Kingfisher Airlines mulls 2,000 job cuts
New Delhi: In a major cost-cutting exercise, private sector air-carrier Kingfisher Airlines is believed to be considering about 2,000 job cuts and longer working hours for its staff, among various options.
While e-mailed queries sent to Kingfisher Airlines in this regard remained unanswered, industry sources said the debt-ridden carrier could also abstain from any major hiring activities at least till August 2012.
Sources said the carrier is looking at about 2,000 job reductions by July ... Read More
India's September exports grow 36 percent to $24.82 bn
New Delhi, Nov 1 (IANS) India's exports in September grew at a slower rate than the past few months, rising 36.36 percent to $24.82 billion compared to $18.2 billion during the corresponding month of the previous year, official data showed Tuesday.
The cumulative value of exports for the first half of the current fiscal has risen 52.08 percent at $160.04 billion against $105.24 billion during the like period last year, according to data released by ... Read More
Indian inflation eases slightly but remains high
Indian inflation eased slightly in September, official figures have shown, in line with market expectations.
The wholesale price index rose at an annual rate of 9.72% in September, compared with 9.78% in August.
Despite the slight slowdown, analysts still expect India's central bank to increase interest rates one more time this year to try to calm price rises.
The Reserve Bank of India has raised its core interest rate, called the repo rate, 12 times since March 2010.
The ... Read More
After petrol prices, higher interest rates set to bite
Mumbai: India's central bank Friday hiked key rates by 25 basis points in the 12th such exercise since January 2010 to tame stubborn inflation, setting the stage for auto, housing and commercial loans to become dearer once again.
Opting to address the problem of high inflation over slackening factory output and overall growth, the repurchase rate, or the interest the central bank levies on short-term borrowing by commercial banks, has been raised to 8.25 percent from ... Read More
Indian GDP growth slows to 7.7%
India's economy grew 7.7% in the three months from April to June, compared with the same period of 2010.
It was India's weakest growth for six quarters, but still better than had been expected.
The gross domestic product (GDP) growth figure from the finance ministry compares with the annual rate of 7.8% in the first three months of the year.
The slowdown is expected to continue as India's central bank continues to raise interest rates to control inflation.
"The ... Read More
'China, India changing world economy'
The world economy’s centre of gravity is shifting rapidly to Asia, which will soon rival Wall Street as a source of routine market signals, Australia’s central bank chief said Thursday.
Mr. Stevens also said that finding solutions to imbalances in the global economy is being hampered by focusing too much on the United States’ trade deficit with China.
Mr. Stevens, whose nation was one of few developed economies to escape recession during the global ... Read More
India's inflation accelerates to 8.9% in March
India's inflation rate rose to 8.9% from 8.3% in February, driven higher by fuel and manufacturing costs, the government has announced.
The January inflation rate was also revised upwards to 9.35% from 8.23%.
Earlier this week the International Monetary Fund (IMF) warned about inflation building in Asia's fast-growing economies.
The body said "boom-like dynamics" should not be allowed to get out of control.
The Reserve Bank of India has raised its key interest rate eight times since ... Read More
Indian exports soar beyond $200 billion
India’s exports grew by an impressive 50 per cent in February, crossing the $200 billion mark during the first eleven months of 2010-11 on the back of rising demand from the U.S. and other markets.
Exports went up by 49.7 per cent year-on-year during February to $ 23.5 billion, taking the April-February 2010-11 figure to $ 208.2 billion, an increase of 31.4 per cent over the year-ago period and past the yearly target of $ ... Read More
Canada-India free trade negotiations to conclude by 2013: Harper
Toronto: Canadian Prime Minister Stephen Harper announced today that a re-elected Conservative government will aim to complete bilateral free trade negotiations with India in 2013.
"Free trade agreements with India and the European Union and India will provide improved access to over 1.7 billion new customers for Canadian businesses," Harper said in Halifax.
"Canada is a trading nation," Harper said.
"Canadian businesses and their workers succeed and prosper when they have stable and secure ... Read More
India's forex reserves up $1.67bn to $303.51bn
India's foreign exchange reserves surged by USD 1.67 billion to USD 303.51 billion, helped by a healthy increase in foreign currency assets (FCAs) in the week ended March 17.
The reserves had declined by USD 755 million to USD 301.84 billion the week before. FCAs, the biggest component of the foreign reserves, went up by USD 1.47 billion to USD 273.72 billion for the week ended March 17, the Reserve Bank said in its weekly ... Read More
Indian exports surging
New Delhi: After inflation, the second biggest macroeconomic worry is the burgeoning trade deficit. Here’s some good news on that front at last. India’s exports rose the most in eleven months, provisional data showed. Exports in February rose 49.8% to $23.6 billion. This not only raises hopes of improving current account deficit numbers but will also exceed government’s export target of $200 billion.
