Indian Economy

New India needs new engagement, Brown to India Inc.

Sunil Bharti Mittal & Gorden BrownLondon, Mar. 26: A new India, with a rising confidence is clearly visible, and this requires new engagement by the United Kingdom, Prime Minister Gordon Brown told a 14-member Confederation of Indian Industry (CII) delegation that was led by its president Sunil Bharti Mittal.

Asoke Mukerji, Acting High Commissioner of India to the UK was also present at Tuesday’s meeting, which was a follow-up to Brown’s visit to India in January 2008, accompanied by some of Britain’s leading CEOs.

Reliance's decision to close filling stations puts Govt. in a fix

Petroleum and Natural Gas Minister Murli DeoraNew Delhi, Mar 26: on Wednesday admitted that Reliance Industries decision to close its petrol pumps has put the Government in a fix.

"You don't expect the Government to give subsidy to (private retailers like) Reliance and Essar (oil). But you also cannot expect them to be penalised," he told reporters here.

Reliance said it plans to shut two-thirds of its 1,400 petrol pumps in the country by next month, as it is unable to match the fuel price offered by state-run retailers, who get compensated by the Government for selling fuel below the cost.

India, Brazil may enhance cooperation in oil sector

India & Brazil FlagNew Delhi, Mar 26 : Petroleum and Natural Gas Minister Murli Deora on Wednesday emphasized the need for India and Brazil to further enhance cooperation between both countries, especially in the oil and gas sector.

During a meeting with Brazilian Minister for Development, Industry and Foreign Trade, Miguel Jorge, Deora said efforts are afoot in this direction as the two national oil companies of respective countries, Oil and Natural Gas Corporation (ONGC) (India) and Petrobras (Brazil) have entered into an arrangement for exploration and production of hydrocarbons in India and Brazil.

Kamal Nath congratulates Tatas over JLR deal

Kamal NathNew Delhi, March 26 : Commerce and Industry Minister Kamal Nath today congratulated the Tata Group for successfully acquiring the Jaguar and Land Rover (JLR) car brands from Ford.

Kamal Nath said: "My congratulations to the Tatas and entire corporate world, as they have held India`s private sector flag high. The world is looking at India."

He said the most important thing is that the world is recognising India`s credibility, adding that homegrown Indian firms have demonstrated to global business how competent and progressive they have become even in the midst of a slowdown.

Bulls back at work, Sensex soars by 928 points

Bulls back at work, Sensex soars by 928 pointsMumbai, Mar 25 : Opening with a positive gap of 324 points at 15, 613, the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) today took gained 938 points before closing at 16,217 points.

BSE Midcap and BSE Smallcap also registered positives trends at the exchange.

The BSE Realty index moved up by 9.5 per cent, the Bankex was up by eight per cent and the IT index soared 7.7 per cent.

Out of 2,762 stocks traded, 2,075 advanced, 640 declined and 47 were remained unchanged.

India, Vietnam sign MoU for bilateral cooperation on security matters

India, Vietnam sign MoU for bilateral cooperation on security mattersNew Delhi, Mar 24 (ANI): India and Vietnam today signed a Memorandum of Understanding (MoU) for bilateral cooperation on security matters which would include international terrorism, illicit drug trafficking and trans-national crime.

The MOU was signed following delegation-level talks between the Union Home Minister, Shivraj Patil and the visiting Vietnamese Minister for Public Security, General Le Hong Anh.

Centre considering revision of FDI limits for broadcast sector

New Delhi, Mar 18: Foreign Direct Investments The Central Government is considering revising the foreign investment limits in various subsectors of Broadcasting.

Secretary for Information and Broadcasting Asha Swarup said,"We are of the opinion that the composite limits for Foreign Direct Investments (FDI) and Foreign Institutional Investors (FII), both direct and indirect can be kept at 74 per cent in the case of infrastructure and platform services like teleports, Direct To Home (DTH), Hypertext Induced Topic Selection (HITS) and satellite radio. "

A new food processing plant in Assam changes lives of people

A new food processing plant in Assam changes lives of peopleKamrup (Assam), March 17: The setting up of a food processing plant in Boko area of the State’s Kamrup District of Assam has changed the lives of the people of the area.

By establishing the food processing plant called 'RITTY' in Boko region almost a year back, Pranab Mohanta has been able to provide employment for youngsters of the district.

Sensex crashes by 951 points, closes below 15000

Sensex crashes by 951 points, closes below 15000Mumbai, Mar 17 : Taking a cue from the overseas markets, the 30-share sensitive index (sensex) of the Bombay Stock Exchange (BSE) on Monday opened with a huge negative gap of 433 points at 15,327 and shed 951 points before closing at 14,809.

So far this year the index has come down by 27 per cent.

The Mid-cap and Small-cap indices also registered negative trends as they were down by seven per cent each.

The BSE Bankex came down by nine per cent and the Realty index slumped nearly eight per cent with the Metal index declining by 7.5 per cent.

Sharad Pawar rules out separate budget for Agriculture

New Delhi, Mar 14: Agriculture BudgetUnion Agriculture Minister Sharad Pawar on Friday ruled out a separate budget for the agriculture sector.

Pawar made this statement while replying to supplementary questions during the Question Hour in the Rajya Sabha.

Pawar said since agriculture has inter-sectoral links with water resources, irrigation, rural development and cooperation, it would not be possible to bring all these sectors under one umbrella.

Inflation rises to over nine-month high at 5.11 per cent

Reserve Bank of IndiaNew Delhi, Mar 14: Inflation rose to over nine-month high at 5.11 per cent for the week ended March 1, due to rise in prices of some manufactured items and aviation turbine fuel, dashing all hopes of interest rate cuts by the RBI to boost the sagging industrial production.

