Indian Economy-News & Updates
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laman12345
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touch $56 today!!!!! oh...Rupee.....so scary.....free fall...
laman12345
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Rupee drops to a new record low of 56 to the dollar
Rupee drops to a new record low of 56 to the dollar, despite RBI action - The Economic Times
AV Rajwade: Blame rupee's fall on domestic woes, not global
The rupee has been one of the worst performing currencies in Asia
I do not agree with either of the comments of the prime minister or the finance minister that the basic problem is in the global economy. I think the basic problem is domestically created, which is the huge deficit on current account. Indian economy through deceleration in exports, widening of trade and current account deficit, decline in capital flows, fall in the value of Indian Rupee, stock market decline and lower economic growth.
Blame rupee's fall on domestic woes, not global: AV Rajwade - CNBC-TV18 -
Rupee drops to a new record low of 56 to the dollar, despite RBI action - The Economic Times
AV Rajwade: Blame rupee's fall on domestic woes, not global
The rupee has been one of the worst performing currencies in Asia
I do not agree with either of the comments of the prime minister or the finance minister that the basic problem is in the global economy. I think the basic problem is domestically created, which is the huge deficit on current account. Indian economy through deceleration in exports, widening of trade and current account deficit, decline in capital flows, fall in the value of Indian Rupee, stock market decline and lower economic growth.
Blame rupee's fall on domestic woes, not global: AV Rajwade - CNBC-TV18 -
laman12345
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Falling rupee spells fresh Big trouble for airlines
The domestic currency on Tuesday closed at a new low of Rs 55.39 for a US dollar. It has shed 11.51 per cent value since February, increasing dollar-denominated expenditure by a similar amount, especially for carriers with less international operations.
Falling rupee spells fresh trouble for airlines - Rediff.com Business
The domestic currency on Tuesday closed at a new low of Rs 55.39 for a US dollar. It has shed 11.51 per cent value since February, increasing dollar-denominated expenditure by a similar amount, especially for carriers with less international operations.
Falling rupee spells fresh trouble for airlines - Rediff.com Business
Yeti
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Lubna inaugurates Arab-India Partnership Conference
(WAM) / 22 May 2012
Shaikha Lubna bint Khalid Al Qasimi, Minister of Foreign Trade today opened the 3rd Arab-India Partnership Conference: Development through Trade & Investment at Etihad Towers here in Abu Dhabi.
The opening ceremony was also attended by Sultan bin Saeed Al Mansouri, Minister of Economy and a number of ministers of trade and industry in the Arab countries and India.
The conference is held under the patronage of Shaikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs and is organized by the Federation of Indian Chambers of Commerce & Industry (FICCI) in association with the Ministry of External Affairs, Government of India, the Secretariat of Arab League and Abu Dhabi Chamber of Commerce & Industry.
Following is the full speech of Sheikha Lubna,
A sunny morning to you all and welcome to our nations capital. Abu Dhabi is honored to host this conference and join you in celebrating the strong bonds of friendship and cooperation between the Arab World and India.
Before anything else I would like to commend the organizers from the Arab and Indian sides for their efforts and cooperation in preparing for this important event. I am fully confident that this conference will take the collaboration between our two regions to greater heights.
Arab countries have had broad and prosperous relations with India that go back to several centuries ago, and which have resulted in partnerships in many areas such as facilitating trade and strengthening linkages between India and the Arab world. The past few decades have witnessed a great global economic openness that has seen the development of relations between our two sides make remarkable progress. We have achieved more prosperity for our peoples and for the Arab regions part we have emerged as a strategic partner for the Indian economy.
The people of India have made great contributions to the growth of the Arab region in general and the GCC in particular. Many of them have occupied important positions in key areas such as financial services, healthcare, management, accounting, and civil and architectural engineering.
In terms of our commercial activities, bilateral trade between India and Arab countries exceeded USD 144 billion in 2011. We aim to sustain the momentum through mutual cooperation in sectors such as infrastructure, manufacturing, oil and gas engineering, mining and mineral-based industries, tourism and hospitality, healthcare, financial services, agriculture and food processing, and education and the labor force.
Although the Arab Gulf States have maintained centuries-old cultural and historic ties with India, it has only been during the past few decades that our bilateral trade has posted record levels. This rapid evolution of our commercial partnership can be attributed to key factors such as Indias economic liberalization after 1990 and its surge in demand for energy supplies.
