Mumbai: The rupee rose on Monday to its highest against the dollar in a week, despite a steep sell-off in global risk assets, on the back of dollar sales by corporates and exporters, as well as unwinding of long-dollar positions by banks. The recovery comes after the rupee had hit a string of record lows against the dollar in the second half of May, with the latest on Thursday when...
03:05 PM, Jun 04, 2012
Mumbai: The Reserve Bank of India (RBI) has some room to reduce policy rates following a moderate core inflation and soft global oil prices, a deputy governor said on Monday. Subir Gokarn was speaking to television channel CNBC-TV18 on the sidelines of a investor conference in Mumbai. The 10-year benchmark bond yield fell to its lowest level in two-and-half months at 8.31 per cent in early trade on expectations of...
02:19 PM, Jun 04, 2012
New Delhi: It had been another brutal day for the rupee on the foreign exchanges as India's economic crisis escalated and, travelling home from a visit to Myanmar last week, Prime Minister Manmohan Singh summoned journalists on his plane for a briefing. The one statement he had prepared for the media that night, however, concerned allegations of corruption levelled against him and his cabinet ministers - not the economy. Quizzed...
09:02 AM, Jun 04, 2012
Supali: Two years ago, Vilas Yelmar took out a Rs 200,000 bank loan to develop a small grape orchard in a dusty hamlet southeast of Mumbai. The bank has repeatedly asked for the loan to be repaid, but Yelmar, whose annual income has risen to Rs 2 million, has spent the money on a new sport utility vehicle and a lavish family wedding. He is one of an increasing number...
10:14 AM, Jun 03, 2012
New Delhi: A sharp slowdown in India's foreign trade added to the woes of Asia's third-largest economy and piled more pressure on the weak coalition government to take steps to boost economic growth. Indian exports inched up 3.23 per cent to $24.5 billion in April from a year earlier after falling in March, data released on Friday confirmed, a far cry from the more than 20 per cent growth recorded...
05:22 AM, Jun 02, 2012
New Delhi: Against the backdrop of slowing economy and perception of policy paralysis, Prime Minister Manmohan Singh on Friday sought to give a push to mega projects of over Rs 1,000 crore by putting in place a mechanism to track their progress and address hurdles. Waking up to delays caused to large projects on account of clearances, Singh announced that the Investment Tracking System would submit quarterly reports so that...
02:39 AM, Jun 02, 2012
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
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