Economy News - Page 7
Chidambaram welcomes rate cut, promises more govt action
The real problem, he said, is to get the stalled projects off the ground, raise the savings ratio and encourage corporates, those who are sitting on piles of cash, to move ahead with investment projects.
CST: State finmin form sub committees to ensure smooth roll-out
A day after resolving the contentious CST issue, state finance ministers today formed three sub-committees to look into other matters like IT infrastructure for smooth roll-out of the Goods and Service Tax regime.
Tax evasion as of December totals over Rs 2,600 cr
Coming down heavily on tax defaulters, financial intelligence agencies have detected tax and duty evasion of over Rs 2,600 crore in the last quarter ended December.
Encourage young entrepreneurs for job creation: Pitroda
India has about 55 crore young people below the age of 25 years and every year about two crore young people come out for jobs, he said, adding that new jobs have to come from young entrepreneurs.
Govt may use National Investment Fund to recapitalise state-owned banks
The government is likely to consider a proposal tomorrow that seeks to expand the scope of National Investment Fund (NIF) to recapitalise public sector banks and insurance companies.
Despite progress India's financial sector vulnerable: IMF
Despite remarkable progress toward developing a stable financial system, India's financial sector still confronts longstanding impediments to its ability to support growth as well as new challenges to stability, according to a new IMF report.
Rupee unlikely to appreciate before Budget 2013
Fitch ratings warning on India's slowing economic growth and the possibility of a rating downgrade in the next one year sent the rupee lower today
Govt likely to hike levy price of sugar by Rs 2/kg this year
The government is likely to raise the levy price of sugar-the rate at which it buys the sweetener from mills to sell through ration shops -by over Rs 2 to about Rs 22 per kg for the current year.
Centre to set up cold storage facilities at 79 places
Apart from setting up cold storage facilities, the Centre has also planned to set up food parks at 30 places, an official said.
Bengal delaying East-West Metro project: minister
The 14-km long metro corridor project connecting Howrah with Salt Lake is to be executed at an estimated cost of Rs 4,874 crore.
Gujarat keen on emerging as medical tourism hub
Principal Secretary (Tourism) Vipul Mitra said the state has evolved as a tourist destination centre in the last five to six years and insisted that it has got a lot to offer to the tourism industry as a whole.
Cash transfer will work only for those with Aadhaar, bank account
Money will be transfered to beneficiaries of Direct Cash Transfer scheme only when they provide Aadhar card and bank account number by the cut-off date in 30-35 districts which are expected to be ready for the roll out on 1 January.
Rupee opens higher; Bharti Infratel IPO watched
Parliament will be watched with the banking act amendment bill, a key financial bill, likely to come up for passage.
RBI rate cut unlikely at 18 Dec review: Barclays
Over the past three months, the Reserve Bank has reduced the cash reserve ratio -- the portion of deposits banks are required to keep with RBI-- by 50 basis points or 0.50 percentage points to 8 percent.
Rupee up ahead of Lok Sabha vote on FDI in retail
The rupee rose for a fifth session in six on Wednesday as investors remained hopeful for a parliamentary approval to foreign direct investment in the multi-brand retail sector which will be put to vote in the lower house later in the day.
Govt working on forming 14th Finance Commission
The 13th Finance Commission was headed by former finance secretary Vijay Kelkar.
RBI rules out introduction of Islamic banking
Reserve Bank Governor D Subbarao today ruled out introduction of Islamic banking in the country but said other methods for channelising funds based on the principles of Islamic law can be looked at.
Why RBI's Subbarao is a hawk flying solo against inflation
By defying public pressure to cut rates, Subbarao has dismissed speculation that he might bend to Chidambaram will even though he had handed him the RBI governorship during a previous stint as finance minister.
Govt approves sale of 6.5 mn tonnes wheat
The government has, since June 2012, released about 3 million tonnes of wheat to bulk consumers.
Cash transfers committee to meet on 26 Nov
The National Committee on Cash Transfers will review the progress of implementation of direct cash transfers and provide guidance for mid-course corrections.
Root out corruption to improve standard of administration: CAG
India will not be able to raise the standards of efficiency in administration unless corruption in high places is not destroyed.
CCEA hikes minimum price for rabi crops, wheat waits
Among cereals, the CCEA has okayed increasing the support price of barley to Rs 1,100 per quintal for 2013-14 from Rs 980 per quintal this year.
India, UK amend pact on avoidance of double taxation
The Convention, as amended by this Protocol, will provide tax stability to the residents of India and the UK and will facilitate economic cooperation between the two nations.
RBI policy: Slight easing likely in first quarter of 2013, says M Stanley
"Given the central bank's guidance for monetary policy stance, we believe that policy rates would be on hold until end of 2012, with easing to start in 1Q 2013," Morgan Stanley said.
RBI may cut rates only in January: Rangarajan
Rangarajan said that if the inflationary situation improves and there are any definite signs of decline, "perhaps the RBI may be wiling to do it even six weeks earlier than the January end".
Cabinet clears National Policy on Electronics 2012
Under the policy, government has set objective to create an eco-system for a globally competitive Electronic System and Design and Manufacturing sector in the country to achieve a turnover of about $400 billion by 2020.
PMO asks CIL, Central Electricity Authority to work on price-pooling of coal
To offset the impact of high import costs, the Planning Commission has said that CIL should adopt a pooling formula on prices by combining rates of imported and domestic coal.
Railways earnings up by 26 percent in October
Railways' earnings during the first 10 days of last month were Rs 3131.75 crore compared to Rs 2487.17 crore during the same period last year, registering an increase of 25.92 percent.
India's emergency oil stock storages face delay
The 1.33 million tonne strategic storage under construction at Visakhapatnam will cost Rs 1,038 crore and was to be completed by October this year.