Indian Economy

India's food inflation drops

India's food inflation dropsNew Delhi, Dec 24 - India's annual food inflation, based on wholesale prices, fell marginally to 18.65 percent for the week ended Dec 12 from 19.95 percent the week before even as prices of essential commodities continued to rule high.

As per official data on wholesale price index released Thursday, the annual inflation of primary articles rose 14.66 percent during the week, as against 14.98 percent for the previous week, while the rise for fuels remained at 3.95 percent. (IANS)

Pranab Mukherjee expects the economy to grow at 8% in the current fiscal

Pranab-MukherjeeThe Finance Minister, Mr. Pranab Mukherjee has informed that the economy is expected to rise by 7.5 to 8 percent during the current financial year, while he expressed concern on the rising food prices in the country.

The Finance Minister presented a review in the parliament in the last week, which stated that economic growth rate during this year is expected to go beyond the 7.75 percent mark as compared to the 6.7 percent registered in the 2008-09 period.

Before the global recession started, Indian economy was growing at 9 percent, which decreased to 6.7 percent during 2008-09.

Economy will grow 9-10 percent in a few years

Economy will grow 9-10 percent in a few yearsNew Delhi, Dec 23 - Finance Minister Pranab Mukherjee said Wednesday that India's economy would grow at 9-10 percent in the coming two to three years.

"The target of growth of 9-10 percent has been there for a very long period. It is now within our reach and we shall achieve it," Mukherjee told the 104th annual session of the PHD Chamber of Commerce and Industry here.

India's services sector grew at faster pace in first seven months

India's services sector grew at faster pace in first seven monthsNew Delhi, Dec 20 - India's services sector expanded at a faster pace in the first seven months of the current fiscal year compared to the like period last year, says a survey conducted by a leading industry body.

"The services sector growth has gained momentum during the period April-October 2009 confirming that there has been a significant improvement in growth rates of various services sectors," said the survey conducted by the Confederation of Indian Industry (CII).

India’s WPI Increases To 19.95%

India’s WPI Increases To 19.95%The country’s annual food inflation, based on wholesale prices, has shot up to 19.95 percent for the week ended Dec 5 as compared to 19.05 percent a week ago. The government has rose serious concerns over the rising food prices.

According to the official data released on Thursday, the inflation of primary articles rose by 14.98 percent during the week in comparison to 13.9 percent in the previous week, while inflation for fuel rose by 3.95 percent.

Food inflation creeps up further, at 19.95 percent

Food inflation creeps up further, at 19.95 percentNew Delhi, Dec 17 - Even as the government expressed concern over rocketing food prices, the country's annual food inflation, based on wholesale prices, moved up to 19.95 percent for the week ended Dec 5 from 19.05 percent the week before.

As per official data released Thursday, inflation of primary articles rose 14.98 percent during the week against 13.9 percent in the previous week, while that for fuel rose 3.95 percent.

Following are the average rise in prices of some essential food items over a 52-week period:

India's annual inflation rate in November rises 4.78 percent

India's annual inflation rate in November rises 4.78 percentNew Delhi, Dec 14 - India's annual rate of inflation, based on wholesale prices, rose sharply to 4.78 percent in November from 1.34 percent in the previous month, mainly on account of a 16.71 percent jump in prices of food articles.

The annual inflation rate was 8.48 percent during the like month last year.

India's Fiscal Deficit Rises To INR 2.45 Trillion

India's Fiscal Deficit Rises To INR 2.45 Trillion

Indian fiscal deficit, according to the Controller General of Accounts, stood at 2.45 trillion rupees for the period between April to October against 1.17 trillion rupees in the corresponding period last year. It accounts for 61 percent of the full-year target by the Government of India.

Net tax collection during the period was not encouraging and declined 8.1% to 2.14 trillion rupees from 2.32 trillion rupees. It represents decline in tax payer’s earnings due to global slowdown.

Onion prices fall in Maharashtra

Onion prices fall in MaharashtraAurangabad, Nov 24 : Onion prices have fallen with rains halting in Maharashtra.

Farmers earlier could not bring their onion stock to the market due to heavy rains, resulting in a steep rise in the prices of onions.

With the weather being favourable now, the farmers have now started selling their stocks, sending the onion prices crashing.

"Due to rainfall last week the farmers could not take out onions for sale. Earlier due to scarcity of onions, the price had gone up to Rs 2,000- 2,700. Now the the price has fallen to Rs 800-1,200," said Ilyas Jamadar, an onion trader.

Asian Development Bank to fund infrastructure projects in India

Asian Development Bank to fund infrastructure projects in IndiaManila  - The Asian Development Bank (ADB) said Tuesday it would loan 700 million dollars to India for infrastructure projects to be developed by public-private partnerships.

The loan would be released in three tranches over five years to state-owned India Infrastructure Finance Company Ltd, the Manila-based bank said.

It aims to assist India in promoting public-private partnerships to increase employment opportunities and incomes as well as reduce poverty, the ADB said.

