Oil minister Jaipal Reddy today said that he didn't discuss fuel hike during his meeting with Prime Minister Manmohan Singh and is not going to meet Sonia Gandhi on the issue, according to reports.
India will host its first World Economic Forum (WEF) meeting in November this year as the Geneva-based body has decided to re-brand the annual India Economic Summit. It will also host the three-day event on its own.
The exporters need not worry over the new duty drawback scheme — that’s the message Central Board of Excise and Customs (CBEC) wants to give through its special ongoing clearance months from May 1 to June 30.
The real gross domestic product (GDP) is expected to recover to 7.6% in the current fiscal, on the back of an expected good monsoon and easing of supply constraints, economic think-tank CMIE forecast in its latest report.
The rupee recovered somewhat on Tuesday, but talk in the market veered towards the
Rs. 55 to the dollar figure signalling a strong undercurrent of weakeness.
HT reports.
Guarding the rupee
A top US energy diplomat today said he was "not too impressed" with India's efforts to cut its imports of oil from Western sanctions-hit Iran.
India said on Tuesday it would cut purchases of Iranian oil by 11% following pressure from the United States to join a drive to isolate the Islamic republic over its disputed nuclear programme.
The eurozone and Germany avoided recession in the first quarter. Italy, however, fell deeper into recession hit by heavy debt and austerity norms.
Competition Commission of India (CCI) has armed itself with help from industry veterans to advise the fledgling anti-trust regulator in a fast-changing environment dominated by complex deals.
As Greece headed for a fresh election after the last attempt to form a government failed in Athens, new French President Francois Hollande and German chancellor Angela Merkel have voiced their support for the debt-stricken nation to remain in the euro zone.
Battered by galloping prices and the rupee sliding to a record low of 54.51 against the dollar, finance minister Pranab Mukherjee said on Wednesday that some austerity measures were likely soon.
HT reports.
Mukherjee Mantra: Tighten beltAs the rupee touched a record low, opposition today questioned the government in the Lok Sabha on the steps being taken to tackle the situation as it feared there could be a repeat of 1991, when India saw severe balance of payments problem and even had to mortgage gold.
Prime Minister Manmohan Singh today assured the Lok Sabha that government will make all efforts to match the four per cent agriculture growth target in the 12th Plan period with the resources at its disposal. "I wish to assure that every effort will be made to match the target with available resources," he said during Question Hour in Lok Sabha.
As the rupee hit its record low level of Rs. 54.46 against dollar, the finance ministry today said there was no need to panic and the slide would be contained when there is certainty in eurozone recovery.