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Agriculture Updates, Infrastructure updates, updates on foreign trade, india economy updates, indian rupee updates all in one post.
India Economy Updates November 2008 are as follows:(just click on the link to read full story) Foreign trade updates, Infrastructure updates, India Agriculture updates, India Economy updates, India Economic Policy updates, Finance sector updates all in a single post now isn't that great post on India Economy updates!!
Latest India Economy, India business news updates:
US recession and effect on India -
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25th-November-2008 India Economy Updates are as follows:
New telecom operators can't sell stakes for three years: Government
Government imposes curbs on import of more steel items
Light Is Right: Reforms to rid corporates of bulky statements
Govt says RBI's bias towards growth may deepen
Russia bundles Imperial buy with SAIL orders
Breakthrough in WTO talks possible this year: US official
Canada and Colombia sign a free trade agreement
Transport sop hits dead end
C&C Constructions bags order worth Rs 635 cr
Agriculture growth likely to stay at 4%: Sharad Pawar
22nd,23rd,24th-November-2008 India Economy Updates are as follows:
Govt readies Rs 50,000 crore for infrastructure projects
Govt may not opt for financial package
Investment firms may get FDI push
Govt says RBI's bias towards growth may deepen
Subbarao to meet bank CEOs
RBI to open Rs 20,000 cr special refinance window for SMEs
Breakthrough in WTO talks possible this year: US official
Canada and Colombia sign a free trade agreement
Logjam in global trade: Ports become parking lots
C&C Constructions bags order worth Rs 635 cr
IVRCL Infra bags orders worth Rs 530 cr
Akzo Nobel to invest Rs 90 cr in new plant in India
Agriculture growth likely to stay at 4%: Sharad Pawar
Agri sector may not create more jobs
Farmers turning entrepreneurs for greener pastures
20th,21st-November-2008 India Economy Updates are as follows:
Eco adviser says reforms needed to sustain growth
Indira Gandhi's vision saved us from current financial crisis: Sonia Gandhi
Will employ all policy tools to fight crisis: PM
Foreign borrowings aplenty for India Inc despite turmoil
Adopt uniform definition for policy lapsation: IRDA
FDI in credit info cos likely to go up to 49%
India Tajikistan ink DTAA
WTO meet to begin next week
Malaysia, India to develop mutual capital market investment
Metro man Sreedharan putting India on fast track
Alternative network for defence to be completed by 2011: DoT
19th,November-2008 India Economy Updates are as follows:
RBI asks banks to seek refinance credit to fund small units
Govt to raise spending on infrastructure
Government changes customs duty on steel, soyoil
Better deal soon for prospective miners
Grim outlook for FDI: OECD
NHB may help construct more roofs for aam aadmi
Malaysia, India to develop mutual capital market investment
UK companies look to India to help offset economic gloom
Shield jobs to get bigger export incentive shield
18th,November-2008 India Economy Updates are as follows:
Govt imposes 5% import duty on steel
New urea policy loses sheen with sharp fall in global prices
RBI watching economy, to act at right time: Subbarao
RBI may consider fresh liquidity steps to propel growth: Mohan
Cut excise duties, interest rates to drive demand: CII
Financial crisis: Calling for unity in adversity
PM panel reviews export incentive pack
Exporters to UK feel the heat of falling British currency
Cane crushing begins on sour price note
Crisis forces SEZ developers to review plans
17th,November-2008 India Economy Updates are as follows:
PE inflows dip 72 pc amid global credit crisis
RBI allows housing finance cos to raise funds from overseas
RBI committed to maintaining liquidity flow
LIC may get to invest more in corporate debt
Crisis forces SEZ developers to review plans
Shanghai to invest $73 bn on development
15th,November-2008 India Economy Updates are as follows:
Hypothetical tax paid abroad not income: ITAT
Cement, steel included in focus market scheme
Treat Repo, Reverse Repo as borrowed & lent: RBI
Recession in West, Australia reaches out to India
Govt feels outsourcing won't be an issue in ties with US
Edible oil imports jump 19% on lower global price
'Delayed mega infra projects are sub-standard, not NPAs'
PM approves Rs 300 cr special grant for IGCC Vijaywada plant
14th,November-2008 India Economy Updates are as follows:
Oil slips below $58 despite stock rally
D&B expects RBI to cut key rates by 50 bps
Long way for China, India to shield world from downturn
Centre puts brakes on edible oil import for PDS after prices crash in global mkts
GVKPIL to sell 49% in SPV to Macquarie for Rs 465 cr
Seed farming for jatropha may be banned
13th,November-2008 India Economy Updates are as follows:
