Competition in the cellular market, including the capital, could soon be hotting up with the Department of Telecom clearing a proposal to issue letter of intent to mobile operator Aircel in eight of the 11 circles it had applied for licences.
Global rating agency Standard & Poor's on Thursday warned Asia may see lower growth this year due to adverse impact of oil price pressure and tsunami, but said India will be an 'exception.'
Warning India of high fiscal deficit and debt burden, global rating agency Standard & Poor's said the country was unlikely to sustain high growth as was achieved by East Asian tiger economies.
International rating agency Standard & Poor's has become the majority shareholder of Indian credit rating agency Crisil Ltd with 58.5 per cent stake, after it acquired 49.07 per cent shares during its recent open offer.
The economy is projected to clock 7.4 per cent growth.
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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.
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.
International rating agency Standard & Poor's on Monday said India's rating can improve if the new government reduces fiscal deficit and continues reforms to maintain a high economic growth.
Global rating agency Standard & Poor's on Tuesday announced that it intends to become a majority shareholder in CRISIL Ltd by making a voluntary conditional open offer of Rs 680 per share.
S&P said Indian technology players will continue to grow at a slightly slower pace over the next two to three years due to technological disruptions.
Growth in India's gross domestic product for the June quarter of 2013-14, as well as for the entire 2014-15, was 4.7%.
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.
The central bank will come out with fresh set of guidelines for companies applying for on-tap bank licence
Rajapaksa informed the lawmakers of United People's Freedom Alliance that he has resigned from the post.
The new government, which will be required to boost investments and promote growth, will be presenting a regular Budget after completion of the electoral process.
The rupee had ended 13 paise higher at 60.92 against the greenback in Wednesday's trade following sustained dollar selling by exporters.
Crisil Real Estate Ratings provide city specific all-round assessment of real estate projects and help buyers benchmark and identify quality projects within their cities.
The rupee had retreated from three-week high and ended six paise down at 60.67 against the dollar on demand from importers for the US currency in Thursday's trade.
India plans to phase in cash transfers of food and kerosene subsidies from September, saving 10-15 per cent of the $21 billion in annual outlays on the benefits by eliminating fraud, a senior finance ministry official said on Thursday.
Rating agency expects current account deficit to remain at a modest 1.4% at end of FY16 and stay at similar level till 2018
Most private companies are not initiating large projects.
Global rating agency Standard & Poor's today said 2014 will continue to be a challenging year for the asset quality and profitability of the country's banks as the economy is expected to make a tepid recovery.
Gokarn was the first Indian central banker who regularised warnings to the government, through the monetary policy statement, on the need to reduce fiscal deficit.
Global rating agency Standard & Poor's said the government's decision to increase domestic gas prices is likely to benefit two major gas producers Oil and Natural Gas Corp (ONGC) and Reliance Industries Ltd (RIL).
The 30-share Sensex ended down 261 points at 28,747 and the 50-share Nifty ended down 83 points at 8,684.
The apex court had observed that the allocation was arbitrary, illegal, and resulted in unfair distribution of national wealth.
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