’ scheme where it will identify the habitual tax evaders and publicise their names and addresses on its website, in a first, to humiliate them by info

RBI contemplating easing fund transfer norms to boost FDI

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The Reserve bank of India (RBI) is looking at easing the fund transfer norms for incorporation of companies by non-residents so as to promote FDI. According to reports, RBI is contemplating to allow consultants to open bank accounts for the specific purpose of incorporating a company on behalf of the non-residents wanting to set up business entity in

Current Sensex market capitalisations imply a long-term return of over 15%: PwC

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A study conducted by PwC says that investors can expect an annualised return of over 15 per cent from the stock market in the long term from the current valuations -- earning them a premium of 7-7.5 per cent over the returns from the relatively risk-free government bonds. “Current Sensex market capitalisations imply a long-term return expectati

World Bank to offer USD 3-5 bn under lending programme to reduce poverty

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As per the new country partnership strategy of the World Bank for India (2013-17), the bank has proposed to lend USD 3-5 billion each year for the period of next four years. With this lending programme, the World Bank is aiming towards reducing poverty and increasing shared prosperity in the country. Of the total lending by the bank, approximately 60

Chidambaram to appeal US, Canada-based investors to keep faith in Indian economy

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During his official trip next week to the US and Canada, Finance Minister P. Chidambaram will appeal the business leaders in the two countries not to lose their faith in India’s economic growth story. The minister is expected to woo investors based in the US and Canada via informing the Congress-led UPA’s reform agenda including hike in th

RBI may terminate licenses of 26 loss-making cooperative banks

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Reserve Bank of India (RBI), Deputy Governor, K C Chakrabarty as said that the country’s central bank is soon likely to cancel licenses of 26 loss-making co-operative banks. Of these 26 loss-making banks, 16 alone are based in the state of Uttar Pradesh. A capital worth Rs 2,000 crore is required to continue operating these 16 banks, and RBI wi

Consumer price inflation eases for the first time in six months

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March brought a little breather for cash-strapped Indian households as the pace of consumer price inflation eased. Retail inflation snapped a five-month rising steak as food price gains eased. However, the consumer price index remained in the double digits for the fourth straight month, a sign that inflation remains a worry for policymakers. Retail in

Easing retail inflation boosts rate cut hopes

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Retail inflation in India eased for the first time in six months in March 2013 amid slower gain in food prices. Still, consumer price inflation remained in the double digits for the fourth month on the trot. The Consumer Price Index (CPI), the gauge measuring consumer inflation in India rose by 10.39 per cent in March 2013 YoY, compared to an annual