Govt likely to clarify stand on KG-D6 gas price tomorrow
Govt should re-impose import duty on steel: Roongta
India to strengthen rural tourism
Banks want to have a LAF as liquidity woes continue
India Inc warms up to Japanese cos
Traders hit as short-term credit rates stay high
GVKPIL to sell 49% in SPV to Macquarie for Rs 465 cr
November 12-2008 India Economy Updates are as follows:
Govt to consider fuel price cut if crude stabilises: Deora
Govt may cut fuel price if crude, currency stabilise
RBI may cut rates again by March: ICICI Securities
EPFO defers plans to withdraw SDS deposits
RBI offers Rs 50,650 crore at special repo
PSUs protest parking 60% fund in PSBs
Traders hit as short-term credit rates stay high
Right policy paradigm for natural assets abroad
Reliance SEZ to be built on Mumbai debris
Financial crisis to hit agricultural production: FAO
November 10,11-2008 India Economy Updates are as follows:
Govt watching cheap steel imports; decision on import duty soon
FIPB no to treaty shopping clamp on FDI
Govt may ask cos to set up grievance redressal panel
RBI sells state loans for 35.95 bn rupees
Govt asks firms to keep funds with govt-run banks
Pre-paid cards, meal vouchers under RBI lens
Right policy paradigm for natural assets abroad
Exports plunge to five-year low in October
Stainless steel importers oppose import duty; seek FM's help
Maha govt to build 10 lakh houses in two years: Deshmukh
Monmohan Singh seeks infra investments from Qatar
Rs 9521.27 crore paid to farmers for paddy in Punjab
Let wheat export ban stay for now as global prices’re low
Debt-relief package for coffee industry on the anvil
November 8,9-2008 India Economy updates:
AIAI asks for slashing key rates
Foreign cos' services under brand names to be taxable: ITAT
Govt asks RIL to supply LNG to Dabhol power project
After lifting export ban,Govt extends sops on maize export
Slowdown to keep India's exports 20 pc below target: Study
Govt slashes duty on garment imports from Nepal upto 75%
Karnataka eyeing more IT destinations
Financial turmoil may hit farmers: FAO
Area under wheat cultivation up 5%
September infrastructure output up 5.1 pct year/year
Relax ECB norms for infrastructure NBFCs: Srei
November 7,2008 India Economy updates:
Govt levies 8% export tax on iron ore fines
RBI issues guidelines for pre-paid instruments
Social security agreements help remove dead-cost phenonenon
Govt constitutes experts panel to address financial crisis
RBI offers forex liquidity to Indian banks abroad
RBI cuts interest rates on floating housing loans
US financial crisis may hit India's exports in Q4: Deloitte
September infrastructure output up 5.1 pct year/year
Global reputation will help Indian firms grow: Gates
ArcelorMittal approaches West Bengal govt for land
November 5,2008 India Economy updates:
India cbank offers 507.8 bn rupees at special repo
Global crisis could badly hit textile industry
India Inc bargains hard for more on bulk deposits in crunch time
Global cotton exports may fall by over 6 pc in 2008-09
Govt turns major cotton buyer as polls draw near
November 4,2008 India Economy updates:
Overseas loans may get costlier next year
PSBs to thaw credit lifeline for NBFCs
India to ease foreign direct investment rules: Kamal Nath
India to provide Rs 49.17 mn assistance to Nepal
PSU banks agree to cut rates; shares soar
November 3 India economy updates:
ICICI Bank to review rates in a few days - CEO
Global crisis impacts India; do everything to push growth:PM
Bharti says no immediate foreign targets
ArcelorMittal approaches West Bengal govt for land
IT SEZs must wait for 100% tax exemption
Foreign firms may get to invest in fertiliser units revival
Bank deposits safe, says Prime Minister
RBI cuts rates to induce Rs 85,000 cr; signals interest cut
RBI cuts CRR, SLR and Repo; lending and deposit rates to fall
Loan waiver could have been handled better: Plan panel member
RBI allows NBFCs to raise up to USD 10 mn in foreign currency
Cabinet clears way for 49% FDI in insurance
WTO ruling on wine duty is a damp squib
Duty cuts to benefit miners, steel companies
IT SEZs must wait for 100% tax exemption
Maharashtra, UP to drag down sugar production
Few takers for FCI wheat tender
Pricey rice to feed on shortage-hit world
Saturday, November 1, 2008
India Economy Updates-November 2008
Thursday, October 30, 2008
Inflation down at 10.68%
Inflation fell below 11% to 10.68% during the week ended October 18 from 11.07% a week earlier.Earlier, a poll showed that the inflation rate was expected to have eased below 11% in mid-October for the first time in almost five months, thanks to falling commodity prices.
Eleven economists forecast a median 10.82% rise for wholesale price index based inflation rate in the 12 months to October 18, compared with 11.07% a week earlier, the slowest annual rise since late May.
