No debt waiver for farmers this time - FM

With fiscal deficit increasing and adding to the government woes is deficit monsoon in almost entire country still Finance minister said that no proposal for farm debt waiver this time around.

"There is no such proposal," Finance Minister Pranab Mukherjee said when asked if the government was considering a fresh debt waiver scheme to give relief to farmers.

The UPA government had last year announced a nearly Rs 71,000 crore farm loan waiver scheme to offer relief to small and marginal farmers and one-time settlement scheme for large ones.

Talking to reporters after holding a review meeting of Regional Rural Banks, he exuded confidence that the economy would clock over six per cent growth despite weak monsoon.

"No doubt, this year we are not expecting to reach nine per cent growth. This year we are projecting six per cent plus growth," he said, adding that the full impact of drought will be known to all as and when it is felt.

Meanwhile, Planning Commission Deputy Chairman Montek Singh Ahluwalia said the poor monsoon will adversely impact farm production and eat into economic growth.

"The existence of drought by itself can lead to some shaving" off of the growth projections. - said Ahluwalia

Govt steps up efforts to attract Foreign Direct Investors (FDI)

(posted under - FDI updates - Economy updates) - Transport Minister Kamal Nath had said all impediments would be removed to get foreign investment in the roads and highways sector.

He added that the roads sector is expected to attract USD 10 billion of FDI in the next two years.

The government is also making efforts to bring in foreign investment in the textiles sector, the largest employer after agriculture in the country.

Textiles Minister Dayanidhi Maran had led a business delegation to Japan last month to woo foreign investors in the labour intensive sector.

FDI inflow in January-May period of 2009 was USD 10.58 billion compared to USD 19.56 billion in the same period previous year, a dip of 46 per cent.

The government also proposes to raise the FDI cap in private insurance firms from 26 to 49 per cent and a bill to give effect to the proposal is pending in the Rajya Sabha.

CRISIL Principal economist D K Joshi said by taking the steps government is building pipeline to attract FDI.

India's April fiscal deficit at $11 billion

India's fiscal deficit in April was at 541.58 billion rupees ($11 billion), or 16.3 percent of the full-year target, the government said in a statement on Tuesday. Tax receipts were at 74.62 billion rupees while expenditure were at 662.17 billion rupees for the first month of 2009/10 fiscal year.

BRIC's maiden summit to discuss about economic crises

Leaders of Russia, China, India and Brazil will discuss the reform of international financial institutions at their debut summit on Tuesday in the Russian city of Yekaterinburg.

It said in a statement that the four countries, known by the BRIC acronym, would discuss "prospects for dialogue between the Group of Eight and traditional partners" on reform ahead of the G8 summit in Italy in early July.

BRIC countries want to increase their representation in the IMF, where the majority of quotas are currently controlled by developed nations. They are aiming for an agreement on IMF reforms by January 2011. Russia currently has 2.7 per cent of IMF votes, and is unlikely to see its quota increased even under a proposed reform. China holds 3.7 per cent, Brazil 1.4 per cent and India 1.9 per cent.

BRIC states are trying to strengthen their clout as the producers of 15 per cent of global gross domestic product by building up the grouping into a powerful world player. The Kremlin said the four will issue a communique after the summit.
The four are also among the world's seven biggest holders of international reserves. They have expressed worries about the economic stimulus programs in developed nations, fearing they may threaten their savings by driving up future inflation.
Kremlin foreign policy adviser Sergei Prikhodko said on Sunday that BRIC countries were unlikely to discuss a new reserve currency but the reform of the IMF is closely linked to the currency discussion.
China said it is willing to contribute up to $50 billion to the IMF through a purchase of IMF bonds, non-tradable securities which will likely be denominated in the IMF's Special Drawing Rights (SDRs).
Brazil and Russia said they will buy $10 billion each. The debt issue will boost the role of SDRs in international finance.
The statement said the four will also discuss a response to the economic crisis and exchange views on international policy issues, including regional crises, the fight against terrorism, energy and food security.
BRIC will also discuss further steps aimed at "strengthening collective and legal foundations in global policy." The Kremlin said the communique will "reflect common vision of the current stage of global development."

courtesy economictimes

Recession to hit China more than India

According to economist James Mirrlees "The current global recession would hit China more than India", eminent Scottish economist James Mirrlees said on Wednesday. Since China's exports as proportion of national income were much higher than India, the Chinese economy would be hit hard due to the recession, Mirrlees, who received the Nobel memorial prize in economic sciences in 1996, said here.

