India continues to be top recipient of remittances among developing nations: World Bank

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For the second consecutive year, India has turned out to be the top recipient of remittances among developing nations as World Bank report said that Asia’s third largest economy will receive USD 70 billion in 2012, edging out China which will get USD 66 billion. According to the latest issue of the World Bank’s Migration and remittances, I

Sensex may cross 23-k mark by 2013-end: Morgan Stanley

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If helped by the steady monetary easing at home and abroad, a pick-up in infrastructure spending and stable crude prices, the 30-share barometer index of Bombay Stock Exchange (BSE) may rise nearly 26 per cent to 23,079 points by December 2013, said Morgan Stanley on Tuesday. The global financial services firm also said that cyclical sectors such as f

All eyes on winter session; Govt plans to table 25 bills in parliament

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The winter session of parliament promises to be a heated one as government will seek approval to 25 legislative proposals--including key bills to liberalize the insurance and pension sectors and unlike previous session, the ruling coalition stands at a much riskier position ever after the pull out of Trinamool Congress. The much-awaited insurance bill

RBI extends period of realisation & repatriation for exporters to 12 months

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The Reserve Bank of India (RBI) has extended the present period of realisation and repatriation to India of the amount, representing the full export value of goods or software exported, from 6 months to 12 months for exporters to help them deal with the global economic slowdown. In a notification, RBI said, “The issue has since been reviewed and

No scope for gloom or despair; economy will bounce back in few yrs: Chidambaram

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Showing confidence in the Indian economy, Finance Minister P Chidambaram said that there is “no scope for gloom or despair” and said that the economy will bounce back in next couple of years. Speaking to the office-bearers of Congress at Karnataka Pradesh Congress Committee (KPCC), FM said, “The world economy slowed down in 2008 and

Intensified reform measures can see India achieving 8-9% growth in 2-3 years: Jagdish Bhagwati

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India can again achieve the pre-crisis growth rate of 8-9 per cent in two to three years by sticking to the crucial reform measures announced recently and intensifying them further, said renowned economist Jagdish Bhagwati. “I would say if they stick with the measures they have undertaken and intensify them further...I think if you do think of t

Govt mulls raising foreign investment limit in debt securities to rein in CAD: Media Report

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Upset with the depreciating rupee and an ever-rising current account deficit (CAD), the government has been planning to raise the ceiling on foreign investments in government and corporate bonds by USD 5 billion each, said a media report. Though the report could not clarify as to which debt categories would be affected, but it will certainly open the

No SLR status to corporate bonds: HR Khan

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The Reserve Bank of India’s deputy governor HR Khan, on Monday, dismissed the talks of widening the statutory liquidity ratio (SLR) basket to include corporate bonds. “SLR is made for securities which are issued in market borrowing,” Khan said adding that nobody was serious in suggesting that corporate bonds be used to meet SLR requi

Existing home sales in US up 2.1% in October

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US’ existing home sales rose sharply and unexpectedly in the month of October after falling in the previous month. According to the National Association of Realtors, existing home sales in the country rose 2.1 per cent to a seasonally adjusted annual rate of 4.79 million in October from a downwardly revised 4.69 million in September. The home sa

We will not tolerate non-compliance at any level of company: Walmart

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Walmart India has said that it will not tolerate non-compliance at any level of the company, regarding the ongoing investigating in charges of violation of US anti-bribery laws, said a media report. As it builds retail operations in the Asia’s third largest economy, Walmart said that it was committed to comply with all laws and regulations and w

FinMin allows LIC to buy up to 25% in listed company; IRDA not enthused

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Soon after the finance ministry locked its horns with banking sector regulator Reserve Bank of India (RBI) over interest rate cut in the system, afresh tussle has surfaced between the government and insurance regulator over the decision to allow Life Insurance Corporation (LIC) up to 25 per cent of a listed company. Media reports said that finance min

IISL unveils three new indices

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ndia Index Services & Products Limited (IISL), a joint venture between the National Stock Exchange (NSE) and Crisil, floated three new indices: the CNX Low Volatility Index, the CNX High Beta Index and the CNX Alpha Index in continuation of its efforts to develop indices that meet the requirements of market participants. According to IISL, the CNX

Do not lend for the purchase of gold in any form: RBI to banks

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In a step aimed at deterring people from speculative trading, Reserve bank of India (RBI) has asked banks not to give loans for purchase of gold in any form, including primary gold, bullion and jewellery. RBI via a notification said, “...it is advised that no advances should be granted by banks for purchase of gold in any form, including primary