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"Everything has fallen," said Kaushik Das, an economist with Kotak Mahindra Bank. "Oil prices fell sharply, the manufacturing index has come down and even the food and commodity prices which were pushing up inflation have started coming down."
The wholesale price index rose 11.07% in the 12 months to October 11, below the earlier week's annual rise of 11.44%. Inflation for the week ended August 16 was revised up to 12.82% from 12.40%.
In early August, the inflation rate had hit 12.91%, the highest reading since annual numbers in the current data series became available in April 1995. It jumped into double digits after a hike in government-controlled retail fuel prices in June.
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Commenting on the current economic scenario, the finance minister recently said that although inflation was still high, the rate of price rise would moderate further as global commodities and fuel prices continue to soften.
The government will also continue to take steps to moderate inflation and cut wasteful expenditure as it expects its fiscal deficit to swell beyond the 2008/09 target, the finance ministry said.
-source economictimes.indiatimes.com
Wednesday, October 29, 2008
India to face 2.5 M tonne diesal shortage
India is likely to face a shortage of 2.5 million tonne of diesel during the November-March period, which would have to be met either through imports or from Reliance Industries' only-for-exports refinery.
"The companies have told us that they will have a deficit of 2.5 million tonne from now till March," Ministry of Petroleum and Natural Gas Additional Secretary S Sundareshan said here.
State-run Indian Oil, Bharat Petroleum and Hindustan Petroleum have projected a cumulative diesel requirement of 1.05 million tonne for December to March, comprising 2,40,000 tonne of Euro-III diesel and 8,10,000 tonne of Euro-II grade fuel.
If these quantities are not tied up with Reliance, the oil companies would have to turn to imports in order to meet the demand in the country.
However, diesel from Reliance's Jamnagar refinery can be bought only if government does away with double taxation, he said.
Since Jamnagar has turned into an Export-Oriented Unit, any supplies to domestic tariff area was levied with dual basic customs duty and a double levy of special additional excise duty. These duties are over-and-above the normal excise duty payable by any other refinery in the country.
For diesel these work out to Rs 6 a litre more in duties, which the oil companies say they cannot absorb given the fact that they already are losing over Rs 7 a litre on the sale of the fuel.
"The matter is under examination and we hope a decision will be taken (in time)," Sundareshan said.
- source economictimes.indiatimes.com
Monday, October 27, 2008
Rs v/s US $ - Daily updates
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$ October 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)
(October 31,2008) | RS v/s $ | 49.77 | Down(-49.77)
(October 30,2008) | RS v/s $ | 49.67 | Up^0.21
(October 29,2008) | RS v/s $ | 50.09 | Down(-0.14)
(October 27,2008) | RS v/s $ | 49.95 | Down(-0.16)
Friday, October 24, 2008
India chasing 49 countries in Global Competitivenesss
The United States, tops the overall ranking in The Global Competitiveness Report 2008-2009 again, released recently by the World Economic Forum. However Our India is still chasing 49 countries in the race of global competitiveness. We have improved a lot on various aspects like we enjoy advantages not only from its market size (ranked 4th for its domestic market size and 5th for its foreign market size), but also from its strong business sophistication (ranked 27th) and innovation (ranked 32nd), however our overall competitive position is weakened by its macroeconomic instability (109th), with the government running one of the highest deficits in the world (ranked 127th), unsustainable levels of government debt (ranked 113th), and fairly high inflation.
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The list goes as shown below:
Country: US
Rank: 1
Score: 5.74
Country: Switzerland
Rank: 2
Score: 5.61
Country: Denmark
Rank: 3
Score: 5.58
Country: Sweden
Rank: 4
Score: 5.53
Country: Singapore
Rank: 5
Score: 5.53
Country: Finland
Rank: 6
Score: 5.50
Country: Germany
Rank: 7
Score: 5.46
Country: Netherlands
Rank: 8
Score: 5.41
Country: Japan
Rank: 9
Score: 5.38
Country: Canada
Rank: 10
Score: 5.37
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Country: India
Rank: 50
Score: 4.33
Tuesday, October 21, 2008
World Prosperity Index - India 70th
Quality of secondary education, cost of starting a business and the lack of government effectiveness have led India to rally ahead of many South Asian nations ranking at 70 positon among 104 nations on the World Prosperity Index (WPI) 2008.
"India has a relatively entrepreneurial culture. It requires government effectiveness and tackling corruption," Legatum Institute Managing Director Alan McCormick said.
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Increase in capital and education contribute directly to the value of physical and human capital and thus directly increase economic output. Poor governance and excessive bureaucracy impose costs on business and thus restrain growth, the report released last week said.
