News related to Economy

Contain uncontrolled passion for gold Chidambaram

Fri, 24 May 2013 18:20:22 GMT

Finance Minister P Chidambaram today asked countrymen to contain their "uncontrolled passion" for gold and instead save in financial instruments.

Sensex falls 388 points on US stimulus scare

Thu, 23 May 2013 07:47:58 GMT

The BSE Sensex on Thursday plummeted 388 points, or 1.9%, to 19,674 on Thursday in line with nervous global markets after concerns that the US may scale down its bond-buying stimulus to inject money supply for growth. HT reports. Dollar-induced doldrums

EU leaders shine spotlight on Amazon Google over tax policy

Wed, 22 May 2013 17:14:40 GMT

European leaders were scheduled to discuss how to combat aggressive tax avoidance by major companies such as Amazon, Google and Apple at a summit on Wednesday, and cut an estimated €1 trillion a year that the EU is losing to tax evasion or avoidance.

Steps to boost foreign investment coming soon

Wed, 22 May 2013 16:22:05 GMT

In a big new round of reforms, the government is likely to announce a slew of measures to boost foreign fund flows into India and pep up a falling rupee. Gaurav Choudhury reports. Doors open wider

Will open up markets Li

Tue, 21 May 2013 17:52:01 GMT

Chinese Premier Li Keqiang on Tuesday said that his country was open to strike a regional trade agreement with India and address the existing trade deficit between the two countries.

Travel cost may rise as Rupee hits 6mth low

Tue, 21 May 2013 17:38:26 GMT

The rupee on Tuesday fell 30 paise to 55.41 against the US dollar, due to sustained dollar demand from importers and weak local equities. This would make hotel stay, air tickets and visa charges costlier. HT reports.

New policy may lower petrol diesel price by Rs 2

Tue, 21 May 2013 17:31:55 GMT

If the finance ministry has its way, a new pricing policy for petrol and diesel will soon be put into place that will benefit consumers by bringing down the price of the two fuels by anywhere between Rs. 1- 2 a litre each. Anupama Airy reports.

Higher growth needs more foreign investment Powell

Tue, 21 May 2013 15:23:57 GMT

US Ambassador Nancy Powell’s comment on Bengal was both critical as well as flattering. She said even though West Bengal was not the first place that came to mind when thinking of business and national economy, the state had its own importance.

Indias trade deficit with China set to grow Chinese analysts

Tue, 21 May 2013 08:24:45 GMT

Notwithstanding steps announced by India and China to reduce their trade deficit during premier Li Keqiang's ongoing visit, Chinese analysts believe the imbalance is likely to keep growing in the short term due to structural problems.

Li offers free trade pact vows to open up market

Tue, 21 May 2013 06:01:29 GMT

China is India's largest trading partner, with two-way commerce totalling $66.5 billion last year. But trade is skewed significantly in China's favour with the deficit totalling $29 billion in 2012, according to Chinese figures.

Chidambaram more steps to cut gold imports if needed

Mon, 20 May 2013 18:21:54 GMT

India will take more steps if necessary to curb gold imports, finance minister P Chidambaram said on Monday. The country’s overseas purchases of gold and silver shot up 138% in April.

Chinas vast hot money triangle flourishes

Mon, 20 May 2013 18:16:47 GMT

In an underground mall just a stone’s throw from China’s teeming border with Macau, a row of 30 small shops with identical golden plaques does a brisk, though shadowy trade with mainland Chinese visitors, many of them bound for the gambling hub.

ONGC may sell stakes to Shell

Sun, 19 May 2013 18:08:56 GMT

India’s largest exploration company, Oil and Natural Gas Corporation (ONGC), is in the process of selling stakes of some deep-water blocks to global energy giant Royal Dutch Shell. ONGC owns 56 deep-water blocks at present.

FinMins new amnesty scheme for service tax defaulters

Sun, 19 May 2013 17:45:19 GMT

Aimed at widening its revenue base from indirect tax collections, the finance ministry has implemented an amnesty scheme for service tax defaulters to pay their dues without any penalty.

Income Tax office slaps Rs 577cr tax demand notice on Infosys

Sun, 19 May 2013 15:48:42 GMT

Income Tax department has slapped a fresh Rs 577-crore tax demand notice on Infosys for 2009-10 assessment year, adding to the tax woes of India's second largest IT firm.

India moves to resist EU fine on airline emissions

Fri, 17 May 2013 18:17:34 GMT

India remains opposed to the European Union’s emission norms for airlines even as European Commission said it may fine Air India and Jet Airways for not sharing emission data. A senior aviation ministry official said that the matter will be taken-up with the commission.

IndiaGermany green energy pact nears closure

Fri, 17 May 2013 18:13:05 GMT

With an assistance of €1 billion from Germany, India will develop green corridors fto link power generated from renewable sources like wind and solar energy into the national grid.

Oil companies defer petrol price hike

Fri, 17 May 2013 18:10:02 GMT

State-owned oil companies have deferred a decision on the revision in petrol prices to end of this month.

SampPs negative outlook on India unfortunate India Inc

Fri, 17 May 2013 17:04:38 GMT

Expressing surprise over S&P's threat to downgrade India's credit rating, industry bodies on Friday termed the global agency's affirming its negative outlook on the country as unfortunate and harsh.

SampP warns India of rating downgrade

Fri, 17 May 2013 13:49:24 GMT

Belying expectations, global ratings agency Standard & Poor's on Friday reaffirmed its negative outlook on India and in fact warned it may even downgrade the country's sovereign rating to junk grade if the government failed to check the widening fiscal and current account deficits and kickstart reforms for growth.

Standard amp Poors maintains negative outlook on India

Fri, 17 May 2013 12:24:38 GMT

Global ratings agency Standard & Poor's (S&P) on Friday said its outlook on India remained negative and there is a one-in-three chance of a downgrade within the next 12 months.

Government forms panel for big infra fund push

Thu, 16 May 2013 16:37:50 GMT

Looking to get back on the 8% growth path within the next couple of years, the government has constituted a group of experts to find out ways to increase flow of funds into the infrastructure sector. Anupama Airy and Mahua Venkatesh report.

Mauritius says tax info exchange pact with India ready

Thu, 16 May 2013 10:23:51 GMT

Mauritius today said that a new Tax Information Exchange Agreement (TIEA) with India has been negotiated and is ready to be signed, which would help the two countries exchange information on tax matters of the entities doing business in the two countries

Provident fund interest rate raised to 85

Wed, 15 May 2013 19:05:19 GMT

Finance minister P Chidambaram did not offer much to the salaried class in his budget but his ministry on Wednesday increased the interest rate on provident fund by 0.25%.

UPAs fighting chance low prices good rains

Wed, 15 May 2013 18:11:05 GMT

The govt, hit by economic woes and scandals, has bumped into a small window of political opportunity: inflation levels are the lowest since UPA 2 took office; the country is set to avoid drought and industrial activity is trending up. Zia Haq reports. Trending downwards