Economy News 24-12

Advance tax up marginally by 7.5 per cent; reflects impact of slowdown
New Delhi | December 23, 2012 13:32 (IST)
Advance tax collection registered a marginal increase of 7.5 per cent in the third quarter to Rs. 78,000 crore, reflecting the impact of slowing economy.

FIIs pour $3.4 billion in December; inflows cross $23 billion in 2012
Mumbai | December 23, 2012 13:28 (IST)
Overseas investors have pumped in $3.4 billion in the Indian stock market so far this month, taking the total inflow for 2012 to a staggering $23 billion.

Policy logjam can pull down growth rate to 5% in 12th Plan, warns panel
New Delhi | December 23, 2012 12:52 (IST)
The Plan panel has warned that persistent policy logjam could pull down the annual average economic growth rate in the 12th Five Year Plan (2012-17) to 5-5.5 per cent, from 7.9 per cent recorded in the 11th Plan.

More painful decisions needed to check deficit: Raghuram Rajan
New Delhi | December 23, 2012 12:19 (IST)
Steps like diesel price hike and cut in subsidised LPG cylinders are only the first of many -painful decisions- that the government needs to take to keep the subsidy bill under check, chief economic advisor Raghuram Rajan said in an interview to a news channel.

Gujarat remains an important state for investment: US
Washington | December 21, 2012 23:11 (IST)
Observing that Gujarat remains an important state for its investment, the United States today said it would continue to engage with the Indian state across a broad range of issues including trade, investment, university linkages and people-to-people exchanges.

Power, Coal Ministries resolve issues; FSAs to be inked in a month
New Delhi | December 21, 2012 20:34 (IST)
The government today said most of the issues relating to FSAs have been resolved and power companies are likely to ink fuel supply pacts with Coal India in a month's time, putting an end to the long drawn tussle between Coal and Power Ministries.

Foreign investment ceiling in ARCs raised to 74 per cent
New Delhi | December 21, 2012 20:27 (IST)
Foreign investment ceiling in Asset Reconstruction Companies (ARCs) has been increased to 74 per cent from 49 per cent, a move aimed at bringing more foreign expertise in the segment.

Indian economy likely to grow at 6.3 per cent in 2013: RBS
Mumbai | December 21, 2012 20:01 (IST)
Indian economy is likely to grow at 6.3 per cent next year largely due to favourable base effect, while inflation is expected to drop to a comfortable 5.4 per cent level in FY14, UK-based bank RBS said today.

Standard & Poor's expects India to grow at 6.5%, China at 8% in 2013
New Delhi | December 21, 2012 15:18 (IST)
In a report on global credit outlook for 2013, S&P said that "the ball is in the policymakers' court" to sustain the recovery in the global economy.

FDI inflows in October at $1.94 billion, up 67%
New Delhi | December 21, 2012 12:50 (IST)
Total FDI inflows in the first seven months for the current fiscal year that began in April were down 42 per cent from a year earlier at $14.79 billion (Rs. 81,578.8 crore), the statement said.