Economy

PM Narendra Modi raises student visa issue with Cameron

Prime Minister Narendra Modi has expressed concern over a sharp decline in the number of Indian students coming to study in the UK and problems faced by them while applying for visas during his talks with British counterpart David Cameron. “The Prime Minister raised the issue [of student visas] very strongly. The Prime Minister said that Indian student numbers in ... Read More »

PM Narendra Modi says no more retrospective taxes in India

Prime Minister Narendra Modi has said that India will no longer resort to retrospective taxation, while acknowledging that such steps were adversely affecting the mood of existing and potential investors. “There were a number of regulatory and taxation issues which were adversely impacting the sentiments of foreign investors. We have taken very decisive steps to remove a number of long ... Read More »

Rupee rises 21 paise to 66.10 on dollar sale

The rupee rallied for the second straight session by gaining 21 paise to end at 66.10 against US dollar on heavy selling of the American currency from banks and exporters, regardless of weak domestic macro-economic data and fall in equities. However, the American currency’s firming trend in overseas trade coupled with disappointing IIP numbers and rising retail inflation capped the ... Read More »

Bharatiya Mazdoor Sangh opposes FDI in defence, retail

After the Swadeshi Jagaran Manch, another ideological constituent of the Sangh Parivar is at loggerheads with theBJP-led NDA government. The Bharatiya Mazdoor Sangh (BMS) has opposed the government’s move to allow Foreign Direct Investment(FDI) in retail and defence sectors. The organisation has written to both Prime Minister Narendra Modi as well as the Finance Minister Arun Jaitley in this regard. ... Read More »

SC set to infuse transparency in judge selection

In a major step towards infusing transparency and streamlining the process of selection of judges to the higher judiciary, the Supreme Court is considering to establish a full-time secretariat of the collegium in the apex court and in each high court across the country. Till now the affairs of the collegium – comprising the Chief Justice of India, four senior ... Read More »

HDFC to raise $750 million via Masala bonds

In a first by any private sector Indian company, country’s largest mortgage lender HDFC will issue $750 million rupee-denominated bonds, also known as ‘Masala’ bonds, to overseas investors to improve financing prospects for domestic infrastructure projects. HDFC has chosen London Stock Exchange for raising this fund. “There is a renewed vigour in the India-UK relationship and HDFC is delighted to ... Read More »

September industrial output growth slows to 3.6%

Annual industrial output grew at a slower-than-expected pace of 3.6 per cent in September, dampened by a slower expansion in the mining sector, government data showed on Thursday. A survey of economists by Reuters had estimated industrial output would grow 4.7 per cent in September compared with a downwardly revised 6.3 per cent growth in August. [“source-businesstoday”] Read More »

Easing of FDI norms to support investment, GDP growth: Fitch

Liberalisation of foreign direct investment (FDI) rules in 15 sectors is a significant structural macroeconomic reform that will support investment and real GDP growth over the long term, Fitch Ratings said on Thursday. Implementation of these reforms and boosting investment is an important credit factor for India, both to bolster growth and to reduce external vulnerabilities, it said. We forecast ... Read More »

India can be next global powerhouse, barriers remain: Economist Intelligence Unit

India can be a China-like global growth powerhouse of 2020s, but it needs to address several challenges includinginfrastructure and gender gap to realise the potential, Economist Intelligence Unit has said. “India is the only country that has the potential to change the world in the 2020s in the way that China changed it in the 2000s. It will probably take ... Read More »

Fiscal deficit to reduce to 3.7% of GDP by FY18: Deutsche Bank

India’s fiscal deficit is likely to reduce to 3.7 per cent of GDP by financial year 2018 and the consolidation process would be gradual, says a Deutsche Bank report. According to the global financial services firm, in the path of fiscal consolidation, the easy part is done while the hard work is ahead. “It will be an uphill task to ... Read More »