Indian Economy

World Bank approves $4.3 billion loan for India

World Bank approves $4.3 billion loan for India  Roads have been cleared for India to avail four loans worth $4.345 billion from World Bank, as the latter approved this loan for meeting the country's growing needs for infrastructure and economic stimulus program.

WB said in a statement: ''Supporting infrastructure investment is particularly important at this time, not just to sustain total domestic demand at a time of global crisis, but also to lay the foundations for stronger economic growth in the future.''

Auto sales pick up in August

Auto sales pick up in AugustAuto makers led by Maruti Suzuki, Hyundai and Mahindra & Mahindra reported significant rise in sales despite slowdown, thanks to revival of demand in the domestic market in August.

Country's passenger car segment grew by 10 per cent in July and did even better in August, indicating signs of recovery of the market.

India's largest passenger car maker Maruti Suzuki, holding 50 per cent of the market share, reported massive 29 per cent rise in sales during the last month, contributed by heavy demand in domestic and overseas markets.

India’s GDP records 6.1 percent growth in first quarter

India’s GDP records 6.1 percent growth in first quarterNew Delhi, Aug 31 : India managed a reasonable economic growth of 6.1 percent during the first quarter of the current fiscal despite the global financial crisis impacting manufacturing and services sectors.

Country’s Gross Domestic Product (GDP) growth rate during April-June 2009 at 6.1 percent was higher than 5.8 percent in the previous quarter.

India witnessed a 7.8 percent economic expansion during the corresponding period of the last fiscal.

India's economy grows 6.1 per cent showing slight recovery

India's economy grows 6.1 per cent showing slight recovery New Delhi  - The Indian economy recorded 6.1-per-cent growth during the first quarter of the financial year despite the global financial crisis, indicating that Asia's third-largest economy could be on the road to recovery, officials said Monday.

The Gross Domestic Product (GDP) growth rate of 6.1 per cent during April-June was higher than the 5.8 per cent in the previous quarter, data released by the Central Statistical Organization showed.

RBI forecasts 6% rise in GDP

RBI forecasts 6% rise in GDP The Reserve Bank of India (RBI), the central bank of India, announced that it forecasts 6% growth in Real Gross Domestic Product (GDP) in the present fiscal, despite the poor monsoon.

RBI declared in its annual report on Thursday that one needs to acknowledge the progress on effective variegation of Indian agriculture towards horticulture, livestock and fisheries and their growing share in total output of the agricultural sector. It also stated that cereals, pulses and oilseeds grown during kharif report for only 20% of total agriculture output.

GST may control rising prices: Dasgupta

GST may control rising prices: DasguptaThe Chairman of the Empowered Committee of State Finance Ministers, Dr Asim Dasgupta has asked for constitutional amendment for introducing new tax regime-Dual Goods and Services Tax (GST) in the country.

Dr Dasgupta discussed the matter with the Empowered Committee in Delhi and reflected, "A constitutional amendment is required. A working group will parallel look into this issue."

The committee discussed various issues such as list of exempted items, the threshold limit and the rate structure of GST items without impacting the interest of common people.

Drought-hit India will import food to meet shortage

Drought-hit India will import food to meet shortage New Delhi  - The drought situation in India was extraordinary and the government would import items in short supply, Finance Minister Pranab Mukherjee said Friday.

"The decision is already there that whichever commodity will be in short supply, to maintain demand-supply mechanism, we will go for imports," Mukherjee said while addressing a meeting of state agriculture ministers in the Indian capital.

India celebrates Independence Day in shadow of drought

India celebrates Independence Day in shadow of drought New Delhi  - Prime Minister Manmohan Singh said Saturday that the biggest challenge facing India was to return to 9-per-cent economic growth as the country celebrated its 63rd Independence Day while facing a serious drought.

More than a quarter of India's 646 districts have been declared drought-hit by the government after poor annual monsoon rains, on which farmers depend heavily.

Inflation in India touches 33-year low at -1.74%

Prime Minister Dr. Manmohan Singh The whole sale price index based country's inflation rate, for the straight ninth week, stayed in negative territory for the week ended August 1, touching a 33- year low of  -1.74%. However, there is no respite to common man's woes as food inflation is still considerably high, making it difficult for the poor to meet the both ends.

The wholesale price index (WPI) grew 1.2 per cent for the last eight week according to the figures released by ministry of commerce and industry on Thursday. High prices of essential commodities have created sensation in political circles.

Slowdown hits IIT placements as well

Slowdown hits IIT placements as wellThe global slowdown has adversely impacted employment opportunities even at the prestigious institutes such as at IIT Kharagpur, which witnessed steep decline in companies visiting the elite institute.

