Officials in the finance ministry are not happy with credit rating agency Fitch's revision of India's local currency outlook to negative from stable. Officials say Fitch's conclusion that the central government's fiscal deficit will rise to 4.5 per cent of gross domestic product in 2008-09, as against 2.8 per cent in the previous fiscal, is wrong.
Soon after the trust vote in Parliament on July 22, the finance ministry hopes to push through a series of non-legislative reforms, chief among them disinvestment of minority stakes in around 10 central public sector undertakings by listing them on the stock market.
The world economy has slipped into a state of stagflation, says Reddy.
In a yet another bailout that will go down well with the political class, the government has proposed one-time assistance to state government and private universities and colleges that do not get any financial assistance from the University Grants Commission, the country's higher education standards regulator, which also funds institutions.
Against the background of growing political uncertainty, the Centre is planning two Ordinances to fast-track the creation of eight new Indian Institutes of Technology and 16 central universities.
The United Progressive Alliance plans to take advantage of the exit of the Left from its governing partnership to move swiftly on next-generation reforms like 100 per cent foreign direct investment in telecom services.
For the first time, the government is considering the merits of a tariff policy to contain prices that could include allowing external agencies to import commodities and cultivating some essential crops overseas. An inter-departmental team from the ministries of finance, food and consumer affairs and commerce has been asked to work out a strategy to this effect.The finance ministry's department of economic affairs has submitted its views and a final paper is under preparation
In an earlier analysis for the period till April 26, it had been found that of the 365 items in the WPI, the index for as many as 166 items had not been revised for more than four months. The latest analysis as of June 21 shows that the index for around 55 of these 166 items has been revised. In effect, only one-third of the items have seen an index revision. During this period, headline inflation has moved from 8.27 per cent to 11.63 per cent.
The move aimed at blunting Finance Ministry, RBI's opposition to monthly reporting.
The average number of workers a business unit employs is declining for both urban and rural areas.
The Foreign Investment Promotion Board, the nodal body for approving foreign direct investment in the country, has given its nod to a proposal from Germany-based Deutsche Bank to buy a 5 per cent stake in the Delhi Stock Exchange.
The panel has also decided to increase the weight of manufactured items and the fuel group in the new index. Accordingly, the new WPI series, with a revised base year of 2004-05, will see the weight of manufactured items go up to around 65 per cent from 63.75 per cent in the present series.
Even if our findings are not to the liking of our sponsor groups, we always stand by them, Icrier Director and Chief Executive Rajiv Kumar tells Business Standard. The study took a long time to come and the perception is that the data have been 'fixed' to arrive at tailor-made conclusions that suit the government (the sponsor of the study).
A high-level committee on External Commercial Borrowings chaired by Finance Secretary D Subbarao is expected to take a final view on the matter this week. The committee comprises officials of the ministry of finance and the Reserve Bank of India. A high-level committee on External Commercial Borrowings chaired by Finance Secretary D Subbarao is expected to take a final view on the matter this week.
Setting a new benchmark for apartments in the super-luxury segment in the national capital region, a local developer is offering 7,672 square feet of super area at a basic price ranging between Rs 13,500 and Rs 14,750 per square foot (sq ft), the highest in the region. The property is attracting keen interest in the market and analysts said it indicates the market for luxury properties remains strong as ever.
This lack of regular and detailed disclosure by companies or respondents lies at the core of the problem, one that has gained ground in recent weeks.
A nation-wide housing price index may be a reality soon. The National Housing Bank, in collaboration with the National Council of Applied Economic Research, is close to finalising the methodology to be adopted for the index, named NHB Residex.
The proposal is aimed at arresting the decline in wireline services growth and spur availability of broadband internet access across the country. The move has been high on the agenda of Communications Minister A Raja for some time now.
The steel ministry has asked its finance counterpart to expedite the implementation of the measures that have been decided but not implemented yet to contain steel prices.
The Competition Commission of India, the body that is supposed to take action against any abuse of market dominance, says it is helpless. FM had accused the domestic cement and steel industry of forming cartels to exploit consumers. He also warned the industry that if they did not mend their ways, the government would not hesitate to take tough measures and break the logjam. CCI was supposed to prohibit anti-competitive agreements, abuse by dominant players and regulate M&As.
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