Economists up their economy forecast to 7 percent

Upbeat at formation of new UPA government headed by Prime Minister Manmohan Singh, economists on Friday said that continuity in policies would push economic growth to over seven per cent in the current fiscal.

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"A very good government.it will provide support to growth. My projection for GDP growth rate is around 7 per cent and this government can realise it," said noted economist Saumitra Chaudhuri, who till recently was a member of the Prime Minister's Economic Advisory Council.

The new government, however, will have to address issues in infrastructure and education sectors, he added.

"I see a lot of continuity and stability as these Cabinet ministers have already worked for five years," said Nitin Desai, former Chief Economic Adviser.

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"The growth is already on the path of recovery. The new cabinet should help in continuation of economic reforms", he said, adding the main challenge before the government would be to provide good governance.

Manmohan Singh was today sworn-in as Prime Minister for a second consecutive term at the head of a 20-member team in the first installment of government formation truncated by the deadlock over portfolios for DMK members.

Annual Inflation at 0.61 percent

India's wholesale price index rose 0.61 percent in the 12 months to May 9, above the previous week's annual rise of 0.48 percent, government data showed on Thursday.

It matched a median forecast of 0.61 percent in a Reuters poll of analysts. The annual inflation rate was 8.57 percent during the corresponding week of the previous year.

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The wholesale price index is more closely watched than the consumer price index, which is published monthly, because it covers a higher number of products and is released weekly.

Indian Inc wants Montek S Ahluwalia as Finance Minister

(17/5/09 Indian Inc) - Montek Singh Ahluwalia is the favourite of Indian industry to become finance minister and it wished for P Chidambaram to stay as home minister, while seeking a Cabinet berth for Rahul Gandhi.

Industry captains were, however, not clear what role Rahul should play in the next Cabinet.

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Capital market expert Prithvi Haldea said the finance ministry should go to Montek Singh Ahluwalia and Chidambaram should continue as home minister. Real estate leader DLF clearly favoured Montek to move to North Block on Raisina Hill that houses the finance ministry.

However, the views are split when it came to sectoral representatives with most of the players giving their wishlist without wanting to be named.

A large corporate house wanted Murli Deora to be back as the petroleum minister, or to be replaced by his son Milind. Kamal Nath also found favour for a second term as the commerce and industry minister, although a section felt that Jairam Ramesh could be given the charge.

For telecom ministry, CDMA operators favoured DMK leader A Raja to continue, while GSM lobby wanted the Congress to keep this portfolio with itself, so that it can go ahead with reform process without any hindrances.

UN official-turned-politician Shashi Tharoor, who is making debut in the Lok Sabha shortly after losing the race for the UN Secretary Generalship, also figured in the wish- list of industrialists for a place in the Union Cabinet.

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"We hope to see Rahul Gandhi in the Cabinet," Ispat Industries' vice-chairman and managing director Vinod Mittal said, adding that age was not a criteria to be a dynamic leader and minister.

A cross section of investors, industrialists and analysts also felt that younger politicians, including Jitin Prasad, Sachin Pilot, Naveen Jindal and Jyotiraditya Scindia, should be given ministerial responsibilities.

Many of them felt that P Chidambaram should be given the responsibility of the home ministry, but few rooted for him to get back to the finance minsitry.

Brokerage firm SMC Capital's Equity Head Jaganaddham Thunuguntla said: "It will be good to have him (Rahul) in the Cabinet to give him exposure."

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Essar Steel Business Group CEO J Mehra said, "Congress has many dynamic options and Montek Singh Ahluwalia is one of them (for the finance ministry)." He, however, quickly added that it would not be wise at this point of time to name possible ministers without knowing who all are in the fray.

Taurus Mutual Fund's managing director R K Gupta said the UPA has much better scope for change this time as now it would not have to seek help from the Left parties for forming the government.

source economictimes

2009 indian elections results/trends

UPA headed by Indian National Congress is all set to form government for 15th lok sabha and it's high time to say that the Advani era of politics has come to an end and Rahul Gandhi will be part of cabinet for sure. following are the results/trends of the election results at 8:00pm today

Adilabad: Rathod Ramesh (TDP)- Wins
Agra: Dr Ramshankar (BJP)- Wins
Ahmadnagar: Gandhi Dilipkumar Mansukhlal (BJP)- Wins
Ahmedabad East: Harin Pathak (BJP)- Wins
Ahmedabad West: Dr Solanki Kiritbhai Premjibhai (BJP)- Wins
Ajmer: Sachin Pilot (Cong)- Wins
Akbarpur: Rajaram Pal (Cong)- Wins
Akola: Dhotre S Shamrao (BJP)- Wins
Alappuzha: K C Venugopal (Cong)- Wins
Alathur: P K Biju (CPM)- Wins
Aligarh: Rajkumari Chauhan (BSP)- Wins
Alipurduars: Manohar Tirkey (RSP)- Wins
Allahabad: Kunwar Rewati Raman Singh Alias Mani Ji (SP)- Wins
Almora: Pradeep Tamta (Cong)- Wins
Alwar: Jitendra Singh (Cong)- Wins
Amalapuram: G V Harsha Kumar (Cong)- Leads
Ambala: Selja (Cong)- Wins
Ambedkar Nagar: Rakesh Pandey (BSP)- Leads
Amethi: Rahul Gandhi (Cong)- Leads
Amravati: Adsul A Vithoba (SS)- Wins
Amreli: Kachhadia Naranbhai (BJP)- Wins
Amritsar: Navjot Singh Sidhu (BJP)- Leads
Amroha: Devendra Nagpal (RLD)- Wins

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Anakapalli: Sabbam Hari (Cong)- Wins
Anand: B Madhavsinh Solanki (Cong)- Wins
Anandpur Sahib: Ravneet Singh (Cong)- Leads
Anantapur: Anantha V R Reddy (Cong)- Leads
Anantnag: Mehboob Beg (JKNC)- Wins
Andaman & Nicobar Islands: Shri Bishnu Pada Ray (BJP)- Wins
Aonla: Maneka Gandhi (BJP)- Wins
Arakkonam: Jagathrakshakan (DMK)- Wins
Arambagh: Malik Sakti Mohan (CPM)- Wins
Arani: Krishnasamy M (Cong)- Wins
Araria: Pradeep Kumar Singh (BJP)- Leads
Arrah: Meena Singh (JDU)- Leads
Aruku: Kishore Chandra S Deo (Cong)- Leads
Arunachal East: Ninong Ering (Cong)- Wins
Arunachal West: Takam Sanjoy (Cong)- Leads
Asansol: Bansa Gopal Chowdhury (CPM)- Wins
Aska: Nityananda Pradhan (BJD)- Wins
Attingal: Adv A Sampath (CPM)- Wins
Aurangabad: Sushil Kumar Singh (JDU)- Leads
Aurangabad: Chandrakant Khaire (SS)- Wins
Autonomous District: Biren Singh Engti (Cong)- Wins
Azamgarh: Ramakant Yadav (BJP)- Wins
Badaun: Dharamendra Yadav (SP)- Wins
Bagalkot: Gaddigoudar P C (BJP)- Wins
Baghpat: Ajit Singh (RLD)- Wins
Baharampur: Adhir Choudhury (Cong)- Leads
Bahraich: Kamal Kishor (Cong)- Wins
Balaghat: K D Deshmukh (BJP)- Wins
Balasore: M A Kharavela Swain (BJP)- Leads
Ballia: Neeraj Shekhar (SP)- Wins

