London: Britain's economy is in its second recession since the financial crisis, data showed on Wednesday, heaping pressure on Prime Minister David Cameron's coalition government as it battles a series of political embarrassments. The unexpected contraction in the first three months of 2012 - a 0.2 per cent dip in gross domestic product - confounded forecasts for 0.1 per cent growth. It came as Britain's Conservative-Liberal Democrat coalition has seen...
04:02 PM, Apr 25, 2012
New Delhi: The Reserve Bank's decision to cut lending rate by 0.50 per cent will encourage investments, Finance Minister Pranab Mukherjee said on Tuesday, while assuring the government will also take additional steps to boost growth and control price rise. "The growth, which has weakened in past months, should now improve," he said. "The monetary policy announcements should help in investment revival and contribute to strengthening of business sentiments. In...
04:57 PM, Apr 17, 2012
New Delhi: Finance Minister Pranab Mukherjee on Wednesday said hard decisions cannot be delayed anymore as the times are difficult now. "We are passing through a difficult time... Nation as a whole... we will have to be tough... we cannot delay the process of taking hard decisions," Mukherjee said at an award function. The Indian economy is facing tough times as the industrial activity has slowed down, impacting the revenue...
01:02 AM, Apr 12, 2012
New Delhi: Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday said problems of the industry, reeling under high interest rate regime, are linked to fiscal deficit that needs to be contained. "I am willing to accept that high interest rate are a burden, but it is not going to be solved having interest subvention for this or that sector. It will be solved by bringing fiscal deficit down so...
08:44 PM, Apr 09, 2012
Mumbai: India is expected to grow at 6.1 per cent in calendar year (CY) 2012, similar to the pace recorded in Q4 2011, the Ernst & Young's quarterly Rapid Growth Markets Forecast (RGMF) released in Mumbai said. Growth should be picking up in H2 2012, provided the global economy does not experience a further shock. Over the medium term, we expect a strong recovery in investment, which will help lift...
09:47 AM, Apr 08, 2012
Mumbai: The government will recapitalise the state-owned banks to help them tide over the problems arising out of slow economic growth, Finance Minister Pranab Mukherjee said in Mumbai on Saturday. "Going forward if GDP growth slows down, there could be some impact on asset quality (of banks)," Mukherjee said while addressing an event organised by the Indian Merchant Centre in collaboration with ICAI. He further said the government is committed...
05:53 PM, Apr 07, 2012
Singapore: India has the potential to register economic growth of 8-9 per cent for several years by hugely investing in infrastructure, Planning Commission Deputy Chairman Montek Singh Ahluwalia on Wednesday in Singapore. "To achieve nine per cent growth in the coming years, it is going to require humongous efforts and a lot will depend on what happen to the global economy, none of which looks very positive right now. "We...
11:25 PM, Apr 04, 2012
Gandhinagar: Sam Pitroda, advisor to Prime Minister, on Tuesday said railways could add as much as two per cent to country's GDP if its operations are revamped and modernised. "Railways done right could add 2 per cent to GDP. It is used by common people, it is used to haul coal for our power plants...railways are the real reserve of this country," Pitroda, who is advisor to Prime Minister Manmohan...
05:05 AM, Apr 04, 2012
Bangalore: Reserve Bank of India (RBI) Governor D Subbarao on Friday said India's ratio of external trade to GDP - a measure of the degree of a country's global integration - has gone up over four times, from 8 per cent of GDP in 1972 to 37 per cent in 2011. Speaking on India's global integration, Subbarao said a metric frequently used to measure the degree of a country's global...
10:24 PM, Mar 30, 2012
"It was the best of times, it was the worst of times; it was the age of wisdom, it was the age of foolishness; it was the epoch of belief, it was the epoch of incredulity; it was the season of Light, it was the season of Darkness; it was the spring of hope, it was the winter of despair; we had everything before us, we had nothing before us;...
05:14 PM, Mar 29, 2012
Beijing: China, the world's biggest exporter, on Sunday said it would soon become the largest global importer as its trade surplus narrowed sharply. China now the world's second largest importer will become the biggest importer in a few years, Chen Deming, China's Minister of Commerce said. China not only provides the world with high-quality products at low costs, but also buys high-end goods supplied by global brands, he said addressing...
