CII calls for time bound and focused reforms to boost growth

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The industry body CII on Monday said that as the green shoots of recovery in the economic growth continue to be elusive, the government and policymakers needs to bring in time bound reforms and focus on clearing stalled projects to seize the declining growth. “This continuous deterioration in the economy since the last fiscal is reflective of do

FIIs withdraw Rs 3,400 cr from debt market last week

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Amid deepening fears over the US government shutdown, foreign institutional investors (FIIs) withdrew a mammoth Rs 3,400 crore from the Indian debt market last week. Net debt securities purchased by FIIs during the October 1 to October 4 period were Rs 1,942 crore, while net debt securities sold by FIIs stood at Rs 5,340 crore, resulting in a net outf

Govt's cheap loan plan can have adverse effect: RBI deputy governor KC Chakrabarty

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Even as government plans to shore up demand through lower rates of interest for auto and consumer loans, senior-most RBI Deputy Governor K C Chakrabarty said this can have an adverse impact on their asset quality as "no one can force" lenders to selectively cut rates. "You cannot lure the people (to buy goods) by lowering interest rates

India in 11th place in most favoured destination for MNC headquarters list: Mckinsey Global

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According to a report by Mckinsey Global Institute, India is in 11th position as far as most favoured destination for establishing a multinational corporation (MNC) headquarters is concerned. India is home to 158 large global companies having combined revenue of USD 898 million, which have their headquarters in India. With 2,123 large firms having com

FM confident of containing CAD below $70 bn

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Following the recent better-than –expected current account deficit (CAD) data, Finance Minister P Chidambaram has expressed confidence that the government will be able to contain the CAD below the USD 70 billion level this fiscal. “I'm happy that we were able to surprise them; ....We are told that the government cannot contain the curr

Moily tips India to achieve energy independence by 2030

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Indian Petroleum and Natural Gas Minister Veerappa Moily is confident that the country can achieve energy independence by 2030 as it starts stepping up crude oil and gas production, reducing the need for imported fuel. According to Indian economist and energy expert Vijay Kelkar, India’s fuel imports are likely to fall by 50 per cent by 2020 and

RBI expects India’s economic growth at 5- 5.5% in FY14

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The Reserve Bank of India (RBI) expects Asia’s third biggest economy to expand by 5 to 5.5 per cent in FY 2013-14 underpinned by good agricultural output and a revival in exports. "We have no reason to dispute the growth rate projected by the government at 5 to 5.5 per cent," RBI Governor Raghuram Rajan said. India’s economic gro

Sebi may amend certain norms for list firms in line with new Companies Act: Report

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The market regulator Sebi may consider amending certain financial reporting norms for listed firms to bring them in line with the new Companies Act, said a PTI report. The report said Sebi may discuss this issue at its board meeting on October 5 in Mumbai.

The PTI report said that changes are mainly related to general instructions for prepa

Robust rural demand to lift GDP growth to 5.8% in FY’14: Assocham

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The apex industry body Assocham has said that robust rural demand due to bountiful monsoon this year may drive India’s GDP growth to 5.8 per cent in the current fiscal as compared to 5 per cent in the previous fiscal. Assocham’s latest study revealed that after a good monsoon this year, extended spell of rains would help the sowing of the

Visa bond to affect small number of people: James Bevan, British High Commissioner to India

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Calming the concerns of Indians, British High Commissioner to India, James Bevan said that the proposal of visa bond is still under consideration and will apply to a few cases where the risk of visa rules violation is high. "It is just a proposal still under consideration. It may come into existence or it may not in the future. We have held talks

Govt determines exchange rate of foreign currencies for imported, export goods

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The Central Board of Excise and Customs (CBEC) has determined the rate of exchange of conversion of different foreign currencies into Indian currency or vice versa, with effect from October 04, 2013, relating to imported and export goods.