IIP to be in 2.5-3.5% range in October: Report

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India’s industrial growth is expected to remain stagnant at below 5 per cent for the next couple of quarters, according to a report from a research firm Dun and Bradstreet (D&B). The report by D&B said that Index of Industrial Production (IIP) is likely to yield positive growth during the month of October this year partly due to low base and added that I

SC notice to Govt, CBI over coalgate

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The Supreme Court, on Monday, issued notices to the government and the CBI after a NGO, led by IAC member Prashant Bhushan, filed fresh plea into the matter demanding independent investigation into the issue through a court-appointed SIT while cancellation of all coal blocks allotted to private companies since1993. Media reports said that PIL has file

JP Morgan bets big on India; says policy reforms, monetary easing to lift equities in 2013

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Indian equities, which are struggling to find a direction since past few weeks, are being seen as best performers in 2013 among so-called BRIC Nations, helped by policy reforms and monetary easing in the Asia’s third largest economy, signaled a report of JP Moran Chase & Co. “We remain constructive on Indian equities as we go into 2013

SC slams Govt for 2G auction flop-show; seeks reply in 2 days

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The Supreme Court today appraised the Department of Telecom’s (DoT) recently concluded 2G auctions and slammed it for being ‘casual’ in auctioning the second-generation airwaves, which were lying vacant after apex court quashed as many as 122 licences in February this year. The Supreme Court also slammed the government for not putting

RBI Governor appears in Delhi Court as prosecution witness in 2G scam case

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The Reserve Bank of India (RBI) governor D Subbarao, on Monday, appeared in a Delhi Court as a prosecution witness in the 2G case in his role as former finance secretary. Media reports said that the central bank governor, who was Finance Secretary between April 2007 and September 2008, has told the court that he had asked the Department of Telecom (Do

India secures 7th spot in global services trade

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India is ranked in seventh position in a ranking of the largest players in the global services trade industry, the World Trade Organization (WTO) said in a report on Sunday. The value of India’s total services trade in 2011 stood at USD 261 billion with exports at USD 137 billion and imports at USD 124 billion. India recorded a trade surplus in

FIIs continue robust investment in stock markets amid hopes of further reforms

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Foreign Institutional Investors (FIIs) continue to pour money into the Indian stock markets amid hopes of further economic reforms by the Indian government. According to India’s capital market regulator, the Securities and Exchange Board of India (SEBI), the FIIs pumped over Rs 3600 crore in the Indian stock markets this month thus far. Gross eq

Dismal run- Indian rupee is the worst performing global currency

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After a dismal run last year, the rupee’s woes have deepened in 2012 with the Indian currency recording the biggest fall against the US dollar in the past one month when compared to other major global currencies as a worsening domestic and global economic outlook sapped the demand for the Indian currency, spurring safe haven demand for the green

India’s inflation likely to pick up by year end, Morgan Stanley warns

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The slight moderation in inflation in October is unlikely to persist, with price pressures expected to remain firm over the coming months, US investment banking giant Morgan Stanley said in a report on Sunday. India’s annual inflation is expected to accelerate by the year end and may reach 8 to 8.2 per cent in December 2012, Morgan Stanley said.

2G spectrum auction, IIP flop show may hit borrowing costs, GDP target

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The 2G telecom spectrum auction which netted the government just Rs 9,407 crore, as against the target of around Rs 40,000 crore, and the steep fall in industrial output may again force the economists to revise the GDP estimates of India, as even the bond traders fear a jump in the government borrowing. Rise in government’s borrowing, which is v

National Investment Board proposal to come up before Cabinet soon for approval: FM

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The finance minister P Chidambaram has said that Cabinet may soon take up the proposal to set up National Investment Board (NIB) aimed at expediting clearance to large projects and boost investments in the Asia’s third largest economy. The finance ministry has already finalized a cabinet note for creation of the National Investment Board (NIB) t

GAAR amendments finalized; draft will now go to PMO: Chidambaram

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After months of bullying, the government has finally completed the draft work on general anti-avoidance rules (GAAR)—the controversial law against tax avoidance through foreign investments. The finance minister P Chidambaram, realizing that there is reluctance to invest among investors, said that the ministry has finalized the amendments to the