New Delhi: Five global financial services majors, including Morgan Stanley, Stanchart and Citi, have lowered India's growth prospects to 5.7-6.4 per cent for the current fiscal, a day after markets received a "shock" from nine-year low GDP growth of 6.5 per cent for 2011-12. In their reports to clients worldwide, most of them blamed policy inaction by the government as a major roadblock to the Indian economy, which had expanded...
12:39 AM, Jun 02, 2012
New Delhi/Mumbai/Nashik: The dramatic drop in Indian economic growth isn't bothering the likes of Mahendra Saraf. A farmer, he works in a sector that has seen growth shrink to 1.7 per cent in the first three months of 2012 against 7.5 per cent in the same period last year. But Mr Saraf, 26, is confident the blow to his profits will be cushioned by government agricultural subsidies. "Global and domestic...
01:02 AM, Jun 01, 2012
For the year, growth dropped to a three year low - 6.5 per cent against a robust 7.8 per cent last year. ...
11:57 PM, May 31, 2012
For the year, growth dropped to a three year low - 6.5 per cent against a robust 7.8 percent last year. ...
10:06 PM, May 31, 2012
With growth sharply falling and exacerbating India's economic woes, was Bharat Bandh called by the BJP and the Left a thoughtless mistake? ...
09:35 PM, May 31, 2012
New Delhi: The Bharatiya Janata Party and the Left Front hit out at the UPA government over falling the GDP. BJP leader Arun Jaitley said, "It's high time for the government to take concrete steps. The government has run out of ideas." Talking about policy paralysis, Jaitley said, "The government needs to build up consensus on policies within the party, alliance and the Opposition and come up with a proper...
04:08 PM, May 31, 2012
Mumbai: India's growth story is slowly losing its sheen and has hit a three-year low with the GDP growing at just 6.5 per cent in 2011-12, as compared to an impressive 8.4 per cent in the previous fiscal. The GDP growth in the January-March quarter, 2011-12, was just 5.3 per cent compared to 9.2 per cent in the same period in 2010-11. According to a CNBC-TV18 poll, the Q4 GDP...
11:26 AM, May 31, 2012
Manipal: Amid persisting global uncertainties, Finance Minister Pranab Mukerjee on Saturday said that India's domestic demand, high savings rate and regulatory mechanisms make it a resilient economy. He, however, emphasised upon the need for increased coordination among countries to realise collective gains in the face of global economic woes. Mukherjee further said that performance of Asian economies in short to medium-term is crucial not only to keep the engine of...
10:48 PM, May 26, 2012
Mumbai: Analysts at Goldman Sachs and Bank of America-Merrill Lynch cut their growth forecasts for India, following up on a Morgan Stanley downgrade earlier this week that had sparked much concern in domestic markets. The downgrades come in a tough month for Indian markets, after global risk aversion surged, exposing the country's fiscal and economic vulnerabilities. Goldman Sachs said it was cutting its gross domestic product forecast to 6.6 per...
05:24 PM, May 25, 2012
New Delhi: Battling perception of policy paralysis, Congress President Sonia Gandhi on Tuesday acknowledged that the ruling alliance can earn another mandate only on the basis of its actions in coming two years and not promises. Speaking to allies at a dinner to mark the completion of three years of UPA-II, she accused the opposition of being aggressive and making irresponsible statements. "We are aware that only two years are...
02:49 AM, May 23, 2012
Morgan Stanley has cut India's 2012 economic growth forecast to 6.3 per cent from prior 6.9 per cent; 2013 forecast to 6.8 per cent from 7.5 per cent. On a financial year basis, Morgan Stanley expects FY13 growth at 6.3 per cent and FY14 growth at 6.9 per cent. "Bad" growth mix - a combination of high national deficit and an expansionary policy of supporting consumption while private investment slows...
03:11 PM, May 21, 2012
Ahmedabad: Outlining various facets of development in Gujarat, Chief Minister Narendra Modi on Sunday said the state has struck a balance between agricultural and industrial growth. "At a time when India's agriculture is not growing beyond 3 per cent, Gujarat's agriculture is growing at 11 per cent, despite the fact that unlike the rest of the country, the state is not blessed with perennial rivers," Modi said addressing NRIs across...
01:39 AM, May 21, 2012
New York: Dismissing the perception of policy paralysis surrounding the union government, Planning Commission Deputy Chairman Montek Singh Ahluwalia feels the government should raise petroleum prices as part of tough decisions and to attract international investment. He feels people must be educated on the importance of raising fuel prices so that petroleum sector does not go bankrupt. "I would certainly hope so. Certainly all the advice that we would be...
12:37 AM, May 21, 2012
New York: Falling rupee and high inflation would make it difficult for India to achieve 7.5 per cent economic growth during the current financial year, Planning Commission Deputy Chairman Montek Singh Ahluwalia has said. "The Finance Ministry has said they are hoping for a 7.5 per cent growth this year. That is going to be tough but not impossible," Ahluwalia said. He said while the last quarter did not show...
12:10 PM, May 20, 2012
New York: India can grow at between 8 or 9 per cent for the next 20 years with a supportive global environment, its Planning Commission's Deputy Chairman Montek Singh Ahluwalia has said. "In the five years prior to the crisis, the Indian economy grew at an average rate of 9 percent. Following the crisis, it slowed down to an average of just over percent," Ahluwalia said Thursday during a UN...
03:06 AM, May 19, 2012
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