Economy

  • Growth will not be less than 5 pc in 2013-14, says Chidambaram February 11, 2014

    New Delhi: Finance Minister P Chidambaram on Saturday expressed confidence that the economic growth rate for the current financial year will be revised to not less than 5 per cent. "I am confident that the final estimate will be not less than 5 per cent for the whole year," Chidambaram said,...
  • India's economic growth pegged at 4.9 pc in 2013-14 February 11, 2014

    New Delhi: India's economic growth rate in the current financial year has been estimated at 4.9 per cent, a faster pace than in the previous year, mainly on an improved performance in the agriculture and allied sectors. "The growth in GDP during 2013-14 is estimated at 4.9 per cent as compared...
  • Conditions getting into place for strong economic growth: RBI Governor January 31, 2014

    Reserve Bank of India Governor Raghuram Rajan has the tough job of making sure that inflationary pressures are kept under check though monetary policy reviews. IN an exclusive interview to Karan Thapar on Devil's Advocate, Rajan admitted that Indian economy was passing through a rough phase but expressed confidence that...
  • Rupee closes lower by 12 paise at 62.68 against dollar January 31, 2014

    Mumbai: The rupee on Friday closed lower by 12 paise or 0.20 per cent at 62.68 against the US dollar. The rupee gained 17 paise to 62.39 against the dollar in early trade on Friday. Rupee on Wednesday closed at 62.56 to the dollar. Dollar is at one-week high against a...
  • Will Modi as PM push Sensex up even more? February 11, 2014

    No one can prove it, but the recent uptick in the Indian stock markets is widely suspected to be the NaMo bounce. NaMo, as in Narendra Modi, the Bharatiya Janata Party (BJP) candidate for prime minister in case the party wins enough seats to form the next government. Goldman Sachs,...
  • Rupee slips 15 paise vs USD as Fed Taper hits emerging markets January 30, 2014

    Mumbai: The rupee on Thursday depreciated by 15 paise versus the dollar to end at 62.56, its first drop in three sessions, in line with a sell-off in emerging markets after US Federal Reserve scaled back its stimulus programme. At the Interbank Foreign Exchange (Forex) market, the rupee commenced lower at...
  • US should not surrender its edge in innovation: Barack Obama January 29, 2014

    President Barack Obama on Wednesday said the country that goes "all-in" on innovation will own the global economy tomorrow as he asserted that the US should not surrender its edge in this field. "We know that the nation that goes all-in on innovation today will own the global economy tomorrow. This...
  • RBI a vigilant owl, not a dove or a hawk: Raghuram Rajan February 11, 2014

    The Reserve Bank brass took to ornithology to explain its policy stance and its intents as it took everyone by surprise with a rate hike on Tuesday. "We are neither hawks, nor doves. We are actually owls," Governor Raghuram Rajan said eliciting loud laughter at the customary post-policy press conference in...
  • Indian economy may grow by 4.8 pc this fiscal: FICCI survey February 11, 2014

    New Delhi: An industry survey has showed that economic growth for the current fiscal may slip to 4.8 per cent from 5 per cent estimated earlier. "Industrial sector has remained weak for the current fiscal owing to persistent weak demand and lackadaisical investments," the FICCI survey said. It also said factory...
  • Economic fundamentals strong, no cause for concern: Finance Ministry January 27, 2014

    Seeking to assuage investors worried over declining value of the rupee and falling stock markets, the Finance Ministry on Monday said country's economic fundamentals are "very strong" and there is no cause for concern. "Current Account Deficit (CAD) is below USD 50 billion. Foreign exchange reserves are (at) all-time high. We...
  • Rupee near two-month low, closes at 62.54 against US dollar January 24, 2014

    The rupee fell to a near two-month low on Friday as weak China data led to a sell-off in emerging market assets. The partially convertible rupee fell to 62.60 to a US dollar in trade, a level last seen November 29. It was last trading at 62.54/55 versus Thursday's close of...
  • Indian economy projected to grow at 5.35 per cent in 2014: UN January 24, 2014

    India's economy is projected to grow at a slower-than-expected rate of 5.3 per cent this year, according to a United Nations report which said the country's slowdown may have bottomed out. The UN World Economic Situation and Prospects 2014 (WESP) report said a mild recovery in investment as well as stronger...
  • Rupee gains, closes at 61.81 vs US dollar January 22, 2014

    The rupee rose slightly on Wednesday as a Reserve Bank of India (RBI) report recommending bringing down consumer inflation to a target of 4 per cent is seen benefitting the currency, despite raising concerns about economic growth in the near term. The RBI report recommended making consumer inflation a priority for...
  • Rupee up 17 paise against dollar in early trade January 21, 2014

    Mumbai: The rupee rose by 17 paise to 61.45 against the US dollar in early trade on Tuesday at the Interbank Foreign Exchange market on increased selling of the American currency by exporters amid sustained foreign capital inflows. Forex dealers said a higher opening in the domestic equity market also supported...
  • China's economy grows 7.7 per cent in 2013 January 20, 2014

    China's economy grew 7.7 per cent in 2013 after easing in the final three months on sagging investment growth, a cooldown that some analysts say is a sign of the more sober times ahead as the government wrestles to implement major reforms. With China stepping up its efforts to remake its...
  • Rupee comes off five-week high, closes at 61.55 vs US dollar January 17, 2014