Food prices jumped 13.32 percent in October

New Delhi, Nov 14 - India's annual rate of inflation, based on wholesale prices, rose sharply to 1.34 percent in October from 0.5 percent in the previous month, mainly on account of a 13.32 percent jump in prices of food articles.

Data on the official wholesale price index released Saturday showed that over the past year, prices of potatoes have nearly doubled while onions have become dearer by 37.6 percent.

Similarly, pulses are costlier by 22.81 percent, vegetables by 17.02 percent, rice by 13.22 percent, wheat by 6.88 percent, milk by 10.03 percent and fruits by 5.83 percent, showed the statistics released by the industry ministry.

India will grow at 6.5 percent: Manmohan Singh

India will grow at 6.5 percent: Manmohan SinghNew Delhi, Nov 8 - Prime Minister Manmohan Singh Sunday predicted India's economic growth for the current fiscal at 6.5 percent and said it can accelerate to 7 percent next year if monsoon were normal.

"I am happy to say that India has been able to face the global economic downturn better than most other countries in the world," the prime minister told the India Economic Summit of the World Economic Forum (WEF) here.

Public issue, listing must for all profitable state-run firms

New Delhi, Nov 5 - In a major push to the economic liberalisation process, India has decided to ensure at least 10 percent public holding in all profitable state-run firms that will see a host of public offerings by such companies over the next few years.

In another major decision taken Thursday, the government decided that proceeds from the divestment of equity in state-run firms can be directly used for capital expenditure on social sector programmes, rather than routing it through the National Investment Fund.

"All profitable central public sector undertakings should meet the mandatory listing of 10 percent public ownership," Home Minister P. Chidambaram told reporters here, after a meeting of the Cabinet Committee on Economic Affairs.

India's central bank holds interest rates, warns of inflation

New Delhi  - India's central bank announced Tuesday that it would keep key short-term interest rates at their current record lows to support the economic recovery process while trying to ensure price stability.

The Reserve Bank of India also retained its growth projection for the 2009-10 fiscal year at 6 per cent while raising the inflation forecast to 6.5 per cent from 5 per cent in its mid-yearly review of monetary policy.

Economic recovery and a dip in farm productivity due to poor monsoons would lead to higher inflation than earlier expected, bank governor D Subbarao said.

Inflation could reach 10 percent by March

Inflation could reach 10 percent by MarchNew Delhi, Oct 25 - Inflation may soar to 10 percent in India by March 2010 due to rising prices of manufacturing goods and food, according to industry lobby Assocham.

The fact that inflation is starting from a low base will add to the problem. The Wholesale Price Index (WPI) will keep rising to touch the 252-mark on March 27, 2010, and inflation will reach 10 percent, the Associated Chambers of Commerce and Industry of India (Assocham) predicted in a report.

India's richest man takes 66-per-cent pay cut

India's richest man takes 66-per-cent pay cut New Delhi  - India's richest man, Mukesh Ambani, has announced that he will take a two-thirds cut in his pay to set a "personal example of moderation," news reports said Friday.

Ambani, chairman of Reliance Industries Limited, said he would cap his pay at 150 million rupees (3.3 million dollars), the Economic Times daily reported. He received 440 million rupees in 2008.

India's annual inflation rate rises to 0.92 percent

India's annual inflation rate rises to 0.92 percentNew Delhi, Oct 15 - India's annual rate of inflation based on wholesale prices rose marginally to 0.92 percent for the week ended Oct 3 from 0.7 percent for the like week of the previous year.

The official wholesale price index, as per the latest data, declined 0.5 percent during the week ended Oct 3 due to a fall of 1.4 percent in the index for primary articles, 0.1 percent for fuels and 0.2 percent for manufactured products.

India's industrial output grows 10.4 per cent in August

India's industrial output grows 10.4 per cent in AugustNew Delhi  - India's industrial production rose 10.4 per cent in August, buoyed by double-digit growth in the mining, manufacturing and electricity sectors, in a surer indication of the country's economic recovery.

The year-on-year growth represented a significant increase from the 6.4-per-cent rate recorded in the same month a year ago, data released by the state-run Central Statistical Organization showed.

Union Finance Minister: Economy likely to do better in rest of the fiscal

Union Finance Minister: Economy likely to do better in rest of the fiscalAt the inauguration of the 29th plenary session of the Indian National Trade Union Congress on Saturday, Union Finance Minister Pranab Mukherjee expressed the opinion that the economy will likely perform better during the remaining part of the ongoing fiscal.

Saying that there would be sufficient food stocks in the country, Mukherjee asserted that the public need not panic on the escalating prices.

PM says limited scope for continuing stimulus

PM says limited scope for continuing stimulusLeaders of the 20 richest and most influential countries pledged to continue the stimulus for financially troubled economy. However, the Indian Prime Minister Dr. Manmohan Singh, himself an economist of international repute, said that there is a limited scope for accelerating stimulus, given factors such as RBI's monetary policy and widening fiscal deficit.




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