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Balurghat: Prasanta Kumar Majumdar (RSP)- Wins
Banaskantha: Gadhvi Mukeshkumar Bhairavdanji (Cong)- Wins
Banda: R K Singh Patel (SP)- Leads
Bangalore Central: P C Mohan (BJP)- Wins
Bangalore North: D B Chandre Gowda (BJP)- Wins
Bangalore Rural: H D Kumaraswamy (JDS)- Wins
Bangalore South: Ananth Kumar (BJP)- Wins
Bangaon: Gobinda Chandra Naskar (TC)- Wins
Banka: Digvijay Singh (IND)- Wins
Bankura: Basudeb Acharya (CPM)- Wins
Bansgaon: Kamlesh Paswan (BJP)- Leads
Banswara: Tarachand Bhagora (Cong)- Wins
Bapatla: Panabaka Lakshmi (Cong)- Wins
Barabanki: P L Punia (Cong)- Wins
Baramati: Supriya Sule (NCP)- Wins
Baramulla: Sharief Ud Din Shariq (JKNC)- Wins
Barasat: Kakali Ghosh Dastidar (TC)- Wins
Bardhaman Durgapur: Sk Saidul Haque (CPM)- Wins
Bardhaman Purba: Anup Kumar Saha (CPM)- Wins
Bardoli: Tushar Chaudhari (Cong)- Wins
Bareilly: Praveen Singh Aron (Cong)- Wins
Bargarh: Sanjay Bhoi (Cong)- Leads
Barmer: Harish Choudhary (Cong)- Wins
Barpeta: Ismail Hussain (Cong)- Leads
Barrackpore: Dinesh Trivedi (TC)- Wins
Basirhat: Sk Nurul Islam (TC)- Leads
Bastar: Baliram Kashyap (BJP)- Leads
Basti: Arvind Kumar Chaudhary (BSP)- Wins
Bathinda: Harsimrat Kaur (SAD)- Wins
Beed: Gopinath Munde (BJP)- Leads
Begusarai: Dr Monazir Hassan (JDU)- Wins
Belgaum: Angadi Suresh C (BJP)- Wins
Bellary: J Shantha (BJP)- Wins
Berhampur: Sidhant Mahapatra (BJD)- Leads
Betul: Jyoti Dhurve (BJP)- Wins
Bhadohi: Gorakhnath (BSP)- Wins
Bhadrak: Ananta Prasad Sethi (Cong)- Leads
Bhagalpur: Shahnawaz Hussain (BJP)- Wins
Bhandara Gondiya: Praful Patel (NCP)- Wins
Bharatpur: Ratan Singh (Cong)- Wins
Bharuch: Mansukhbhai D Vasava (BJP)- Wins
Bhavnagar: Rana Rajendrasinh G (BJP)- Wins
Bhilwara: C P Joshi (Cong)- Wins
Bhind: Ashok Argal (BJP)- Wins
Bhiwandi: Taware Suresh Kashinath (Cong)- Wins
Bhiwani Mahendragarh: Shruti Chaudhary (Cong)- Wins
Bhongir: Komatireddy Raj Gopal Reddy (Cong)- Wins
Bhopal: Kailash Joshi (BJP)- Wins
Bhubaneswar: Prasanna Kr Patasani (BJD)- Leads
Bidar: Dharam Singh (Cong)- Wins
Bijapur: Ramesh Chandappa J (BJP)- Wins
Bijnor: Sanjay Singh Chauhan (RLD)- Leads
Bikaner: Arjun Ram Meghwal (BJP)- Wins
Bilaspur: Dilip Singh Judev (BJP)- Wins

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Birbhum: Shatabdi Roy (TC)- Wins
Bishnupur: Susmita Bauri (CPM)- Wins
Bolangir: Kalikesh Singh Deo (BJD)- Leads
Bolpur: Doctor Ram Chandra Dome (CPM)- Wins
Bulandshahr: Kamlesh (SP)- Wins
Buldhana: Jadhav Prataprao Ganpatrao (SS)- Wins
Buxar: Jagada Nand Singh (RJD)- Leads
Chalakudy: K P Dhanapalan (Cong)- Wins
Chamarajanagar: R Dhruvanarayana (Cong)- Wins
Chandauli: Ramkishun (SP)- Leads
Chandigarh: P K Bansal (Cong)- Wins
Chandni Chowk: Kapil Sibal (Cong)- Wins
Chandrapur: Ahir H Gangaram (BJP)- Wins
Chatra: Inder Singh Namdhari (IND)- Leads
Chennai Central: Dayanidhi Maran (DMK)- Leads
Chennai North: Elangovan T K S (DMK)- Wins
Chennai South: Rajendran C (ADMK)- Wins
Chevella: S Jaipal Reddy (Cong)- Wins
Chhindwara: Kamal Nath (Cong)- Wins
Chhota Udaipur: Rathwa Ramsingbhai Patalbhai (BJP)- Wins
Chidambaram: Thirumaavalavan Thol (VCK)- Wins
Chikkballapur: Veerappa Moily (Cong)- Wins
Chikkodi: Ramesh Katti (BJP)- Wins
Chitradurga: Janardhana Swamy (BJP)- Wins
Chittoor: Naramalli Sivaprasad (TDP)- Wins
Chittorgarh: Girija Vyas (Cong)- Wins
Churu: Ram Singh Kaswan (BJP)- Wins
Coimbatore: Natarajan P R (CPM)- Wins
Cooch Behar: Nripendra Nath Roy (FBL)- Wins
Cuddalore: Alagiri S (Cong)- Wins
Cuttack: Bhartruhari Mahtab (BJD)- Leads
Dadar & Nagar Haveli: Patel Natubhai Gomanbhai (BJP)- Wins
Dahod: Dr Prabha Kishor Taviad (Cong)- Wins
Dakshina Kannada: Nalin Kumar Kateel (BJP)- Wins
Daman & Diu: Lalubhai Patel (BJP)- Wins
Damoh: Shivraj Bhaiya (BJP)- Wins
Darbhanga: Kirti Azad (BJP)- Wins
Darjeeling: Jaswant Singh (BJP)- Wins
Dausa: Kirodi Lal (IND)- Wins
Davanagere: Siddeswara G M (BJP)- Wins
Deoria: Gorakh Prasad Jaiswal (BSP)- Leads
Dewas: Sajjan Singh Verma (Cong)- Wins

