A day after the government raised import duty on gold to 8%, finance minister P Chidambaram today said the surging imports are unsustainable and advised the banks to tell customers not to invest in the precious metal.
The government on Wednesday raised the import duty on gold by two percentage points to 8% to discourage imports by the pushing the precious metals' landed price.
The so-called 'India story' has faded with the shortfall in the current account ballooning to just under 5% of GDP in the last financial year from 4.2% the previous year, and growth at a decade-low of 5%, say analysts.
The government on Tuesday said it was examining the proposal to increase foreign direct investment (FDI) ceilings in various sectors including defence. The government also indicated that it was preparing to announce a series of measures to attract foreign investments into India.
Gloom time: India’s economic growth slumped to a 10-year low of 5% in 2012-13.
Gaurav Choudhury looks at the interplay of forces behind it.
A falling rupee and bear market at home are actually spelling good news for some Indian investors. With a majority of global markets witnessing a bull run, most foreign equity-focussed mutual funds are offering good returns to investors.
Business climate in the country improved in April buoyed by rising output of intermediate goods as well as tourist earnings and the government's reform initiatives, according to a report.
Planning to buy some diamond jewels this wedding season? Get ready to shell out more. Rachit Vats reports.
Fall in domestic demand hits factory output, all eyes on Reserve Bank. HT reports.
RBI Governor D Subbarao today allayed fears of stagflation in the economy and asserted that the central bank is sensitive to growth concerns but not at the cost of higher inflation.
The finance ministry today said the government could take more steps to reduce gold imports, which may include banning sale of the yellow metal by banks. Higher trade deficit in turn puts pressure on CAD, which has been described as the biggest risk to the Indian economy by the RBI.
With India's GDP growth slowing down to a decade low, the Reserve Bank of India is likely to cut its key rates by 0.25% at the policy review meet on June 17, Care Ratings has said.
After witnessing a tough 2012, the private equity industry, ended the first three months on 2013 with a thud.
The government today officially announced that growth in India’s gross domestic product – the total value of all goods and services produced in the country – crashed to 5%, the lowest in 10-years.
Gaurav Choudhury reports.
How it hurts | Slowdown and you
The country's foreign exchange reserves rose by $110 million to $292.07 billion on the back of rise in the core currency assets, Reserve Bank said today.