Indian Economy

PM Meets Chief Ministers Over Price Rise

Manmohan SinghPrime Minister Dr. Manmohan Singh has started a conference with State chief ministers to control the rising inflationary figures.

Dr. Manmohan is expected to ask states to amend the Public Distribution System and lift up farm output.

The gathering will also appraise the effectuation of the important commodities act to verify the hoarding of essential food items.

The conference comes a day after a Congress Working Committee (CWC) over costs in which Sharad Pawar, Agriculture Minister, came under attack for his handling of the situation.

India's annual food inflation up at 17.56 percent

India's annual food inflation up at 17.56 percentNew Delhi, Feb 4 - India's annual food inflation based on wholesale prices rose to 17.56 percent for the week ended Jan 23 from 17.4 percent the week before, according to official data released Thursday.

Prices of some essential items remained firm with vegetables dearer by 13.02 percent and fruits by 6.54 percent during the 52-week period. However, prices of onions fell 10.5 percent.

Food inflation reaches 17.4%

Food-inflationThe food inflation rose to 17.4 per cent for the week ended January 16 after recording a moderate decline in the previous three weeks. The inflation was at 16.81% in the previous week and at 10.85 per cent in the corresponding period previous year.

Food inflation has been high recently and in December last year it reached a two decade high of 20 per cent. The rise is due to supply side issues that have been aggravated by low agricultural output due to poor monsoons.

Indian economy will grow 7.5 percent but with high inflation: RBI

http://www.topnews.in/files/RBI-accounting.jpgMumbai, Jan 29 - The Reserve Bank of India (RBI) Friday projected an impressive 7.5 percent growth for the Indian economy in the current fiscal even as it hiked the outlook for annual inflation rate to 8.5 percent by end-March.

The central bank had earlier pegged the growth rate at 6 percent and inflation at 6.5 percent.

India's annual food inflation up at 17.4 percent

India's annual food inflation up at 17.4 percentNew Delhi, Jan 28 - India's annual food inflation based on wholesale prices rose to 17.4 percent for the week ended Jan 16 from 16.81 percent the week before, according to official statistics released Thursday.

Essential items continued to rule firm, with potatoes dearer by 57.56 percent over the past 52 weeks, pulses up 46.87 percent, and vegetables costlier by 10.5 percent. But prices of onions declined 1.69 percent.

IMF raises India’s growth projections for 2010

IMF raises India’s growth projections for 2010The International Monetary Fund raised the projection for India's economic growth rate by 1.3% points to 7.7% for 2010. The international body is bullish about India and says in its new economic outlook that country's economic expansion will be at 7.8% in 2011, up 0.5% projected in the previous outlook.

IMF expects a strong domestic recovery in India and projected growth rate of Indian economy for the calendar year is much higher than 5.6% in 2009.

Government spends Rs.49 cr to increase tea production

New Delhi, Jan 18 - The government Monday said it has spent about Rs. 49 crore from the special purpose tea fund set up to increase productivity through replantation and rejuvenation of old bushes.

The government launched the fund April 1, 2007, to be spent till the end of the 12th Five-Year Plan period ending 2017.

During the 11th Five-Year Plan period (2007-12) -- the first phase, the estimated expenditure has been pegged at Rs. 800 crore, with the government contributing Rs. 291 crore.

Of this, it has spent Rs. 48.69 crore between April 1, 2007 and Nov 30, 2009.

The continuation of the scheme in the 12th Plan period will be considered after evaluation of its impact in the first phase.

India’s foreign exchange reserves grows $741 million

India's foreign exchange reserves grew $741 million to $284.262 billion as on week ended January 8 as foreign currency assets of the country rose a result of revaluation of non-dollar assets in reserves.

Country’s foreign exchange reserves had risen by $22 million for the previous week ended January 1, while recording an increase of $32.277 billion since March-end 2009.

According to the latest figures released by the Reserve Bank of India, foreign currency assets recorded a strong growth of $772 million while special drawing rights dropped by $24 million and the country’s reserve position at the International Monetary Fund fell by $7 million.

Food inflation up 17.28 percent

Food inflation up 17.28 percentNew Delhi, Jan 14 - India's annual food inflation based on the wholesale price index stood at 17.28 percent for the week ended Jan 2, showing signs of a tempering in the galloping prices, as per official statistics released Thursday.

The annual food inflation had stood at 18.22 percent for the week before.

Some essential items still remained costly, with potatoes dearer by a huge 73.45 percent, pulses by 47.82 percent, and onions by 45.87 percent over a 52-week period.

India's annual inflation rate rises 7.31 percent in December

India's annual inflation rate rises 7.31 percent in DecemberNew Delhi, Jan 14 - India's annual rate of inflation, based on wholesale prices, rose sharply to 7.31 percent in December from 4.78 percent in the previous month, official data showed Thursday.

The annual inflation rate was 6.15 percent in December 2008.

In December, prices of food articles jumped 19.17 percent, as per data released by the commerce ministry.

