India has, for once, decided to stay away from controversy. Recently Kaushik Basu, Chief Economic Adviser to the Finance Ministry, confirmed that India will most probably not join the rest of the world in putting pressure on China over the Yuan and its value.
While the United States, along with the rest of the world, is mounting pressure on China to let the Yuan rise, India, it seems, does not want to be a part of it and believes that the country should be allowed to handle its currency the way it wants to. Major tensions have erupted between the US and China over the fixed peg of the Yuan, but it does not look like China is very much affected by it.
On Wednesday, Homebuilder Lennar Corp. reported minor loss for the first quarter of financial 2010. The company also asserted that it is back on track to accomplish its goal of prosperity in fiscal 2010.
According to the Mortgage Bankers Association (MBA) study of gross mortgage application volume, potential mortgage borrowers presented 4.2% less applications in the week ending March 19, subsequent to previous week's 1.9% drop.
Recently, Reliance Industries Limited unsuccessfully attempted to take over the petrochemicals major LyondellBasell, and although the market did not react too negatively to the fact that the bid failed, and some analysts even cheered the attempt, many questions have been raised over how RIL now looks to ensure that it is able to drive itself to the next phase of growth.
The Americans are struggling to come out of the lingering hurt of the biggest global recession of the post WW II era, and in such a scenario, the fact that jobs are being outsourced is something that is hitting the country where it hurts the most.
Recently, Prime Minister Manmohan Singh had stressed that erasing of poverty from a nation which has almost 1.2 billion people will continue to remain a "pipedream" unless some definite measures are taken by the country to step up its growth rate.
