Moneycontrol Economy News

Unpopular austerity measures on anvil: Pranab

Wed, 16 May 2012 20:56:18 +0530

Citing deteriorating global economic situation and its impact on India, a worried government today announced that it would resort to "unpopular" austerity measures to deal with fiscal problems.

Control trade deficit, says Federal Bank ED on Re slide

Wed, 16 May 2012 19:58:06 +0530

The only benefit of a falling rupee goes to exporters. However, we are a net importing country. Our trade deficit is huge. This is the most important thing to check rupee fall, said Abraham Chacko, Executive Director, Federal Bank on the sidelines of a press conference held here in Mumbai.

Unpopular austerity measures on way, say Pranab

Wed, 16 May 2012 18:56:13 +0530

Worried over deteriorating global economic situation and its impact on India, the government today announced that it would resort to "unpopular" austerity measures to deal with fiscal problems but made it clear there is no pressing of "panic button".

Yet to work out details of austerity plan: Pranab Mukherjee

Wed, 16 May 2012 16:22:02 +0530

Finance Minister Pranab Mukherjee said on Wednesday his comments in parliament on planned austerity measures were a general statement and that the details of such measures were yet to be worked out.

Govt to make efforts to match 4% agri growth target: PM

Wed, 16 May 2012 15:26:13 +0530

Prime Minister Manmohan Singh today assured the Lok Sabha that government will make all efforts to match the 4% agriculture growth target in the 12th Plan period with the resources at its disposal.

To issue austerity measures to improve fiscal health: FM

Wed, 16 May 2012 15:02:12 +0530

India will issue some austerity measures to aid the fiscal consolidation process, Finance Minister Pranab Mukherjee said. Addressing the Parliament, he assured that the government has taken steps to boost growth. He is confident that India growth is intact and it is only the Greek crisis that is pulling the domestic market down.

Burgeoning inflation to continue in H1FY13: Experts

Wed, 16 May 2012 12:38:32 +0530

The inflation numbers for the month of April were fairly ugly. Within the inflation basket, the food inflation and the vegetation inflation number in particular was 60% higher year-on-year and about 25% higher month on month.

PMEAC to submit report to tackle inflation on May 22

Tue, 15 May 2012 22:33:53 +0530

Saumitra Chaudhuri, member, Prime Minister's Economic Advisory Council (PMEAC) speaks to CNBC-TV18 about the initiatives to tackle inflation with the states’ help being listed in a report that will be submitted on May 22

FAI urges govt to introduce NBS pricing model for urea

Tue, 15 May 2012 21:30:01 +0530

Satish Chander, director general of Fertilizer Association of India (FAI), says that till now there is no decision to increase the price of urea, there are only proposals which are under consideration. He also says that the total subsidy stands at Rs 80,000 crore.

Plan to introduce DTC Bill in next Parliament session: FM

Tue, 15 May 2012 14:08:30 +0530

The Direct Taxes Code (DTC) Bill will be introduced in the next Parliamentary session where it will be scrutinized and examined, said Finance Minister Pranab Mukherjee.

'2012 end of toxic low growth high inflation combination'

Tue, 15 May 2012 11:29:36 +0530

Tamiur Baig of Deutsche Bank tells CNBC-TV18 that the dangerous combination of low growth and high inflation will not last past 2012.

RBI cut rates in April overruling majority

Tue, 15 May 2012 07:58:07 +0530

The Reserve Bank of India's Governor Duvvuri Subarao cut the key interest rate by an unexpectedly sharp 50 basis point in April, though a majority of the external members of an advisory committee suggested rates be held steady, minutes released by the central bank showed on Monday.

5 reasons why vegetable prices jumped in April

Mon, 14 May 2012 15:09:53 +0530

Inflation moved up to 7.23% in April due to rise in prices of vegetables, meat, milk and pulses, although onion and fruits showed a declining trend Inflation inched up to 7.23%, much higher than 6.89% in March.

Scope for rate action from RBI narrow: C Rangarajan

Mon, 14 May 2012 14:51:04 +0530

Due to the unexpectedly high inflation number for March, C Rangarajan believes that the scope for action on the part of the Reserve Bank is narrow.

India to take steps to contain food inflation: FM

Mon, 14 May 2012 14:16:09 +0530

The government plans to take appropriate measures to contain food inflation, Finance Minister Pranab Mukherjee told reporters on Monday.