NEW DELHI: The economy is expected to grow in the range of 7.5% to 8% in the fiscal year ending March 2013, the Prime Minister’s Economic Advisory Council said on Wednesday, but cautioned that the government must unveil steps to repair public finances and rein in subsidies to bring the economy to a high growth path. The council also said …
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NEW DELHI: India, China, the US, Russia, Brazil and another 21 nations have decided to retaliate against the EU decision to collect billions of dollars every year by unilaterally imposing a carbon tax on flights landing in Eurozone. The retaliatory measures decided include reviewing or abrogating the bilateral service agreements and open skies’ agreements with each European country, suspending all …
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The central bank’s anti-inflationary stance has hurt the country’s economic growth, the government said on Tuesday, but it exuded confidence that the current deceleration was a temporary blip. The economy should soon clock a double-digit growth, Finance Minister Pranab Mukherjee said here. The comments come less than a month ahead of the Reserve Bank of India’s monetary review and the …
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MUMBAI: India’s purchase of paper gold doubled last year as corporates and SMEs, seeking a safe haven for their investments, invested heavily in gold exchange-traded funds (ETFs), a traditional favourite of wealthy individuals and households. Companies now account for nearly 50% of all ETF purchases in the country and SMEs, too have climbed on to the bullion bandwagon. “The gold …
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Extending the gaining streak for the seventh week in a row, the BSE benchmark Sensex gained nearly 541 points to end the week at over six-month high of 18,289.35 on hopes of cut in key policy rates by RBI after fall in overall inflation coupled with furious capital inflows. On the global front, the European Central Bank (ECB) and European officials …
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China is set to surpass India as the world’s top gold consumer this year, the World Gold Council (WGC) predicted. The demand for gold in China, the world’s largest producer, rose by 20% to 769.8 tonnes last year, driven by surging demand for jewelry and investment, while consumption in India, the world’s largest consumer, tumbled 7% to 933.4 tonnes as a result …
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India’s largest commodities exchange sets the price range for an initial offering of up to $134 million. The deal will kick off with the anchor tranche on Tuesday. Multi Commodity Exchange of India (MCX) yesterday said it aims to raise between Rs5.53 billion and Rs6.63 billion ($111 million to $134 million) from India’s first initial public offering this year. All …
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