We would further benefit from enhancing our two-way foreign direct investment (FDI). Looking back, capital flows from the GCC to India amounted to around USD 2.6 billion from April 2000 to January 2012, while Indias FDI contribution to the GCC for the same period was at USD 2.4 billion. To date, power, services and construction account for the majority of inflows from the GCC to India, which has emerged as one of our major sources of FDI. Software development and engineering services, tourism, readymade garments, chemical products, and agricultural and allied services, on the other hand, represent the greatest investment attractions for Indian corporates.
It would be ideal for both our parties to reach a Free Trade Agreement that can further increase and expand our bilateral FDIs. We should also work on initiatives to fully optimize our business and investment partnerships, such as boosting the frequency of our delegate visits, removing some non-tariff related barriers, and expanding our trade beyond traditional exports and imports.
For our part, the United Arab Emirates is fully committed to maintaining its status as Indias single largest foreign trade partner. Our trade relations with India have grown by a remarkable 300 per cent over the last 5 years, thriving on diverse businesses such as jewellery and machinery, food and chemical products.
Right now we are eyeing possible local partnerships in growth areas such as education, logistics, pharmaceuticals and agriculture. We are also very interested in cooperative ventures involving technology transfer and research and development to accelerate our transformation into a genuine knowledge-based, digital society.
The India-Middle East corridor is expected to grow by 34 per cent to emerge as one of the worlds fastest-growing trade corridors by 2013. Given that it is the second-most populous country in the world with an enormous consumer base of over 1.2 billion, India is definitely among our priority partners moving forward.
India is also the first trade partner of the UAE, with our bilateral exchange topping USD 44 billion last year. If we take trade in free zones into consideration as well, then the figure rises to USD 67 billion and could touch nearly USD 100 billion in a few more years. We intend to ensure the sustained productivity of our partnerships by offering various trade and investment incentives such as 100 per cent repatriation of capital and profits; our 32 world-class free zones; zero corporate profit and personal income taxes; inexpensive energy sources; and business-friendly policies, among many others.
As a result of such an environment, the UAE has become the most diversified foreign base of Indian corporates. More than 40 leading Indian companies have established a presence here, and almost all major Indian banks are represented locally. The availability of 500 weekly flights between the UAE and the various Indian cities has helped facilitate dynamic business ties as well, aside from encouraging more travel between our countries.
We would like to encourage our Indian partners to consider investments and ventures with our more than 208,000 small and medium enterprises or SMEs which comprise almost 80 per cent of the UAEs private sector . Our SMEs form the backbone of our economy and can lend their experience, expertise and resources to grow their business.
We also invite the members of the Arab and Indian public and private sectors to support more bilateral visits and organize and participate in each others exhibitions and other special economic activities.
As the Middle Easts second-largest economy and one of the worlds top 20 trading states, we have much to offer as a trade ally with India. But on the other hand, we also aim to advance our investments into India. We have already infused almost USD 2 billion in Direct Investments into the country to make us Indias 10th biggest foreign investor. Some of the top UAE companies that have flourished in India include DP World, Emaar Group, Al Nakheel, ETA Star Group, SS Lootah Group, Emirates Techno Casting FZE, RAK Investment Authority, Damas Jewellery and Abu Dhabi Commercial Bank. We plan to explore more opportunities over there, especially in the energy, services, technology, construction, and tourism sectors.
Although this event spotlights our regions commercial partnership with India, we acknowledge that our bonds also extend to the social, cultural and political spheres and go back thousands of years. We cannot talk business without looking back at how much we have grown as friendly nations. We value Indias rich role in our history and its important influence on our future.
Lubna inaugurates Arab-India Partnership Conference
(WAM) / 22 May 2012
Shaikha Lubna bint Khalid Al Qasimi, Minister of Foreign Trade today opened the 3rd Arab-India Partnership Conference: Development through Trade & Investment at Etihad Towers here in Abu Dhabi.
The opening ceremony was also attended by Sultan bin Saeed Al Mansouri, Minister of Economy and a number of ministers of trade and industry in the Arab countries and India.
The conference is held under the patronage of Shaikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs and is organized by the Federation of Indian Chambers of Commerce & Industry (FICCI) in association with the Ministry of External Affairs, Government of India, the Secretariat of Arab League and Abu Dhabi Chamber of Commerce & Industry.
Following is the full speech of Sheikha Lubna,
A sunny morning to you all and welcome to our nations capital. Abu Dhabi is honored to host this conference and join you in celebrating the strong bonds of friendship and cooperation between the Arab World and India.
