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Tuesday, March 24, 2009

MS Ahluwalia predicts economy growth at 6.5%

The Planning Commission on Tuesday said the economy will grow by 6.5 per cent during the current fiscal, much below the 7.1 per cent projected by the government last month.

"Growth this year will be around 6.5 per cent and the name of the game next year will be to repeat that performance," Planning Commission Deputy Chairman Montek Singh Ahluwalia said here.

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Pointing out that additional stimulus, over and above what was announced in the Interim Budget, would be required to push growth, he said, "it will be a major achievement (to achieve growth of 6.5 per cent in 2009-10)".

Ruling out the possibility of sustained inflation in the backdrop of steps being taken by the Reserve Bank and the government, Ahluwalia said, "Low inflation gives us a lot of room in (the) next six months to use all available instruments to ensure growth picks up."

posted under - indian economy updates, economy of india, MS Ahluwalia , economic crises updates, indian economy, economics of india

World Trade Organization predicts 9% drop in global trade

Economic contraction in most of the industrial world and steep export declines already posted in the early months of this year by most major economies, particularly those in Asia, makes for an unusually bleak 2009 trade assessment the World Trade Organisation (WTO) said in a statement.

The contraction in the developed countries will be severe with exports falling by 10 per cent this year, WTO said, adding that in developing countries, which are far more dependent on trade for growth, exports will shrink by some 2- 3 per cent in 2009, it said.

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"The collapse in global demand brought on by the biggest economic downturn in decades will drive exports down by roughly 9 per cent in volume terms in 2009," it said. This is the first decline in total world production since the 1930s, it said.

"As demand falls sharply, overall, trade will fall even further. The depleted pool of funds available for trade finance has contributed to the significant decline in trade flows, in particular in developing countries," WTO Director General Pascal Lamy said.

...well according to me it will be more then 9% for sure.

posted under - WTO updates, global economy updates, World trade organization, world economy, WTO news

Monday, March 23, 2009

Indian Govt issues INR 10,000 crores worth Oil Bonds

March 23/09 - The Special Bonds are being issued at par to Indian Oil Corporation (Rs 5812 crore), Bharat Petroleum Corporation Limited (Rs 2144 crore) and Hindustan Petroleum Corporation Limited (Rs 2038 crore) on March 23, 2009, Monday.

Investment in these special bonds by the banks and insurance companies willnot be considered as eligible as an investment in government securities for their statutory requirements.But such investment by the insurance companies will be eligible to be reckoned as investment under "other Approved Securities" category as defined under Insurance Regulatory and Development Authority (Investment) Regulations, 2000.

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The investment by the Provident Funds, Gratuity Funds, Superannuation Funds, etc. in these special bonds will be treated as an eligible investment under the administrative order of the Ministry of Finance. The Special Bonds will be transferable and eligible for repo transactions.

posted under - Indian Economy updates, oil sector updates, oil bonds, indian economy updates, economy of india, recession updates, indian oil PSU's Indian oil, hindustan petroleum updates