Indian Economy

Supreme Court to review petition on black money stashed offshore

Supreme CourIn a petition to the Supreme Court (SC), former Union law minister Ram Jethmalani and others have sought directives to the Union government, for the retrieval of unaccounted money to the tune of Rs 70 lakh crore, which is allegedly stashed in foreign banks and financial institutions.

The petition is scheduled for a review by a three-judge bench, headed by Chief Justice K G Balakrishnan, on Wednesday, after senior counsel Anil Diwan, appearing for petitioners, made an spur-of-the-moment request for an early hearing of the case.

IT, BPO sector likely to log $225 billion revenue by 2020; has potential for $150 billion more!

IT, BPO sectorAccording to the "Perspective 2020: Transform Business, Transform India" report by industry association Nasscom and McKinsey, India needs to address some fundamental problems in case it wants its IT and BPO industry to generate an additional $150 billion revenue potential by 2020, over and above the $225 billion revenue the sector is expected to log.

RBI slashes repo and reverse repo rates; banks intend reducing lending and deposit rates

RBIWith the Reserve Bank of India (RBI) having decided on the slashing of short-term lending and borrowing rates - the repo and reverse repo rates - by 25 basis points apiece in its 2009-10 annual monetary policy, banks intend cutting lending rates, thereby making consumer, home, personal and corporate loans cheaper.

While the repo rate has been slashed to 4.75 percent and reverse repo to 3.25 percent, the other key ratios - like the Cash Reserve Ratio and the deposit-percentage that banks keep with the RBI - have remained unchanged.

India to regain 8-9 per cent growth from September, Singh says

Indian Prime Minister Manmohan SinghNew Delhi  - The Indian economy should regain its annual growth rate of 8 to 9 per cent as the world economy begins to recover from September, Indian Prime Minister Manmohan Singh said Sunday.

Despite three stimulus packages announced by the government, Asia's third largest economy grew by only 5.3 per cent in three months ending December 31, the slowest pace in over five years, against 8.9 per cent in the corresponding period a year ago.

Projections for cut in key rates by RBI; no change likely in repo rate, reverse repo rate, CRR

Projections for cut in key rates by RBI; no change likely in repo rate, reverse repo rate, CRRAccording to anticipations of the investment banking firm Barclays Capital, it is likely that the impending annual credit policy of the Reserve Bank of India (RBI) may result in the slashing of the key rates by up to 50 basis points. An almost similar opinion has been expressed by the HDFC Bank, which, however, said that it projects a 25-basis-points cut in RBI's policy rates.

ArcelorMittal's Orissa, Jharkhand steel projects delayed by two years

Arcelor-MittalThe LN Mittal-controlled company, ArcelorMittal, is reportedly holding up its $20-25 billion proposed steel projects in Orissa and Jharkhand, largely because of the global economic crisis that has weakened demand for steel. As such, the world's biggest steelmaker's pending payment to the state government, for a 1,500-acre land earmarked for the proposed facility, will also be delayed.

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