Politics

Current account deficit comfortable despite widening: Raghuram Rajan

Kolkata, Dec 12 (ANI): Governor of Reserve Bank of India, Raghuram Rajan said that the RBI was comfortable with the current account deficit (CAD) even after it widened in the July-September quarter. Rajan while speaking at a news conference after the central bank's board meeting in Kolkata city, said risks remain to the current account deficit even though he was not apprehensive about it. Rajan said that gold imports had increased in the country which may have resulted in the increase in the CAD. Global oil prices have fallen to a five-year low on Wednesday. Brent crude oil fell to $63.56 a barrel, the lowest since July 2009, on signs of oversupply and waning demand. Indias largest imports are crude oil and gold. Turning to the economy, Rajan said an interest rate cut won't by itself lead to higher economic growth, although he noted it would have an impact. Turning to limits on foreign investments in government bonds, Rajan said it would look at raising the limit at an appropriate time, and would look at expanding it steadily.

Dec 12, 2014

Crimean leader's 'unexpected visit' to India with Putin likely to trouble United States

New Delhi, Dec 12 (ANI): The leader of Crimea, the former Ukrainian territory annexed by Russia, visited India as a member of President Vladimir Putin's summit delegation, in a move that is already "troubling" the United States. India does not back Western sanctions against Russia, but the unofficial trip by Sergey Aksyonov could spoil the mood before Prime Minister Narendra Modi hosts US President Barack Obama for Republic Day festivities in January. Aksyonov arrived at the upscale Oberoi hotel accompanied by Russian diplomats to be greeted by Gul Kripalani, a Mumbai-based seafood merchant who wants to boost trade with Russia. Speaking to reporters after signing a memorandum of understanding to promote business, Aksyonov said his visit had "a private character" and he did not take a part in any official events.

Dec 12, 2014

Buyers throng Tibetan woollen market in Shimla with onset of winter

Shimla, Dec 12 (ANI): Buyers throng the Tibetan market of affordable winter garments in the hill town of Shimla of Himachal Pradesh as mercury dips southwards. People from all walks of life, particularly youngsters, have been rushing to this market which offers a variety of sweaters, jackets, shawls and coats at reasonable rates. Apart from the local customers, a lot of tourists from across the country are also attracted to the market for their winter shopping spree. Like every year, the exiled Tibetan community here is expecting good business during the winter season. The Tibetan community- in- exile in India is mainly dependent upon the winter garment and wool business for their survival. Most of them move to the plains during this season to have a good business.

Dec 12, 2014