The government may soon give the green light to bilateral trade between Russia and India in their national currencies to avoid any trade disruptions, multiple people aware of the matter said. While the Department of Commerce has recommended the proposal, an announcement is likely to be made by the finance ministry after further deliberations between the Department of Economic Affairs and Department of Financial Services. "The finance ministry will take a call on how to peg the two currencies," a senior government official told Business Standard. In the past, the two nations have had rupee-rouble trade, and when such an arrangement is implemented again, it will bypass the sanctions imposed on Russia by the West.
'In auction economics, it is very difficult to retain everybody. We were aware of it...we will lose somebody. We will also get somebody in their place. Now, we have to get the best out of what we have.'
The Indian economy is likely to record a 7.4 per cent growth rate in the fourth quarter of fiscal 2009 as well as in the entire fiscal, a report by an economic think-tank on the economy, said.
The deal size and project completion deadline were not disclosed in the announcement, but people in the know have pegged the deal at over Rs 6,000 crore, reports Aneesh Phadnis.
The agreement provides for reinstatement of 64 dismissed permanent workers by MSI, which will also take back 1,200 casual workers.
The agency had in May projected an economic growth between 7.7 and 8 per cent for this fiscal and Monday's revision comes within a week of rival Fitch Ratings, and Citigroup revising the same to 7.5 per cent from 7.7.
Ben Stokes claimed a wicket for England in the first session of the third cricket test at the Wanderers on Thursday, but South Africa dealt with the early swing from the bowlers and advanced to 73 for one at lunch. South African wicketkeeper Dane Vilas was forced to make a desperate dash to the ground, including a police escort from the airport, after being called up as a late replacement for the injured Quinton de Kock. Stiaan van Zyl was the only wicket to fall for South Africa as he top-edged an attempted pull straight up in the air and was caught by wicketkeeper Jonny Bairstow off Stokes' bowing for 21.
Disney Star won the coveted IPL Indian sub-continent TV rights for a whopping Rs 23,575 crore, while Viacom18 grabbed the digital rights with a bid of Rs 20,500 crore at the media rights auction on Monday.
The dairy major is transforming into a full-fledged F&B and fast moving consumer goods (FMCG) player, reports Vinay Umarji.
An analysis of WHO data shows that most of the countries with an older cohort of population and higher in the development index had a lower excess mortality rate than India.
The 19-year-old Bhaker, ranked No. 2, was pegged back by a technical glitch involving her gun after an impressive start saw her take one of the places in the top eight.
Although risks from advanced economies have eased and growth is firming, despite ongoing contraction in the Euro Area, the pick-up in developing countries will be modest because of capacity constraints in several middle income countries.
In his Budget speech, Finance Minister Pranab Mukherjee had pegged economic growth for 2011-12 at 9 per cent.
State fuel retailers had lost Rs 161,029 crore (Rs 1,610.29 billion) in revenues on selling diesel, domestic LPG and kerosene at government controlled rates which are way below market price.
Australia, on their first tour of Pakistan in 24 years, finished day three 205 behind but scored freely after resuming on five for no loss.
Of the 2,562 customer complaints received between January 2020 and March 2021, a majority relate to illegal apps. At least two dozen suicide cases have been reported, perpetrated by the harassment by loan app operators, points out Tamal Bandyopadhyay.
Warne finished his career with 708 wickets in 145 Tests
ONGC has been making an annual loss of about Rs 700 crore (Rs 7 billion) on sale of gas at administered prices and hoped the government will soon decide on hiking the fuel price. the present price of Rs 3.2 per cubic meters that ONGC gets for gas produced from fields given to it on nomination basis, was not sustainable. Price of about 80% of gas produced by ONGC is regulated by the Govt. PetroMin had recommended 16% increase in price of gas produced by ONGC and Oil India.
Maharashtra's economic survey for 2002-03 says the state's economy was expected to grow at a lower rate of four per cent as against 6.8 per cent in the previous fiscal.
Economic growth rate had slipped to decade's low of 5 per cent in 2012-13 mainly on account of the impact of the global financial woes.
Revising India's GDP upwards by 0.3 per cent to 6.3 per cent in 2015, Asian Development Bank (ADB) has said the economy shows a new promise of turnaround after the election brought a stable government in May.
