News related to Economy

World stocks fall amid political turmoil in Greece

Wed, 16 May 2012 11:16:16 GMT

World stocks dived today after a failure by Greece's political leaders to form a coalition government set the stage for new elections next month, keeping Europe's debt crisis center stage.

Rupee falling due to global factors, no need to panic: FM

Wed, 16 May 2012 10:56:24 GMT

As the rupee hit its record low level of Rs 54.46 against dollar, the finance ministry today said there was no need to panic and the slide would be contained when there is certainty in eurozone recovery.

Govt to make efforts to match 4% agri growth target: PM

Wed, 16 May 2012 09:50:34 GMT

Prime Minister Manmohan Singh today assured the Lok Sabha that government will make all efforts to match the four per cent agriculture growth target in the 12th Plan period with the resources at its disposal. "I wish to assure that every effort will be made to match the target with available resources," he said during Question Hour in Lok Sabha.

Oppn fears repeat of 1991 as rupee touches record low

Wed, 16 May 2012 09:15:00 GMT

As the rupee touched a record low, opposition today questioned the government in the Lok Sabha on the steps being taken to tackle the situation as it feared there could be a repeat of 1991, when India saw severe balance of payments problem and even had to mortgage gold.

Rupee at record low: Austerity measures needed, says Pranab

Wed, 16 May 2012 09:02:08 GMT

As the rupee touched a record low, Opposition today questioned the govt on the steps being taken to tackle the situation as it feared that there could be a repeat of 1991, when India saw severe balance of payments problem. 'Rupee falling due to global factors, no need to panic'

France, Germany together for debt-stricken Greece

Wed, 16 May 2012 06:25:49 GMT

As Greece headed for a fresh election after the last attempt to form a government failed in Athens, new French President Francois Hollande and German chancellor Angela Merkel have voiced their support for the debt-stricken nation to remain in the euro zone.

Greece to hold new elections in June, markets tank

Tue, 15 May 2012 18:10:20 GMT

Greece is headed for another month of political paralysis ahead of new elections in mid-June, after party leaders on Tuesday failed to reach an agreement to build a coalition government.

Competition panel ropes in key business leaders

Tue, 15 May 2012 17:38:36 GMT

Competition Commission of India (CCI) has armed itself with help from industry veterans to advise the fledgling anti-trust regulator in a fast-changing environment dominated by complex deals.

Europe in deeper shade of red

Tue, 15 May 2012 16:27:56 GMT

The eurozone and Germany avoided recession in the first quarter. Italy, however, fell deeper into recession hit by heavy debt and austerity norms.

India to cut Iran oil buys by 11%

Tue, 15 May 2012 07:59:51 GMT

India said on Tuesday it would cut purchases of Iranian oil by 11% following pressure from the United States to join a drive to isolate the Islamic republic over its disputed nuclear programme.

US 'unhappy' with India's efforts to cut Iran oil buys

Tue, 15 May 2012 06:22:41 GMT

A top US energy diplomat today said he was "not too impressed" with India's efforts to cut its imports of oil from Western sanctions-hit Iran.

Rupee claws back, but market talks of 55

Tue, 15 May 2012 05:48:06 GMT

The rupee recovered somewhat on Tuesday, but talk in the market veered towards the Rs 55 to the dollar figure signalling a strong undercurrent of weakeness. HT reports. Guarding the rupee

Rs. hits historic low as rate cut hopes fade, prices shoot up

Mon, 14 May 2012 19:03:56 GMT

The rupee closed at a record low of 53.97 to a dollar on Monday — hammered by global economic concerns, rising domestic prices and fading expectations of interest rate cuts. HT reports. Big fall | Inflation climbs to 7.23% in April: Pranab

GDP growth to recover to 7.6%: CMIE

Mon, 14 May 2012 16:27:49 GMT

The real gross domestic product (GDP) is expected to recover to 7.6% in the current fiscal, on the back of an expected good monsoon and easing of supply constraints, economic think-tank CMIE forecast in its latest report.

New duty drawback scheme to be easier

Mon, 14 May 2012 16:23:10 GMT

The exporters need not worry over the new duty drawback scheme — that’s the message Central Board of Excise and Customs (CBEC) wants to give through its special ongoing clearance months from May 1 to June 30.

After 30 yrs, India exports bananas to Pakistan

Mon, 14 May 2012 15:58:20 GMT

After a gap of 30 years, India has exported fruit to Pakistan as around 15 tonnes of bananas were sent across the border by train today.

WEF to hold annual summit on its own, open office in India

Mon, 14 May 2012 15:32:18 GMT

India will host its first World Economic Forum (WEF) meeting in November this year as the Geneva-based body has decided to re-brand the annual India Economic Summit. It will also host the three-day event on its own.

Inflation hits 7.23%, growth worries loom

Mon, 14 May 2012 07:30:15 GMT

If you have been putting off a planned purchase of a house or a car waiting for interest rates to fall further, think again as rising prices will limit the room for more rate cuts. HT reports.

Karat says petrol and diesel price may be hiked this month

Sun, 13 May 2012 16:49:40 GMT

CPI(M) General secretary Prakash Karat today predicted a hike in the prices of petrol and diesel by this month end.

Power ministry seeks PMO help to resolve FSA impasse

Sun, 13 May 2012 10:04:45 GMT

With uncertainty continuing over coal supplies, the power ministry has sought the intervention of the Prime Minister's Office (PMO) to resolve the issues related to CIL's new fuel supply agreement, sources said.

Forex reserves fall by $2.187 billion

Sat, 12 May 2012 10:30:13 GMT

India's foreign exchange (forex) reserves declined by $2.187 billion to $293.17 billion for the week ended May 4, official data showed. Forex reserves had risen by $758.3 million to $295.36 billion during the previous week.

Bundesbank boss tells Hollande to leave EU fiscal pact alone

Sat, 12 May 2012 09:44:40 GMT

Bundesbank president Jens Weidmann warned French president-elect Francois Hollande on Saturday against tampering with the European Central Bank or the EU fiscal pact.

With bumper wheat crop, Punjab farmers rich by Rs 14,110 crore

Fri, 11 May 2012 14:51:57 GMT

Having achieved a record wheat crop of over 120 lakh tonnes this season, Punjab farmers have become richer by Rs.14,110 crore.

No case for stimulus, focus on project execution: Montek

Fri, 11 May 2012 10:02:07 GMT

Disappointed over poor performance of industrial production, Planning Commission deputy chairman Montek Singh Ahluwalia today said solution lies in demand generation through effective project execution and not by a stimulus.

No magic bullet to beat crisis: Germany

Thu, 10 May 2012 18:02:46 GMT

Merkel says deficit-fuelled growth will catapult eurozone back into chaos.