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Dhanbad: Pashupati Nath Singh (BJP)- Leads
Dhar: Gajendrasingh Rajukhedi (Cong)- Wins
Dharmapuri: Thamaraiselvan R (DMK)- Wins
Dharwad: Pralhad Joshi (BJP)- Wins
Dhaurahra: Jitin Prasad (Cong)- Wins
Dhenkanal: Tathagata Satpathy (BJD)- Wins
Dhubri: Badruddin Ajmal (AUDF)- Wins
Dhule: Sonawane Pratap Narayanrao (BJP)- Wins
Diamond Harbour: Somendra Nath Mitra (TC)- Wins
Dibrugarh: Paban Singh Ghatowar (Cong)- Wins
Dindigul: Chitthan N S V (Cong)- Wins
Dindori: Chavan Harishchandra D (BJP)- Wins
Domariyaganj: Jagdambika Pal (Cong)- Leads
Dum Dum: Saugata Ray (TC)- Leads
Dumka: Shibu Soren (JMM)- Leads
Durg: Saroj Pandey (BJP)- Wins
East Delhi: Sandeep Dikshit (Cong)- Wins
Eluru: Kavuri Sambasiva Rao (Cong)- Leads
Ernakulam: K V Thomas (Cong)- Wins
Erode: Ganeshamurthi A (MDMK)- Wins
Etah: Kalyan Singh (INDSP)- Wins
Etawah: Gaurishanker (BSP)- Leads
Faizabad: Mitrasen (SP)- Leads
Faridabad: Avtar Singh Bhadana (Cong)- Wins
Faridkot: Paramjit Kaur Gulshan (SAD)- Wins
Farrukhabad: Chandra Bhushan Singh Urf Munnu Babu (SP)- Leads
Fatehgarh Sahib: Sukhdev Singh (Cong)- Wins
Fatehpur: Rakesh Sachan (SP)- Wins
Fatehpur Sikri: Seema Upadhyay (BSP)- Leads
Ferozpur: Sher Singh Ghubaya (SAD)- Wins
Firozabad: Akhilesh Yadav (SP)- Wins
Gadchiroli Chimur: Kowase Marotrao Sainuji (Cong)- Wins
Gandhinagar: L K Advani (BJP)- Wins
Ganganagar: Bharat Ram Meghwal (Cong)- Wins
Garhwal: Satpal Maharaj (Cong)- Leads
Gauhati: Bijoya Chakraborty (BJP)- Wins
Gautam Buddh Nagar: Surendra Singh Nagar (BSP)- Wins
Gaya: Hari Manjhi (BJP)- Leads
Ghatal: Gurudas Dasgupta (CPI)- Wins
Ghaziabad: Rajnath Singh (BJP)- Wins
Ghazipur: Radhey Mohan Singh (SP)- Wins
Ghosi: Dara Singh Chauhan (BSP)- Leads
Giridih: Ravindra Kumar Pandey (BJP)- Wins
Godda: Nishikant Dubey (BJP)- Wins
Gonda: Beni Prasad Verma (Cong)- Leads
Gopalganj: Purnmasi Ram (JDU)- Wins
Gorakhpur: Yogi Adityanath (BJP)- Leads

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Gulbarga: Mallikarjun Kharge (Cong)- Wins
Guna: Jyotiraditya M Scindia (Cong)- Wins
Guntur: Sambasiva R Rayapati (Cong)- Leads
Gurdaspur: Partap Singh Bajwa (Cong)- Wins
Gurgaon: Inderjit Singh (Cong)- Wins
Gwalior: Yashodhara R Scindia (BJP)- Wins
Hajipur: Ram Sundar Das (JDU)- Wins
Hamirpur: Anurag Thakur (BJP)- Wins
Hamirpur: Ashok Kumar Singh Chandel (SP)- Leads
Hardoi: Usha Verma (SP)- Wins
Hardwar: Harish Rawat (Cong)- Leads
Hassan: H D Devegowda (JDS)- Wins
Hathras: Sarika Singh (RLD)- Wins
Hatkanangle: Shetti Raju Alias Devappa Anna (SWP)- Wins
Haveri: Udasi Shivakumar Chanabasappa (BJP)- Wins
Hazaribagh: Yashwant Sinha (BJP)- Wins

Hindupur: Kristappa Nimmala (TDP)- Leads
Hingoli: Subhash Bapurao Wandhede (SS)- Wins
Hisar: Bhajan Lal (HJCBL)- Wins
Hooghly: Dr Ratna De(Nag) (TC)- Wins
Hoshangabad: Uday Pratap Singh (Cong)- Wins
Hoshiarpur: Santosh Chowdhary (Cong)- Wins
Howrah: Ambica Banerjee (TC)- Wins
Hyderabad: Asaduddin Owaisi (MIM)- Wins
Idukki: Adv P T Thomas (Cong)- Wins
Indore: Sumitra Mahajan (BJP)- Wins
Inner Manipur: Thokchom Meinya (Cong)- Wins
Jabalpur: Rakesh Singh (BJP)- Wins
Jadavpur: Kabir Suman (TC)- Wins
Jagatsinghpur: Bibhu Prasad Tarai (CPI)- Leads
Jahanabad: Jagdish Sharma (JDU)- Wins
Jaipur: Mahesh Joshi (Cong)- Wins
Jaipur Rural: Lal Chand Kataria (Cong)- Wins
Jajpur: Mohan Jena (BJD)- Leads
Jalandhar: Mohinder Singh Kaypee (Cong)- Wins
Jalaun: Ghansyam Anuragi (SP)- Wins
Jalgaon: A T Nana Patil (BJP)- Wins
Jalna: Danve Raosaheb D (BJP)- Wins
Jalore: Devji Patel (BJP)- Wins
Jalpaiguri: Mahendra Kumar Roy (CPM)- Wins
Jammu: Madan Lal Sharma (Cong)- Wins

