Economy

  • Chidambaram hits out at critics, says have pulled back economy February 18, 2014

    Hitting out at critics of UPA's management of economy, Finance Minister P Chidambaram on Tuesday said the government has "pulled back" the economy from a difficult situation and put it back on a high growth path. Rejecting description of his interim Budget as populist, he said over the last couple of...
  • Sensex jumps 170 pts to 3-week high as budget cheer continues February 18, 2014

    Mumbai: The benchmark Sensex on Tuesday shot up 170 points to a nearly three-week closing high of 20,634.21, driven by gains in banking, capital goods and auto shares as investors continued to cheer the interim budget proposals. The Sensex, which had gained 271 points in the previous two sessions, rose...
  • Chidambaram's 10-point agenda to make India 3rd largest economy February 18, 2014

    New Delhi: Finance Minister P. Chidambaram on Monday unveiled a 10-point agenda that would help make India the third largest economy by 2043 only behind the US and China. While presenting the interim budget for the fiscal 2014-15 in the Lok Sabha, the finance minister said the size of Indian...
  • Budget 2014: UPA cuts excise duty, lowers prices, woos voters ahead of polls February 18, 2014

    New Delhi: In a move to woo the voters ahead of the upcoming Lok Sabha elections, Finance Minister P Chidambaram on Monday unveiled the UPA government's interim budget, its last before the party goes to face the electorate. In his interim budget, the Finance Minister has reached out to specific...
  • Budget 2014: MEA gets higher allocation February 17, 2014

    New Delhi: The Ministry of External Affairs was on Monday allocated Rs 14,130 crore for 2014-15, which is an increase of 20 per cent compared to revised outlay of last year as more funds have been earmarked for India's overseas developmental projects. The allocation is up by Rs 2,337 crore from...
  • Duty relief helpful if it works for a long time: FICCI February 17, 2014

    FICCI president Sidharth Birla said that the government has given some duty relief but we have to see the duration of it. But if it works for a long time, it will be very helpful. The auto-mobile industry was in a bad state and he has tried to help it...
  • Growth rate could to go up to 5 per cent in current fiscal year: FM February 17, 2014

    Rejecting allegations of policy paralysis in UPA's tenure, Finance Minsiter P Chidambaram said that there has been an unparallaled growth under UPA I and II. In the interim budget presented on Monday, he kept the fiscal deficit below the redline at 4.6 per cent and expressed hope that the GDP growth...
  • Most give interim budget cold shoulder, a few call it good February 17, 2014

    New Delhi: Union Finance Minister P Chidambaram's ninth budget presentation on Monday was more like a farewell speech than an interim Budget presentation. Defending himself strongly, Chidambaram reiterated that he was not a failure as Finance Minister and read out a long list of achievements of the UPA-1 and UPA-2....
  • Budget 2014: Chidambaram makes veiled attack on Modi, Kejriwal February 17, 2014

    New Delhi: Finance Minister P Chidambaram today made a veiled attack on Narendra Modi and Arvind Kejriwal, saying that "neither populism nor individualism" is an alternative way of governance and expressed confidence that people will entrust responsibility to a "hand" that works for equity. Incidentally, 'hand' is the symbol of...
  • Defence Ministry gets Rs 2,24,000 cr, 10 pc more than last time February 17, 2014

    New Delhi: Amid its modernisation drive, the Defence Ministry on Monday was allocated Rs 2,24,000 crore in the interim budget, marking a 10 per cent increase over the last budget. The allocation for the ministry in the last financial year (2013-14) was Rs 2,03,672 crore, of which around Rs 80,000...
  • Budget 2014: Full text of P Chidambaram's speech on vote on account February 17, 2014

    Finance Minister P Chidambaram on Monday refuted the allegations of policy paralysis saying the UPA-II has brought schemes and has contained the fiscal deficit. In the UPA-II's last budget before the 2014 Lok Sabha elections, Chidambaram said the UPA-I and UPA-II have delivered above the trend. Even as he announced...
  • Government to loan Rs 4.57 lakh crore to bridge fiscal deficit in 2014-15 February 17, 2014

    New Delhi: The government on Monday pegged its net borrowing for 2014-15 at Rs 4.57 lakh crore, Rs 11,580 crore less than the revised estimates of the current fiscal. "The net market borrowing of the Central Government in 2014-15 is estimated to be Rs 4,57,321 crore," as per the interim Budget...
  • Watch: Experts rate P Chidambaram's interim budget February 17, 2014

    In an election year, Finance Minister P Chidambaram presented an Interim Budget on Monday highlighting the Congress-led UPA Government's achievements of the last 10 years. Faced with a massive economic slowdown and staring at prospects of a Congress rout in the Lok Sabha elections, the Finance Minister tinkered with excise...
  • FM slashes excise duty for automobiles, leaves taxes unchanged February 17, 2014

    New Delhi: Leaving direct taxes untouched, Finance Minister P Chidambaram on Monday slashed excise duty on cars, SUVs and two-wheelers, and capital goods and consumer durables to boost manufacturing and growth. Presenting the Interim Budget for 2014-15, he also provided service tax exemption for storage and warehousing...
  • Budget 2014: Cars, SUVs, 2-wheelers to cost less on excise duty cut February 17, 2014

    New Delhi: Prices of automobiles, including cars, sports utility vehicles and two-wheelers, are set to come down with Finance Minister P Chidambaram on Monday announcing a reduction in excise duty in the interim Budget. "To give relief to the automobile industry, which is registering unprecedented negative growth, I propose to...
  • Budget 2014: FM cuts excise duty, woos youngsters, taxes unchanged February 17, 2014

