A report by Deutsche Bank says the Indian economy may grow at a rate of 6 percent in 2013-14, compared to 5 percent in the previous financial year. The foreign brokerage expects the current account deficit (CAD), which touched a record high of 4.8 per cent in 2012-13, to decline to 3.8 per cent in the current financial year on the back of softening commodity prices
Tag: growth
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GEECL announces rise in CBM output from Raniganj block
Great Eastern Energy Corp (GEECL) achieved 18 per cent growth in the production of coal-bed methane (CBM) from its Raniganj block. Gas output from the block rose to 20.40 million standard cubic feet per day or 0.5776 mmscmd, from 17.3 mmscfd (0.4898 mmscmd) last month. GEECL is the first company in the country to produce gas from coal seams (CBM). Its main asset is a 210 squa
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Panel suggests mandatory Indian control in key sectors
The Arvind Mayaram committee suggested that in sectors like power exchanges, petroleum & natural gas refining, there is a need for mandatory Indian ownership. These sectors are part of the nine sectors that the panel recommended for classifying as those where 'Indian ownership' and 'control' will be mandatory. It may be recalled that the central government set up the Arvind Mayaram committee to suggest measures for liberalising the country's foreign direct investment (FDI
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FDI in power sector declines 67% in 2012-13
Foreign Direct Investment (FDI) in India's power sector declined 67 per cent to $536 million in 2012-13 from $1.6 billion in the previous year. Some big companies are reconsidering their investment plans, after losses owing to lack of coal and natural gas supply, reports indicate
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Govt to set up EGoM to decide on new FDI policy
In order to revamp the foreign direct investment (FDI) policy of the country, the government may set up a Empowered Group of Ministers (EGoM). The proposed EGoM may study the Arvind Mayaram committee report, which has suggested a major change in the FDI regime. Mayaram is secretary, economic affairs department, union government
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Govt to set up EGoM to decide on new FDI policy
In order to revamp the foreign direct investment (FDI) policy of the country, the government may set up a Empowered Group of Ministers (EGoM). The proposed EGoM may study the Arvind Mayaram committee report, which has suggested a major change in the FDI regime. Mayaram is secretary, economic affairs department, union government
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RBI refrains from reducing policy rate, keeps CRR unchanged
A resolute Reserve Bank of India (RBI) refrained from reducing policy repo rate in its mid-quarter review of monetary policy on June 17, 2013 citing the persistently high food inflation even though general inflation has declined. Thus, the policy repo rate under the liquidity adjustment facility (LAF) remains unchanged at 7.25 per cent and the reverse repo rate remains at 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 8.25 per cent. The central bank also kept
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World Bank expects Indian economy to grow 5.7% in FY14
World Bank expects India's GDP at factor cost to grow 5.7 per cent in 2013-14 and then accelerate to 6.5 per cent and 6.7 per cent in the two subsequent financial years, respectively. The multilateral lending agency said this in its Global Economic Prospects report released recently. In 2012-13, the economy expanded at a decade-low pace of 5 percent. The report notes that growth in South Asia would primarily be driven by an estimated pick-
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Factory output grows a tepid 2% in April
Factory output as measured by the index of industrial production (IIP) grew at a slower rate of 2 per cent in April on a year-on-year basis compared to the revised growth of 3.4 per cent in March 2013. In April 2012, the IIP declined 1.3 per cent. Among sectors, mining output declined 3 per cent in April, while manufacturing and electricity production grew 2.8 per cent and 0.7 per cent respectively
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Members of RBI panel did not favour repo rate cut
Four members of the Technical Advisory Committee on Monetary Policy set up by the Reserve Bank of India (RBI) were not in favour of the central bank cutting repo rate in the May 3 Annual Policy meeting. On May 3, the central bank reduced the repo rate (the interest rate at which banks borrow short-term funds from the central bank) from 7.50 per cent to 7.25 per c