IndusInd Bank was the top loser in the Sensex pack, plummeting over 23 per cent. PowerGrid, Kotak Bank, Bajaj Finance, HDFC Bank and NTPC also finished significantly lower. ONGC and ITC were the only stocks in the index that ended with gains. US President Donald Trump has proposed an economic package which could approach $1 trillion, a rescue initiative not seen since the great recession of 2008.
Asian Development Bank is working on a grand plan to link Kabul with Bangkok and Hanoi through India as a part of its goal to link Asia.
With the world's worst outbreak of COVID pandemic stalling a nascent economic recovery, the government has begun assessing the impact of the second wave of infections on different sectors and may look at providing support at an appropriate time to segments requiring fiscal help. Some of the economic indicators, including the Goods and Services Tax (GST) collections, still provide confidence and incoming data will throw some more light on the state of the economy, sources said. Services sectors like hospitality, tourism and aviation which had just started recovering were hit hard by the second wave of COVID, the sources said, adding these segments might need some support on an urgent basis from the government.
The Asian Development Bank said on Thursday it raised its 2002 growth forecast for the region's economies to 5.6 per cent, but trimmed its estimate for next year to the same rate as an export boom would tail off.
These clauses deal with penalties, licences, registration and National Transport Policy, among others.
The global agency said there are "serious deficiencies" on the part of the country in checking terror-financing and it lacks an effective system to deal with it.
North Block is concerned that when India is trying to attract more investment, putting up restrictions on audit firms could create an avoidable bad advertisement.
An interview with Hiroshi Watanabe, president and chief executive of the Japan Bank for International Cooperation.
Brokers said investor sentiment turned choppy on selling by foreign institutional investors ahead of the September month derivatives expiry on Thursday.
"The FATF plenary decided continuation of Pakistan in 'Grey List' till its next meeting to be held in October," an official privy to the development told PTI.
The present financial crisis in Europe and other countries is affecting Asian economies not just through trade or slower Asian exports, but through financial channels and can be compared to the Lehman shock of 2008.
Venu Rajamony, a career diplomat, has been appointed as press secretary to President Pranab Mukherjee.
Venu Rajamony, a career diplomat, has been appointed as press secretary to President Pranab Mukherjee.
The new Bill proposes to raise the FDI to 49 per cent from the current 26 per cent.
The overall inflation in March fell to 5.96 per cent, much below Reserve Bank of India estimate.
The Paris-based global watchdog for curbing terror financing and money laundering will hold its virtual plenary session from October 21 to 23. It will review Pakistan's progress on the 27-point action plan.
It expects Indian economy to grow by 6 per cent in 2013-14.
Offering "huge scope" for foreign investments, Finance Minister Pranab Mukherjee on Friday said India needs about $1 trillion in next five years for infrastructure development, half of which has to come from the private sector.
With almost $ 1.815 billion out of the fund's bucket for the bridge, the fate of Bangladesh's most important bridge has now become uncertain.
'This is happening regardless of the Budget.'
Amid growing fears of another global recession looming large, President Pratibha Patil today exuded confidence that India with its "strong fundamentals and resilience" will continue to grow economically.
India has been maintaining that Pakistan extends regular support to terror groups like Lashkar-e-Taiba, Jaish-e-Mohammad and Hizbul Mujahideen, whose prime target is India, and has urged FATF to take action against Islamabad.
Recalling the steps taken by the government to deal with the issue, Mukherjee said, "Our efforts to tackle this menace have been increasing (and) we are committed to the goal of achieving zero tolerance against corruption."
European Investment Bank has expressed interest in financing solar park projects in India, the Asian Development Bank senior investment specialist Don Purka said on Thursday.
Modi knew in his heart that India does not have the financial muscle to support the new bank with offers of co-financing international projects, something China can do from the bank's base in Shanghai. If established in Mumbai, it may have employed a few Indian bankers and satisfied the national ego but there was little financial value to be drawn from it.
Titled as 'Global Food Price Inflation and Developing Asia', the report claimed that a 10 per cent rise in domestic food prices could push 64 million Asians to subsist below the poverty line level of $1.25 a day.
A dossier will be given to the FATF, an international terror financing watchdog.
"As our region returns to the trend, exit strategies for fiscal stimulus must be carefully timed. If left too long, deficits will be unsustainable; if withdrawan too soon, the region's recovery could be derailed."
Fitch Ratings director Thomas Rookmaaker said India's debt-to-GDP ratio is likely to rise to 76 per cent from 70 per cent currently due to wider fiscal deficit and low economic growth.
Seeking to wriggle out of the FATF's grey list, Pakistan has imposed tough financial sanctions on 88 banned terror groups and their leaders, including Hafiz Saeed, Masood Azhar and Dawood Ibrahim, by ordering the seizure of all of their properties and freezing of bank accounts, a media report said.
Enhancing the capacity of rolling stock including gauge conversion, doubling and laying new lines, acquisition of new coaches and wagons are some of the priorities the new ministry is expected to pursue. Keeping the terror threat perception in mind, the upgradation of security system at railway stations in major cities will be a focus area for the new government.
Overseas Indian workers are located in two regions -- the Middle East and developed countries such as the US, UK and Canada, ADB said. Those in the Middle East are mostly unskilled labour employed in construction and oil-related services while overseas Indians in the developed countries include skilled labour in the banking and information technology industry. 'Consequently, it is almost inevitable that remittances will decline,' the report said.
India, the bank's second biggest shareholder after China, is looking to borrow from the AIIB.
The Indian equity market has emerged as third biggest after China and Hong Kong in the emerging Asian region, with a market capitalisation of nearly $600 billion, a latest ADB report says.
On the eve of boundary talks, Minister of State for External Affairs Shashi Tharoor on Thursday said China has no "locus standi" on a key irrigation project in Arunachal Pradesh which it is opposing as the state is integral part of India.
Most forecasts do not have a track record of transparency and accuracy
For any long-term term investor, it is always advisable to have well-diversified large-cap funds as core holdings in your portfolio.
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