Canadian wholesale sales rise more-than-expected
The government today extended the terms of reference of the Nandan Nilekani-led task force on direct subsidies on kerosene, LPG and fertiliser to include an unified payment infrastructure facilitated by UIDAI's Aadhaar scheme.
U.S. building permits rise to 7-month high in August
The Prime Minister's Economic Advisory Council (PMEAC) chairman C Rangarajan admitted that growth may be lower than the earlier projection of 8.2%.
Authorities in eastern India will start culling chickens and destroying eggs to contain a new outbreak of H5 bird flu, the government said in a statement on Tuesday, as a mutant strain of the virus is spreading elsewhere in Asia.
A group of ministers, headed by Agriculture Minister Sharad Pawar, has been formed to resolve inter-ministerial differences stalling the national manufacturing policy which aims at giving a boost to the sector.
German ZEW economic sentiment declines less-than-expected
Swiss trade surplus narrows more-than-expected in August
German PPI declines unexpectedly in August
The proposed food security bill will likely cost an annual Rs 1 trillion (USD 20.7 billion), the Financial Express quoted the food minister as saying, as the government looks to scale up production and storage of subsidised grain to feed more of the country's poor.
India will try to keep its fiscal deficit under 5% of the gross domestic product, even as a slowing economy and worsening global outlook make it "difficult" to meet fiscal targets, a top government adviser said in an interview broadcast on Monday.
Private sector lender Dhanlaxmi Bank hiked its base rate and benchmark prime lending rate or BPLR by 25 and 50 basis points to 10.75% and 20.25% respectively with effect from September 19.
Why is inflation refusing to lie down and play dead when the Reserve Bank has trained all its guns on it? Why is a government headed by an economist, and who is further surrounded by even more first-rate economists not able to do anything more than wring its hands in despair about inflation?
Private lender Dhanlaxmi Bank said on Monday it has increased its base rate and benchmark prime lending rate by 25 and 50 basis points respectively, effectively immediately.
Slamming RBI's 25 bps rate hike on Friday, Adi Godrej, chairman of the Godrej Group said that the interest rate hikes have not helped contain inflation. As India Inc now sees a blurring growth story, Godrej holds, "RBI's rate hikes have damaged the economic growth."
What will be the impact of the action taken already and what is the RBI trying to tell us about the way ahead? Experts delineate RBI’s words as well as the road ahead for the economy.
Interest rate hike of 25bps by RBI will be further dampener for already slowed down industrial growth, said B Muthuraman, president of CII.
The Reserve Bank of India has hiked repo rate by 25 basis points, taking it to 8.25% and adjusted the reverse repo rate to 7.25%. Keki M Mistry, HDFC said he would believe that sometime in April or post April 2012 RBI could start looking at cutting these rates again.
India Inc today said the RBI's 12th rate hike, since March 2010, is unlikely to tame rising inflation and could instead lead to a further slowdown in investments and industrial growth.
The Reserve Bank today said there was a downside risk to 8% growth projection for the current fiscal due to global concerns and slowing domestic demand.
Leading bankers today indicated that lending rates could go up following the Reserve Bank action on the rate front today though it may take some time.
Samiran Chakrabarty, Head - Research, StanChart Bank speaking to CNBC-TV18 in the wake of 25 bps rate hike by RBI said, this policy seems to have no tolerance for inflation at all. However, growth slowdown has been given more tolerance than anticipated due to uncertain global developments.
The government will monitor exports of wheat and non-basmati rice every fortnight in order to keep a tab on the quantity being exported, considering the sensitivity of these food items.
In a bid to regulate mining activities in Orissa's Joda and Koira regions, the state government today decided to develop a master plan to ensure that the cumulative effect of the extraction from individual mines is within sustainable limit, official sources said.
Amid concerns over low production of pulses and oil seeds, the Prime Minister's Office has asked Agriculture Ministry to go for specialised farming of these commodities in 60,000 clusters each and directed scientists to develop high-yielding varieties in two years.