The government is drafting the framework of a “white paper” on black money that it is likely to present before Parliament in the forthcoming budget session.
Finance minister Pranab Mukherjee will unveil the Union Budget for 2012-13 on March 16 in the Lok Sabha. While the rail budget will be presented on March 14, the Economic Survey will be tabled on March 15.
Prime Minister's economic advisory panel chief C Rangarajan today said that the economic growth rate in 2011-12 could be over 7%, slightly higher than the projection of the Central Statistical Organisation.
India's real gross domestic product (GDP) growth in 2011-12 is likely to moderate to its lowest level since the global financial crisis hit home in 2008, down to 6.9% from the previous year's 8.4%, government estimates showed on Tuesday.
HT reports.
India’s farm sector is set to expand by a moderate 2.5% during 2011-12 and all hopes to sustain growth are on this year’s monsoon rains. Last year the farm sector grew by 7% but that was on the previous drought year’s output. A strong farm sector output is critical to bringing down food inflation.
Greek party leaders faced crunch talks on Tuesday to secure a new international bailout and avoid a chaotic debt default, caught between EU demands that they accept painful reforms now and a national strike against more austerity.
The bilateral goods and services trade between India and the US is expected to cross a record $100 billion in 2012, the US Ambassador–designate to India Nancy Powell has said.
With Europe sliding toward recession, the region’s two main central banks are preparing to redouble their emergency measures aimed at softening the downturn and blunting the effects of the government debt crisis.
Federal Reserve chairman Ben Bernanke kept to his message of caution on Tuesday, warning a Senate panel that sharp spending cuts and tax increases scheduled to take effect in early 2013 could slow the nation’s economic recovery if federal officials do not take further action.
Given the increase in imports from India and the decision of the Pakistan Cabinet in November to grant the Most Favoured Nation (MFN) status to India, a dedicated cross-border trade gate is being opened at the Wagah border to encourage bilateral trade between India and Pakistan.
Anupama Airy reports.
India's agriculture and allied activities are expected to grow 2.5%, while manufacturing sector is seen growing an estimated 3.9% in the current fiscal year that ends in March.
The govt is also expected to keep 22 services in the negative list and impose 10% tax on the rest, sources said, adding that services for the purpose would be defined as all kinds of economic activities, barring goods, money and immovable property.
Iran has given a one-month ultimatum to an Indian consortium over the development of a gas field whose delay by India has been attributed to western pressure, the semi-official Fars news agency reported on Sunday.
Finance minister Pranab Mukherjee today said that though food inflation has moderated, the country is not out of the "woods totally", asserting inflationary pressures must be brought down to a tolerable and acceptable level before Indian economy can revert to high growth.
Greece's prime minister scrambled on Sunday to convince lenders and politicians to sign off on a €130 billion rescue, after the finance minister Evangelos Venizelos said just hours remain before the euro zone abandons the country to its fate.