Economy

Low oil prices favoured Indian economy: FM Arun Jaitley

Finance Minister Arun Jaitley on Monday said low oil prices have created a favourable environment for the Indian economy as it helped to absorb the loss faced by oil companies and kept inflation under control. Jaitley said that low oil prices also enabled the government to rationalise subsidies. It has enabled us to absorb the loss that our own oil ... Read More »

Rupee snaps 3-day gains, down 3 paise to 66.03

Snapping 3-day winning spree, the Indian rupee declined marginally by 3 paise to 66.03 per dollar on fresh demand for the US currency from banks and importers. The rupee opened higher at 65.95 per dollar as against Monday’s closing level of 66.00 at the Interbank Foreign Exchange (Forex) market and firmed up further to 65.90 on initial dollar selling by ... Read More »

Exports fall 17.53% in October; trade deficit narrows

Contracting for the 11th month in a row, India’s merchandise exports fell 17.53 per cent in October to $21.35 billion, mainly due to a steep fall in shipments of petroleum products, iron ore and engineering, amid a broader demand slowdown. The imports too shrank an annual 21.15 per cent to $31.12 billion in October, narrowing the trade gap to $9.76 ... Read More »

India for global efforts on return of illicit overseas funds

The government will soon bring a new law on public procurement to check corruption and domestic black money, Prime Minister Narendra Modi said on Monday while seeking greater global cooperation for return of illicit money stashed abroad. He also said the barriers of excessive banking secrecy must be removed and all countries should implement a Common Reporting Standard based on ... Read More »

WPI inflation at (-)3.81% in Oct; pulses, onion expensive

Deflationary pressure eased a bit with inflation rate moving up slightly to (-)3.81 per cent in October as pulses, vegetables and onion turned costlier. This is 12 month in a row when the inflation at wholesale level remained in the negative territory. It has been in the negative zone since November last year. The Wholesale Price Index-based inflation was (-)4.54 ... Read More »

Bitcoin’s back: Big year for controversial digital currency

The U.S. dollar has had a nice run. It’s been the talk of global currency trading all year long. And why not? After years of a weak greenback due to dovish Federal Reserve policy, the Dollar Index has extended big 2014 gains, up near-9 percent against a basket of major world currencies this year. Some individual currency trades, like USD/Brazil ... Read More »

Focus on divergence in 2016: Pimco CIO

Investors should focus on monetary policy divergence and its implications in the new year, Scott Mather, Pimco’s chief investment officer, said Thursday. “We have central banks actually moving in the opposite direction, which is a fairly unusual event and configuration for the developed world … meanwhile we have other central banks, in fact, most other international central banks in the ... Read More »

Shopping mortgage rates? Act soon: Quicken Loans

People looking to buy a house or refinance an existing home loan have a three to six month window before mortgage rates move appreciably higher, Quicken Loans CEO Bill Emerson said Thursday, a day after theFederal Reserve increased short-term interest rates for the first time in more than nine years. “We don’t believe that mortgage rates are going to rocket ... Read More »

Philly Fed business index worse than expected

The Philadelphia Federal Reserve’s Business index for December came in below expectations, the bank said Thursday. The index came in at -5.9, reflecting a fall from the November number of 1.9, and below the expected gain of 1.0. [“source -cncb”] Read More »

PM Narendra Modi now has over 16 million followers on Twitter

Number of followers of Prime Minister Narendra Modi, @narendramodi, on social media site Twitter has crossed 16 million mark, by adding record number of followers in last one year. “In a span of two months, Indian Prime Minister Narendra Modi’s Twitter account gets an addition of another million followers, taking the total follower count to 16.1 million,” Twitter said in ... Read More »