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Jamnagar: Ahir Vikrambhai A (Cong)- Wins
Jamshedpur: Ajeet Kumar (BSP)- Wins
Jamui: Bhudeo Choudhary (JDU)- Wins
Jangipur: Pranab Mukherjee (Cong)- Wins
Janjgir Champa: Shrimati Kamla Devi Patle (BJP)- Leads
Jaunpur: Dhananjay Singh (BSP)- Wins
Jhalawar Baran: Dushyant Singh (BJP)- Wins
Jhanjharpur: Mangani Lal Mandal (JDU)- Leads
Jhansi: Pradeep Kumar Jain Aditya (Cong)- Wins
Jhargram: Pulin Bihari Baske (CPM)- Wins
Jhunjhunu: Sheesh Ram Ola (Cong)- Wins
Jodhpur: Chandresh Kumari (Cong)- Wins
Jorhat: B K Handique (Cong)- Wins
Joynagar: Dr Tarun Mondal (IND)- Wins
Junagadh: Solanki Dinubhai Boghabhai (BJP)- Wins
Kachchh: Jat Poonamben Veljibhai (BJP)- Wins
Kadapa: Y S Jaganmohan Reddy (Cong)- Wins
Kairana: Tabassum Begum (BSP)- Wins
Kaiserganj: Dr Lalta Prasad Mishra Alis Dr L P Mishra (BJP)- Leads
Kakinada: M M Pallamraju (Cong)- Leads
Kalahandi: Bhakta Charan Das (Cong)- Leads
Kaliabor: Dip Gogoi (Cong)- Wins
Kallakurichi: Sankar Adhi (DMK)- Wins
Kalyan: Anand P Paranjape (SS)- Wins
Kancheepuram: Ramakrishnan Dr E (ADMK)- Wins
Kandhamal: Rudramadhab Ray (BJD)- Leads
Kangra: Dr Rajan Sushant (BJP)- Wins
Kanker: Sohan Potai (BJP)- Wins
Kannauj: Akhilesh Yadav (SP)- Wins
Kanniyakumari: Helen Davidson J (DMK)- Wins
Kannur: K Sudhakaran (Cong)- Wins
Kanpur: Sri Prakash Jaiswal (Cong)- Wins
Kanthi: Adhikari Sisir Kumar (TC)- Wins
Karakat: Mahabali Singh (JDU)- Wins
Karauli Dholpur: Khiladi Lal Bairwa (Cong)- Wins
Karimganj: Rajesh Mallah (AUDF)- Leads
Karimnagar: Ponnam Prabhakar (Cong)- Leads
Karnal: Arvind Kumar Sharma (Cong)- Wins
Karur: Tambidurai M (ADMK)- Wins
Kasaragod: P Karunakaran (CPM)- Wins
Katihar: Nikhil Choudhary (BJP)- Wins
Kaushambi: Shailendra Kumar (SP)- Leads
Kendrapara: Baijayant Panda (BJD)- Leads
Keonjhar: Yashbant Narayan Singh Laguri (BJD)- Wins
Khadoor Sahib: Dr Rattan Singh Ajnala (SAD)- Wins
Khagaria: Dinesh Chandra Yadav (JDU)- Wins
Khajuraho: Jeetendra Singh (BJP)- Wins
Khammam: Nama Nageswara Rao (TDP)- Wins
Khandwa: Arun Yadav (Cong)- Wins
Khargone: Maknsingh Solanki Babuji (BJP)- Wins
Kheda: Dinsha J Patel (Cong)- Leads
Kheri: Zafar Ali Naqvi (Cong)- Wins
Khunti: Kariya Munda (BJP)- Leads
Kishanganj: Mohammad Asrarul Haque (Cong)- Leads
Kodarma: Babulal Marandi (JVM)- Wins
Kokrajhar: S K Bwiswmuthiary (BOPF)- Wins
Kolar: K H Muniyappa (Cong)- Wins
Kolhapur: Sadashivrao Mandlik Dadoba (IND)- Wins
Kolkata Dakshin: Mamata Banerjee (TC)- Wins
Kolkata Uttar: Sudip Bandyopadhyay (TC)- Wins
Kollam: N Peethambarakurup (Cong)- Wins
Koppal: Shivaramagouda Shivanagouda (BJP)- Wins
Koraput: Jayaram Pangi (BJD)- Leads

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Korba: Charandas Mahant (Cong)- Wins
Kota: Ijyaraj Singh (Cong)- Wins
Kottayam: Jose K Mani (KECM)- Wins
Kozhikode: M K Raghavan (Cong)- Wins
Krishnagiri: Sugavanam E G (DMK)- Wins
Krishnanagar: Tapas Pal (TC)- Wins
Kurnool: Kotla J S Reddy (Cong)- Wins
Kurukshetra: Naveen Jindal (Cong)- Wins
Kushi Nagar: R P N Singh (Cong)- Leads
Ladakh: Ghulam Ulam Hasan Khan (IND)- Wins
Lakhimpur: Ranee Narah (Cong)- Leads
Lakshadweep: Hamdullah Sayeed (Cong)- Wins
Lalganj: Dr Baliram (BSP)- Wins
Latur: Aawale Jaywant Gangaram (Cong)- Wins
Lohardaga: Sudarshan Bhagat (BJP)- Wins
Lucknow: Lalji Tandon (BJP)- Wins
Ludhiana: Manish Tiwari (Cong)- Wins
Machhlishahr: Tufani Saroj (SP)- Leads
Machilipatnam: Konakalla Narayana Rao (TDP)- Wins
Madha: Sharad Pawar (NCP)- Wins
Madhepura: Sharad Yadav (JDU)- Wins
Madhubani: Hukm Deo Narayan Yadav (BJP)- Wins
Madurai: M K Alagiri (DMK)- Wins
Mahabubabad: P Balram (Cong)- Wins
Maharajganj: Uma Shanaker Singh (RJD)- Wins
Maharajganj: Harsh Vardhan (Cong)- Wins
Mahasamund: Chandulal Sahu Chandu Bhaiya (BJP)- Wins
Mahbubnagar: K Chandrasekhar Rao (TRS)- Leads
Mahesana: Patel Jayshreeben Kanubhai (BJP)- Wins
Mainpuri: Mulayam Singh Yadav (SP)- Leads
Malappuram: E Ahamed (MUL)- Wins
Maldaha Dakshin: A H Khan Choudhury (Cong)- Wins
Maldaha Uttar: Mausam Noor (Cong)- Wins
Malkajgiri: Sarvey Satyanarayana (Cong)- Leads
Mandi: Virbhadra Singh (Cong)- Wins
Mandla: Faggan Singh (BJP)- Wins
Mandsour: Meenakshi Natrajan (Cong)- Wins
Mandya: N Cheluvaraya Swamy (JDS)- Wins
Mangaldoi: Ramen Deka (BJP)- Leads
Mathura: Jayant Chaudhary (RLD)- Wins
Mathurapur: Choudhury Mohan Jatua (TC)- Wins
Maval: Babar Gajanan Dharmshi (SS)- Wins
Mavelikkara: Kodikkunnil Suresh (Cong)- Wins
Mayiladuthurai: Manian O S (ADMK)- Wins
Mayurbhanj: Laxman Tudu (BJD)- Wins
Medak: Vijayshanthi (TRS)- Wins
Medinipur: Prabodh Panda (CPI)- Leads
Meerut: Rajendra Agarwal (BJP)- Wins
Mirzapur: Bal Kumar Patel (SP)- Leads

