The government on Wednesday said the fiscal stimulus given to the industry to combat the adverse impact of the global financial meltdown will not be withdrawn before the budget.
India is in the cusp of a reverse brain drain as the country's great minds are flocking back to the resilient economy that has withstood the global meltdown, Salman Khurshid, minister of state for corporate and minority affairs, has said.
The year also saw the government allowing company bidding for a road project to hold up to 25 per cent stake in a firm bidding for another project from 5 per cent earlier.
The unemployment rate in the United Kingdom slipped to 7.8 per cent in the three months leading to May, and the number of unemployed people declined to 2.47 million during the same period.
The fiscal crisis brought about an increased burden on monetary policy and different countries met it in different ways.
Goyal's move was criticised by the Opposition saying with general election months away, the Prime Minister Narendra Modi-led government had mandate only to present a vote on account and a Budget containing direct tax proposals.
Reserve Bank of India Governor D Subbarao on Wednesday contested the idea of "making banking boring" to bring back economic stability, mooted by Nobel laureate Paul Krugman in the wake of global financial meltdown.
The Reserve Bank has entered into an agreement buy up to $10 billion (over Rs 45,000 crore) worth notes from the IMF to help the multilateral agency shore up its resources for assisting countries hit by the global financial meltdown.
The government's huge borrowing to fund the high fiscal deficit could jack up interest rates, but if used efficiently, this could boost the Indian economy, reeling under a global meltdown, according to economists.
'Only the coming years will tell whether the government finds this an easy way of relieving itself from its fiscal constraints.'
"When the economy prospers and the stock market does well, executives reap the rewards. But when markets decline, executives also suffer financial setbacks."
Finance minister Pranab Mukherjee, however, had said that stimulus measures need to continue till there is robust recovery in the developed world, which account for bulk of India's exports.
"The unemployment rate for the OECD area was 8.6 per cent in September 2009, the same as the previous month and 2.3 percentage points higher than a year earlier."
On the Rs 20,000-crore (Rs 200-billion) modernisation of Delhi and Mumbai airports, the survey said work is in progress, adding that while the Delhi Airport project is likely to be completed by 2010, work at Mumbai airport will be over by 2012.
On a short trip in Mumbai for a board meeting, Nick Thomlinson, chairman of Knight Frank, the global residential and commercial property consultancy, shares his insights and forecasts with Byravee Iyer.
The interest subvention on pre-shipment credit for seven sectors, including handlooms, handicrafts, carpets, leather, gems and jewellery, marine products will now be available till March 31, 2010. "Our exporters by virtue of their close links to the external sector have borne the brunt of the global economic crisis. It is appropriate that we continue to provide them all possible assistance to them overcome the short term disadvantages," Finance Minister Pranab Mukherjee said
The government should cut customs duties and streamline export promotion schemes and pay special attention to infrastructure to overcome the contracting exports on account of recession in India's major trading partners, the Economic Survey said.
SST remains as a turnover tax (whether profit or loss) and not tax on income. Day traders and arbitrageurs, who generally trade on thin margins, are affected the most as STT raise their transaction cost. Any further hike in SST could prove negative and damper market sentiments. Removal or reduction in STT will pep up the stock market. Asset pricing is also likely to go up with reduction in transaction cost.
Seeks removal of commodity transaction tax, which was never notified amidst strong protests, reduction in securities transaction tax to cut transaction cost and boost volumes.
India will make a strong pitch for new initiatives with ASEAN countries to collectively respond to challenges thrown up by the global economic meltdown and climate change during the two day India-ASEAN and East Asia Summits beginning in Thailand tomorrow.
Growing fiscal deficit as a result of governments' efforts to prop up their respective economies has the potential to undermine the autonomy of central banks, whose credibility has already been dented due to the financial meltdown, RBI Governor D Subbarao said on Friday.
RIL has been ranked in the 11th position ahead of global biggies like Jacobs Engineering, World Fuel Services, ABB, Amazon.com and America Movil.
US President Barack Obama has released his plan to reform Wall Street. A look...
This is below the projections by the analysts who saw an over 5 per cent jump in the GDP.
The micro engineering industries in Tamil Nadu have been affected by the ongoing global economic meltdown.
To kick start the sagging economy, the US administration has come up with many initiatives including stimulus packages, bailouts for ailing banks and funding programmes for the auto sector, among others.
The ability to take on work beyond what is built into your job is the best way to survive recessionary times.
New government controls across a wide swath of industries are on the way
The Reserve Bank on Tuesday said the soft monetary policy adopted by it to counter the impact of the global financial meltdown on the country will continue till the economic recovery is secured.
Among the 18 states and Union Territories of which data is available, Bihar recorded the highest State Gross Domestic Product (SGDP) in a year when the global financial meltdown pulled down country's economic growth rate to 6.7 per cent from 9 per cent.
Led by state-owned LIC, new business for the life insurance industry recorded a growth of 25 per cent during 2009-10, overcoming the decline witnessed a year ago on account of the global financial meltdown.
An assest management company invests its clients' pooled fund into securities that match its declared financial objectives. Asset management companies provide investors with more diversification and investing options than they would have by themselves.
The revival has been such that denim players are experiencing a tsunami of orders. Arvind Limited, India's largest denim producer based in Ahmedabad, has its hands full with export orders. The firm has a denim production capacity of 75 lakh (7.5 million) metres a month.
The Australian government is set to amend the immigration procedures that will also fast-track approvals for skilled migrants during critical demand in the country, media reports said.
In view of current global crisis, the Malaysian government may not allow electronics and electrical sectors to hire foreign workers, including Indians.
Though the impact of the global meltdown would not be 'drastic' on India's economy, its recovery would be 'stretched', with the slowdown of FDI inflow, he said, delivering the Fedbank Hormis lecture on 'The Global Financial crisis and India's incomplete transformation' in Kochi on Tuesday, organised by Federal Bank. He said the fundamentals of the Indian economy were strong, value of exports was only 13 per cent of GDP.
To repay the amount, the company would sell common stocks worth $10.4 billion and also raise $1.35 billion through its issuance to some employees instead of cash as part of their compensation this year, among others.
Mahendra Singh Dhoni and his 'Dad's Army' moved to within one win of a third IPL title.
A gush of Federal money helped in avoiding an economic meltdown.
Promising the best and affordable education under a safe environment and a relativey easy permanent residency, Kiwiland is an inviting study destination.
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