Unwilling to compare the present downturn with the Great Depression of the Thirties, Mirrlees said that India could not remain insulated from the recession.

Also Read :

-How Infosys managed to increase YoY profit
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-World's Strongest economies list
-US Economic recession-how it started

He said that every country would be hit to some extent. Asked how long the recession would last, the economist said "it is difficult to predict."

He advocated that government expenditure would have to be stepped up. "I am very Keynesian in my approach. It seems that the stimulus packages announced by governments are enough to reverse the trends," he said. He also said that there was a need for stringent regulations in the financial markets.

posted under - India economy updates, economy of india, indian economy blog, economy of india, indian economic updates
source-PTI

No Change in Tax Structure - MS Ahluwalia

Planning Commission deputy chairman Montek Singh Ahluwalia on Tuesday ruled out the possibility of any further change in the tax structure in the current fiscal(2008-09). "The government has already taken enough fiscal measures to boost the domestic economy," Mr MS Ahluwalia said.

Also Read :

How Infosys managed to increase YoY profit

"We feel whatever has been done is sufficient and have not proposed another stimulus package for this financial year. Whatever has been done so far is sufficient and should be implemented," Mr Ahluwalia said in a conference organised by industry body FICCI.


Posted under - Tax structure , india economy updates, indian economy blog, MS Ahluwalia, Planning commision updates

Economy Updates - India's investment in Sri Lanka dips by $1.33 mn

India's investment in Sri Lanka has declined by $ 1.33 million to $ 6.93 million in the last fiscal, despite big domestic companies investing in the island nation.

"The approved Indian investments in Sri Lanka were $ 8.26 million in 2006-07 and $ 6.93 million during 2007-08," Commerce Minister Kamal Nath said at a meeting with Sri Lankan Minister of Export Development and International Trade G L Peiris, here today.The trade between the countries stood at USD 3.45 billion in 2007-08 as against $ 2.72 billion in the previous year, up by 27 per cent.

Also Read :

How Infosys managed to increase YoY profit

In another meeting with Tanzanian Industry Minister Mary Nagu, Nath said there is a need for greater trade ties between the countries and investors could avail the opportunities of the favourable investment climate in India, particularly in the sectors like telecommunication, fibre-optics, tourism and infrastructure development.

The trade between India and Tanzania stood at $752 million during 2007-08. India exports fine chemicals, electronic goods and transport equipment to Tanzania.


Also Read :

How Infosys managed to increase YoY profit

Meanwhile, the trade between India and Bhutan has grown significantly from a level of USD 141.86 million in 2003-2004 to $ 281.17 million in 2007-2008.India's import from Bhutan is valued at $194.48 million.The major items of exports from Bhutan to India, include , cement, timber and wood products, minerals.

posted under - Indian Economy, economy of india, indian economy blog, india economy updates

Economy of India - Dubbed as unfree economies list

Both India and China have been ranked as "mostly unfree" economies by an annual "Index of Economic Freedom" that also suggests the two countries could speed development in Asia if they press on with economic reform.

The 2009 edition of the "Index of Economic Freedom", published annually by The Wall Street Journal and The Heritage Foundation, a Washington think tank, ranks India at 123 with a score of 54.4 out of possible 100 and China at 132 with 53.2 points. The index ranked 179 countries.

Also Read :
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-World's Strongest economies list
-US Economic recession-how it started

"Yet, economic freedom has been improving in those countries and that trend should help speed development in the years ahead," the index editors said, noting that 18 Asian economies improved their scores in the 2009 Index while 12 lost ground.

The region's average level of economic freedom is below the world average of 59.5, but the editors predict this could change if two economic giants press on with economic reform.

Hong Kong continues to be the world's freest economy for the 15th straight year. No other economy has yet managed to surpass it. Three other economies in the Asia-Pacific region also made the Index's top 10, Singapore (second), Australia (third) and New Zealand (fifth).

Also Read :
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-World's Strongest economies list
-US Economic recession-how it started
The index reflects data compiled in 10 key categories and tells a crucial story. Economic freedom is vital because it's "strongly related to good economic performance", write authors Terry Miller and Kim Holmes.