A head of its meeting, the Reserve Bank of India (RBI) can take some solace from the softening food commodity prices. However, the events surrounding the last few weeks show that the fall may not be uniform across all commodities, and cereals like wheat and rice could be the outliers. A Reuters report said that local wheat prices jumped to a record Rs 23,547 per tonne on Wednesday. That is a 12 per cent rise from the recent lows that followed the government's surprise ban on exports on May 14.
With the Adani and Jindal groups and Mukesh Ambani-owned Reliance Industries joining the race to buy Videocon Industries' (VIL's) assets, lenders are expecting aggressive bids for VIL's consumer durables and overseas oil assets, which are to be sold in separate auctions. The entire asset sale exercise is expected to be completed in the next six months, said a banker. A promoter entity of Naveen Jindal-owned Jindal Steel and Power has also evinced interest in the second round of bids for VIL's consumer durable business. The deadline to submit bids for VIL's assets ended on February 2.
Liverpool survived a first-half scare to reach the Champions League final with a 3-2 win at Villarreal on Tuesday that secured a 5-2 aggregate victory after the night had threatened to turn sour for Juergen Klopp's side.
Pakistan rode on a stroke-filled 81 by one-down Muhammad Shehzad and a late cameo by Ahmad Khan
Official data released on Friday said the GDP is estimated to have grown by 5.7 per cent for the April-June period, as against a 4.6 per cent growth notched for the same period year ago.
Images from Day 2 in the fifth Test between Australia and England, in Hobart, on Saturday.
The figure was arrived based on a comparison with the annual all-India CPI index average for the whole of 2010.
Indian economy grew 7.9 per cent in the March quarter.
"Lalu Prasad has been sentenced to 5 years imprisonment while a penalty of Rs 60 lakh has also been imposed on him. Apart from Prasad, five years imprisonment each was announced by the Court for five convicts, four years each for 32 convicts and three years each for three convicts," CBI counsel B M P Singh told PTI.
In a bull-case scenario it sees the Sensex at 61,000 levels, while it's bear case scenario pegs the Sensex at 41,000 levels by December 2021.
Finance Minister Nirmala Sitharaman will kick start the customary pre-Budget consultation exercise with stakeholders from Wednesday by holding the first such meeting with experts of agriculture and agro-processing industry. She will be seeking inputs from various stakeholders, including industry bodies, farmer organisations and economists for reviving consumption and boosting growth hit by the COVID-19 pandemic. The growth this year is expected to be in the double-digit during the current fiscal.
He, however, admitted that there are challenges to recording such a high economic growth.
IMAGES from the IPL 2022 game between Gujarat Titans and Chennai Super Kings in Mumbai on Sunday.
There is widening gap between what the government's premier retirement fund makes on its investments and what it offers to employees. The Employees' Provident Fund Organisation (EPFO) makes the bulk of its investments in government-related securities. In other words, it lends to central and state governments and related entities. The interest it gets from these instruments is largely what it uses to pay interest to its subscribers.
While presenting the Union Budget to Parliament earlier this month, Finance Minister Nirmalal Sitharaman had raised fiscal deficit target to 3.8 per cent of the GDP from 3.3 per cent pegged earlier for 2019-20 due to revenue shortage.
Fitch Ratings on Monday cautioned that the Indian government has little fiscal headroom at its disposal to respond to possible shocks to growth given the country's lowest investment grade credit rating with a negative outlook. "India's public debt/GDP ratio, at about 87 per cent in FY21, is well above the median of around 60% for 'BBB' rated sovereigns. "We revised the Outlook on India's rating to Negative, from Stable, in June 2020, partly owing to our assumptions about the impact of the pandemic on public finance metrics. "The government has little fiscal headroom at its current rating level to respond to possible shocks to growth," it said in a report.
Sandwiched between demonetisation, GST and other smaller policy changes, Gross Value Added or GVA may be a more reliable measure of economic activity over the next few quarters.
Just a few weeks ago, Communications Minister Ashwini Vaishnaw did some tough talking with the senior managers of Bharat Sanchar Nigam Ltd, the ailing state-owned telecom service provider. The message was clear: They had to perform, quit by taking the voluntary retirement package or be compulsorily retired from service. The terse message from an otherwise polite and soft-spoken minister came just days after he announced a second and bigger package of Rs 1.64 trillion as part of a four-year turnaround plan for BSNL.
India will face the winners between Bangladesh and Sri Lanka, who play in the last group league encounter.
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