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Business edition

Vayalar Ravi urges states to reduce fuel sales tax
Vayalar Ravi urges states to reduce fuel sales tax Description: Bangalore, September 19 (ANI): Aviation minister, Vayalar Ravi on Monday asked all the states across the country to waive extra sales tax on aviation turbine fuel to minimize the impact of the recent price hike on airlines. Ravi urged all the states to keep a tab on the fuel prices as Kerala did by not increasing it in commensurate with the fuel hike by oil marketing firms.
Views:13834
Montek backs RBI's hike in interest rate
Montek backs RBI's hike in interest rate Description: New Delhi, September 16 (ANI): Reserve Bank of India's decision to raise interest rates by 25 basis points was not unreasonable and it was a signal to bring down inflation, said Montek Singh Ahluwalia, Deputy chairman of the Planning Commission, on Friday. The RBI lifted its policy lending rate, the repo rate, by 25 basis points to 8.25 percent, in line with expectations, as it persisted in a thus far largely futile fight to curb inflation. Kaushik Basu, Chief Economic Adviser of finance minister, said the RBI pronouncement was result of industrial growth slowdown and headline inflation that rose to 9.78 percent. He though, admitted that he was against the rate hike. India's economic growth has cooled and demand crimped following the cumulative impact of earlier rate increases and rising prices.
Views:17125
RBI hikes interest rates by 25 basis points
RBI hikes interest rates by 25 basis points Description: New Delhi, September 16, (ANI): Finance Minister Pranab Mukherjee on Friday announced Reserve Bank of India's recent 12th rate hike in the last 18 months. Hiking its policy rates, the RBI raised its repo rate by 0.25 percentage points to 8.25 per cent. Pranab added that the central bank's monetary tightening is impacting the country's economic growth. The minister, however, pinned hope on better growth in the second half of the year. Repo rate is the rate at which banks borrow money from RBI. So with the hike, borrowing from RBI has also become more expensive.
Views:16524
People demand rollback of petrol price hike
People demand rollback of petrol price hike Description: Varanasi /Mumbai, September 16 (ANI): Samajwadi Party activists on Friday demonstrated against the nearly 5 percent hike in petrol prices by burying their motorcycle into the ground in Varanasi. The petrol price increase to about 66.5 rupees per litre comes after a record 5-rupee hike in May. The protestors conducted the symbolic ritual to mark the demise of their vehicle as the latest hike made it difficult to ply them. The protestors threatened of more agitations if the hike is not roll-backed. Meanwhile, commoners in Mumbai also expressed unhappiness, as the hike would adversely affect their monthly budget and demanded its recall.
Views:11919
Hike in petrol prices draws heavy criticism across India
Hike in petrol prices draws heavy criticism across India Description: New Delhi/ Mumbai /Kolkata/ Lucknow, September 16 (ANI): State-run oil firms have raised petrol prices by nearly five percent from Friday, a move that eases their subsidy burden but adds near-term pressure to stubbornly high inflation in India. In New Delhi, petrol pumps witnessed long queues after the decision was announced on Thursday as people rushed to fill their vehicles tanks before midnight. Mumbaikars also criticized the petrol price hike and accused the government of 'looting' the public. People in Kolkata, also expressed their anger against the decision and termed the central government a failure.
Views:2340
Inflation 'uncomfortable' but not unexpected: Kaushik Basu
Inflation 'uncomfortable' but not unexpected: Kaushik Basu Description: New Delhi, September 15 (ANI): Voicing concern at the spiralling inflation, the Chief Economic Advisor to India's Finance Ministry, Kaushik Basu in New Delhi on Wednesday opined it is not an unexpected phenomenon. Terming the situation as 'uncomfortable', Basu said inflation remained a matter of concern. He also noted that the current trend would continue till December 2011. Meanwhile, the veteran economist conceded that there was not much the government could do at present to stem the weakening of the Indian rupee and related the prevailing trends to the global scenario.
Views:7978
Inflation soars to 9.78 percent, Pranab expresses concern
Inflation soars to 9.78 percent, Pranab expresses concern Description: New Delhi, September 14 (ANI): As India's wholesale price index soared to 9.78 percent, Finance Minister Pranab Mukherjee on Wednesday expressed concern over the situation and said that the government and the central bank would 'collectively' tackle the inflationary pressures. According to the latest government data, India's wholesale price index, the country's main inflation estimate, rose 9.78 percent in August, higher than 9.22 percent recorded earlier, thus taking the rate to its highest in over a year. Speaking to the mediapersons in New Delhi, Mukherjee called the sharp spike in inflation 'bad news' for the country. Highlighting the prevailing strains in the global economic sphere, the finance minister said that the government would take all possible measures to restore normalcy.
Views:7244
Pranab Mukherjee to attend IMF-World Bank meet
Pranab Mukherjee to attend IMF-World Bank meet Description: Kolkata, September 11 (ANI): Finance minister Pranab Mukherjee would embark on a week-long journey to United States of America, to attend the International Monetary Fund (IMF)-World Bank meet, where the leaders from all over the world would discuss the important issues that would have a direct impact on the global economy. The meetings are scheduled from September 23-25 at Washington. Mukherjee would head the Indian delegation comprising Reserve Bank of India (RBI) Governor, D.Subbarao, apart from senior officials of the finance ministry. The Finance minister would begin his itinerary by addressing the investors in New York on September 21. He would then attend the India-US CEO Forum, besides the BRICS Finance Ministers meet on September 22.
Views:3633
Japan calls for strengthening bilateral ties with India
Japan calls for strengthening bilateral ties with India Description: Tokyo,September 7 (ANI): Prime Minister of Japan, Yoshihiko Noda, called for further enhancement of the well-established bilateral ties with India. He said this while addressing the three-day-long India-Japan Global Partnership Summit in Tokyo on Tuesday. Noda suggested fostering strategic investment between India and Japan saying that investment by 700 Japanese companies in India is a signal of healthy relations between the two countries. Addressing the summit, Noda added that Tokyo is committed to deepen a cooperative relationship with New Delhi. The summit aims at fostering interaction and exchange of ideas among leaders of both nations in a very conducive environment to produce a micro road map for the macro vision that exists in the form of India-Japan Global Partnership.
Views:5235
Foundation stone laid for Ford_s new plant at Sanand
Foundation stone laid for Ford_s new plant at Sanand Description: Ahmedabad, September 06 (ANI): President and Managing Director Ford India, Michael Boneham, on Monday laid the foundation stone for global automobile giant Ford's new plant at Sanand near Ahmedabad. Ford is investing approximately USD 1 billion to build new vehicle manufacturing and engine plants in its upcoming plant at Sanand. Later speaking to mediapersons, Boneham said that the plant was a step in the direction to produce and sell more cars in India.
Views:7723
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