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Misrikh: Ashok Kumar Rawat (BSP)- Wins
Mizoram: C L Ruala (Cong)- Wins
Mohanlalganj: Sushila Saroj (SP)- Wins
Moradabad: Mohammad Azharuddin (Cong)- Leads
Morena: Narendra Singh Tomar (BJP)- Wins
Mumbai North: Sanjay Brijkishorlal Nirupam (Cong)- Wins
Mumbai North Central: Priya Dutt (Cong)- Wins
Mumbai North East: Sanjay Dina Patil (NCP)- Wins
Mumbai North West: Kamat Gurudas V (Cong)- Wins
Mumbai South: Milind Deora (Cong)- Wins
Mumbai South Central: Eknath M Gaikwad (Cong)- Wins
Munger: Rajiv Ranjan (JDU)- Wins
Murshidabad: Abdul Mannan Hossain (Cong)- Leads
Muzaffarnagar: Kadir Rana (BSP)- Wins
Muzaffarpur: Captain Jai Narayan Prasad Nishad (JDU)- Wins
Mysore: Adagur H Vishwanath (Cong)- Wins
Nabarangpur: Pradeep Kumar Majhi (Cong)- Wins
Nagaland: Asungba Sangtam (Cong)- Wins
Nagapattinam: Vijayan A K S (DMK)- Wins
Nagarkurnool: Dr Manda Jagannath (Cong)- Leads
Nagaur: Joyti Mirdha (Cong)- Wins
Nagina: Yashvir Singh (SP)- Wins
Nagpur: Vilasrao Muttemwar (Cong)- Leads
Nainital: K C Singh Baba (Cong)- Wins
Nalanda: Kaushalendra Kumar (JDU)- Leads
Nalgonda: Gutha Sukender Reddy (Cong)- Wins
Namakkal: Gandhiselvan S (DMK)- Wins
Nanded: Bhaskarrao Khatgaonkar (Cong)- Wins
Nandurbar: Gavit M Hodlya (Cong)- Wins
Nandyal: S P Y Reddy (Cong)- Leads
Narasaraopet: Balashowry Vallabhaneni (Cong)- Leads
Narsapuram: Bapiraju Kanumuru (Cong)- Leads
Nashik: Sameer Bhujbal (NCP)- Wins
Navsari: C R Patil (BJP)- Wins
Nawada: Bhola Singh (BJP)- Leads
Nellore: Mekapati R Reddy (Cong)- Leads
New Delhi: Ajay Makhan (Cong)- Wins
Nilgiris: A Raja (DMK)- Wins
Nizamabad: Madhu Yaskhi Goud (Cong)- Leads
North East Delhi: J P Agarwal (Cong)- Wins
North Goa: Shripad Yesso Naik (BJP)- Wins
North West Delhi: Kirshna Tirath (Cong)- Wins

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Nowgong: Rajen Gohain (BJP)- Leads
Ongole: Magunta Srinivasulu R (Cong)- Leads
Osmanabad: Patil Padamsinha Bajirao (NCP)- Wins
Outer Manipur: Thangso Baite (Cong)- Wins
Palakkad: M B Rajesh (CPM)- Wins
Palamau: Kameshwar Baitha (JMM)- Wins
Palghar: Jadhav Baliram Sukur (BVA)- Wins
Pali: Badri Ram Jakhar (Cong)- Wins
Panchmahal: Chauhan Prabhatsinh Pratapsinh (BJP)- Wins
Parbhani: Adv Dudhgaonkar Ganeshrao Nagorao (SS)- Wins
Paschim Champaran: Sanjay Jaiswal (BJP)- Wins
Pataliputra: Ranjan Yadav (JDU)- Wins
Patan: Jagdish Thakor (Cong)- Wins
Pathanamthitta: Anto Antony (Cong)- Wins
Patiala: Preneet Kaur (Cong)- Wins
Patna Sahib: Shatrughan Sinha (BJP)- Wins
Peddapalle: Dr G Vivekanand (Cong)- Wins
Perambalur: Napoleon D (DMK)- Wins
Phulpur: Kapil Muni Karwariya (BSP)- Wins
Pilibhit: Varun Gandhi (BJP)- Wins
Pollachi: Sugumar K (ADMK)- Wins
Ponnani: E T Muhammed Basheer (MUL)- Wins
Porbandar: Radadiya Vitthalbhai Hansrajbhai (Cong)- Wins
Pratapgarh: Rajkumari Ratna Singh (Cong)- Wins
Puducherry: Narayanasamy (Cong)- Wins
Pune: Suresh Kalmadi (Cong)- Leads
Puri: Pinaki Misra (BJD)- Leads
Purnia: Pappu Singh (BJP)- Wins
Purulia: Narahari Mahato (FBL)- Wins
Purvi Champaran: Radha Mohan Singh (BJP)- Wins
Rae Bareli: Sonia Gandhi (Cong)- Wins
Raichur: Pakkirappa S (BJP)- Wins
Raigad: Anant Geete (SS)- Wins
Raiganj: Deepa Dasmunshi (Cong)- Wins
Raigarh: Hridayaram Rathiya (Cong)- Leads
Raipur: Ramesh Bais (BJP)- Wins
Rajahmundry: M Murali Mohan (TDP)- Wins
Rajampet: Annayyagari S Prathap (Cong)- Wins
Rajgarh: Narayansingh Amlabe (Cong)- Wins
Rajkot: Kuvarjibhai Mohanbhai Bavalia (Cong)- Wins
Rajmahal: Devidhan Besra (BJP)- Leads
Rajnandgaon: Madhusudan Yadav (BJP)- Leads
Rajsamand: Gopal Singh (Cong)- Wins
Ramanathapuram: Sivakumar @ J K Ritheesh K (DMK)- Wins
Rampur: Jaya Prada (SP)- Wins

