New Delhi: Union Finance Minister Pranab Mukherjee on Monday dismissed the possibility that India's economic situation is anywhere near as dire as in 1991. "Attempts have been made to link the current situation with that in 1991. I think this comparison is not correct. There is no reason to believe that we are going back to the situation of 1991 because our fundamentals are very strong," said Mukherjee. "Our foreign...
06:10 PM, Jun 04, 2012
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
A day before Foreign Minister SM Krishna's trip, Beijing issued an advisory against travel to India citing protests over the fuel price hike, after New Delhi warned traders against business in Yiwu. ...
02:26 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
Beijing: In what is being seen as a tit-for-tat move, China has cautioned its citizens against travelling to India following protests over the increase in petroleum prices, after New Delhi issued advisories warning its traders against doing business in the Chinese commodity hub of Yiwu. An advisory has been posted on the Chinese Foreign Ministry website as well as Chinese Embassy in New Delhi dated June 1 which warned about...
12:31 PM, Jun 04, 2012
New Delhi: Three state-owned oil companies have issued a statement denying that they are making huge profits and stated that the petrol price hike was necessary. The statement came in response to a letter by Overseas Indian Affairs Minister Vayalar Ravi to Oil Minister S Jaipal Reddy saying the claim made by oil companies that they are running in loss seems to be untrue in view of the profits they...
07:08 AM, Jun 04, 2012
New Delhi: Dismissing "false impression" of having made huge profits, Chief Executives of the three state-owned oil firms on Sunday said a combined bailout package totalling a whopping Rs 1,38,500 crore had helped them report nominal profits in 2011-12 fiscal. In an unusual joint statement, Indian Oil Chairman RS Butola, Bharat Petroleum Chief RK Singh and Hindustan Petroleum CMD Subir Roy Chowdhry said contrary to the false impression of oil...
01:39 AM, Jun 04, 2012
The Prime Minister's Chief Economic Advisor Dr C Rangarajan has admitted that a hike in diesel and LPG prices is imminent despite a steep hike in petrol prices last week. While speaking to Karan Thapar on 'Devil's Advocate', Dr Rangarajan said the government can soften the blow but fuel price hike is the need of the hour to contain the fiscal deficit. Karan Thapar: Hello and welcome to the Devil's...
12:01 PM, Jun 03, 2012
Chennai: Tamil Nadu Chief Minister Jayalalithaa on Saturday termed the partial rollback of petrol prices by Rs two per litre, as an "eyewash" that would not soothe people's anger and demanded a complete rollback. "Reducing Rs two from the earlier hike of Rs 7.50 will not benefit the poor.This small reduction will not soothe people's anger.It will continue to be a burden on poor and middle class," the AIADMK supremo...
04:28 AM, Jun 03, 2012
New Delhi: Petrol in the city could cost Rs 70.24 after implementation of Delhi Government's decision to cut VAT on the increased component of the fuel. Following the reduction of petrol prices by Rs 2.02 from Rs 73.18, the fuel would cost Rs 71.16 per litre from midnight on Sunday night which could further go down by 92 paisa when cut in VAT comes into effect. Presenting the budget on...
02:01 AM, Jun 03, 2012
New Delhi: The Congress on Saturday expressed hope that the cut of Rs 2.02 per litre in petrol price will provide relief to common man even as UPA ally Trinamool Congress and Opposition BJP rejected the partial rollback of the steep hike in fuel price. However, speaking on the condition of anonymity, the Congress leaders indicated continued sense of unease in sections of the party over the petrol price hike....
12:52 AM, Jun 03, 2012
New Delhi: Petrol prices were slashed by Rs 2 on Saturday, a day before the Anna-Ramdev fast and on a day Prime Minister Manmohan Singh met Trinamool Congress chief Mamata Banerjee, who asked for a rollback. The timing of the much awaited cut in petrol prices cannot be missed. Sources say that the government was not keen on a rollback soon after the Bharat Bandh, which is when oil companies...
09:58 PM, Jun 02, 2012
Minister of State V Narayanasamy said that petrol prices could come down further if international crude prices drop. ...
09:41 PM, Jun 02, 2012
New Delhi: The price of petrol which has come down to 71.16 per litre Delhi could further decrease by 92 paisa when a proposal by the Delhi government to cut VAT on increased component of the fuel comes into effect. Following the announcement of the reduction by the Oil companies, petrol price has come down by Rs 2.02 per litre from Rs 73.18. Petrol would cost Rs 70.24 when the...
08:49 PM, Jun 02, 2012
New Delhi: Gold prices on Saturday jumped sharply up to Rs 1,095 per 10 gram crossing the Rs 30,000 per 10 gram level, its all-time high, on account of rise in global prices of precious metal and weakening rupee. The maximum jump in prices was seen in Chennai, where gold became costlier by Rs 1,095 at Rs 30,380 per 10 gram, followed by Delhi with a again of Rs 960...
08:33 PM, Jun 02, 2012
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