Indian Economy

Inflation Rate Inches Up From 0.26% To 0.57%

Inflation Rate Inches Up From 0.26% To 0.57%India’s wholesale price index rose to 0.57% during the week ended April 18 as compared to 0.26% in the previous week.

During the corresponding week of the previous year, the annual inflation rate stood at 8.23%.

During the third week of April, the inflationary figures as measured by the wholesale price index (WPI) increased mainly because of an increase in food prices while fuel and manufactured products turned a little costlier.

Government’s FDI policy may be reviewed; ICICI Bank seeks clarification

ICICIThe government's new foreign direct investment (FDI) rules which, according to the banking sector, are rather ambiguous might likely be reviewed. The Reserve Bank of India (RBI) had recently raised issues concerning the rules, and other banks too are awaiting clarity of the new policy.

As per the FDI guidelines given, the ownership of India's biggest private lender ICICI Bank would need to undergo a change - they would have to substitute their 'resident entities' status with a non-resident entities status.

Crisil projects nearly three-fold increase in gross NPAs of banks by 2011

CrisilAccording to a report released by rating agency Crisil, a nearly three-fold increase in gross non-performing assets (NPAs) of the banks is projected by the year 2011 - the figures are likely to go up from the last year's 2.3 percent of advances to 5 per cent of advances by 2011.

Speaking in absolute terms, the gross NPAs would from last year level of Rs 55,000 crore to Rs 1.9 lakh crore.

The report says increased gross NPAs would result from increasing defaults in payments by companies and small and medium enterprises (SMEs), because of their puny risk profile and severe strain on operating margins.

Inflation for the week ended April 11 went up from 0.18% to 0.26%

Market analysts want Congress to come back to power for stability

Market analysts want Congress to come back to power for stabilityLondon, Apr. 23: England ‘s cricket selectors are likely to show the door to Warwickshire batsman Ian Bell for the upcoming Test series against the West Indies, though as of now, there is nothing official about it.

Apart from Bell, three contenders are in the running for the number three spot in the England squad – Michael Vaughan of Yorkshire, Ravi Bopara of Essex and Owais Shah of Middlesex, The Independent reports.

ASG promises SC an explanation of Government action within 48 hours

ASG promises SC an explanation of Government action within 48 hours In response to a petition, about black money stashed in foreign banks, filed in the Supreme Court by ex-Law Minister and renowned jurist Ram Jethmalani and five others, the Additional Solicitor General, Gopal Subramanium, has promised an explanation about the measures taken by the government within 48 hours!