ECONOMIC CRISIS

  • IMF agrees to release $ 1 billion to Pakistan December 18, 2014

    Washington: The International Monetary Fund (IMF) has agreed to release another USD 1.05 billion in financial assistance to Pakistan as part of its effort to help the country overcome economic crisis. With this, the total disbursements under the arrangement is about USD 3.2 billion, a statement said after the IMF Executive...
  • Chidambaram deteriorated a robust, healthy economy: Yashwant Sinha March 30, 2014

    New Delhi: Attacking the Congress led UPA government on the economy front, the Bharatiya Janata Party on Sunday hit out at the Finance Minister P Chidambaram for India's weak economic condition. BJP leader and former finance minister Yashwant Sinha accused Chidambaram of deteriorating a robust and healthy economy. He, in...
  • Rupee falls 28 paise to end at 62.01 versus US dollar December 17, 2013

    Mumbai: The Indian rupee fell on Tuesday with traders awaiting the outcome of the central bank's policy review as well as the Federal Reserve's decision on tapering monetary stimulus. The Reserve Bank of India is widely expected to raise its key repo rate by 25 basis points to 8.00 percent on...
  • October inflation inches up to 7 per cent; highest in FY14 November 14, 2013

    New Delhi: Costlier food items, including vegetables, pushed the October wholesale inflation to 7 per cent, the highest in current financial year. The inflation measured on the wholesale price index (WPI) was 6.46 per cent in the previous month and 7.32 per cent in the October 2012. As per the government...
  • Rupee weakens tracking broad dollar rally; share gains limit fall November 1, 2013

    Mumbai: The rupee dropped to a threeweek low on Friday while also posting its biggest weekly fall in two months as a sharp selloff in the euro and broad rally in the greenback hurt amid the absence of any fresh domestic triggers. The euro fell to a twoweek low against the...
  • US budget deficit down to USD 680 bn, lowest in 5 years October 31, 2013

    Washington: For the first time in five years, the US government has run a budget deficit below USD 1 trillion. The government said on Wednesday that the deficit for the 2013 budget year totalled USD 680.3 billion, down from USD 1.09 trillion in 2012. That's the smallest imbalance since 2008, when...
  • China GDP grows 7.8 per cent in third quarter; outlook murky October 18, 2013

    Beijing: China's economy grew 7.8 per cent in the third quarter, its fastest pace this year and in line with expectations, as firmer foreign and domestic demand lifted factory production and retail sales. Yet any optimism from the government figures released on Friday could fade quickly as global demand remains volatile,...
  • Household budgets hit again, food inflation at a 3year high October 16, 2013

    The festive season is not bringing as much joy to people as prices of food commodities have pushed food inflation to a 3year high of 18 per cent in August. ...
  • Slowdown makes students jittery, CAT applications at a 5year low October 16, 2013

    New Delhi: The Common Admission Test (CAT) begins on Wednesday and will continue through the month. This year only 1.9 lakh students have registered to take the test, which is a 5year low. Chakra Joshi, a Bsc Computer Science student, was preparing for the CAT a ticket to the prestigious...
  • Sage dreams of gold to save economy, government starts digging October 15, 2013

    New Delhi: The government is digging for treasure after a civicminded Hindu village sage dreamt that 1,000 tonnes of gold was buried under a ruined palace, and wrote to tell the central bank about it. The state Archaeological Survey of India has sent a team of archaeologists to the village of...
  • Delhi: Slowdown dampens the festive season for Ramlila organisers October 12, 2013

    New Delhi: The economic slowdown has dampened the festive spirit this time around, making it difficult for Ramlila organisers to secure funds to recreate the grandeur of mythological character Ram's life. With the economy looking grim, many donors are reluctant to shell out money. So organisers are renting cheaper lighting and...
  • Industrial output grows 0.6 per cent in August October 11, 2013

    New Delhi: India's industrial production for the month of August grew by 0.6 per cent in August, dropping from an upwardly revised 2.75 per cent pace in July. Analysts had expected an annual output growth of 2.0 per cent for the month. The manufacturing sector, which constitutes about 76 per cent...
  • India's economic fundamentals remain strong: Manmohan Singh October 10, 2013

    New Delhi: Prime Minister Dr Manmohan Singh maintains that the Indian economy is still doing better. Dr.Singh, who is in Indonesia to attend the ASEAN meet, spoke to an Indonesian newspaper 'Kompas'. Following are the excerpts from the interview. What about sluggish performance of Indian economy? If you leave aside last...
  • West Bengal: Slowdown forces budget cuts in Durga Puja this year October 9, 2013

    Kolkata: Even as the country prepares and looks forward to the festive season, there is a slight dampener this time around. The economic slowdown seems to be having an impact on the Durga Puja celebrations. The Puja organisers of Kolkata are struggling to stay afloat despite drastic cuts in budgets....
  • Increasing diesel prices one way to control fiscal deficit: Rajan October 8, 2013

    In a noholdsbarred interview, which is also the first since he assumed office as governor of Reserve Bank of India, Raghuram Rajan spoke about subjects ranging from inflation to rupee to credit growth to foreign investments to the contentious Diwali Bonanza scheme of the government. He dismissed metaphors such as...
  • Rupee gains slightly, opens at 61.68 vs US dollar October 8, 2013

