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Friday, February 6, 2009

Govt hints at fiscal sops as well in vote-on-account

A day after stating that there is no constitutional bar on the interim budget announcing stimulus package, the government today said it will look at "everything" to push the industrial growth impacted by global downturn.

"This is still under formulation," Commerce and Industry Minister Kamal Nath said here when asked whether the government would unveil a package in the vote-on-account on February 16.

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Asked whether the package would contain the fiscal incentives as well, the minister said, "We will look at everything which will stimulate economy".

Home Minister P Chidambaram had said there was no constitutional bar on the government from announcing measures in the interim budget in the run-up to the general elections.

"Constitutionally there is no bar. But what the (finance) minister will do I cannot say," Chidambaram said when asked if the government can announce policy measures to stimulate economy in the vote on account.

posted under - Indian economy updates, indian economy blog, economy of india, indian policy makers, effect of crises on india
source - www.economictimes.com

Wednesday, February 4, 2009

China may contest India's toy import ban in WTO: Report

China is likely to drag India to the World Trade Organisation challenging the ban by New Delhi on Chinese toys, a media report said on Wednesday.

"The Chinese government is mulling a response to India's recent ban on Chinese toy imports and will probably ask the World Trade Organisation to investigate whether the ban violates WTO laws," the China Daily said quoting an anonymous source close to the issue.

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-US Economic recession-how it started

India had banned import of Chinese toys on January 23 for six months. While the Directorate General of Foreign Trade (DGFT) in the Indian Commerce Ministry did not cite any reason for the ban, officials said the prohibition was necessary to protect kids from toxic hazards that may be associated with Chinese toys.

However, it is perceived here that ban by New Delhi was aimed at providing protection to the domestic industry from the Chinese manufacturers which claimed at least half of Rs 2,500 crore Indian toy market.

"It is a sign that China will be leveraging WTO rules to help protect its manufacturers from illegal trade barriers and punitive measures by its trading partners at a time when protectionism is growing amid the global economic recession," the newspaper said.

posted under - WTO updates, ban on toys, chinese toys banned, indian economy updates, ban on chinese toys
source - www.economictimes.com

Monday, February 2, 2009

Rs v/s US$ daily updates - February 2009

Indian economy trends are very important for those who are into economic analysis in India, Indian National rupee popularly known as INR in international market is following a downward trend due to global financial turbulance. As volume of US dollars (USD) in international markets is on a decline so the value of US $ is growing up, well indian IT industrycan feel better to some extent and is the only industry which would be getting a plus from current market scenario.

The post would include (US$ v/$ rupee) daily trends the rate shown of Indian rupee would be as displayed at time of stock markets closure(mainly BSE and NSE) you can also see daily Stock market live rates and closing rates.

INR(Indian National rupee) v/s US$ November trends/updates are as follows:

format for display of rs v/s $ would be in following order:

(date | RS v/s $ rate Daily trends updates | Remarks with respect to US $)

6/2/2009 | 48.82 | Down(0.17) | Rupee (INR) fell weaker by 17 paise wrto US $

4/2/2009 | 48.80 | Down(0.21) | Rupee (INR) fell weaker by 21 paise wrto US $

2/2/2009 | 49.02 | Down(0.12) | Rupee (INR) fell weaker by 12 paise wrto US $