Planning Commission deputy chairman Montek Singh Ahluwalia said that India is not the only country to be affected by the inflation. All countries are facing economic problems due inflation. He emphasized that world is in middle of a dramatic change in the world price distribution. Hence Indians should get used to the high energy prices.

Sofia - A military munitions depot caught fire east of the Bulgarian capital Sofia, causing several explosions but no injuries Thursday, civil defence authorities said Thursday.

Minister for Civil Defence, Emel Etem, said there was not danger to the population and the situation was "under control."

However, the Sofia international airport, which is also located east of the city, was closed down for safety reasons. Planes arriving from abroad were redirected to Plovdiv,
150 kilometres to the east.

Residents of a village near the munitions depot site were evacuated, while people were also advised to keep their windows shut. Electricity was cut off in several villages.

With further explosions still possible, the military had not yet been able to enter the depot area.

Reserve Bank of India (RBI) and Bank of Japan (BOJ) has signed a bilateral swap arrangement (BSA) on Monday. The BSA was signed by BOJ governor Masaaki Shirakawa and RBI governor Yaga Venugopal Reddy in Basel, Switzerland. It will pave a way for swapping local currencies against the US dollar for up to $3 billion. The agreement will also sort out problem of short-term liquidity and strengthen existing international financial arrangements

The agreement was come into effect on Sunday (June 29). Both Japan and India can now swap Yen and rupee against the US dollar up to $3 billion. They will hold biannual consultations on economic and financial conditions of each country with the BSA in effect.

India recorded a deficit of Rs 104 core in its current (January-March) account in the country’s balance of payments during the fourth quarter of a fiscal due to the rise in oil prices. India's current account deficit in 2007-08 rose by 77% to touch $17.4 billion, accounting for 1.5% of GDP in 2007-08. The oil import bill increased by 34.6% to $76.9 billion in 2007-08 due to surge in crude price. However, non-oil imports recorded a growth of 30.6% only.

Mumbai-headquartered Pratibha Industries, a leading construction and infrastructure development company has secured an order worth Rs 179.72 crore for construction of mall podium from Lanco Hills T

New Delhi, June 25: The Finance Ministry today expressed hope that the Reserve Bank of India’s decision of increasing the repo rate by 50 basis points and the CRR by 50 basis points in two stages without compromising economic growth, would help to rein in the surging inflation.

It said in a statement that the steps are expected to regulate demands and are necessary in the face of rising inflation due to relentless increase in crude oil prices.