The rate of exchange of one unit of US dollar is equivalent to INR 62.55 for imported goods and 61.55 f

Planning Commission may lower 8% GDP growth target for 12th plan: Report

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As the Indian economy’s growth slowed down to decade-low level of 5 per cent in 2012-13 with analysts suggesting the slowdown still has some way to run, the Planning Commission on Friday said it will revisit forecast of annual average GDP growth target of 8 per cent for 12th plan. The Planning Commission’s deputy Chairman Montek Singh Ahlu

India’s services sector contracts at fastest pace since March 2009

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India’s services sector contracted for the third straight month in September and at a pace that was fastest in over four years as incoming new orders fell sharply amidst heightened macroeconomic uncertainty, said a survey on Friday. The HSBC Services Purchasing Managers' Index (PMI), compiled by Markit, dropped to 44.6 in September from 47.6

Fastest services contraction in 4 years darkens India’s economic outlook

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Services activity in India contracted at the sharpest rate in over four years in September 2013, signaling a deepening slowdown in Asia’s third biggest economy, even as the Reserve Bank of India tightens policy to stem rising prices. The gauge measuring services in India fell to the lowest level since March 2009 at 44.6 in September from 47.6 in

PE investments dip 67% in Q3; 9-month figure drops by 38%

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Private Equity firms invested about USD 1.3 billion across 75 deals during the quarter ended September 2013, registering a decline of 67 per cent over the corresponding period last year, PTI reported. According to research firm Venture Intelligence, the latest numbers take PE investments in the first nine months of 2013 to USD 5,059 million through 28

Fiscal slippage could have negative bearing on India’s rating: Fitch

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Fitch has cautioned that fiscal slippage could have negative bearing on India's sovereign rating, which is at the lowest investment grade in view of weakening CAD and persistent inflationary pressure, reported PTI. "In India and Indonesia, both BBB- (lowest investment credit rating) with stable outlook, their relatively weak starting position

M&A deals down 6.8% in first 9-months of 2013: Report

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Mergers & acquisition (M&A) deals involving Indian companies in the first nine months of 2013 in value terms were down 6.8 per cent at USD 23.8 billion, PTI reported. M&A deals at USD 23.8 billion for January-September this year is the lowest in the last four years. The previous lowest figure for the same period was USD 14.9 billion in 200

India Inc raises Rs 1,700 cr via primary market in Aug: Sebi

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Indian companies raised Rs 1,700 crore through primary market in the month of August as compared to just Rs 747 crore raised in the preceding month, said the data released by market regulator on Thursday. The data said that Rs 1,659 crore out of the total mop-up in August came through right issues itself. Four companies including Reliance MediaWorks,

FM may cut government spending by Rs 20,000 cr this fiscal: Report

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The Finance Minister P Chidambaram may cut government spending by Rs 20,000 crore this fiscal in an attempt to contain the fiscal deficit at 4.8 per cent of GDP and avert a rating downgrade, said a Reuters report. The report said Chidambaram might take the decision by end of October this year after considering the revenue collection data. Even if he d

PE investments down 67% in Jul-Sep quarter: Report

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Hit by the slowdown in global markets and policy uncertainty in India, the private equity (PE) firms invested just USD 1.3 billion in Asia’s third largest economy during the quarter ended September 2013, registering a decline of 67 per cent over the corresponding quarter of previous fiscal. According to a PTI report, there were just two PE inves

Planning Commission asks states to check additional spending till November: Report

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In yet another show of commitment towards containing the fiscal deficit at 4.8 per cent this fiscal, the Planning Commission has asked state governments to hold back their demand for additional demand till November, according to a PTI report. The report cited a Planning Commission official as saying that the move was desired keeping in mind the slowdo

Assocham submits suggestions to political parties for election manifesto

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The apex industry body Assocham on Thursday proposed a seven-point growth agenda the political parties for inclusion in their election manifesto ahead of the forthcoming assembly elections in Delhi. Assocham said the purpose of the suggestions to the political parties to create consensus on certain Delhi specific significant issues and achieve higher

Fitch survey shows further economic slowdown most likely in India

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The rating agency Fitch on Thursday said its survey has found that US Fed’s tapering exercise will have highest implications on South Asia and as many as 80 per cent of the respondents felt that India will face further economic slowdown. The survey results also showed that 76 per cent of the respondents were expecting the same in Indonesia. &ldq

US Fed tapering and property continue to worry Asian investors: Fitch survey

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The rating agency Fitch on Thursday said that a majority of the Asian investors continue to be worried over reduction of quantitative easing by US Federal Reserve and its effect on credit conditions across Asia-Pacific (APAC). The survey conducted by Fitch revealed that as many as 87 per cent respondents felt US Fed tapering is the biggest risk to APA

ADB cuts India’s economic growth forecast for FY’14

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The Asian Development Bank (ADB) on Wednesday slashed the growth estimate for India’s economy amid high interest rates, weaker rupee, capital outflows coupled with structural bottlenecks and policy paralysis. Asia’s third biggest economy is tipped to grow by 4.7 per cent in FY 2013-14, down from the previous projection of 6 per cent growth