Economy News

Grameen Koota Raises ₹250 Million Through NCDs

Grameen Financial Services Private Limited (GFSPL), a microfinance institution (MFI) headquartered in Bangalore, has raised debt funds to the tune of ₹250,000,000 from Social Investments AG via secured, redeemable, non-convertible debentures (NCDs).

Jun 26, 2012

Air India Pilots Launch Hunger Strike; Demand to Reinstate Sacked Pilots

Eleven Air India pilots have launched an indefinite hunger strike, demanding to reinstate the 101 pilots sacked by the management.

Jun 24, 2012

Fitch Rates India's Outlook to Negative; Finance Minister Says Positive Economic Trends Ignored

Fitch Ratings on Monday changed its outlook on India's credit to negative from stable.

Jun 19, 2012

Sensex Down By 200 Points Amid RBI Keeping Repo Rate Unchanged

Monday morning trade session saw the BSE benchmark dropping by nearly 200 points after the Reserve Bank of India conceded on keeping the same interest rates as announced in the in the mid-term monetary policy review.

Jun 18, 2012

Petrol Price Rollback By ₹2 On the Cards

State-owned oil companies may decide a cut in petrol prices by INR 2 following a review on fuel prices scheduled on Friday.

Jun 15, 2012

Diesel Cars May Turn Costlier, Special Tax of ₹255,000 On Cards

Oil Minister S Jaipal Reddy recommended a hike in excise duty to be imposed on diesel-based vehicles. The proposed levies, it is said, will be as steep as INR 255,000 for sedans and sports or multi utility vehicles, while smaller vehicles will be slapped with an excise tax of INR 170,000.

Jun 13, 2012

Indian Economy To Grow at 6.9% For 2012: World Bank

The Indian economy is set to grow 6.9 percent in the current financial year as projected by the World Bank on Wednesday.

Jun 13, 2012

India, Canada Sign MoU on Road Transportation and Infrastructure Development

India and Canada have signed a Memorandum of Understanding (MoU) on Infrastructure Development, Operation & Maintenance of Roads during the visit of Dr. C.P. Joshi, the Union Minister for Road Transport and Highways, to Canada.

Jun 12, 2012

India Invites Brazil to Invest in Infrastructure Sector and Joint Production of Essential Drugs

India's Minister of Commerce, Anand Sharma, invited Brazilian investment in the recently launched National Infrastructure and Manufacturing Special Economic Zone (SEZ) as well as in the food processing industries at a meeting with the Brazilian Minister of Development, Industry and Foreign Trade, Fernando Pimentel, in Brasilia on June 11.

Jun 12, 2012

Pranab Mukherjee Dimisses S&P's Warning; Assures Strong Turnaround in Economic Growth

India's Finance Minister Pranab Mukherjee on Monday voiced assurance that the government is working towards a turnaround in the sputtering GDP growth, following a warning that that the nation may lose its investment-grade status as an economic powerhouse.

Jun 12, 2012

India's Economic Growth Will Slowdown to 6.7%, says United Nations

India's growth story sees no sign of significant revival, with the United Nations on Thursday forecasting the nation's economic growth at 6.7 percent for 2012.

Jun 8, 2012

India Ranks Third in World Realty Price Rise; Global House Price Index Stung By Europe Woes

India has bagged third position among 53 countries where realty prices are high, with the nation witnessing a 12 percent surge in property prices during the first quarter of the year

Jun 6, 2012

Petrol Prices Slashed by Rs 2.02, Another Reduction Likely in Delhi Soon

Petrol prices have been slashed by Rs 2.02 with effect from Saturday midnight following a fall in international crude prices, according to oil companies and government officials.

Jun 3, 2012

Petrol Price Rollback: Oil Retailers to Cut Petrol Price by Rs 2 Per Litre

State oil retailers - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp have agreed to rollback petrol price by Rs 2 per litre following public outcry over its decision to hike petrol price.

Jun 2, 2012

India Adopts Austerity Plan; Analysts Say Measures Won't Impact Unproductive Expenditures

Prompted by the growing fiscal deficit, the Indian government on Thursday announced several austerity measures in an attempt to curtail unproductive expenditures for the current fiscal.

Jun 1, 2012