Confirming the situation, Prof Damodar Acharya, director of the IIT expressed that domestic and international firms recruited 78 per cent of the undergraduate students and 49 per cent of the post-graduate students from the campus this year.

Government to take steps to control inflation

inflationThe government, visibly concerned over rising food inflation, has said that it will take steps to arrest rising prices of essential food items in the country. Finance Minister Pranab Mukherjee said that the government is already providing subsidy to the poor people of the society through the public distribution system (PDS) and strengthening the same to ensure its proper utilization.

Addressing members of Rajya Sabha, Mr. Mukherjee said: "The government is responsible, the government is responsive. As and when appropriate policy measures are needed, it will be taken."

RBI may roll back expansionary policies: Subbarao

RBI Governor, Dr D. SubbaraoThe Reserve Bank of India may roll back expansionary policies following tangible signs of recovery and government's approval to financial consolidation.

However, the apex bank will take final decision after improvement in demand and more credit flow in the monetary system.

RBI Governor, Dr D. Subbarao, delivering the JRD Tata Memorial Lecture, organised by Assocham, reflected, "The current monetary and fiscal stance is not the steady state. The challenge for RBI is to maintain a comfortable liquidity situation while at the same time anchoring inflation expectations."

Life insurance industry reports sluggish growth in Q1

Insurance Regulatory & Development Authority The life insurance sector reported sluggish growth of just one per cent for the first quarter during the current financial year ended June 30, 2009.

Nasscom projects 7% growth rate for IT segment for FY10

Nasscom projects 7% growth rate for IT segment for FY10The National Association of Software and Service Companies (Nasscom), in its annual report, has scaled down the growth projections to 7 per cent for India's information technology and outsourcing industry during 2009-10.

It may take some time for the IT segment to completely come out of trouble as the market has started to show signs of recovery due to improvement in global and domestic demand.

Subsidy on home loans up to Rs 10 lakh

Union Finance Minister Pranab MukherjeeThe government has passed another benefit for economic revival after the union budget by announcing special concessions for the housing sector in a bid to revive demand in the segment.

Finance minister Pranab Mukherjee announced one per cent reduction for home loans besides extending tax holidays given to the industrial parks.

The FM, hoping 8-9 per cent growth rate by the end of 2010, informed Lok Sabha that commercial banks will offer 1 per cent subsidy on home loans not exceeding Rs 10 lakh.

Rupee trades lower compared to US dollar

Rupee trades lower compared to US dollarThe reports of heavy purchase of foreign currency by importers declined Indian Rupee for the first time in four days. The import oriented firms generally make payments in foreign currency to settle month-end payments, thus pushing dollar rates at the month's end.

India pays a huge sum as oil import bill and thus refiners are the largest buyers of US dollars for import bill payouts.

Ravindra Babu, a Mumbai-based foreign-exchange trader with Andhra Bank, said, "With importers' dollar demand strengthening ahead of the month's end, the rupee is expected to keep a weakening bias."

FM optimistic to attain 9% GDP growth

Union Finance Minister Mr. Pranab Mukherjee Union Finance Minister Mr. Pranab Mukherjee said that the government's fiscal measures will show results in next one and half year, putting the country's economy back on the 9 per cent growth trajectory.

Addressing industry leaders in Goa, the FM said: "There are certain economic measures taken which will start showing their results in the next one and a half years. Over this period, we will be able to come back to the 9% GDP growth."

Crisil upgrades rating of PSBs

Crisil upgrades rating of PSBsThe rating firm Crisil, on Thursday, increased the rating of eight public sector banks, following the government's announcement to retain majority stakes in PSBs and to infuse more capital in the public sector lenders.

It should be recalled that Union Finance Minister, Pranab Mukherjee, while presenting the Union budget, had said that the government will keep at least 51 per cent stakes in the public sector banks, keeping them well capitalized.

Exporters may get sops from government

Anand Sharma The recession hit export sector, facing low demand due to slowdown in traditional markets of US and Europe, may get relief from the government, which is planning to review the trade policy in August.

Union commerce minister, Mr. Anand Sharma confirmed the proposed measures for the export industry and said, "We will see what best we can do to make Indian exports competitive globally. We are working on that."

Government to extend help to industry

Union Commerce and Industry Minister Anand SharmaGovernment will address all genuine concerns of industry while framing new Foreign Trade Policy (FTP). Union Commerce and Industry Minister Anand Sharma, in a meeting organized by the Confederation of Indian Industry and the Federation of Indian Export Organizations (FIEO), said that measured will be taken for diversification of export sector providing it special incentives to beat the adverse impact of global slowdown.

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