    The rupee gave up all gains on Friday as shares slumped, after the currency earlier hit its highest level in more than five weeks on continued strong foreign buying of debt, amid expectations the central bank will keep interest rates on hold. Domestic bond markets have seen net inflows of more...
  • The Global Economy: Will the Craziness Stop in 2014? January 17, 2014

    The year 2013 saw two anniversaries: The 50th anniversary of the assassination of President John F Kennedy and the 5th anniversary of the global financial crisis (GFC) and the collapse of Lehman Brothers. Both events continue to cause controversy. Theories about the presidential killing are still debated. There are still...
  • Rupee up, opens at 61.50 vs $ against Thursday's close of 61.53 January 17, 2014

    Mumbai: Indian rupee opened higher at 61.50 against US dollar on Friday versus previous day's closing value of 61.53 per dollar. The US dollar fades a little in early trade after two days of gains, as a run of mixed US economic data left the market uncertain about its future...
  • EU falling behind India, China, says British Finance Minister George Osborne January 15, 2014

    British Finance Minister George Osborne on Wednesday warned the European Union that it was falling behind India and China and must reform to halt the bloc's decline. "We can't go on like this...(there is a) simple choice for Europe: reform or decline," Osborne stressed while addressing a conference organised by two...
  • Industry urges RBI to cut interest rate as inflation dips February 11, 2014

    Relieved by decline in inflation, the industry on Wednesday urged the Reserve Bank to lower interest rates to provide a fillip to the sluggish economic growth at a time when industrial output has turned negative. "The easing of inflation at a time when industrial growth continues to be in the red...
  • India's economy growth at over 6 per cent in 2014-15: World Bank January 15, 2014

    The World Bank has projected India's economy will grow over 6 per cent in 2014-15 and 7.1 per cent by 2016-17 as global demand recovers and domestic investment increases. In China, growth is estimated to stay flat in 2014 at 7.7 per cent, slowing to 7.5 per cent for the next...
  • Global economy to grow in 2014: World Bank February 11, 2014

    The global economy is estimated to expand at 3.2 per cent this year from 2.4 per cent in 2013, with growth picking up in developing countries and high-income economies, the World Bank said. But growth prospects remain vulnerable to US tapering, the global lender said in its semi-annual Global Economic Prospects...
  • Inflation eases to three-month low of 9.87 per cent February 14, 2014

    India's annual consumer price inflation eased faster than expected to a three-month low of 9.87 per cent in December from 11.24 per cent in November, on a moderation in vegetable prices, government data showed on Monday. An agency poll had forecast consumer inflation slowing down to 9.92 per cent. Food prices for...
  • Govt working on strengthening regulatory panel FSDC, says Chidambaram February 11, 2014

    The government is working to strengthen the high-level regulatory coordination panel FSDC so that it can act as a "war room" in times of global financial meltdown as witnessed in 2008, Finance Minister P Chidambaram said on Monday. "We are working to strengthen the data bases and technical capabilities of FSDC...
  • Need to focus on growth, says Economic Affairs Secretary ahead of RBI policy February 11, 2014

    Ahead of the RBI's monetary policy review, Economic Affairs Secretary Arvind Mayaram has pitched for shifting the policy focus to growth as interest rates do not have a bearing on food inflation. "I will not like to second-guess the RBI at all...I will fervently appeal to anybody who listens to us...
  • IIP declines by 2.1 per cent in November January 10, 2014

    Dashing hopes of recovery, industrial production contracted by 2.1 per cent in November, the lowest in six months, mainly due to poor performance of manufacturing sector and lower output of consumer goods particularly white goods. Factory output, as measured in terms of the Index of Industrial Production (IIP), declined by one...
  • Delays in project completion hampering growth, says C Rangarajan January 10, 2014

    Concerned over declining growth rate, Prime Minister's key economic advisor on today called for faster implementation of large projects to spur investments. "Economic growth has in fact declined much more steeply than what is warranted by the decline in investment. This might be because projects have not been completed in time...
  • Sensex edges higher; tech stocks surge January 10, 2014

    Mumbai: The BSE Sensex provisionally edged up on Friday after earlier hitting its highest intraday level in nearly a week as stocks of software exporters rose after Infosys Ltd's quarterly earnings beat market expectations. Infosys provisionally rose 3.1 per cent, while Tata Consultancy Services ended 2.1 per cent higher. The Sensex provisionally...
  • Expect 5 per cent economic growth in 2013-14: Manmohan Singh January 8, 2014

    India's economic growth in the current fiscal year will likely remain flat at 5 per cent, Prime Minister Manmohan Singh said on Wednesday. Singh's forecast is more optimistic than those of several private economists, who are predicting growth in the year to March 2014 to slip below 5 per cent. Pace of...
  • Ideas 2014: Leftism, Rightism don't make sense now, says Yogendra Yadav January 8, 2014

    New Delhi: Defending Aam Aadmi Party's aversion to private agencies Yogendra Yadav said that the markets are the way to go. After the Arvind Kejriwal government in Delhi announced subsidised water and electricity, many have said that the AAP is a Left-Of-Centre socialist party. However, Yadav said that his party...