    Mumbai: The rupee on Tuesday recovered by 11 paise to 61.68 against the dollar in early trade at the Interbank Foreign Exchange market amid a higher opening in the stocks. Sentiments turned buoyant after RBI on Monday cut the marginal standing facility (MSF) rate, at which it lends emergency funds to...
  • Retail loans for festive season to be announced soon: Rajan October 5, 2013

    Raipur: Reserve Bank of India (RBI) governor, Raghuram Rajan, said the government was in talks with the bank to decide the contours of a package for retail investors for the festive season, which would be announced soon. Rajan was speaking in Raipur after the RBI's board meeting on Friday. Indian banks will...
  • US debt crisis threatens world economy: IMF October 4, 2013

    Washington: Terming the current debt crisis in America as "missioncritical", the International Monetary Fund has warned the US that its impending debt crisis could damage not only its domestic economy, but the entire global economy. "The ongoing political uncertainty over the budget and the debt ceiling does not help. The government...
  • Obama cancels his Asia trip due to shutdown October 4, 2013

    Washington: US President Barack Obama has cancelled a trip to Asia this weekend because of the ongoing government shutdown, it was announced on Friday. Obama had already shortened the trip from four countries to two after the US government partially shut down as the two houses of Congress failed to agree...
  • India must have a contingency plan if US defaults on debt: Assocham October 3, 2013

    New Delhi: India must have a "contingency plan" in place to ringfence the country's economy if the political showdown in the US leads to a default on its international monetary obligations, industry body Assocham said. "As of now, the indications suggest there is a prolonged battle while there are only two...
  • Banks to offer cheaper loans to stimulate consumer demand: Govt October 3, 2013

    New Delhi: Indian banks will get additional capital to provide loans at lower interest rates for purchases of twowheelers and other consumer durables, the finance ministry said in a statement on Wednesday. The move is aimed at stimulating demand in Asia's thirdlargest economy that is struggling to recover from the worst...
  • Slowing economy may force Chidambaram to wield budget knife October 3, 2013

    New Delhi: The finance minister may have to slice at least 200 billion rupees from government spending to prevent a budget blowout, which could threaten to send the country's credit rating into "junk" status, two ministry officials said. P Chidambaram will make a final decision on whether to go ahead with...
  • Rupee ends at 62.51 vs US dollar September 27, 2013

    Mumbai: The rupee dropped from a oneweek high to end 44 paise lower at 62.51 against the dollar, on Friday, ahead of the current account deficit data release on Monday. The decline was limited by a sluggish dollar overseas and sustained capital inflows, a forex dealer said. The local currency opened higher...
  • Rupee gains 37 paise to oneweek high at 62.07 vs dollar September 26, 2013

    Mumbai: The rupee gained for the second day, adding 37 paise to a oneweek high of 62.07 against the dollar on Thursday as the RBI eased swap norms for banks borrowing funds overseas and exporters sold the US currency. Support for the rupee also came from capital inflows on the...
  • Food inflation to ease soon, says economist Rangarajan September 16, 2013

    Indian economist C Rangarajan has said that inflation can ease soon as rupee has stabilized and important commodities in terms of rupee will also come down. ...
  • Sensex, Nifty flat; ICICI Bank, Bharti, Maruti gainers September 16, 2013

    Mumbai: It's been a volatile session on Dalal Street. Both the Sensex and Nifty started the session on a strong note markets but gave up all those gains later as August WPI inflation jumped too 6-month high. Global markets rallied as Larry Summers withdrew from the race for US Federal...
  • PMEAC projects 5.3 per cent growth in 2013-14 September 13, 2013

    New Delhi: Prime Minister's key economic advisor C Rangarajan Friday lowered the growth forecast for the current fiscal to 5.3 per cent from 6.4 per cent projected earlier and listed out host of measures including further liberalisation of FDI norms to improve economic condition. "Economy will grow at 5.3 per cent...
  • July industrial output surprises with 2.6 per cent growth September 12, 2013

    Mumbai: India's industrial production jumped an unexpected 2.6 per cent in July after contracting for two straight months, government data showed on Thursday, good news for Asia's third-largest economy as it tries to emerge from a deep slump. Analysts polled by an international news agency had expected output to shrink an...
  • Rupee ends at 63.50 versus dollar, down 12 paise September 12, 2013

    The rupee fell on Thursday, ending five days of gains, as state-run banks likely bought dollars to meet defence needs of the government and as investors booked profit in shares. Dealers cited RBI intervention to support the rupee as it approached 64 to the dollar. The rupee has been on a...
  • Sensex feeble, Nifty falls 62 points; Tata Steel, BHEL losers September 12, 2013

    Mumbai: The market snapped its 5-day winning streak and succumbed to profit taking. The Sensex ended at 19781.88, down 215.57 points or 1.08 per cent and the Nifty fell 62.45 points or 1.06 per cent to close at 5850.70. About 1153 shares have advanced, 1176 shares declined, and 157 shares...