India's economy is expected to grow around 7.5 to 7.6% in the current fiscal year that ends in March, Subir Gokarn, a deputy governor of the RBI, said on Friday, adding that the impact of rate hikes is visible on economic growth.
Amid India Inc blaming the high interest rate regime for decline in industrial output growth, Planning Commission Deputy Chairman Montek Singh Ahluwalia today said there is no connection between the two.
Prime Minister's economic advisory panel chief C Rangarajan has described the dip in factory output in September as "disappointing" and said industry may grow by just 6% in the current fiscal, as against the earlier projection of 7%.
While all anticipated a slump, the September Index of Industrial Production (IIP) numbers crashed the sentiments. Parag Parikh, CFO of Gammon Infra tells CNBC-TV18 says that he does not expect things to change anytime in the near future.
India's food price index rose 11.81% and the fuel price index climbed 14.50% in the year to Oct. 29, government data on Friday showed.
Though the number was below most analyst polls, Gaurav Kapur, senior economist, Royal Bank of Scotland said he was not surprised. "The number is not too way out of our expectations. We were expecting a number of 2.4%."
India's economy could grow between 7.6 and 8% in the fiscal year to March 2012, Deputy Chairman of India's Planning Commission Montek Singh Ahluwalia said on Friday, adding that he was concerned about a recent growth slowdown.
India's industrial output grew at its slowest pace in two years in September, providing further evidence of deceleration in the economy and raising the odds of a pause in the RBI's 20-month-old policy tightening cycle.
Political and economic crisis in Italy spurred fears of a split in the euro zone with borrowing costs for Europe's third biggest economy at unsustainable levels and the bloc unable to afford a bailout.
World Economic Forum (WEF) today said its annual India Economic Summit will be held in the financial capital over the coming week-end, the first time that it is travelling out of New Delhi in its two-decade history.
Despite the downtrend in exports, commerce secretary Rahul Khullar says, the USD 300 billion target for FY12 is still within reach. However, he warns that if something untoward happens, either in US or in Europe or elsewhere, then the knock-off and contagion effects will hit everybody.
World oil demand will be lower than expected this year and next as economic slowdown and high prices curb consumption, the International Energy Agency (IEA) said on Thursday.
The head of the International Monetary Fund called on Thursday for political clarity in efforts to tackle the debt crisis that has gripped Italy, saying uncertainty around who would succeed Prime Minister Silvio Berlusconi was fuelling market volatility.
The Planning Commission today said 4 % growth of the agriculture sector is required to keep a check on inflationary pressure in the 12th Five-Year Plan, beginning April, 2012.
India's economic gloom deepened on Wednesday as worsening loan quality at State Bank of India (SBI) rattled investors, Moody's downgraded its outlook for banks, and October car sales skidded 24%, their worst drop in over a decade.
Prime Minister's Economic Advisory Council Chairman C Rangarajan today said inflation, a matter of concern, may come down to 7% by March 2012.
India's exports grew year-on-year by 10.8% to USD 19.9 billion in October while imports expanded at a sharper rate, leaving a big trade deficit of USD 19.6 billion.
Greece, India, China and Thailand are home to the weakest national pension systems in the world, crippled by a mix of acute sovereign debt, young retirement ages, high ratios of pensioners to workers and poor pension take-up, a study showed.
India's growth next fiscal would depend upon the outcome of the Eurozone debt crisis, Chief Economic Advisor to the Finance Ministry Kaushik Basu said today.
Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan today pitched for freeing diesel prices but suggested that it should be done when inflation starts declining.
Immediately after the Reserve Bank of India (RBI) de-regulated savings rate, private sector lender Yes Bank was the first one to hike its savings deposit rate by 200 basis points to 6%. Its peer banks Kotak Mahindra Bank and IndusInd Bank joined the bandwagon in the next two days. So, are you planning to shift your savings account?
Chief Economic Advisor Kaushik Basu today pitched for freeing of diesel prices and said it would eventually cool down inflation, which should ideally be below 5%.
Starting 2013, banks across the word would start implementing the Basel III norms. Every measure has its own initial impact and so is this one. Rating agency Crisil came out with a comprehensive report on the impact of new rules on Indian banks.
Finance Minister Pranab Mukherjee today said the recent hike in petrol prices will have some impact on inflation, which is currently hovering close to the double-digit mark.
Samiran Chakrabarty expects October inflation to be in the range of 9.5% to 9.7%. "November will also stay pretty high. It is only in December we will see the number dip below 9% maybe closer to 8%."