The Institute also ranks India 10th on its 'Who's Going Places' list, with China on number six.
"These countries have the best context right now within which to create wealth," McCormick said.
Both the economies have recently grown faster than almost any country in the rich world. Being the home of more than two billion people, these improvements in competitiveness have brought about a dramatic lessening of the global wealth gap, a good news for global prosperity, the report said.
"India outstrips many South Asian nations in various aspects of wealth creation. It ranks stronger with reference to other Asian countries in terms of avoiding dependence on commodity exports and foreign aid," McCormick said.
- Source -PTI
Thursday, October 16, 2008
Indian Agriculture Growth pegged at 3 percent
Planning Commission member Abhijit Sen today sounded more optimistic than the PM's Economic Advisory Council with his projection that the agriculture growth would not be less than three per cent this year.
The Prime Minister Economy Advisory Council (PMEAC) has projected a mere two per cent growth in the sector for the current year.
"Considering the first advance agriculture estimates of the current year along with the final estimates of last year, agriculture growth this year should not be less than three per cent," Sen said after releasing a report on food prices compiled by an international agency Oxfam India.
Earlier in August, PMEAC had projected the agriculture production to grow at a lower pace of two per cent in the current year as against 4.5 per cent in 2007-08. The reasons for the slackening projections were higher base and uneven spread of the South-West Monsoon in July.
Noting food production, Sen said as per the first estimates, rice and soybean output is expected to be more, while other cereals lower than last year.
"Overall, agriculture growth during the 11th Plan period would be fairly good at around four per cent," Sen, who is also an agriculture economist, said.
In the last three years, the average agriculture growth has stood at 4.2 per cent and "we will achieve more than the set target of four per cent by the end of the 11th Plan," he noted.
On huge hike in minimum support price (MSP) under UPA government, Sen said MSP was increased at a lower rate by Rs 10 to 20 per quintal by the last government because stocks were high. Whereas now, MSP is increased as stocks are very low.
Source - Agencies
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Monday, October 13, 2008
Govt may relax foreign investment norms in banking, telecom
Government is considering relaxing norms for foreign investment in sectors like banking and telecom by treating portfolio FII investment outside the sectoral cap.
At present, foreign direct investment (FDI) and foreign institutional investments (FII) are added to determine sectoral foreign investment cap in banking, credit information companies, broadcasting, commodity exchanges and telecom.
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But, with RBI allowing FIIs to acquire shares in companies under the Portfolio Investment Scheme (PIS), the government is now likely to mandate that sectoral caps would henceforth be for FDI investment only, official sources said.
In sectors with caps, the balance equity would specifically be beneficially owned by/held with/in the hands of resident Indian citizens and Indian companies, owned and controlled by resident Indian citizens.
FIIs investing under PIS shall not seek a representation on the board of directors and they will have to give a self- declaration whenever they act in concert with any of the companies that they have invested in.
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Sources said investments by registered FIIs under PIS are made under Schedule 2 of the Foreign Exchange Management Regulations and are distinct from FDIs which are made under Schedule 1. FIIs are also permitted to make investments under FDI Scheme under Schedule-1.
PIS cannot cross 24 per cent in any company. At present, banking and telecom have 74 per cent foreign investment cap (FDI plus FII), which would, after the policy is accepted by the Cabinet, be changed to 74 per cent FDI.
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Similarly, 20 per cent FDI plus FII limit in FM radio would now be 20 per cent FDI cap, while 49 per cent FDI plus FII in cable network, direct-to-home commodity exchange and CIC would be changed accordingly.
Wednesday, October 8, 2008
Indian Government to inject more money into market
Finance minister P Chitambaram said that government of india is ready to inject more money into tumbling share markets as indian stock markets took a blood bath during intraday trading. sensex closed 3.9% down after falling a whopping 9% in intraday trading.
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Panic gripped the stock and foreign exchange markets on Wednesday as a global financial turmoil intensified worries of a recession and sent stocks reeling worldwide. India's main BSE share index fell more than 8 percent at one stage to its lowest in two years, but recouped partly to be down 3.8 per cent by 0911 GMT.
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Foreign funds have pulled out a net $9.9 billion from Indian shares this year, after ploughing in a record $17.4 billion in 2007.
"I am hopeful investors will start coming to the market," Chidambaram said. On Monday, the Reserve Bank of India announced a surprise half a percentage point cut in the proportion of deposits that banks must keep with the central bank.
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The reduction, which is expected to release Rs 20000 crores ($4.1 billion) into the banking system, was intended to alleviate pressures on local markets due to the global financial crisis, RBI said. The government eased norms for foreign borrowings by companies, while the capital market regulator relaxed rules for indirect investments by foreign institutions in stocks.
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