FY’13 growth may hit decade low: FM

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The finance minister P Chidambaram has said that India’s GDP growth could slip to as low as 5.5 per cent in the current fiscal, signaling that Asia’s third largest economy may grow at decade low level despite slew of ref

LIC may buy stakes in PSUs, if found worth: DK Mehrotra

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Life Insurance Corporation of India’s (LIC) chairman DK Mehrotra, on Monday, said that the company has not been approached by PSUs to buy stake in them during their disinvestment programme and it will buy stake only if it foun

Cabinet likely to approve provision to provide fully-filled gas cylinders to ration card holders

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The cabinet is likely to approve the proposal to provide ration card holders using kerosene stoves with fully-filled gas cylinders. The proposal, estimated to cost around Rs 14.22 crore, comes following the scheme designed to reduce the dependency on the kerosene.

“Now, it has been decided that the Government would not give empty cyli

FIIs back in debt markets after SEBI relaxes norms

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Cheered by the Indian capital market regulator SEBI’s (the Securities and Exchange Board of India) recent decision to loosen debt allocation norms for overseas investors, FIIs are pouring in mammoth funds into the Indian debt market.

According to India’s capital market regulator, the Securities and Exchange Board of India (SEBI)

FDI-in-retail to benefit common man: PM

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The Prime Minister Manmohan Singh, on Sunday, decided to accuse the opposition of spreading misleading information about FDI-in-retail, which, he said that would actually create more jobs for the common man.

Addressing a Congress rally at the Ramlila Maidan, Singh said that government has been committed towards bringing in the necessary ch

Rating agencies don’t have strong reasons to downgrade India: Rangarajan

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The Prime Minister’s Economic Advisory Council (PMEAC) chairman C Rangarajan has said that government’s reform initiative in the recent past have eliminated the risk of rating downgrade for India and global agencies also needed to judge the country in context of global economic situation before reaching any conclusion. A media report quot

Foreign regulators looking to replicate our surveillance systems: Sebi

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Sebi is undertaking huge security measures to prevent entities from making illegal gains through market manipulations and is developing a surveillance system which regulators of other countries are also trying to emulate.

UK Sinha, Chairman Sebi said, “From the system that was there earlier and the system and processes we have got rig

Govt needs to cut spending for India’s growth: Rangarajan

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The Prime Minister's Economic Advisory Council (PMEAC) chairman C Rangarajan has said that government will have to take bold decisions in curbing its expenditures and pave the way for inflation to come down, which, then, will help Reserve Bank of India (RBI) cut lending rates and boost the growth. “The fact that inflation is triggered primar

Aggregate debt seeking recast in CDR cell rises nearly 50%, y-o-y

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The corporate debt restructuring (CDR) cell has witnessed around 50 per cent increase in loans seeking recast, on year-on-year basis, at Rs 245,928 crore as on September 2012, said a media report. The number of companies seeking debt recast also grew to 466 as on September 2012, from 341 companies during the year ago period. Iron and Steel companies c

India has potential to grow at 8-9% despite inflation: Rangarajan

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The PM Economic Advisory Council (PMEAC) chairman C Rangarajan, on Thursday, said that Indian economy could still grow at the pace of 8-9 per cent despite inflation, only if the twin deficit issues are solved by policymakers. Curbing the two deficits—current account deficit and fiscal deficit—would increase savings and investments in the e

RBI urges Govt to relax FDI sectoral limits to rein in Current Account Deficit

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The Reserve Bank of India (RBI) has now urged the government to relax the FDI sectoral limits so as to cut the reliance on debt flows to fund India’s ballooning current account deficit (CAD), said a mediareport. The central bank also asked the government to allocate debt instruments on a first-come-first-served basis while giving preference to l

Chidambaram meets FIIs to discuss economic situation

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Leading Foreign Institutional Investors (FIIs) in India, on Thursday, met finance minister P Chidambaram, said media reports adding the meeting could have been latest effort of the government to revive the confidence of investors in Asia's third largest economy. “FII's met me and I updated them on where we see economy going and what step

SBI decides against cutting lending rates

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State Bank of India (SBI) has said that it won’t be undertaking any cut in its lending rates due to sharp rise hike in the provisioning for restructured standard assets. RBI had raised it to 2.75 per cent from 2 per cent. The B Mahapatra committee has proposed the provisioning for standard restructured assets to be raised to 5 per cent. Senior S

India’s oil import from Iran reduces 19% in FY13’s H1

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Reflecting the impact of the imposition of sanction by US, India's oil imports from Iran fell about 19 per cent in the first half of 2012/13 to about 257,000 barrels per day (bpd), said the sources. This lower-than-expectated reduction is estimated to help New Delhi win a renewal of a waiver from US sanctions. The sanction was imposed by United St

PM meets new council of ministers; fiscal deficit, infrastructure growth tops agenda

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Conscious of the fact that India has also been experiencing the fallout of difficult economic conditions worldwide, the Prime Minister Manmohan Singh today told his restructured council of ministers that the government will have to overcome constraints to the infrastructure sector’s growth and tackle the ballooning fiscal deficit that threatens

We should not intervene in currency market just to build up reserves as self-insurance: Subbarao

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The Reserve Bank of India seemed to be in no hurry to step in to check rupee fall even as current account deficit is ballooning and coverage of imports and external debt falling to multi-year lows. The Indian rupee that was one of the best performing currency a few months ago lost its ground in the recent past after demand for US dollars shot up amid