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Ramtek: Mukul Wasnik (Cong)- Leads
Ranaghat: Sucharu Ranjan Haldar (TC)- Wins
Ranchi: Subodh Kant Sahay (Cong)- Leads
Ratlam: Kantilal Bhuria (Cong)- Wins
Ratnagiri Sindhudurg: Nilesh Rane (Cong)- Wins
Raver: Haribhau M Jawale (BJP)- Wins
Rewa: Chandramani Tripathi (BJP)- Wins
Robertsganj: Pakauri Lal (SP)- Leads
Rohtak: Deepender Singh Hooda (Cong)- Wins
Sabarkantha: Chauhan Mahendrasinh (BJP)- Wins
Sagar: Bhupendra Singh (BJP)- Wins
Saharanpur: Jagdish Singh Rana (BSP)- Wins
Salem: Alagaapuram R Mohanraj (DMDK)- Wins
Salempur: Ramashankar Rajbhar (BSP)- Leads
Samastipur: Maheswer Hazari (JDU)- Wins
Sambalpur: Amarnath Pradhan (Cong)- Wins
Sambhal: Dr Shafiqur Rahman Barq (BSP)- Wins
Sangli: Pratik Prakashbapu P (Cong)- Wins
Sangrur: Vijay Inder Singla (Cong)- Wins
Sant Kabir Nagar: Bhishma Shankar Tiwari (BSP)- Leads
Saran: Lalu Prasad Yadav (RJD)- Leads
Sarguja: Murarilal Singh (BJP)- Wins
Sasaram: Meira Kumar (Cong)- Wins
Satara: Bhonsle Shrimant Chh Udyanraje Pratapsinh (NCP)- Wins
Satna: Ganesh Singh (BJP)- Wins
Secundrabad: Anjan Kr Yadav (Cong)- Wins
Shahdol: Narendra Singh Maravi (BJP)- Wins
Shahjahanpur: Mithlesh (SP)- Wins
Sheohar: Rama Devi (BJP)- Leads
Shillong: Vincent H Pala (Cong)- Wins
Shimla: Virender Kashyap (BJP)- Wins
Shimoga: Raghavendra (BJP)- Wins

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Shirdi: Wakchoure Bhausaheb Rajaram (SS)- Wins
Shirur: Adhalrao S Dattatray (SS)- Wins
Shrawasti: Vinay Kumar Alias Vinnu (Cong)- Wins
Sidhi: Govind Prasad Mishra (BJP)- Wins
Sikar: Mahadev Singh (Cong)- Wins
Sikkim: P D Rai (SDF)- Wins
Silchar: Kabindra Purkayastha (BJP)- Leads
Singhbhum: Madhu Kora (IND)- Wins
Sirsa: Ashok Tanwar (Cong)- Wins
Sitamarhi: Arjun Roy (JDU)- Leads
Sitapur: Kaiser Jahan (BSP)- Wins
Sivaganga: P Chidambaram (Cong)- Wins
Siwan: Om Prakash Yadav (IND)- Wins
Solapur: Sushil Kumar Shinde (Cong)- Wins
Sonipat: Jitender Singh (Cong)- Wins
South Delhi: Ramesh Kumar (Cong)- Wins
South Goa: Cosme Francisco Caitano Sardinha (Cong)- Wins
Srerampur: Kalyan Banerjee (TC)- Wins
Srikakulam: Kalyani Varudu (PRP)- Wins
Srinagar: Farooq Abdullah (JKNC)- Wins
Sriperumbudur: T R Baalu (DMK)- Wins
Sultanpur: Sanjay Singh (Cong)- Wins
Sundargarh: Hemananda Biswal (Cong)- Leads
Supaul: Vishwa Mohan Kumar (JDU)- Wins
Surat: Shrimati Darshana Vikram Jardosh (BJP)- Wins
Surendranagar: Koli Patel Somabhai (Cong)- Wins
Tamluk: Subhendu Adhikari (TC)- Leads
Tehri Garhwal: Vijay Bahuguna (Cong)- Wins
Tenkasi: Lingam P (CPI)- Leads
Tezpur: Joseph Toppo (AGP)- Wins
Thane: Sanjeev Ganesh Naik (NCP)- Wins
Thanjavur: Palanimanickam S S (DMK)- Wins
Theni: Aaron Rashid J M (Cong)- Wins
Thiruvallur: Suresh R (DMDK)- Wins
Thiruvananthapuram: Shashi Tharoor (Cong)- Wins
Thoothukkudi: Jeyadurai S R (DMK)- Wins
Thrissur: P C Chacko (Cong)- Wins
Tikamgarh: Virendra Kumar (BJP)- Wins
Tiruchirappalli: Kumar P (ADMK)- Wins
Tirunelveli: Ramasubbu S (Cong)- Leads
Tirupati: Chinta Mohan (Cong)- Leads
Tiruppur: Sivasami C (ADMK)- Wins
Tiruvannamalai: Venugopal D (DMK)- Wins
Tonk Sawai Madhopur: Namo Narain (Cong)- Leads
Tripura East: Baju Ban Riyan (CPM)- Wins
Tripura West: Khagen Das (CPM)- Wins
Tumkur: G S Basavaraju (BJP)- Wins
Tura: Agatha Sangma (NCP)- Wins
Udaipur: Raghuvir Singh Meena (Cong)- Wins
Udhampur: Ch Lal Singh (Cong)- Wins
Udupi Chikmagalur: D V Sadananda Gowda (BJP)- Wins
Ujiarpur: Aswamedh Devi (JDU)- Leads
Ujjain: Guddu Premchand (Cong)- Wins
Uluberia: Sultan Ahmed (TC)- Leads
Unnao: Annu Tandon (Cong)- Wins
Uttara Kannada: Anantkumar Hegde (BJP)- Wins
Vadakara: Mullappally Ramachandran (Cong)- Wins
Vadodara: Balkrishna Khanderao Shukla Balu Shukla (BJP)- Wins
Vaishali: Raghuvansh Prasad Singh (RJD)- Wins
Valmiki Nagar: Mohammad Shamim Akhtar (Cong)- Wins
Valsad: Kishanbhai V Patel (Cong)- Wins
Varanasi: Murli Manohar Joshi (BJP)- Wins
Vellore: Abdulrahman (DMK)- Wins
Vidisha: Sushma Swaraj (BJP)- Wins

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Vijayawada: Lagadapati R Gopal (Cong)- Leads
Viluppuram: Swamidurai K (VCK)- Wins
Virudhunagar: Manicka Tagore (Cong)- Wins
Visakhapatnam: Daggubati Purandareswari (Cong)- Leads
Vizianagaram: Jhansi Laxmi Botcha (Cong)- Leads
Warangal: Jayapal V (BJP)- Wins
Wardha: Datta Meghe (Cong)- Wins
Wayanad: M I Shanavas (Cong)- Wins
West Delhi: Mahabal Mishra (Cong)- Wins
Yavatmal Washim: Mohmmad Khan Aziz Khan (SP)- Leads
Zahirabad: Suresh Kumar Shetkar (Cong)- Leads

Rs 1 Lakh cheque is no longer 'high value'

(13/5/09 Indian rupee updates) - One lakh rupees is no longer considered 'high value' in banking parlance. Until recently, a cheque amounting to over a lakh was considered high value and would be swiftly cleared on the same day itself, if deposited before 11 am. Now that a lakh is no longer what it used to be, although it can still buy you a car, the Reserve Bank of India has raised the bar.

