In its report, 'Global Economic Outlook: December 2011', the agency said the Indian economy is likely to regain the 8 per cent economic growth trajectory only in 2013-14.
The agency said announcements by Modi and Finance Minister Arun Jaitley after government formation 'signal a strong intention to pursue reforms'.
International rating agency Fitch said on Wednesday taht it expects to see increased investor interest in the Indian steel industry with steady balance sheet correction - a major issue confronting the sector.
Fierce competition and rising capex will put pressure on most operators in 2017.
The number of telecom subscribers in India will reach a staggering 250 million by end of 2007 as the competition in the segment intensifies with aggressive expansion plans of regional and global players, according to a report.
The Reserve Bank of India has approved external commercial borrowing proposals aggregating $1.7 billion during the first quarter ended June 30, 2003, RBI executive director Usha Thorat said on Saturday.
Global rating agency Fitch said on Wednesday the credit profile of the Indian banking sector has improved in the recent years, but a great deal still needs to be done on disclosures.
Indian banks, which have strengthened their balance sheets, will trigger mergers and acquisitions to conform to stringent Basel II norms coming into effect in 2007.
The retrenchments at the company promoted by Mumbai BJP chief Mangal Prabhat Lodha come at a time when the economic growth has dipped to a six-year low of 5 per cent, which has led many to fear if the spectre of job losses across sectors awaits next.
There are various estimates of India's debt to GDP ratio, but the consensus is that that it would be over 80 per cent at the end of the current fiscal year.
Tata Motors Ltd is to develop a new platform for utility vehicle for which it will firm up the project outlay by January 2004, a senior company official said on Saturday.
'It may sound like sacrilege, but does it really matter if the global raters downgrade India for fiscal slippage?' asks Tamal Bandyopadhyay.
Foreign investments are set to gain momentum after 2014 general elections, but a 'magic' work is unlikely for the overall economy in the immediate future, says India Ratings' chief Atul Joshi.
Tata Motors was the biggest loser in the Sensex pack, tumbling 2.47 per cent, followed by Reliance Industries (2.44 per cent), Maruti (1.84 per cent), SBI (1.76 per cent) and Bajaj Finance (1.23 per cent).
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The rupee had slumped to a record low of 59.9850 rupee to the dollar on Thursday, as the country's record high current account deficit is exacerbating its vulnerability in an emerging market rout.
The Reserve Bank on Wednesday retained the GDP growth forecast at 9.5 per cent for the current fiscal but cautioned that the economic recovery is not yet strong enough to be self-sustaining and durable.
The Reserve Bank of India on Friday raised the GDP growth projection for the current fiscal to 7 per cent from 6.5 per cent earlier on buoyant domestic demand and higher capacity utilisation in the manufacturing sector. Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das, however, flagged protracted geopolitical turmoil and global economic fragmentation as risks to the growth outlook. The RBI kept interest rates unchanged at 6.5 per cent in Friday's monetary policy statement.
The global ratings agency keeps India's sovereign rating unchanged at 'BBB-' with stable outlook
East European countries have better rating than India though their economies are not as stable as the latter.
The broader NSE Nifty too slipped by 9.50 points, or 0.09 per cent, to end at 10,118.25
The downgrade threat comes in the backdrop of growth slowing to a nine-year low of 5.3% in the fourth quarter of 2011-12, high inflation
As Mumbai's real estate and electric vehicle penetration grows, two of the city's private power distribution companies, Adani Electricity and Tata Power, are eyeing a bigger business pie, particularly betting on high-value customers. Adani Electricity Mumbai (AEML), the subsidiary which houses Adani Energy Solutions' Mumbai distribution business, recorded a six per cent growth in total units sold in the financial year 2023-24 (FY24), the company's presentation shows. This gain came at over 13 per cent growth in the year-ago period.
A slowdown in hiring by India's top IT companies has resulted in a sharp increase in the industry's profit per employee in Q3FY23. The top four IT companies earned a net profit of 1.7 lakh per employee during October-December 2022, up 8.6 per cent from Rs 1.57 lakh in Q2FY23 and 16.3 per cent from a record low of Rs 1.47 lakh in Q1FY23. Earnings per employee in the third quarter were, however, still down 0.9 per cent on a year-on-year (YoY) basis.
Corporate India is starting to step up its capital expenditure plans amid government incentives and signs of rising demand, company executives and analysts have indicated. This coincides with the Reserve Bank of India (RBI) recently citing a double-digit growth in private capital expenditure. Healthy balance sheets of banks and corporates, along with increasing capacity utilisation and improving business sentiment, are contributing to a favourable environment for sustained growth in private sector investments, the RBI said in its policy last week.
But says govt finances the weakest aspect of the country's macroeconomic profile.
In its latest monetary policy report released recently, RBI had said credit growth is likely to remain modest, reflecting weak demand and risk aversion due to the disruptions caused by the coronavirus pandemic.
The Asian Development Bank (ADB) on Wednesday slashed India's GDP growth forecast for FY23 to 7 per cent from the earlier estimate of 7.2 per cent mainly on account of higher inflation and a tight monetary policy. India's economy grew 13.5 per cent year-on-year in the first quarter of 2022-23, reflecting strong growth in services, ADB said in its second supplement to Asian Development Outlook Report 2022 (ADO 2022). "However, GDP growth is revised down from ADO 2022's forecasts to 7 per cent for FY2022 (ending March 2023) and 7.2 per cent for FY2023 (ending March 2024) as price pressures are expected to adversely impact domestic consumption, and sluggish global demand and elevated oil prices will likely be a drag on net exports," ADB said.
The teaser home loan rate, the interest rate which is set artificially low for the initial period, could give a 'payment shock' to borrowers as the equated monthly installment (EMI) shot up on lenders charging regular interest rates, according to Fitch officials.
'Rhetoric and chest-thumping are running high on India's recent growth record.'
'But will the giant waves developing elsewhere allow us to sail smoothly into fair winds?' asks Debashis Basu.
India's economy grew at a two-year high of 5.7 per cent in the first quarter of this financial year, after a below-five per cent growth in 2012-13 and 2013-14.
The Sensex and the Nifty witnessed biggest one day loss in percentage terms since June 24
The official said the finance ministry will impress upon rating agencies the resolve of the government to contain fiscal deficit at 4.1 per cent this year and lower it to 3 per cent by 2016-17.
Modi said a separate rating agency would help the economies of the member countries as well as other developing nations.
Embattled Sri Lankan President Gotabaya Rajapaksa had declared a state of emergency with effect from May 6 midnight, the second time in just over a month amidst growing countrywide anti-government protests over the economic crisis.
The credit ratings business is dominated by Moody's, Standard & Poor's and Fitch
For the consumer, there would be practically no impact on prices of essential medicines this year.
The sovereign ratings outlook for India may turn negative, from stable currently, if the country's fiscal policy fails to check external shocks like crude prices or aggravates the inflation concerns, global rating agency Moody's warned on Monday.
The government is also approaching the other two major rating agencies - Moody's and Fitch - to explain its fiscal strategy, the economic situation and the outlook.
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