New Delhi - Indian Finance Minister P Chidamabaram on Tuesday asked industry to cut prices and maintain production levels and said he was confident that the economy would bounce back in a year, news reports said.
"We will take steps to stimulate the domestic economy to compensate for the downside caused by the downturn in the world economy," Chidambaram said at the Davos-based World Economic Forum's India Economic Summit in New Delhi.
CII President and ICICI Bank CEO, K V Kamath, demanded more measures to improve liquidity conditions in the monetary system of the country. He said that inflation rate is continuously coming down and financial institutions can expect more injection of credit in next policy review of the Reserve Bank.
New Delhi - India's inflation rate fell sharply to 8.98 per cent for the week ended November 1 from 10.72 per cent the previous week, raising hopes of further rate cuts by the Reserve Bank of India as industry figures indicated a slowing down of the economy.
The annualized inflation rate, which is linked to India's wholesale price index, had peaked in the week ended August 2 touching 12.91 per cent. The rate for the week ended November 3, 2007 was 3.35 per cent.
New Delhi, Nov 13: Decline in the prices of fuel and manufactured goods has led to the fall in the wholesale price index rate to 8.98 per cent for the week ended November 1.
Indian currency gained 3.66% against the US dollar for the week ended Nov 7, 2008, as against the last week’s figure of Rs 49.46.
The Indian rupee surged marginally at the opening of the week, afterward, in the mid week it bounced back from its early losses. While, at the end of the week, it ended on a flat note as compared to its last close on Thursday, Nov 6, 2008.
Indian core industrial sector registered a growth of 5.1% in September, as compared with 2.3 per cent during August this year. It would help to improve overall industrial index production (IIP) numbers which declined in August. The six core industries contribute 26.7 per cent to IIP and the recovery of growth is a healthy sign for the economy. It is also good news for the government in the election year as it is tense over retrenchment drive by some companies following economic slowdown.
New Delhi - Indian Finance Minister P Chidamabaram on Tuesday asked industry to cut prices and maintain production levels and said he was confident that the economy would bounce back in a year, news reports said.
CII President and ICICI Bank CEO, K V Kamath, demanded more measures to improve liquidity conditions in the monetary system of the country. He said that inflation rate is continuously coming down and financial institutions can expect more injection of credit in next policy review of the Reserve Bank.
New Delhi - India's inflation rate fell sharply to 8.98 per cent for the week ended November 1 from 10.72 per cent the previous week, raising hopes of further rate cuts by the Reserve Bank of India as industry figures indicated a slowing down of the economy.
Indian currency gained 3.66% against the US dollar for the week ended Nov 7, 2008, as against the last week’s figure of Rs 49.46.
Indian core industrial sector registered a growth of 5.1% in September, as compared with 2.3 per cent during August this year. It would help to improve overall industrial index production (IIP) numbers which declined in August. The six core industries contribute 26.7 per cent to IIP and the recovery of growth is a healthy sign for the economy. It is also good news for the government in the election year as it is tense over retrenchment drive by some companies following economic slowdown.