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As of May 2, a cheque will have to be above Rs 5 lakh, and after August 1, above Rs 10 lakh for it to qualify as 'high value'. From November 1, there will be no high value clearing. For same-day clearance, banks are advising their customers to fill in a special form and use RTGF (Real Time Gross Settlement) or NEFT (National Electronic Funds Transfer).

"The idea is to facilitate easier transactions by getting into electronic clearing," says a RBI spokesperson. "Earlier, we made the transfer of amounts over Rs 1 crore mandatory through electronic clearing. We are gradually moving towards all transactions being cleared electronically."

Inflation at 0.3 perc as on May 2nd

India's annual inflation rate is expected to have fallen back towards zero at the start of May after rising in the previous three weeks, a Reuters poll of analysts showed on Wednesday. The median forecast of 11 analysts was for 0.3 per cent rise in the wholesale price index in the 12 months to May 2, compared with a 0.7 per cent rise the previous week.

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The price index is forecast to rise from a week earlier but at a slower pace than the rise a year earlier, when prices were rising rapidly, leading to a fall in the annual inflation rate. "A sharp rise in the index is expected week-on-week, but lower growth year-over-year is seen because of a high statistical base," said Rupa Rege Nitsure, chief economist at Bank of Baroda.

"The weekly spike is largely due to primary articles, secondly the market-determined prices of fuel components, and also rising input costs are getting reflected in the manufactured product prices," she said.

The inflation rate had fallen to 0.18 per cent in early April, its lowest reading since annual records started in 1977/78. The index had been on a downward trend since last September, after a fall in global commodity prices and cuts in state-set fuel prices, but steadied in March and early April before turning up in recent weeks.

BRIC nations providing stability to world economy

"As the global economy evolves and works its way through the present global financial and economic crisis, BRIC are a factor of stability and growth. This was already evident in our role during the G20 deliberations."

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The two-day conference, in which eminent experts from the four countries are participating, has been organised by the Observer Research Foundation, a New Delhi-headquartered public policy think tank. The preparatory meeting is expected to set the tone for the first BRIC summit to be held in Yekaterinburg next month.

Underlining that the world was on the cusp of a new type of multi-polarity, Menon said it was "becoming clearer and clearer that international decision-making on global economic issues must necessarily be democratised to reflect present realities".

Combined with our growing middle classes and the young populations that most of us enjoy, the BRIC can hope to be a factor of growth and stability in the world economy for decades to come, he said.

BRIC accounts for 40 percent of the world's population, 25.9 percent of its total geographic area, and 40 percent of global GDP. According to Goldman Sachs, BRIC can become collectively bigger than the G7 by 2035.

Menon also stressed on the need for BRIC to make more efforts to add value to their partnership and make their collective voice heard on important international issues. "What we see is a situation where the major powers simultaneously compete and cooperate with each other, each with all the others, to a greater or lesser degree."

Chinese Ambassador to India Zhang Yan and Deputy Chief of Mission of Brazil to India Jose Carlos Fonseca Jr were also present at the inauguration of the conference. "BRIC is a platform for four countries to build consensus and achieve win-win situation. Like any countries, four countries may have differences in their focus, objectives and even interests on various issues," the Chinese envoy said.

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"But interaction within the framework of BRIC can provide the four countries with opportunities to coordinate and cooperate with each other to build synergy between them," he said, while describing BRIC as "guardian of the interests of developing countries".

The Brazilian diplomat stressed on the need for the four countries to strengthen their bilateral relationships that will enable them to be more effectives collectively on the international stage.

source - economictimes.com

Industrial output down 0.5 percent yoy

India's industrial output likely shrunk in March from a year earlier, its third fall in four months, as the global economic slowdown hit exports and domestic demand remained soft, a poll showed.

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The median forecast in the poll of 13 analysts was for an annual decline of 0.5 in the index of industrial production (IIP) in March, the final month of the 2008/09 fiscal year.

Output fell an annual 1.2 per cent in February, according to provisional figures. Output rose 0.4 per cent in January and fell 0.6 per cent in December.

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"It's going to be flattish, near the trough. Exports remain weak and domestic demand is also subdued," said D.K. Joshi, principal economist at rating agency Crisil.

Some economists expect industrial output grew less than 4 per cent in India's fiscal year that just ended in March, less than half the 8.1 per cent growth rate of the previous year.

Economists expect output growth to improve in coming months as government stimulus measures and aggressive rates cuts by the central bank take hold, with demand for consumer goods, vehicles and building materials showing signs of picking up.

Macquarie Securities said industrial growth may reverse its weaker trend from April as motor vehicles, cement and steel are already showing signs of increased activity.

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A survey of purchasing managers showed expansion of manufacturing activities in April, its first uptick in five months.

Car sales, a gauge of consumer demand, rose 4.2 per cent in April from a year earlier, but sales of trucks and buses were down 11.3 per cent.

India's factory output sharply slowed last year as high borrowing costs and the global credit crunch forced firms to delay expansion plans and then cut output as demand for goods in overseas markets fell sharply.

Policymakers say the economy may have grown less than 7 per cent in 2008/09, slowing sharply from 9 per cent or more seen in previous three years. The central bank expects the growth rate to slow further to 6 per cent in 2009/10, which would be the weakest in seven years.

India grew 6.5 percent in FY09 , inflation to fall further - PM

India's economy grew an estimated 6.5 per cent in the just-ended 2008/09 fiscal year and consumer price inflation is expected to moderate in five to six months, Prime Minister Manmohan Singh said on Monday.

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A global economic slump and slowdown in domestic demand have weakened economic growth in Asia's third largest economy, but falls in commodity prices have helped moderate prices.

"The wholesale price inflation is already down to around 1 per cent and there is a time lag for the consumer price inflation to also fall," Singh told a news conference at Ludhiana. "But I am sure CPI inflation will moderate in five to six months," he said at the last lap of a month-long election campaign in the northern state of Punjab.

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India's wholesale price index rose 0.70 per cent in the 12 months to April 25, above the previous week's annual rise of 0.57 per cent.

World's top 10 most valuable brands list

Top 10 brands of world - Here is the list of top 10 biggest and most valuable brands of the 21st century. and most of the technology companies are present in the top ten spots.

Ranked 1 :

Company: Google

Value: $101.4 billion

Ranked 2 :

Company: Microsoft

Value: $77.3 billion

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Ranked 3 :

Company: Coca Cola

Value: $68.5 billion

Ranked 4 :

Company: IBM

Value: $67.5 billion

Ranked 5 :

Company: McDonald's

Value: $67.3 billion

Ranked 6 :

Company: Apple Inc

Value: $63.9 billion

Ranked 7 :

Company: China Mobile

Value: $62.2 billion

Ranked 8 :

Company: Energy major GE

Value: $59.9 billion

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Ranked 9 :

Company: Vodafone

Vaule: $50.2 billion

Ranked 10 :

Company: Marlboro

Value: 50.1 billion

Cheer India - Tata's more reputed then Google and microsoft

(10/may/2009 Indian Cos updates) - Among Indian companies, Tatas are followed by SBI (29), Infosys (39), Larsen & Toubro (47) and Maruti Suzuki (49th). There are 22 other Indian companies on the list of 600 largest companies, ranked in terms of their reputation.