Before anything else I would like to commend the organizers from the Arab and Indian sides for their efforts and cooperation in preparing for this important event. I am fully confident that this conference will take the collaboration between our two regions to greater heights.
Arab countries have had broad and prosperous relations with India that go back to several centuries ago, and which have resulted in partnerships in many areas such as facilitating trade and strengthening linkages between India and the Arab world. The past few decades have witnessed a great global economic openness that has seen the development of relations between our two sides make remarkable progress. We have achieved more prosperity for our peoples and for the Arab regions part we have emerged as a strategic partner for the Indian economy.
The people of India have made great contributions to the growth of the Arab region in general and the GCC in particular. Many of them have occupied important positions in key areas such as financial services, healthcare, management, accounting, and civil and architectural engineering.
In terms of our commercial activities, bilateral trade between India and Arab countries exceeded USD 144 billion in 2011. We aim to sustain the momentum through mutual cooperation in sectors such as infrastructure, manufacturing, oil and gas engineering, mining and mineral-based industries, tourism and hospitality, healthcare, financial services, agriculture and food processing, and education and the labor force.
Although the Arab Gulf States have maintained centuries-old cultural and historic ties with India, it has only been during the past few decades that our bilateral trade has posted record levels. This rapid evolution of our commercial partnership can be attributed to key factors such as Indias economic liberalization after 1990 and its surge in demand for energy supplies.
We would further benefit from enhancing our two-way foreign direct investment (FDI). Looking back, capital flows from the GCC to India amounted to around USD 2.6 billion from April 2000 to January 2012, while Indias FDI contribution to the GCC for the same period was at USD 2.4 billion. To date, power, services and construction account for the majority of inflows from the GCC to India, which has emerged as one of our major sources of FDI. Software development and engineering services, tourism, readymade garments, chemical products, and agricultural and allied services, on the other hand, represent the greatest investment attractions for Indian corporates.
It would be ideal for both our parties to reach a Free Trade Agreement that can further increase and expand our bilateral FDIs. We should also work on initiatives to fully optimize our business and investment partnerships, such as boosting the frequency of our delegate visits, removing some non-tariff related barriers, and expanding our trade beyond traditional exports and imports.
For our part, the United Arab Emirates is fully committed to maintaining its status as Indias single largest foreign trade partner. Our trade relations with India have grown by a remarkable 300 per cent over the last 5 years, thriving on diverse businesses such as jewellery and machinery, food and chemical products.
Right now we are eyeing possible local partnerships in growth areas such as education, logistics, pharmaceuticals and agriculture. We are also very interested in cooperative ventures involving technology transfer and research and development to accelerate our transformation into a genuine knowledge-based, digital society.
The India-Middle East corridor is expected to grow by 34 per cent to emerge as one of the worlds fastest-growing trade corridors by 2013. Given that it is the second-most populous country in the world with an enormous consumer base of over 1.2 billion, India is definitely among our priority partners moving forward.
India is also the first trade partner of the UAE, with our bilateral exchange topping USD 44 billion last year. If we take trade in free zones into consideration as well, then the figure rises to USD 67 billion and could touch nearly USD 100 billion in a few more years. We intend to ensure the sustained productivity of our partnerships by offering various trade and investment incentives such as 100 per cent repatriation of capital and profits; our 32 world-class free zones; zero corporate profit and personal income taxes; inexpensive energy sources; and business-friendly policies, among many others.
As a result of such an environment, the UAE has become the most diversified foreign base of Indian corporates. More than 40 leading Indian companies have established a presence here, and almost all major Indian banks are represented locally. The availability of 500 weekly flights between the UAE and the various Indian cities has helped facilitate dynamic business ties as well, aside from encouraging more travel between our countries.
We would like to encourage our Indian partners to consider investments and ventures with our more than 208,000 small and medium enterprises or SMEs which comprise almost 80 per cent of the UAEs private sector . Our SMEs form the backbone of our economy and can lend their experience, expertise and resources to grow their business.
We also invite the members of the Arab and Indian public and private sectors to support more bilateral visits and organize and participate in each others exhibitions and other special economic activities.
As the Middle Easts second-largest economy and one of the worlds top 20 trading states, we have much to offer as a trade ally with India. But on the other hand, we also aim to advance our investments into India. We have already infused almost USD 2 billion in Direct Investments into the country to make us Indias 10th biggest foreign investor. Some of the top UAE companies that have flourished in India include DP World, Emaar Group, Al Nakheel, ETA Star Group, SS Lootah Group, Emirates Techno Casting FZE, RAK Investment Authority, Damas Jewellery and Abu Dhabi Commercial Bank. We plan to explore more opportunities over there, especially in the energy, services, technology, construction, and tourism sectors.