The wholesale price index-based inflation rate stood at 5.02 per cent in the previous week and 6.51 per cent in the correspondingly week a year earlier.

This is the second week in a row that the inflation rate crossed the five per cent mark, the target set by the reserve bank for this fiscal.

CCEA approves continuation of livestock scheme

India Stock Market LiveNew Delhi, Mar 7 : The Cabinet Committee on Economic Affairs today gave its approval for implementation of the Central Sector Plan Scheme of “Assistance to States and Union Territories (UT) for Conducting 18th Livestock Census” during the Eleventh Five Year Plan period with an outlay of Rs. 301.34 crore.

The entire funding will be done by the Central Government.

The approval would help in the collection of detailed data on livestock, poultry, agricultural implements and machinery and fishery statistics and infrastructure related to these sectors and their computerization and report publication.

CCEA gives approval for continuation of the scheme for integrated textiles park

textiles parkNew Delhi, Mar 7: The Cabinet Committee on Economic Affairs today gave its approval to the continuation of the Scheme for Integrated Textiles Parks (SITP) in the Eleventh Five Year Plan.

It also sanctioned 10 new parks under SITP

The CCEA decided to continue the existing norms for release of Government support.

Development of additional textiles parks will facilitate additional investment, employment generation and increase in textile production.

Centre to release 2615 crore rupees as interest subvention to banks

New Delhi, Mar 7 :GOVERNMENT OF INDIA The Union Cabinet today gave its approval to release of 2615 crore rupees as interest subvention to Public Sector Banks, Regional Rural Banks, Cooperative Banks and NABARD for refinance to regional rural banks (RRB) and Cooperative Banks.

The amount was released at concessional rates to reimburse the amount of interest subvention for the decision that the farmer should receive short terms credit at seven per cent per annum with an upper limit of three lakhs rupees on the principal amount during 2007-08.

The borrowers who avail short term crop loans up to three lakhs rupees will be instantly benefited. (ANI)

Cabinet gives nod for regional rural bank in Puducherry

Indian BankNew Delhi, Mar 7 : The Union Cabinet today gave its approval to release of half of share of the Central Government amounting 50 lakh rupees towards contribution for the establishment of a Regional Rural Bank in Puducherry that will be sponsored by Indian Bank.

This decision will assist in expanding the network of RRBs in uncovered areas. The Issued Capital of each stand-alone RRB is one crore rupees and accordingly the proposed Issued Capital of the RRB to be established in UT of Puducherry be one crore rupees.

Punjab Farmers switch to new irrigation techniques

Punjab Farmer's Cultivating SugarcaneAmritsar, March 6, : Scarcity of water for irrigation in Punjab has lead farmers to switch to adopting new irrigation techniques while cultivating sugarcane.

Although sugarcane consumes more water than wheat and paddy, the farmers of Majah and Doaba belt have taken to sugarcane cultivation.

The Government of Punjab has been arranging awareness and demonstration camps in the villages to make farmers awake of the problems of scarcity of water persuade farmers to adopt drip irrigation techniques in sugarcane cultivation.

Kamal Nath calls for increasing Indo-Romanian bilateral trade

Kamal NathNew Delhi, Mar 4 : Union Commerce and Industry Minister Kamal Nath on Tuesday called for increasing the bilateral trade between India and Romania, considering the untapped opportunities for exploiting the potential for growth.

Indo-Romanian trade, which stagnated over the last decade, is now on the upswing, said Nath after his meeting with Romanian Economy and Finance Minister Varujan Vosganian.

Bilateral trade has grown from 68 million dollars in 2000 to 430 million dollars during 2006-07, said Nath adding that India has a vibrant SME sector and engagement by SMEs on both sides would strengthen the foundations of the trade relationship.

Scope for reducing interest rates, deficits: Finance Minister

New Delhi, Mar 4: P ChidambaramUnion Finance Minister P Chidambaram today said that there is a scope for reducing interest rates and deficits.

He was speaking at an interactive session on the Union Budget at the National Council meeting of the Confederation of Indian Industry (CII) here today.

Chidambaram however, cautioned that interest rates were the most effective tool to contain inflation and there is a need to have growth with reasonable price stability.

The Finance Minister said that the final authority on reducing interest rates was the Reserve Bank of India.

Banks lost 1078 crore due to frauds in 2007: Chidambaram

Indian Finance Minister P Chidambaram  New Delhi, Mar 4 : Union Finance Minister P Chidambaram today said that banks in India lost about Rs 1,078 crore due to frauds, including credit card frauds, in 2007.

"While the total number of frauds as reported by banks is increasing, there is a reduction in the total amount involved over the last three years," Chidambaram told the Rajya Sabha.

In reply to a question raised by Shobhana Bhartia and Prof Alka Balram Kshatriya on rising economic offences in banks, he said the number of bank frauds have gone up from 12,374 in 2005 to 22,280 in 2007.

Finance Minister Meets Textile Exporters To Evaluate Losses

p_chidambaramNew Delhi: Over the last several months, textile exporters have been hit hard by escalating Indian currency and rising interest rates. Now the exporters could look ahead to some more assistance from the administration to alleviate their losses.

Mr. P. Chidambaram, Indian finance minister contacted textile exporters on Thursday today to evaluate the harm done by the rising rupee.

Functionaries from public sector banks and institutions also attended the meeting.

Exporters have demanded a minimum 2% subvention in rate of interest on export credit.




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