Finance minister P Chidambaram expressed confidence that the economy will grow at 6 percent in 2013-14. It may be recalled that the Central Statistical Organisation (CSO) expects the economy to expand at 5 percent in 2012-13. The minister said he would ask public sector companies to submit their annual investment plan for the nex
Tag: economy
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Govt’s fiscal moves may influence RBI rate decision
In an interview to a news agency, Finance Minister P Chidambaram remarked that Reserve Bank of India (RBI) would take a decision on reducing policy rate after taking into consideration the fiscal moves of government. On March 19, the central bank would release mid-quarter review of monetary policy. Shifting its focus from infla
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Union budget may boost growth in infra sector
Union Budget 2013-14 is expected to boost growth in the infrastructure sector as it has announced several new initiatives. For example, the budget proposed taking up two new cities -" Dholera in Maharashtra and Shendra Bidkin in Gujarat -" under the Delhi Mumbai Industrial Corridor Project. Finance Minister P Chidambaram said the government will provide additional funds for the project in 20
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Shriram Group mulls foray into banking business
With the Reserve Bank of India (RBI) releasing guidelines for new bank licenses, a slew of industry conglomerates are interested to make a foray into banking business. One among them is the Chennai-based Shriram Group, promoted by R Thyagarajan. The group, which is one of the contenders for a banking licence, said it want
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Indian banking sector has less systemic risk
Industry players feel that the systemic risk in the Indian banking sector is muted because of the existence of many medium and small size banks. It may be noted that systemic risk arises when there are large-sized or too big to fail banks. However, in India, many banks are medium and small-sized and hence there is less risk of inter-connectedness, indu
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India’s GDP grows at 4.5% in December 2012 quarter
India's gross domestic product (GDP) grew at a tepid rate of 4.5 per cent during Oct-Dec 2012, data released by government's statistics department shows. The GDP had grown 6 per cent in the year-ago period. During October-December quarter of 2012-13, manufacturing sector grew marginally by 2.5 per cent, against 0.7 per cent growth in the same period of 2011-12. Far
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Survey suggests govt to take steps to boost gas output
Economic Survey 2012-13 suggested government to take measures to boost natural gas output in the country. It may be noted that the average natural gas production in 2011-12 declined 1 percent to 130 million metric standard cubic metre per day from the previous year
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Bad loans of banks rises
According to the Economic Survey 2012-13, overall non-performing assets (NPAs) of the banking sector rose from 2.36 per cent of total credit in March 2011 to 3.57 per cent in September 2012. Slowdown and the high leverage levels have caused loans to a few industry and infrastructure sectors turning NPAs, the survey notes. Sectors particularly under
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S&P expects improvement in bank performance in FY15
Ratings agency Standard & PoorÂ’s (S&P) expects the performance of Indian banks to improve only in 2014-15. The agency feels that till then the banking sector would continue to face hurdles, in terms of asset quality and earnings. In 2013-14, the agency expects improvement in the economic growth and corporate performance aided by vario
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Tata Steel MD welcomes budget 2013-14
HM Nerurkar, Managing Director of Tata Steel opined that the Union Budget 2013-14 made an attempt to achieve inclusive growth and a sustainable economy given the global economic scenario. Nerurkar welcomed the thrust given to the infrastructure industry through investment allowance of 15 per cent and various steps for mobilising funds for the gro