During the month under review, the index for primary articles was up 1.2 percent, while that for fuel, power, light and lubricants rose 0.1 percent.

Montek expects Industrial production to grow faster than Previous year

The Deputy Chairman of the Planning Commission, Montek Singh Ahluwalia expects the industrial production to grow much faster than the previous year and cited recovery as a result of the stimulus as a reason.

After the recently released government data showed a 11.7 per cent growth for production in November last year, he said “Industrial growth this year is going to be much better than last year, whether it will be 11.3 per cent for the next six months that is difficult to say.”

The IIP recorded a growth of just 2.6 per cent in 2008-09. The same for November 2009 was strong compared to the bleak 2.5 per cent recorded for same month previous year.

India will log 9-10 percent growth soon: Manmohan Singh

India will log 9-10 percent growth soon: Manmohan SinghNew Delhi, Jan 8 - India will return to a growth path of 9 percent soon and every effort will be made to spruce up the social and physical infrastructure in the country, Prime Minister Manmohan Singh said here Friday.

"Our economy is expected to grow at 7 percent this year and we are optimistic that we will return to a sustained high growth path of 9-10 percent soon," the prime minister told the annual conclave for the Indian diaspora.

India to raise scientific R&D spend to 2 percent of GDP

India to raise scientific R&D spend to 2 percent of GDPNew Delhi, Jan 7 - India Thursday unveiled for its diaspora its 21st century scientific vision, saying it intended to raise its spend on R&d to two percent of its GDP and focus on five critical areas, including energy and food security.

India's food inflation at 18.2 percent

India's food inflation at 18.2 percentNew Delhi, Jan 7 - India's annual food inflation based on the wholesale price index stood at 18.22 percent for the week ended Dec 26, as potatoes were dearer by a whopping 110 percent, pulses by 42.21 percent and onions by 40.07 percent over a 52-week period.

The annual food inflation stood at 19.83 percent for the week before.

The limited data on the wholesale index released by the commerce and industry ministry Thursday further showed that while primary articles were dearer by 14.39 percent, fuels were costlier by 4.85 percent.

Offload stocks to bring food prices under control: CII

Offload stocks to bring food prices under control: CIINew Delhi, Jan 3 - With food prices galloping and no early relief in sight, an industry body has said the government should partly offload its buffer stock while incorporating agricultural purchase tax in the proposed goods and sales tax (GST).

"The unprecedented increase in food prices has been caused primarily by supply side factors due to decline in the kharif output," said the Confederation of Indian Industry (CII) in a statement Sunday.

Indian exports show 18% growth in November

Federation of Indian Export Promotion Organization Going by the provisional figures released by the Directorate-General of Commercial Intelligence and Statistics for November 2009, an 18 percent growth in exports marked a notable recovery for the exports sector in India.

The export figures, which showed growth after being in the red since October 2008, leaped to $13.19 billion in November, as against the same month year-before figures of $11.16 billion. However, the import figures during the month stood at $22.88 billion, marking a 2.6 percent year-on-year fall.

India's exports rose 18.2 percent in November

India's exports rose 18.2 percent in NovemberNew Delhi, Jan 1 - India's exports in November rose 18.2 percent to $13.2 billion (Rs. 6.6 lakh crore) for the first time after 13 straight months of decline, a government statement said Friday.

Imports fell 2.6 percent to $22.88 billion (Rs. 11.44 lakh crore), the Ministry of Commerce and Industry said.

The cumulative value of exports during the current fiscal (April-November 2009) dropped 22.3 percent at $104.2 billion (Rs. 52,123.5 crore) from the corresponding period last year.

Stepping into an 'Indian decade' of growth and uplift

Stepping into an 'Indian decade' of growth and upliftNew Delhi, Jan 1- Supported by a foundation of robust growth, India Friday stepped into the next decade of this millennium seeking not just to fulfil the aspirations of its billion-plus citizens but also assume its role as an emerging economy the world today looks at with respect and admiration.

The past year reinforced this hope and expectation when the Indian economy continued to register a relatively strong growth even as economies globally reeled under either a recession or a major slowdown -- described as the worst in eight decades.

India's food inflation rises to 19.83 percent

India's food inflation rises to 19.83 percentNew Delhi, Dec 31 - India's annual food inflation based on wholesale prices rose to 19.83 percent for the week ended Oct 19 from 18.65 percent the week before as prices of essential commodities continued to rule high.

As per official data on the wholesale price index released Thursday, the annual inflation of primary articles rose 15.49 during the week, as against 14.66 percent for the previous week, while that of fuel rose 4.45 from 3.95 percent the week before.

Auto Industry in India Zooms Over the Recession Speed Breakers

Auto Industry in India Zooms Over the Recession Speed BreakersAs India prepares for the Auto Expo beginning next week in the capital New Delhi's Pragati Maidan, the car companies are finalizing their models too. Big names like Audi, Mercedes and BMW are expected to showcase their luxury models, along with the compact cars being displayed by Toyota, Honda, General Motors, Volkswagen and Skoda.




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