Miller is director of Heritage's Centre for International Trade and Economics, and Holmes is Heritage's vice president for foreign affairs. "Per capita incomes are much higher in jurisdictions that are economically free," they noted. Economies rated freer also perform much better in advancing human development, reducing poverty, and protecting the environment.

Also Read :
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-World's Strongest economies list
-US Economic recession-how it started
The authors found strong correlations between economic freedom scores and these economic and social variables. The Asia-Pacific region proves that, even as it remains a study in contrasts. "Four of the world's 10 freest economies are in this region," the authors write, "yet most other economies in the region remain 'mostly unfree'."

The region is home to several economies, which the index classifies as "repressed". Turkmenistan, Bangladesh and Myanmar fall into this category, as does North Korea, the world's least free economy.

The 2009 index has expanded its country coverage significantly to 183 economies, although four of these could not be graded because of insufficient data. Levels of economic freedom in 10 categories were rated on a scale of 0 to 100. The higher the score, the lower the level of government interference in the marketplace.

Also Read :
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-World's Strongest economies list
-US Economic recession-how it started
The 10 freedoms measured are: business freedom, trade freedom, fiscal freedom, government size, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labour freedom. Ratings in each category are averaged, then totalled to produce the overall Index score.

Worldwide, the average rating for economic freedom held essentially steady this year. However, as governments attempt to stave off a global recession, their meddling could well threaten economic freedom and long-term economic prosperity.

Also Read :
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-World's Strongest economies list
-US Economic recession-how it started
"There is a real possibility that the scores in this edition might represent the historical high point for economic freedom in the world," the authors warn. Of the 179 economies ranked (the most ever), only seven are classified as "free" (a score of 80 or higher).

Another 23 are classified as "mostly free" (70-79.9). Most of the economies ranked - 120 - are either classified as "moderately free" (60-60.9) or "mostly unfree" (50-50.9). Twenty-nine economies are classified as "repressed", with total freedom scores below 50 per cent.

posted under - Economy of India, Indian Economy blog, Indian Economy updates, Asian Economies updates, india economy updates
source - www.economictimes.com

RBI cuts rate further - will economy be boosted??

The Reserve Bank of India on Friday cut key policy rates. The repo and the reserve repo rate under the liquidity adjustment facility RBI has been cut by 100 basis points while cash reserve ratio (CRR) has been reduced by 50 bps.

Following this move, reverse repo stands at 4%, repo stands at 5.5% and CRR now stands at 5%. The cut in CRR will infuse Rs 20,000 crore in the system.

Also Read :
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-Indian Economic Summit Updates
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-US Economic recession-how it started

The market had widely expected RBI to cut the key lending rates. The cut in repo and reserve repo is with immediate effect while CRR cut will be effective from fortnight beginning January 17. Since August RBI cut CRR by 450 basis.

Repo rate is the rate at which banks borrow from RBI while the reverse repo is the rate which RBI gives banks for parking their surplus funds. These two rates are seen as the floor and the cap for daily call money movement.

The decisions would among other things infuse Rs 20,000 crore into the banking system.

Both reductions are effective immediately. The repo rate has been cut aggressively since mid-October last year as the central bank tried to minimise the knock-on effects of the global financial crisis.

Also Read :
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-Indian Economic Summit Updates
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-US Economic recession-how it started

posted under - RBI updates, effect of recession on india, indian economy, economy of india, india economy updates, Reserve bank of india, Indian economy updates, indian rupee updates

Indian economy growth predicted at 6 - 7% for next year

Kotak Securities have predicted indian economic growth between 6-7% for year 2009 the reason told is: "The global turmoil has had an impact on the Indian economy
due to the resultant liquidity crunch and fall in demand. This will have an impact on the growth of the corporate sector and this impact may continue in the foreseeable future," Kotak Securities' managing director S A Narayan said.

"We see BSE Sensex moving in the range of 9000 – 12000. Further uptrend can be expected only after further visibility emerges on the global economic growth and the extent of the impact on India," said Mr Narayan, adding, "select stocks in the pharmaceuticals, PSU banks, power, construction and capital goods sectors are expected to perform well.

Large players in infrastructure sector less dependent on raising fresh capital from market will outperform," he added. In a technical outlook report put out by Ambit Capital, the brokerage expects Nifty to start its upmove once consolidation gets completed in the first months of 2009. Ambit Capital has given short-term target of 3800 on the Nifty.