    New Delhi: In an election year, Finance Minister P Chidambaram presented an Interim Budget shorn of rhetoric and stuck to highlighting the Congress-led UPA Government's achievements of the last 10 years. Faced with a massive economic slowdown and staring at prospects of a Congress rout in the Lok Sabha elections,...
  • Budget 2014: Watch P Chidambaram's full speech on vote on account February 17, 2014

    Finance Minister P Chidambaram on Monday refuted the allegations of policy paralysis saying the UPA-II has brought schemes and has contained the fiscal deficit. Chidambaram also announced excise cuts, leading to cars, mobile phones and two-wheelers getting cheaper even as not sops were announced. ...
  • No policy paralysis, Indian economy better placed today: Chidambaram February 17, 2014

    New Delhi: Rejecting arguments of "policy paralysis", Finance Minister P Chidambaram on Monday said the economy is more stable than what it was two years ago following several steps taken by the government and that the growth will be higher in the second half of the fiscal. "Thanks to the numerous...
  • India's road network jumps over 7-fold in 10 years: Chidambaram February 17, 2014

    New Delhi: The road network in the country has witnessed a whopping over seven-fold increase at 3.89 lakh kilometres in the UPA-I and UPA-II regime, Finance Minister P Chidambaram on Monday said. "In the year 2004, the country's highway network was 51,511 km which has now reached 3,89,578 km today," he...
  • Food inflation still remains a worry, says Chidambaram February 17, 2014

    New Delhi: Finance Minister P Chidambaram on Monday said both the government and the RBI have acted in tandem to bring down price rise, even as food inflation at 8.8 per cent still remains a worry. "Both the government and RBI have acted in tandem (to bring down inflation). While...
  • Exchange rate has stabilised: Finance Minister February 17, 2014

    New Delhi: The government on Monday said the Indian currency has fared better than those of other emerging economies and the exchange rate has stabilised. Risks to capital flows were accentuated due to volatile global conditions and the US Federal Reserve's announcement last May of tapering its fiscal stimulus had...
  • CAD to be $ 45 bn this year: Chidambaram February 17, 2014

    New Delhi: India's current account deficit (CAD) will be contained at USD 45 billion this financial year, well below the record high level of 2012-13, Finance Minister P Chidambaram said on Monday. "CAD that threatened to exceed last year's USD 88 billion will be contained at USD 45 billion," he...
  • Agri credit to cross Rs 7 lakh cr;exports to surge over $ 45 bn February 17, 2014

    New Delhi: Agriculture credit is likely to exceed the target of Rs 7,00,000 crore while farm exports are expected to increase to over USD 45 billion in the current fiscal, Finance Minister P Chidambaram said on Monday. "We are proud of stellar performance of agriculture....Agriculture credit is likely to touch...
  • Budget 2014: As it happened February 17, 2014

    New Delhi: 12:07 pm: Towards the end of his speech, Chidambaram says, "140 million moved out of poverty during UPA-I and UPA-II regime and we are legitimately proud of it." 12:05 pm: Excise duty on mobile handset will be 6 pc on CENVAT credit to encourage domestic production. 12:02 pm: Excise...
  • Sensex up over 50 points after Chdambaram presents interim budget February 17, 2014

    Mumbai: The Sensex is up 56.21 points at 20423.03, and the Nifty up 13.90 points, at 6062.25. About 1000 shares have advanced, 909 shares declined, and 127 shares are unchanged. Chidambaram highlighted the Congress party-led United Progressive Alliance government's achievements and outlined the vision for the future. The main budget...
  • Infosys Innovating for a Better Tomorrow February 16, 2014

    Societies progress through innovation in science and technologies, business and social sector. Is there enough innovation happening in India? CNN-IBN Deputy Editor Sagarika Ghose in conversation with Infosys Executive Chairman Narayan Murthy and asks that what does innovation mean to him and what is the role of innovation in the...
  • Economic growth to cross 5 pc this financial year: PM February 14, 2014

    New Delhi: Pinning hopes on the good monsoon and recent reforms, Prime Minister Manmohan Singh on Friday said economic growth will cross 5 per cent in the current financial year and accelerate further in the coming years. Addressing the Governors' Conference, Singh said the Indian economy, after many years of rapid...
  • Expect grand statements, nothing more from interim budget: Expert February 14, 2014

    New Delhi: Senior journalist and economic policy expert Vivian Fernandes expects that the outgoing government may make some grand statements of intent during the presentation of Vote on Account on Monday. He feels that the government will always use the opportunity to present its view especially since it has the...
  • Interim Budget 2014: Chidambaram to walk the tightrope February 14, 2014

    New Delhi: Finance Minister P. Chidambaram will be walking a tightrope when he presents an interim budget for the coming fiscal year on Monday, doling out more funds to woo voters and tax cuts to support industry while projecting a lower fiscal deficit before elections. Asia's third-largest economy is facing its...
  • Rupee falls 32 paise, ends at 62.42 vs US dollar February 13, 2014

    Mumbai: The rupee on Thursday erased initial gains and slipped 32 paise, logging its biggest daily drop in over two weeks, to end at 62.42 versus the dollar in line with weakness in domestic stocks and sustained demand of the American currency from oil importers. The rupee commenced higher at 62.05...