With India’s GDP estimated to have grown about 5% last year, the lowest since 2003-04, finance minister P Chidambaram said the economy this year would grow faster.
The Planning Commission may scale down the annual growth rate for the 12th five-year plan (2012-17) from 8% to 7% in its mid-term review of the plan. HT reports.
Finance Minister P Chidambaram today asked countrymen to contain their "uncontrolled passion" for gold and instead save in financial instruments.
The BSE Sensex on Thursday plummeted 388 points, or 1.9%, to 19,674 on Thursday in line with nervous global markets after concerns that the US may scale down its bond-buying stimulus to inject money supply for growth. HT reports. Dollar-induced doldrums
European leaders were scheduled to discuss how to combat aggressive tax avoidance by major companies such as Amazon, Google and Apple at a summit on Wednesday, and cut an estimated €1 trillion a year that the EU is losing to tax evasion or avoidance.
In a big new round of reforms, the government is likely to announce a slew of measures to boost foreign fund flows into India and pep up a falling rupee.
Gaurav Choudhury reports.
Doors open widerChinese Premier Li Keqiang on Tuesday said that his country was open to strike a regional trade agreement with India and address the existing trade deficit between the two countries.
The rupee on Tuesday fell 30 paise to 55.41 against the US dollar, due to sustained dollar demand from importers and weak local equities. This would make hotel stay, air tickets and visa charges costlier.
HT reports.
If the finance ministry has its way, a new pricing policy for petrol and diesel will soon be put into place that will benefit consumers by bringing down the price of the two fuels by anywhere between Rs. 1- 2 a litre each. Anupama Airy reports.
US Ambassador Nancy Powell’s comment on Bengal was both critical as well as flattering. She said even though West Bengal was not the first place that came to mind when thinking of business and national economy, the state had its own importance.
Notwithstanding steps announced by India and China to reduce their trade deficit during premier Li Keqiang's ongoing visit, Chinese analysts believe the imbalance is likely to keep growing in the short term due to structural problems.
China is India's largest trading partner, with two-way commerce totalling $66.5 billion last year. But trade is skewed significantly in China's favour with the deficit totalling $29 billion in 2012, according to Chinese figures.
India will take more steps if necessary to curb gold imports, finance minister P Chidambaram said on Monday. The country’s overseas purchases of gold and silver shot up 138% in April.
In an underground mall just a stone’s throw from China’s teeming border with Macau, a row of 30 small shops with identical golden plaques does a brisk, though shadowy trade with mainland Chinese visitors, many of them bound for the gambling hub.
India’s largest exploration company, Oil and Natural Gas Corporation (ONGC), is in the process of selling stakes of some deep-water blocks to global energy giant Royal Dutch Shell. ONGC owns 56 deep-water blocks at present.