The meeting comes days after the finance minister told Parliament that he would discuss the possibility of further fiscal and monetary measures to revive economic growth, which is projected to fall to 7.1 per cent this year, as against 9 per cent or more in the last three years. The Central Statistical Organisation is due to release the third-quarter gross domestic product estimates by the end of the week. RBI is expected to announce more measures after the data is released.
Europe may continue to reel from the shock of the global financial crisis, but even in these depressed circumstances Information Technology-related outsourcing remains surprisingly buoyant to the benefit of Indian firms like Tata Consultancy Services.
On her first overseas trip as the top US diplomat, Secretary of State Hillary R Clinton would embark on a week-long visit to China, Japan, South Korea and Indonesia later in February.
He asked the CMs to give priority to income-generating schemes like housing and tone up implementation of ongoing programmes to enable them to spend the originally allocated funds and the additional allocation of Rs 20,000 crore. He referred specifically to the Pradhan Mantri Gram Sadak Yojana, National Urban Renewal Mission, National Rural Employment Guarantee Scheme, Indira Awas Yojana, Acceleration Irrigation Benefit Programme and National Social Assistance Programme.
As Indian exporters feel the heat of recession, let's take a look at where India stands as far its top trading partners are concerned.
We started with a series on how some of the top banks in India performed during the Year 2009 and how they are positioned for the coming year. Next in the series in HDFC Bank.
We bring you a series on how some of the top banks in India performed in the Year 2009 and how they are positioned for the coming year.
Addressing the plenary session, Dr Singh also warned that there could be a period of prolonged stagflation if the aftermath of the global financial crisis was not carefully managed.
Kawasaki have pulled out of motorcycling's MotoGP world championship as part of the company's efforts to cut spending amid the global financial crisis. Kawasaki Heavy Industries Ltd on Friday became Japan's latest motorsport casualty after a trio of the country's carmakers announced similar plans last month.
Overall year 2009 has been a year of appreciation for the investors. General economic conditions, corporate earnings and foreign capital markets have all shown sign of major recoveries.
The Economic Survey, to be tabled in Parliament on Thursday, is likely to provide an assessment of the impact of the global financial meltdown on the Indian economy and outline the strategy to spur growth and contain the mounting fiscal deficit.
The feedback gathered from industry shows that while during the first half of current fiscal (April-Sept 2008) there was moderation in the growth of several segments of the services sector, from October 2008 onwards a marked deterioration in performance was seen in many areas. The survey is based on the interaction with over 250 representatives of various service-related industry associations, organisations, and companies in both the private and public sector.
Nandan Nilekani is stepping down to take up a bigger cause -- heading a government project to provide a unique identity to each of India's citizens. S Gopalakrishnan, the CEO and MD of Infosys and a co-founder of the company, tells Bibhu Ranjan Mishra what Nilekani's exit means for the company.
The impact of the sell-off on local equity markets was widespread among developing countries, but some were hurt more than others. Russia emerged as the worst performer among the four BRIC nations and saw the highest 72.5 per cent decline in local currency terms during last year.
Permitting realty firms to tap ECBs, relaxing borrowing norms for non-banking finance companies, increasing the ECB limit 50 per cent to $750 million under the automatic route (that is, without central bank permission) and raising the price ceiling at which overseas loans can be raised are among proposals the committee is considering. For realty, the committee may relax norms only for integrated township projects, said a top finance ministry official.
Given the fact that industrial growth, as measured by the Index of Industrial Production, turned negative provisionally almost for each month after Lehman Brothers collapsed in September last year, even this 1.4 per cent rise in industrial production could be seen as early signs of recovery. The biggest surprise was electricity generation which grew by 7.1 per cent in April against 1.4 per cent a year ago.
The global financial crisis can be turned into a great opportunity for growth in India and China if the two Asian giants join hands to collaborate in five key sectors such as gems and jewellery, says a Ficci-KPMG report.
The media started talking of a world dominated not by G-7, but by G-2 consisting of the US and China.
Ahead of the much-talked about stimulus package to be announced this weekend, RBI governor D Subbarao said on Thursday the central bank will ensure continuous flow of credit to all productive sectors. Noting that a period of painful adjustment is inevitable, he said, "We hope that all the economic agents will plan their business activities on the basis of this assurance (comfortable liquidity flow will be maintained)."