What others are reading now:
-Economies hit by recession
-Plan for World Economy Revival
-Indian Economic Summit Updates
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-Effect of Recession on Indian economy

"Over a medium-term horizon, Nifty looks positive. As per the Elliot Wave Counts, Nifty has completed the price-wise correction and going forward, one can expect time-wise correction. However, in that process also, we expect Nifty to inch upward," the technical outlook report said.

published under - economy of india, dwindling indian economy, India Economy, india economy updates, Indian Economy, india economy updates

Economy requires further monetary action - MS Ahluwalia

The deputy chairman of planning commission, Montek Singh Ahluwalia has indicated further changes in the monetary policy as part of
second stimulus package.

"With economy growing below potential and inflation on its way down, there is a scope for further monetary action," Montek Singh Ahluwalia told reporters at the planning commission.

What others are reading now:
-Economies hit by recession
-Plan for World Economy Revival
-Indian Economic Summit Updates
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-Effect of Recession on Indian economy

Mr Ahluwalia further added that further increasing expenditures may not be a thrust area for the government. "The world economy is expected to get worse next year. We have proposed a stimulus package for this year and next year. Barring this,
we are not proposing any new expenditure for this fiscal."

The second stimulus package is likely to come out in next few days. However, when asked about the date on which the package would be announced, Mr. Ahluwalia declined to specify any particular date but said that the government was continuously watching the situation and it would not hesitate to take any further steps.


source - www.economictimes.com

Indian Foreign trade policy to continue as same

The five-year foreign trade policy that lays ground rules along with incentives and disincentives for conducting imports and exports has been extended beyond March 2009 to enable the new government to give its policy direction to the country's external engagement.

What others are reading now:
-Plan for World Economy Revival
-Indian Economic Summit Updates
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-Effect of Recession on Indian economy

The Foreign Trade Policy (FTP), which was unveiled by the UPA government on September 2004, was to expire on March 31, 2009. India's foreign trade has seen a sharp growth in the last five years. Exports during 2007-08 grew by 22.9 per cent from 126 billion dollars in the previous fiscal, while Imports went up from 185.7 billion dollar in 2006-07 to 235.7 billion in the last fiscal.

RBI cuts repo rate by 100 bps

The Reserve Bank of India on Saturday cut the repo rate - the rate at which RBI lends to banks - by 100 basis points to 6.5 per cent from 7.5 per cent and reverse repo - the rate at which banks park excess funds with RBI - by 100 basis points to 5 per cent from 6 per cent, effective from December 8.

However it has kept cash reserve ration (CRR) - the proportion of deposits banks must keep with the central bank - unchanged at 5.5 per cent. The 6.5 per cent repo rate is the lowest rate in 2-1/2 years, while the 5 per cent reverse repo rate is its lowest in more than three years.

The RBI has taken the steps to boost growth and shore up investor confidence amid signs of economic slowdown and in the wake of deadly attacks in Mumbai.

What others are reading now:
-Plan for World Economy Revival
-Indian Economic Summit Updates
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-Effect of Recession on Indian economy

"Industrial activity, particularly in the manufacturing and infrastructure sectors, is decelerating," RBI Governor Duvvuri Subbarao told a news conference.

Subbarao said the central bank would closely monitor developments in global and domestic financial markets and would take swift and effective action as appropriate.

"The Reserve Bank's policy endeavour will be to minimise the negative impact of the crisis and to ensure an orderly adjustment," he said.

Saturday's decision was the first change in the reverse repo rate since July 2006.

The cash reserve ratio, the proportion of deposits banks must keep with the central bank, was left unchanged at 5.5 per cent.

Expectations of rate reductions have mounted ever since last week's attacks in Mumbai in which gunmen brought the business district to a standstill as they holed up in two luxury hotels and a Jewish centre, killing 171 people.

What others are reading now:
-Plan for World Economy Revival
-Indian Economic Summit Updates
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-Effect of Recession on Indian economy

The benchmark 10-year bond yield fell 8 basis points to 6.76 per cent on Friday ahead of the central bank's decision, which had been well flagged by government officials, and the rupee gained against the dollar.

The government is also expected to announce fiscal measures to give impetus to the economy, which data show may be decelerating more rapidly than anticipated from an annual rate of 9 per cent in the fiscal year which ended last March.

