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Economy may grow 9 pct, fiscal would not exceed 5.5 pct of GDP (Reuters)
India's economy could grow by nine percent this fiscal year, the highest in three
years, and its fiscal deficit will not exceed the budgeted target of 5.5 percent of GDP,
according to a review of the economy by the finance ministry.
April-Nov direct tax receipts up 17.85 pct y/y (Reuters)
India's net direct tax receipts, including corporate and personal income tax, rose
17.85 pct Y/Y during April-November period in the current fiscal. Net direct tax
receipts touched Rs 2.17 rupees. The government targets Rs 4.3 trillion for 2010/11.
Large capital inflows can hit India's exports: Finmin (ET)
Large capital inflows leading to rupee appreciation can hit India's exports which have
seen a smart recovery in the first six months of the current fiscal, the Finance
Ministry said. The widening trade deficit has also been a matter of concern.
Adviser: RBI may intervene if rupee rise is sharp, volatile (Reuters)
RBI may intervene in the foreign exchange markets if the rise in the rupee is sharp
and volatile, Kaushik Basu, chief economic adviser to the finance ministry, said.
RBI buys relief, but cash squeeze stays (Reuters)
The initial euphoria following the Reserve Bank of India's latest liquidity infusion late
on Monday, that led to a rally in bonds and swaps, may wane as sentiment remains
cautious ahead of the mid-quarter policy review next week.
Investments by India-based private equities rise sharply (ET)
As more India-based promoters set up private equity funds in the country, the
industry, once driven by overseas investors, is rapidly changing. So far this year, 114
investments have come from domestic funds compared to 126 foreign ones.
Cabinet okays planned $62 bln petchem project in Orissa (Reuters)
The cabinet approved a proposal to set up a petrochemicals investment region in
Orissa, which the government expects to attract investments of 2.78 trillion rupees.
Solar Auction Threatened as Cost High (Bloomberg Finance LP)
India’s first auction of solar power permits may get derailed as plant builders say
borrowing costs are too high to finance the projects, a key part of government efforts
to reduce oil imports. Tata Power said it would have trouble raising loans.
Carmakers to raise prices from next year on rising input costs (ET)
Rising input costs have forced car companies to hike prices from January 1, which
will help boost sales in December. Hyundai Motors and General Motors have already
announced hikes. Others will follow suit.
CESC to start hydel power project (ET)
CESC has forayed into hydel power business and plans to invest Rs 630 crore in its
first project. Around 70 per cent of the funds for the project will be raised via debt
and remaining 30 per cent through internal accruals
HC defers Lavasa hearing to Dec 16: Lawyer (ET)
An Indian court on Tuesday deferred hearing on Hindustan Construction's Lavasa unit
petition that challenges the environment ministry's notice asking whether it had
violated environmental regulations to Dec. 16.
Wipro bags Vodafone Essar order (BL)
Wipro has won a three-year contract from Vodafone Essar to support the cellular
service provider with its fixed line telecom services for enterprise business
customers. This is one of the three large orders it has won in the telecom space.
Aberdeen says to hold on to stake in Hero Honda (Reuters)
Aberdeen Asset Management said on Tuesday it will hold on to its minority stake in
Hero Honda despite reports that Honda is pulling out of the joint venture.
U.S. Democrats question Obama's tax deal (Reuters)
U.S. President Barack Obama's plans to extend tax cuts for all Americans ran into
trouble on Tuesday as his fellow Democrats questioned whether he had been too
quick to compromise with Republicans.
Ireland unveils record austerity budget (Reuters)
The Irish government unveiled a tough 2011 budget on Tuesday which foresees 6
billion euros in spending cuts and tax hikes, warning that passage was crucial to avert
a deeper crisis and free up EU/IMF aid.
Russia Moves Closer to WTO With EU Deal (Bloomberg Finance LP)
Russia moved a step closer to membership in the World Trade Organization on
Tuesday. The country signed an agreement with the European Union settling “key
questions” that have hampered its accession bid for years.
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