Some rating agencies and brokerages reduced the economic growth forecast for 2013-14 owing to the liquidity tightening steps taken by Reserve Bank of India (RBI). For instance, rating agency ICRA lowered its growth forecast to the range of 5.4-5.6 percent from 5.8-6 percent
Tag: economy
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Steering group finalises deadline for infra projects
A meeting of the Steering Group appointed by the Prime Minister to accelerate Infrastructure Investment in its first meeting has finalized deadlines with time lines for the intermediate steps for key infrastructure projects. The progress on the intermediate steps will be monitored on a regular basis. The deadlines will ensure that Ministries or Departments are clear about not just the over
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PSUs invest Rs 1.2 trillion in FY13
Speaking at the annual general meeting of the industry chamber Associated Chambers of Commerce and Industry (Assocham), Prime Minister Manmohan Singh said major state-run firms invested about Rs 120,000 crore in 2012-13. He said this to dismiss the popular notion that public sector undertakings (PSUs) werenĆāt investing despite sittin
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RBI wants traders to export 20% of imported gold
In order to reduce the domestic consumption of gold, the Reserve Bank of India (RBI) mandated importers of the yellow metal to export 20 percent of the gold from the arrived consignment. Presently, a very small portion of gold is exported and the above move is expected to boost re-export of gold.
Of the 970 tonnes of gold imported last year, only 70 tonn
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FIIs show interest in deploying capital
Foreign investors are showing strong interest in deploying capital on the Indian debt instruments as is evident from the recent auction of quotas to them. Foreign investors bid for quotas to invest in Rs 259.05 billion ($4.34 billion) worth of debt, while
only Rs 236.61 billion worth of debt was on offer, media repo
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RBI steps may not rein in rupee weakness: economists
Some analysts feel that the recent moves by Reserve Bank of India (RBI) to arrest rupee depreciation may not be effective. It may be recalled that the central bank further tightened rupee liquidity by restricting the borrowing of banks under the daily liquidity adjustment facility (LAF)
to 0.
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Icra revises down economic growth forecast for FY14
The Indian economy may grow 0.40 percentage points lower at 5.4-5.6 per cent during 2013-14 compared to the earlier forecast, ratings agency Icra said. The agency revised down the economic growth estimate citing weak economic environment and rupee
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Minister hopes 6% GDP growth in FY14
Finance Minister P Chidambaram expressed hope that the Indian economy may expand at 6 per cent or slightly more during 2013-14. This is higher than the 5 percent growth registered in 2012-13. Speaking to reporters, the minister also expressed hope that the Parliament would pass the real estate regulator and land acquisition bills in its monsoon session
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Industry bodies welcome FDI relaxation in key sectors
Industry bodies like Assocham and Confederation of Indian Industry (CII) welcomed the government's move to attract more foreign direct investment (FDI) in certain sectors. The government recently allowed 100 per cent FDI in telecom, hiked FDI limit in insurance sector to 49 per cent and took steps to promote foreign capital inflow in defen
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Banks may not raise rates despite RBI move
Even as some analysts are reading the recent steps by the Reserve Bank of India (RBI) to stem depreciation of rupee as monetary tightening, several banks are thinking otherwise. In order to curb speculative position in foreign exchange market and also to promote investment in rupee debt instruments, RBI hiked the rate on borrowing from marg