The Asian Development Bank on Monday projected that Indian economy was poised to grow by 6 per cent this year, marginally better than South Asia's growth of 5.7 per cent.
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.
Bajaj Finance was the top gainer in the Sensex pack, climbing over 5 per cent, followed by Kotak Bank, SBI, PowerGrid, Axis Bank, HDFC Bank and Reliance Industries. On the other hand, HUL, Bharti Airtel, TCS, ONGC and Maruti were among the laggards.
Finance Minister Pranab Mukherjee on Friday dismissed as speculation reports that he has emerged as a front runner in the race for presidential election.
Haruhiko Kuroda, Japan's former vice-minister of finance for international affairs, has been unanimously elected president of the Asian Development Bank by its Board of Governors.
India's economy continues to be robust, but downside risks such as rising crude oil prices, adverse weather conditions, and the global banking crisis outweigh the upside potential in gross domestic product (GDP) growth in the current financial year (FY24), the finance ministry said on Tuesday in its Monthly Economic Review for March. "We reiterate that downside risks to our official forecast of 6.5 per cent for real GDP growth in FY24 dominate upside risks," the review said. "Opec's surprise production cut has seen oil prices rise in April, off their lows of low-seventies per barrel in March.
ADB's sovereign lending to India was $1.95 billion in 2012, beside $0.33 billion to the private sector and another $0.07 million in grants.
Investment guru Carl Delfeld on why he is optimistic about India.
Adani Ports, NTPC, Infosys, Hindustan Unilever, HCL Technologies and Sun Pharma were among the other big gainers. However, Larsen & Toubro, Bajaj Finance, State Bank of India, Axis Bank and HDFC Bank were amonh the major laggards.
India has managed to move a smaller share of its working-age population away from farm-related work than many of its neighbours. Bangladesh, Bhutan, Sri Lanka and Nepal managed to shift a bigger share of jobs to non-agricultural work than India, shows data from the year 2000 to 2023 the compiled from the World Bank's April South Asia Development Update report. Only Pakistan and the Maldives show a lower shift among South Asian peers.
The report said even though overseas demand will take some more time to revive, robust domestic consumption and rising investment would place the economy firmly on the growth trajectory.
Funds for capital recast of rural credit societies
Asian Development Bank on Tuesday raised India's growth forecast for the current fiscal to 8.5 per cent from 8.2 per cent but expressed concern over persistent high inflation and rising value of rupee which could undermine future economic expansion.
The society needs a proper balance between the state, market and voluntary organisations to proceed on the path of balanced development, Asian Development Bank deputy country director Sudipto Mundle said.
Asian Development Bank has agreed to lend $100 million to Jammu and Kashmir for commercialisation of agriculture and development of farm-based business, A A Zargar, the state agriculture minister, said in Jammu.
The resilience of many emerging markets, notably China and India, in the aftermath of the Lehman shock further strengthened this sense of manifest destiny.
The government needs about Rs 3.31 lakh crore (Rs 3.31 trillion) to meet its target of developing 35,000 kms of national highways over the next five years.
PGCIL planned to take a loan of about $2 billion (Rs 8,350 crore) from World Bank and $1 billion (Rs 4,150 crore) from Asian Development Bank, Power Minister Sushilkumar Shinde told Rajya Sabha in a written reply.
The Asian Development Bank (ADB) on Thursday lowered the growth forecast for India to 6.5 per cent for the current fiscal, from the earlier 7 per cent projection, on the back of subdued demand and high inflation.
ADB would clear the amount by September 2005 and loans would be sanctioned by March 2006.
Global recovery following the economic downturn is still tentative and fragile, Asian Development Bank's managing director general Rajat Nag said in Ahmedabad on Friday.
The Asian Development Bank has approved a $400 million loan to build roads in Madhya Pradesh and Chhattisgarh, the bank said in a statement in Manila on Monday.
India and China account for 64 per cent of GDP in 23 Asian countries included in a study but rank quite low when it comes to benefits percolating to their people.
Optimistic on India sustaining 7 to 8 per cent growth, Asian Development Bank on Wednesday said it might scale up assistance to $3 billion annually and is ready for another Rupee bond issue for funding private sector.
About the problems faced by manufacturing industry in the UK, Lord Paul, who recently scripted history by becoming the first Asian deputy speaker of the House of Lords, expressed hope that the Banking Bill would end the uncertainty surrounding lending terms and conditions.
While the needs of Tamil Nadu have been assessed at $ 868.3 mn, those for Andhra Pradesh, Kerala and Pondicherry have been estimated at $ 72.6 mn, $ 157.7 mn and $ 114.4 mn, respectively.
China's GDP growth this year is expected to be around 8.5 per cent, down from 9.2 per cent in 2011, as the economy slowed down due to declining exports and global downturn, the Asian Development Bank (ADB) said in its annual report.
Multilateral lending agency Asian Development Bank has revised upwards India's growth projection to 6 per cent for the current fiscal on account of rising business confidence but warned that inflationary pressure would continue.
While the economy seems to be on a firm growth path, the fight against inflation is not over yet. Shaktikanta Das seems to be in no hurry. After playing well through a five-year Test match, he doesn't want to get out hit wicket, observes Tamal Bandyopadhyay.
The rural co-operative credit sector in the country is set to get a boost with $1 billion loan from the Asian Development Bank to the centre.
The Chinese yuan has the potential to be an alternative to the US dollar and help create a multi-currency global reserve system, says an Asian Development Bank report.
The observations are a part of the recently released edition of Asia Bond Monitor, a semiannual publication, which includes a theme chapter on Indian bond market. Lee said that securitization has a long history in India but the development has been slow and limted to a few asset types.
India and Pakistan may require more than two pipeline schemes for importing gas from countries like Iran, Turkmenistan
