Economic Crisis

  • Chidambaram deteriorated a robust, healthy economy: Yashwant Sinha 30-03-2014 03:42 PM

    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 17-12-2013 05:12 PM

    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...
  • October inflation inches up to 7 per cent; highest in FY14 14-11-2013 12:45 PM

    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...
  • Rupee weakens tracking broad dollar rally; share gains limit fall 01-11-2013 09:50 AM

    Mumbai: The rupee dropped to a three-week low on Friday while also posting its biggest weekly fall in two months as a sharp sell-off in the euro and broad rally in the greenback hurt amid the absence of any fresh domestic triggers. The euro fell to a two-week low against...
  • US budget deficit down to USD 680 bn, lowest in 5 years 31-10-2013 07:19 AM

    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,...
  • China GDP grows 7.8 per cent in third quarter; outlook murky 18-10-2013 11:04 AM

    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...
  • Slowdown makes students jittery, CAT applications at a 5-year low 16-10-2013 08:40 AM

    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 5-year low. Chakra Joshi, a Bsc Computer Science student, was preparing for the CAT - a ticket to the...
  • Sage dreams of gold to save economy, government starts digging 15-10-2013 05:47 PM

    New Delhi: The government is digging for treasure after a civic-minded 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...
  • Delhi: Slowdown dampens the festive season for Ramlila organisers 12-10-2013 08:41 AM

    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...
  • Industrial output grows 0.6 per cent in August 11-10-2013 05:59 PM

    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...
  • India's economic fundamentals remain strong: Manmohan Singh 10-10-2013 05:33 PM

    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...
  • West Bengal: Slowdown forces budget cuts in Durga Puja this year 09-10-2013 10:59 AM

    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 08-10-2013 07:38 PM

    In a no-holds-barred 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 08-10-2013 09:21 AM

    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...
  • Retail loans for festive season to be announced soon: Rajan 05-10-2013 08:55 AM

    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...
  • US debt crisis threatens world economy: IMF 04-10-2013 11:47 AM

    Washington: Terming the current debt crisis in America as "mission-critical", 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...
  • Obama cancels his Asia trip due to shutdown 04-10-2013 10:41 AM

    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...
  • India must have a contingency plan if US defaults on debt: Assocham 03-10-2013 06:27 PM

    New Delhi: India must have a "contingency plan" in place to ring-fence 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...
  • Banks to offer cheaper loans to stimulate consumer demand: Govt 03-10-2013 04:47 PM

    New Delhi: Indian banks will get additional capital to provide loans at lower interest rates for purchases of two-wheelers and other consumer durables, the finance ministry said in a statement on Wednesday. The move is aimed at stimulating demand in Asia's third-largest economy that is struggling to recover from the...
  • Slowing economy may force Chidambaram to wield budget knife 03-10-2013 02:27 PM

    New Delhi: The finance minister may have to slice at least 200 billion rupees from government spending to prevent a budget blow-out, 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...
  • Rupee ends at 62.51 vs US dollar 27-09-2013 09:12 AM

    Mumbai: The rupee dropped from a one-week 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...
  • Rupee gains 37 paise to one-week high at 62.07 vs dollar 26-09-2013 09:21 AM

    Mumbai: The rupee gained for the second day, adding 37 paise to a one-week 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...
  • Sensex, Nifty flat; ICICI Bank, Bharti, Maruti gainers 16-09-2013 09:59 AM

    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 13-09-2013 11:48 AM

    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...
  • July industrial output surprises with 2.6 per cent growth 12-09-2013 06:08 PM

    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...
  • Rupee ends at 63.50 versus dollar, down 12 paise 12-09-2013 05:16 PM

    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...
  • Sensex feeble, Nifty falls 62 points; Tata Steel, BHEL losers 12-09-2013 09:29 AM

    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...
  • Rupee ends at 63.38 versus US dollar, up 46 paise 11-09-2013 05:51 PM

    Mumbai: The rupee rises to near three-week high as dealers cite corporate inflow related selling. The rupee is at 63.35/36 after rising to 63.28, its highest since August 23, and 63.84/85 last close. Several dealers cite selling by a large private petrochemical company. Some dealers also cite selling related to...
  • Sensex ends flat, Nifty above 5900; metals, realty lead 11-09-2013 09:23 AM

    Mumbai: After some profit booking earlier during the session, both the Sensex and Nifty end the day on a flat note. The Sensex ended 0.35 points at 19997.45, and the Nifty closed up 16.40 points or 0.28 percent at 5913.15. About 1409 shares have advanced, 926 shares declined, and 160...