05:31 AM, Mar 19, 2012
New Delhi: Terming the Union Budget as "ridiculous", Janata Party President Subramanian Swamy on Saturday said that the fiscal proposals unless rectified will "doom the economy". "The 2012-13 Budget figures and numbers are all cockeyed. For example, fiscal deficit of 4.79 lakh crore rupees in 2012-13 targeted to be 5.1 per cent of GDP means a GDP growth of 20.6 per cent in one year. This is ridiculous even in...
09:37 PM, Mar 17, 2012
New Delhi: According to Google, around 3 per cent of India's Gross Domestic Product (GDP) can be attributed to internet. Speaking Friday at the India Today Conclave, head of Google India, Rajan Anandan, claimed that despite the underdeveloped internet infrastructure in India, "3.2 per cent of the GDP is due to internet". Anandan was speaking at a session titled 'Who will win the web'. With him was Kirthiga Reddy, country...
11:55 AM, Mar 17, 2012
New Delhi: Finance Minister Pranab Mukherjee's Budget failed to send out a strong message about the reform process while coming out with a subsidy management plan and announced a new income tax structure. Experts labelled the it as an '80s style' Budget. Mukherjee began by admitting that the global crisis had affected the Indian economy. However, he said that a major turnaround might be expected soon. Budget 2012: How it...
01:07 PM, Mar 16, 2012
New Delhi: Expecting a GDP growth of about 7 per cent in 2012-13, India Inc on Thursday called for implementation of economic reforms and fiscal consolidation. "Domestic factors are more important for India's GDP growth and global conditions play only a marginal role. Therefore, greater attention is needed on implementing reforms," Ficci Secretary General Rajiv Kumar said. The chamber expects that the GDP growth in 2012-13 would be around 7...
04:55 PM, Mar 15, 2012
New Delhi: The Economic Survey has maintained FY12 GDP growth at 6.9 per cent. FY13 growth is expected to come in at 7.6 per cent and FY14 growth is pegged at 8.6 per cent. The survey, however, has projected 6.5-7 per cent inflation rate by March 2013. According to sources, the Economic Survey also recommends fixed subsidy per litre of diesel sold. According to the survey, states' fiscal consolidated was...
12:19 PM, Mar 15, 2012
Mumbai: The Reserve Bank has attributed decline in the economic growth rate to three-year low of 6.9 per cent in 2011-12 largely to deterioration in the external environment. "Recent data indicate that after a smart recovery during 2009-10 and 2010-11, real GDP growth slipped sharply to 6.9 per cent during 2011-12 largely on account of the deterioration in the external environment and the slowdown in domestic investment," Reserve Bank of...
03:33 AM, Mar 13, 2012
Mumbai: The Reserve Bank has attributed decline in the economic growth rate to three-year low of 6.9 per cent in 2011-12 largely to deterioration in the external environment. "Recent data indicate that after a smart recovery during 2009-10 and 2010-11, real GDP growth slipped sharply to 6.9 per cent during 2011-12 largely on account of the deterioration in the external environment and the slowdown in domestic investment," Reserve Bank of...
10:24 PM, Mar 12, 2012
The best thing Prime Minister Manmohan Singh's government has going for it ahead of Friday's Budget unveiling is low expectations. The ruling party, battered in recent state polls and hamstrung by slowing economic growth and high global oil prices, is in no position to advance bold economic reforms that could unclog flagging growth in Asia's third-largest economy. What it can do is bolster tax collections by rolling back what remains...
07:21 PM, Mar 12, 2012
New Delhi: The Indian economy will soon revert to the 8-9 per cent growth trajectory on the back of strong fundamentals and favourable domestic factors, President Pratibha Patil said on Monday. "My government is confident that it will soon steer the country back to the high growth trajectory of 8-9 per cent," Patil said while addressing the joint sitting of Parliament that heralds the beginning of the Budget Session. As...
12:22 PM, Mar 12, 2012