Although this event spotlights our regions commercial partnership with India, we acknowledge that our bonds also extend to the social, cultural and political spheres and go back thousands of years. We cannot talk business without looking back at how much we have grown as friendly nations. We value Indias rich role in our history and its important influence on our future.
Lubna inaugurates Arab-India Partnership Conference
Abingdonboy
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Govt report card shows Indian economy on steady growth - NY Daily News
INDOlink - India Business News: Eurozone crisis has impacted Indian economy: Pranab
Views | India and China: a tale of two slowdowns - Views - livemint.com
And still no major news organisations reporting on this "looming crisis" of mammoth/galactic/biblical proportions.
Some people here are overstating relatively minor issues.
INDOlink - India Business News: Eurozone crisis has impacted Indian economy: Pranab
Views | India and China: a tale of two slowdowns - Views - livemint.com
And still no major news organisations reporting on this "looming crisis" of mammoth/galactic/biblical proportions.
Some people here are overstating relatively minor issues.
shuttler
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The indian government is leading indian rupees to the center of the earth:
Rupee crashes below 56 level to new low against US dollarRupee crashes below 56 level to new low against US dollar
Mumbai, May 23, 2012, (PTI)
Continuing free-fall for the sixth day in a row, rupee today crashed below the psychological level of 56 against US dollar to yet another all time low on heavy demand for the American currency from importers, especially oil refiners, amid foreign fund outflows and weak equities.
At the Interbank Foreign Exchange (Forex) market, the domestic unit recorded its steepest fall ever by dipping below the crucial levels of Rs 55 and Rs 56 per dollar within a span of two days, forex dealers said.
After a lower start at 55.82, the rupee continued its downward journey by losing 74 paise at 56.13 at 1350 hrs.
The dollar has also gained against the Euro and other leading currencies following ratings agency Fitch's downgrading Japan's sovereign rating by one notch to A+ with a negative outlook.
Strong dollar demand from importers pulled rupee down to a record low of 56.13, placing the domestic currency, which has lost over 12 per cent since March this year.
Forex dealers said the American currency remained in demand even as the Reserve Bank imposed restrictions of forward contracts by banks and arbitrage trading.
They said capital outflow of foreign funds from falling markets remained a major driver behind the rupee's fall as dollar surges because investors are finding the American currency a safer bet amid concerns that Greece might exit euro-zone.
Data from market regulator Sebi showed that FIIs sold stocks worth Rs 283 crore yesterday.
Meanwhile, the BSE benchmark Sensex dropped below the 16,000 level by losing over 179 points.
Finance Minister Pranab Mukherjee had said yesterday: "The government is taking a series of steps. However, managing rupee is market-related...There is a lot of volatility.
"As and when RBI will consider necessary they will intervene. It depends on the market forces and market forces are uncertain," he said.
Koovie
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You are relly hoping for this kind of news, not ?
Man you are a realy looser. And no I dont hope that the Chinese economy slows down.....
And what the heck do hope for? That India wil break apart by this? oO
Seriosly get a life..................
Aramsogo
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Dude, you are seriously clueless. Does the New York Times counts as a major news organization??
http://www.nytimes.com/2012/05/06/business/economic-view-forget-europe-worry-about-india.html
Rupee is 56 with RBI defending it. It blows past 60 when RBI capitulates and it will.
cloud_9
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Turkmenistan signs deal on trans-Afghan gas pipeline to supply gas to India, Pakistan
P.S - @Rupee fall some one tweeted "At this rate the Rupee will soon become a senior citizen"
P.S - @Rupee fall some one tweeted "At this rate the Rupee will soon become a senior citizen"
shuttler
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haha I am winning! Many many people do!
you guys are burning your behinds sitting on the hot decks of poor indian governance and you are paying for it really bad!
Koovie
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in this case, there are more looser keyboard warriors like you than I thougt
Aramsogo
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No need to gloat, but the smart money started pulling out of India around Q3 2011 in a big way. Looks like they were right.
shuttler
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no need for me to gloat for anything factual! no one is to blame but the indians themselves for this mess. its a shame after their gloating of "shining this" "incredible that".
indians are in a catch-22!
laman12345
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