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India joins global effort to prevent recession; SEBI eases P-note curbs, RBI cuts CRR after Sensex sinks 725 pointsOn Monday, the Sensex plunged 724.62 points, registering its largest daily percentage fall since March 17, to close at its lowest level in 2 years, spooking India's market regulator and the central bank, which swung into damage control mode, taking steps to ease the liquidity crunch in the financial market.
Tata Group cos. win prestigious awards for technology innovation from WSJ, Global Telecoms BusinessThree Tata group companies - Tata Motors, Tata Consultancy Services, and Tata Communications - have won prestigious awards for technology innovation.
Black Monday: House says "No" to Bush's $700 billion bailout plan; Wachovia falls, Wall Street quakesThe US House of Representatives on Monday defeated a $700 billion financial sector emergency bailout plan, sending the already weakened Wall Street tumbling.
Indian banks incur over Rs.400 crore losses due to Lehman, AIG exposureBelying assurances made by India's Finance Minister P. Chidambaram earlier this month that Indian banks are well insulated from the financial crisis that has shaken Wall Street, a senior Finance Ministry official said the domestic banking sector has taken a Rs.410 crore hit in terms of mark-to-market (MTM) losses due to their exposure to troubled US financial institutions.
India's retail market to touch $450 billion by 2015, organized retailers to grow threefold: ReportThe Indian retail market will grow at a robust pace to touch $450 billion by 2015 and is poised to become one of the top 10 retail markets in the world, a report published by management consultancy firm McKinsey & Co. said.
Inflation remains steady and stable at 12.14 percent, price pressures remainIndia's wholesale price index (WPI)-based inflation rate remained steady and unchanged at 12.14 percent in the 12 months to September 13, compared to previous week's figure, government data showed on Thursday, indicating that inflation is stabilizing.
India well insulated from US financial crisis, no cause for alarm: ChidambaramIn the wake of fall of Wall Street giants like Lehman Brothers and Merrill Lynch, India's Finance Minister P. Chidambaram has assured Indian investors that the domestic market fundamentals are quite strong and it is unlikely to face the negative effects of the financial sector collapse in the US.
Inflation rises marginally to 12.14 percent; "stable," say FinMinIndia's wholesale price index (WPI)-based inflation rate rose marginally to 12.14 percent in the 12 months to September 6, from previous week's figure of 12.10 percent, government data showed on Thursday, indicating that inflation is stabilizing.
Federal Reserve Bank pumps $70B into US financial systemUrgently trying to keep cash flowing amid a Wall Street meltdown, the Federal Reserve on Tuesday pumped another $70 billion into the nation's financial system to help ease credit stresses.
India's inflation to fall to 10 percent by December, economic growth on track: RangarajanDr. C. Rangarajan, the former chairman of the Prime Minister's Economic Advisory Council, is optimistic that India's inflation would fall to 10 percent by December.
Asian markets plunge on Lehman, Merrill woesAsian stock markets plummeted Tuesday as the collapse of Lehman Brothers and takeover of Merrill Lynch spurred fears of an imminent global financial crisis.
India's IT spending to grow at 14.8 percent CAGR, touch $110 billion by 2012: GartnerIndia's IT spending will grow at 14.8 percent compounded annual growth rate (CAGR) to touch $110 billion from the current figure of $64.7 billion by 2012, the IT research and advisory firm Gartner Inc. said.
Industrial output climbs 7.1 percent in JulyThe latest industrial growth data or Index of Industrial Production (IIP), released by the Central Statistical Organization, on Friday, shows that the country's industrial output rose to 7.1 percent in July, up from 5.4 percent in June, but lower than 8.3 percent recorded in the year ago period, indicating that the economy might be recovering, even as inflation shows signs of moderating.
India's inflation rate seen moderating, slips to 12.10 percentIndia's wholesale price index (WPI)-based inflation rate eased to 12.10 percent in the 12 months to August 30, from previous week's figure of 12.34 percent, government data showed on Thursday, bringing optimism that the central bank might relax its tight monetary stance.
India's core infrastructure sector reports sluggish growth, slips to 4.3 percentIndia's core infrastructure sector, which accounts for 26.68 percent of India's industrial output (IIP), has declined to 4.3 percent in July from 7.2 percent a year ago, but was better than previous month's growth rate of 3.4 percent.
India's growth story "intact and credible," says RBI's new chiefFinance Secretary, Duvvuri Subbarao has taken over the reins of India's central bank, promising to keep India's economic growth "intact" and bring down inflation to a comfortable level.
India's inflation rate eases to 12.34 percent but pressures remainIndia's wholesale price index (WPI)-based inflation rate eased to 12.34 percent in the 12 months to August 23, from previous week's figure of 12.40 percent, government data showed on Thursday, but failed to lift spirits as economists continued to worry that the central bank would not relax from its tight monetary stance as underlying inflationary pressures remained unchanged.
India's economic growth slips to 7.9 percent in Q1 FY09India's economy grew at its slowest rate in more than 3 years, growing by 7.9 percent during the first quarter (April-June) of the current fiscal year (Q1 of FY09) on account of decline in growth in manufacturing and utilities sectors.
Inflation eases to 12.40 percent; "early signs of moderation" seen, says FinMinIndia's wholesale price index (WPI)-based inflation rate stood at 12.40 percent in the 12 months to August 16, lower than previous week's figure of 12.63 percent, government data showed on Thursday, easing worries of further hike in key interest rates.
No Respite: India's inflation rate surges to 12.63 percent, monetary tightening seenIndia's wholesale price index (WPI)-based inflation rate has surged to a new 16-year high of 12.63 percent in the 12 months to August 9, higher than previous week's figure of 12.44 percent, government data showed on Thursday, sparking worries that the central bank will move soon to further tighten monetary policy in its bid to curb credit growth and tame inflation.
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