With February’s numbers, exports for 11 months (April-February), of the current fiscal ... Read More
India growth to last decades: Reserve Bank of Australia
China and India could yet see decades more of strong growth, the Reserve Bank of Australia's governor Glenn Stevens said on Wednesday.
Answering a question about the sustainability of the mining boom which has bolstered the Australian economy, Stevens said that growth from emerging markets was likely to be durable.
"The Indian and Chinese emergence have a long way to go, quite possibly decades, not just years," Stevens said.
However he warned that all booms end at some ... Read More
Gear up for the $2-trillion economy
With the Union Budget projecting gross domestic product (GDP) to be R89,80,860 crores in 2011-12, the size of India’s economy is now poised to touch $2 trillion in the year. If one assumes the current exchange rate of R45 per US dollar to hold in 2011-12, the size of the Indian economy would be $1,996 billion at dollar rates.
But the Budget estimate, which assumes a 14% growth in GDP at market prices, is likely ... Read More
Sensex ends 600 points up; highest single-day gain in 2 yrs
A powerful rally in auto and banking shares lifted the Sensex 623 points—the highest single-day gain in absolute terms in over 21 months—on Tuesday, as investors appeared to be focussing on the positives in the Union Budget.
Strong February sales numbers announced by automobile companies ignited a buying frenzy in the stocks, while the lower borrowing target of the government for FY12 is expected to keep interest rates in check and so benefit banks and real ... Read More
GST may come to India
The Budget proposals were an exercise in a balanced approach to all the major macroeconomic issues, especially growth. One would say that the proposals will lead to containing inflation, an acceptable level of fiscal deficit and a 9%-plus rate of GDP growth.
There was a strong indication from the finance minister that we should expect the introduction of GST during the next financial year. The decision to introduce the constitutional amendment for GST was backed ... Read More
Foreign investors welcome to Indian mutual funds
Chennai: Indian mutual funds have welcomed Finance Minister Pranab Mukherjee's proposal to allow foreign investors to invest in their equity schemes though they say registering their funds overseas is going to be a challenge.
"It is a positive move. Now foreign investors can directly invest in Indian mutual funds schemes," Sandesh Kirkire, chief executive officer of Kotak Mutual, told IANS.
Presenting the budget for the fiscal 2011-12 in parliament Monday, Mukherjee said: "To liberalise the portfolio investment ... Read More
Income tax exemption limit of Rs.1.8 lakhs proposed
New Delhi: Finance Minister Pranab Mukherjee in the new budget proposed to enhance the income tax exemption limit to Rs.1.8 lakh for the next financial year, from Rs.1.6 lakh now, and introduce a new category of senior tax payers.
"The measures will provide a uniform tax relief of Rs.2,000 to every tax payer in the country," the finance minister said, while presenting the federal budget for the next fiscal in the Lok Sabha.
Mukherjee also said he ... Read More
High growth, with high inflation predicted
New Delhi: India's Economic Survey for 2010-11 has predicted 8.6 percent growth for the current fiscal and gross domestic product (GDP) touching the 9 percent mark in 2011-12. It has also sounded concern over inflation and the fall in factory output in the coming months.
Finance Minister Pranab Mukherjee tabled the annual report on the economy in the Lok Sabha, which was gung-ho about growth prospects and said that manufacturing and services sector had registered impressive ... Read More
Asean trade with India to reach $70 bn
New Delhi: India's trade with the Association of Southeast Asian Nations (Asean) will reach $70 billion in the next three years, according to the Ministry of Commerce and Industry.
India's total trade with Asean countries was $50.1 billion in 2010 including $22.3 billion Indian exports and $27.8 billion imports.
Over 500 businesses from India and Asean countries are likely to participate in a conclave to discuss trade issues in early March.
... Read More
Foreign investment worth Rs.1,358 crores approved
New Delhi: The Indian government has approved 19 proposals of foreign investment worth Rs.1,358 crores (over $300 million).
The biggest proposal is from Shriram Capital Ltd. which intends to bring in Rs.1,180 crores through induction of foreign equity in an investing company.
The government has deferred 21 FDI proposals, prominent among them being of Lokmat Media Limited, which intended to introduce foreign equity by way of IPO (initial public offer) including FIIs.
... Read More
India, South Korea aim to double trade in 5 years
New Delhi: India and South Korea target doubling bilateral trade to $24 billion in five years as their recent economic pact liberalised tariff regime, Commerce and Industry Minister Anand Sharma said.
He said the comprehensive economic partnership agreement (CEPA) signed recently would unlock complementary strengths and boost trade and investment flows between the two countries.
India and South Korea signed a comprehensive economic partnership agreement in August 2009. The agreement came into force from Jan 1, ... Read More