Fiscal deficit set to sharply deteriorate from now on

India’s budget deficit for April-September 2008 may not compare very badly with the same period a year ago, but it threatens to deteriorate in the months ahead as the government may have to step up spending to stimulate the economy even while tax revenue growth is slackening amid slowing corporate activity.

The fiscal deficit for the six months to September 2008 was an estimated 4.1% of the nominal GDP compared to 3.8% at the end of the same period last year. Likewise, revenue deficit for the same period was 3.1% at the end of first half of the current fiscal compared to 2.9%, a year ago. These numbers will likely worsen as the arrears of the Sixth Pay Commission awards due to be paid this year are fully disbursed.

What others are reading now:
-Indian Economic Summit Updates
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-Effect of Recession on Indian economy

Already, data made public by the Controller General of Accounts (CGA) on November 28 point to further deterioration of the fiscal position. The fiscal deficit for the seven months to October was higher by 42% compared to a year ago, while it was only 26% higher at the end of September.
read full post (click here)

Cheers!! Inflation down to single digit - November 2008

The inflation rate fell sharply to a near six-month low of 8.98% for the week ended November 1, a drop of almost 4% from its August peak.

The decline is due to less demand in the market for the commodities.The decline, helped by a steep drop in prices of some petroleum products and metals, will provide a welcome relief to the central government reeling under a raft of bad news on the economic front from falling exports and a drop in tax collections. Politically, this could help the government ahead of key state elections later this month.

What others are reading now:
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-Effect of Recession on Indian economy

Inflation as measured by the wholesale price index (WPI) — the most watched inflation measure — dropped 1.74% from 10.72% in the preceding week, official data from the Office of the Economic Advisor in the ministry of commerce and industry showed. It hit a peak of 12.91% in early August, but still remains more than double the 3.35% inflation seen in the same week last year.

“I was surprised by the quantum of fall in the fuel index. After consolidating around this level for coming weeks, I expect the inflation number to drop to the 8% territory by end-November,” said ICRA economist Saumitra Chaudhari and a member of the prime minister’s economic advisory council.

The fall in fuel prices, especially those which are not government-controlled, is expected to have a positive impact for the manufacturing sector, going forward since fuel is a key input cost for industry. For instance, the cost of jet fuel comprises almost 40% of the operational cost of an airline.

What others are reading now:
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-Effect of Recession on Indian economy

Food prices inched up marginally during the period, rising 0.1%, but analysts expected the food articles index to move down in coming weeks, given the forecasts for a robust winter harvest.

Crisil principal economist DK Joshi said that the slowdown in the economy meant that both demand-supply side pressures were easing and inflation would not emerge as a major concern until the overall economic growth revived.

We can also get a cut in fuel prices as government is thinking about a fuel price cut. It may be noted that Crude oil prices have come down to US$ 58 level when compared to $ 147 levels few months back. so more drop in inflation is predicted by me in coming future due to possible fuel price cut by indian government.

What others are reading now:
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-Effect of Recession on Indian economy

- with extracts from economictimes.com

India Economy Updates-November 2008

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 - never told before
Live BSE, NSE, DJIA, NASDAQ rates
World's rchest and strongest economy list


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:
India sees growth accelerating to 9 pc next year
Govt won't shy away from taking more steps: Montek
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:
Govt feels outsourcing won't be an issue in ties with US
Ahluwalia calls for coordinated fiscal stimulus
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:
Oil prices steady after fall to near 50 dollars
Emerging economies more vulnerable to credit crisis: Lamy
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:
Oil prices tumble under 57 dollars
Government CPSEs to park 60% surplus funds with PSU banks
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:
Population of employed Asians in US falls
PM confident India will grow between 7-7.5 pc next year
Relax ECB norms for infrastructure NBFCs: Srei
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:
Oil prices slump before US stockpiles data
US economy has dragged down planet's markets: Medvedev
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:
PM sets up panel on financial crisis impact
Overseas loans may get costlier next year
PSBs to thaw credit lifeline for NBFCs
Indian firms' profit, margin woes seen continuing
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:
Chidambaram assures industry of cheaper bank loans
OPEC oil output falls in Oct: Reuters survey
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
Consumers have to wait for softer interest rates
Manmohan Singh to meet business and corporate leaders
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