"Corporate India has the best reputed companies. Of the 27 Indian companies ranked among the 600 largest in the world, almost 90 per cent received scores above the global mean, with five ranking among the Top 50," the Reputation Institute said in its annual study for 2009.

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Only the US had more number of companies in the top-50 (17 companies), the report noted. In terms of overall presence also, the US had five times the number of companies in the list than India. The list is made on the basis of admiration, trust and good feeling that consumers have towards a company.

Other Indian companies on the list include, Hindustan Unilever (70th rank), ITC (96), Canara Bank (103), HPCL (112), Indian Oil (113), Wipro (117), Reliance Group (133), Mahindra & Mahindra (138), Bharti Airtel (164), Bank of Baroda (175), BPCL (176) and Punjab National Bank (178).

The report did not clarify whether the Reliance group means the Mukesh Ambani Group or Anil Ambani group of companies. The report revealed that corporate trust is higher in the emerging markets, while companies in industrialised markets are trusted less.

"Proportionally, the largest companies in Brazil, Russia, India and China (BRIC) enjoy a stronger emotional connection with consumers than the largest companies in the industrialized world," it added.

Out of the 289 companies from the US, Japan, the UK, France and Germany, 45 per cent have reputations below the global average, while only 34 per cent of the 142 companies from BRIC nations have below-average reputations, with Chinese companies dragging down the BRIC average substantially.

Industrial and Commercial Bank of China saw the largest gain in reputation, 16.38 points from 2008 to 2009, while AIG lost the most reputation capital with a drop of 27.52 points.

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Internet giant Google has been ranked at the 23rd position, while Microsoft grabbed the 30th rank and Walt Disney was at 21st place. Nokia is at 45th, PepsiCo is 46th and GE is ranked 50th. In 2008, Toyota and Google were number one and two, they now rank 59th and 23rd, respectively.

source pti

Inflation at 0.65 percent on April 25, 2009

(Inflation Updates - April 2009) - Annual inflation rate is expected to have risen for the third consecutive week in late April, because of a sustained increase in food, mineral and manufacturing prices, a poll showed on Wednesday.

The median forecast of 11 analysts was for 0.65 per cent rise in the wholesale price index in the 12 months to April 25, up from 0.57 per cent rise the previous week.

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"Inflation is expected to rise largely due to the general rise in food prices. Inflation falling below zero per cent has been postponed for a while now, may be until early June," said Deepali Bhargava, an economist with ING Vysya Bank said.

The index had been on a downward trend since last September, after a fall in global commodity prices, but steadied in March and has moved upward in the past two readings.

The weekly wholesale price index is more closely watched than the monthly consumer price index (CPI) because it includes more products and is published on a more frequent basis.

RBI moves $5.7 bn to Indian government

(5-5-09 - RBI news) - The Reserve Bank of India said today it had transferred 280 billion rupees ($5.7 billion) from its intervention bonds to the government, a move that would ease the pressure on record market borrowings planned for 2009/10.

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The RBI has taken a series of steps to ensure the government's net borrowing plan of 3.09 trillion rupees in the fiscal year that began on April 1 would go through smoothly without disrupting markets and sending yields shooting up.

The government had borrowed a net 3.02 trillion rupees in 2008/09.

The 10-year bond yield briefly ticked 1 basis points lower to 6.25 percent on the announcement. It has dropped more than 100 basis points since hitting a four-month high of 7.37 percent in mid-March.

The Reserve Bank of India said the transfer, which was made on May 2, would form part of the government's borrowing plan for 2009/10. It aims to move a total of 330 billion rupees from the market stabilisation scheme (MSS) in this year.

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The outstanding amount under the MSS account was 427.73 billion rupees on May 2, the RBI said. It has also bought back federal bonds in recent weeks to ensure adequate investor appetite for new auctions.

In early March, the central bank had given 120 billion rupees from the MSS account to the government to meet a sudden surge of borrowings in the closing weeks of the 2008/09 fiscal year.

RBI offers 600 bn rupees at special repo

The Reserve Bank of India said it would conduct a special repo auction for 600 billion rupees on Monday. The reversal of the auction will be on May 18, it said in a statement.

The special repo facility was introduced on Oct. 14, 2008 on a daily basis, offering 200 billion rupees to meet liquidity needs of mutual funds.

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The central bank later increased the facility to 600 billion rupees to include liquidity needs of non-banking financial companies and housing finance companies. At its policy review on April 21, the central bank said the auction will be conducted on a weekly basis every Monday till March 2010.

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Economy poised for a rebound

The worst is over and the economy looks set for a rebound. This may sound contra-intuitive after dire predictions of a long and deep

slowdown, but economists and investment bankers interviewed by TOI see a revival as early as September, or latest by December. All of them see growth riding on the back of domestic demand rather than overseas business but caution that some sectors such as IT may take a little longer.

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The pace of rebound being projected ranges from an optimistic 8% of GDP to a cautious 6-7% in the last quarter. For the full fiscal, there's consensus on 6.5-7% except a CII forecast that pegged it at 6-6.5%. But a word of caution here will not be out of place. These figures could still go off the mark as the signs may be deceptive. This is just like when the specialists failed to see through the boom to see the bust coming.

"Green shoots of growth are showing in some sectors and we can certainly see a sustainable upward movement by the September-October busy season. Summer is lean period as activities usually slow down before picking up in September... or more in October," Ficci secretary-general Amit Mitra said.

Suresh Tendulkar, chairman of PM's Economic Advisory Council, was more optimistic and said recovery had started. "There have been some pressure on the bottomline and profit growth may not be as high as expected. But the way revenues have grown, it shows revival has started," he said.

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All of them identified infrastructure as the engine, driving demand in steel, cement and other manufactured items. "Infrastructure will spur the drawdown on inventories. That's happened in cement and is starting to happen in steel," said the investment banker.

Mahajan sees agriculture in a support role. "It will prompt rural demand but since there's a rigidity in the sector, it is not like the farm sector will carry the economy as a whole. A good monsoon and a good crop will certainly help the economic revival but that will not be the sole driver. After all, you already have good rural demand."

Mitra said steel and cement signified some turnaround in producer side. "FMCG never suffered. Activities in small housing are coming back. All these can be sustained if interest rates come down... projects become viable, start getting off the ground and (with low interest) propel consumer side interest."