Economy News

RBI Fixes Reference Rate for Dollar, Euro

The Reserve Bank of India (RBI) Friday fixed the reference rate for the U.S. dollar at 51.9830 rupees and the euro at 69.1243 rupees.

Nov 28, 2011

Mumbai Fire: More Than 280 Shops Gutted

A large fire broke out, near Crawford market area in Mumbai, early on Saturday morning. Approximately 280 shops were destroyed.

Nov 26, 2011

India's New Retail Policy Will Create 10 mn Jobs: Minister

The government's approval for 51 percent foreign direct investment in the supermarket sector may have created a storm at the ongoing winter session of Parliament, but Trade Minister Anand Sharma says the new retail policy will create a number of jobs.

Nov 25, 2011

RBI's Latest Reference Rate for Dollar

The Reserve Bank of India (RBI) on Friday fixed the reference rate for the US dollar at 52.1665 rupees and the euro at 69.4263 rupees.

Nov 25, 2011

Lakshmi Mittal is Britain's Most Influential Asian for 2011

According to weekly newspaper Eastern Eye, 61-year-old Lakshmi Mittal, a Non-Resident Indian and the Chief Executive Officer (CEO) and Chairman of the Board of Directors of ArcelorMittal, is the most powerful Asian in Britain, for the year 2011.

Nov 24, 2011

AerCap Holdings to Take Back 2 Kingfisher Planes

Debt-ridden Kingfisher Airlines is set to face another problem. AerCap Holdings NV, one of the airine's lessors, is reportedly ready to re-claim two of its aircrafts.

Nov 24, 2011

Citigroup Forecasts Inflation in India to fall in March

Global financial services giant Citigroup has put the inflation rate of India at 7.7 percent, which is higher than Reserve Bank of India forecast of 7 percent.

Nov 20, 2011

Kingfisher Close to Sealing Deal; Shares Down

It is reported that Kingfisher Airlines chairman Vijay Mallya close to sealing a $370 million deal with an Indian private investor to save the airlines but its shares keep falling.

Nov 18, 2011

Indian Railways: Commodity-Wise Freight Revenue Increases by 8.90%

Indian Railways has generated Rs. 37392.88 crore of revenue earnings from commodity-wise freight traffic during April-Oct. 2011 as compared to Rs. 34337.11 crore during the corresponding period last year.

Nov 18, 2011

U.S. Airlines Trade Group Seeks to Block Loan to Air India

A trade group for U.S. airlines has sued the Export Import Bank of the United Sates over a $ 3.4-billion loan to Air India.

Nov 17, 2011

Petrol Price Cut by Rs. 2.22 a Litre

All the hue and cry over the recent petrol price hike will die down as petrol price has been cut for the first time in nearly three years by Rs. 2.22 per litre.

Nov 15, 2011

Bihar Govt's Tax Gamble Pays Off; Car Sales Up

When Indian auto industry is witnessing biggest fall in its sales in 11 years, Bihar is witnessing steep increase in car sales.

Nov 11, 2011

Petrol Price Hiked at Wrong Time?

Sensing the country's already inflated economy, people from all quarters have raised concern over the decision of the oil companies to hike petrol price.

Nov 5, 2011