The sources in the finance ministry has forecasted the growth rate of 8 percent for the current financial year. The finance minister, P Chidambaram expressed hopes that the country would register growth rate of 9 percent in the financial year 2009-10. He said that the global financial crisis would hardly affect India as India has less exposure in the US market. 

The rupee depreciation witnessed a 5 year fall on Monday. It has lost by 17.6% so far this year. The rupee was very volatile on Monday. 

There was no inflow of dollar in the market as the investors and oil firms were purchasing dollars. The traders have forecasted further depreciation of rupee to touch as low as 49 against the dollar. It was 1.5 percent weaker than last Friday and closed at 47.80/81 per dollar.

University Grants Commission has recommended to increase the pay of college and university teachers. The government has constituted a committee to review the pay structure of teachers. 

The penal headed by, Prof. GK Chaddha recommended pay hike by 70 to 90 per cent. It has also asked the government to increase the retirement age of universities and college teacher to 65 years.

The increase in pay would attract the best available talent in the teaching line. The best talent is attracted by the private multinational companies by offering them a handsome salary. 

The US senate has, finally, approved the much hyped Indo-US nuclear deal. Many industrial associations and commerce bodies have greeted the government on its success. CII, Ficci and Assocham said that the deal would terminate nuclear isolation of the country and provide energy security to India.

The central Reserve Bank of India (RBI) received a request from an industry lobby on Thursday to reduce cash reserve ratio and repo rate by 1 per cent, so that liquidity can be pumped into the markets. 

Furthermore, the Associated Chambers of Commerce and Industry of India (Assocham) in its recommendations has appealed to RBI to allow banks to borrow against government securities and make avail dollars directly to oil companies, instead of steering them through the market for the purchase of crude. 

New Delhi, Oct 3 : The Cabinet Committee on Economic Affairs (CCEA) today gave its approval for implementation of Scheme “Upgradation of the remaining 1096 Government Industrial Training Institutes