The Planning Commission has mooted an idea to expand funding from the Reserve Bank of India to the India Infrastructure Finance Company Ltd, so that infrastructure projects can access finance at lower cost from the government-owned IIFCL.
"I feel governments still see bull markets as good, and bear markets as bad but excessive bull markets create bear markets, and only timely intervention can help overcome the crisis," says R Subramanian, managing director, Subhiksha, one of the largest retail chains in India.
He said it is evident that the crisis has touched all segments of the economy and the society and that it 'could assume the proportions of an economic emergency unless it is handled with determination, clarity of thought and creative new approaches'.
Asian financial institutions have remained relatively unaffected by the global financial crisis, with their write-downs constituting just six per cent of the worldwide credit losses, estimated to be $300 billion so far, a latest report said.According to rating agency Crisil, most Asian financial institutions and global institutions with dominant exposure in Asia have remained relatively unscathed as they were shielded by their asset mix.
Prime Minister Manmohan Singh today reviewed measures taken by the government to ease the liquidity crunch faced by India Inc arising out of the global financial crisis as well as discussed possible measures to help Indian exporters tide over the downturn in key markets like the US and Europe.
Industrial growth, as measured by the index of industrial production, however, was slightly lower than around 16 per cent of the previous month and 17.6 per cent in December.
Here are five top destinations offering luxury accommodation on a budget.
At its monetary review on Tuesday, the RBI raised the statutory liquidity ratio by 1 percentage point to 25 per cent and discontinued the special repo facility for banks to provide liquidity to mutual funds and others.
With endowment values and charitable gifts likely to decline, the process of setting next year's tuition fee low enough to keep students coming, but high enough to support operations, is trickier than ever, a media report said on Saturday. Dozens of college presidents, especially of wealthy institutions, have sent letters and e-mail to students and their families describing their financial situation and belt-tightening plans, the New York Times said.
According to leading global consulting firm Watson Wyatt, more than a third (34 per cent) of directors said their companies had already reduced salary, target bonus and/or long-term incentive award levels, while, six per cent plan to make those changes in the next six months and another 48 per cent are considering making them.
While European cities dominated the top ranks in Mercer's 2009 Quality of Living survey, no Indian or Chinese cities featured in the list of top 50.
If India counts itself as a 'great power', it will have to play a role in framing and enforcing new global rules, says T N Ninan.
With the global financial crisis hurting more companies in developed countries, Indian insurance firms have hiked premium rates by 25-30 per cent for export credit insurance covers and have imposed a host of restrictions such as maximum liability and credit limit in case of single buyers.
In the last five years, price increases of global commodities, especially those of oil, metal and food, budget deficits widened and trade balances worsened. With this, the growth softened and inflation reached double digits.
Industry production grew by 10.4 per cent in August against a mere 1.7 per cent in the same month a year ago, as manufacturing, mining and electricity sectors recorded double digit growth.
Asian sports bosses remain confident they can ride out the global financial crisis despite conceding the region is not immune and they will have to start tightening their belts. Leading officials from soccer, cricket, golf, rugby and the Olympics are already bracing themselves for the possible flow-on effects of the global financial meltdown.
The government is discussing a number of policy measures to insulate India from the impact of the global financial crisis including further banking reform, industrial de-control, auctioning all loss-making public sector units, foreign investment in retail, amending labour laws and notifying important pending legislation like the Delhi Rent Control Act.
Major realty firms, including Emaar MGF and Sahara, on Tuesday approached market regulator Sebi for public offerings to raise collectively an over Rs 11,000 crore (Rs 110 billion), reflecting that sector has emerged from the worst of the global financial crisis.
With the global financial crisis affecting Indians in the Gulf region, Vice President Hamid Ansari has said the Indian government was mulling steps to ensure the welfare of expatriates reeling under the meltdown.
India's fiscal deficit soared by 34 per cent to Rs 3.5 lakh crore in the first ten months of the financial year against Rs 2.62 lakh crore a year ago, mainly on account of the stimulus measures taken by the government to prop up the economy hit by the global financial crisis.
CPI (M) General Secretary Prakash Karat called all 'non-Left' parties to resist Union Finance Minister P Chidambaram's financial sector reforms plans. In a recent article in People's Democracy, Karat wrote, 'After the burst of the real estate bubble and the financial crisis in the United States, one would have expected this ardent advocate of financial sector reforms to rethink. But that has not happened.'
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