GOVERNMENT IN AIR INDIA TALKS
"The discussions with Reserve Bank of India (RBI) are on. The discussions are on about Air India's balance sheet, financial position and future projects," Ravi said, adding that he was yet to get a response from the central bank on the issue.
Earlier on Thursday, sources told Reuters, the RBI has approved extension of the tenure of loans to troubled state-run carrier Air India to 15 years from 10 years.
INDIA OPENS DOORS TO GLOBAL SUPERMARKET PLAYERS
CHANDIGARH: India's growth story is still "credible" and the move to open up the economy to global supermarket chains will help growth and control inflation, RBI governor Duvvuri Subbarao said on Friday.
"It's commendable that government has taken the initiative. Let's hope that it will improve the logistics chain and supply chain management in agriculture," Subbarao said in a speech in Chandigarh.
Late Thursday, the government approved 51 percent foreign direct investment in the supermarket sector, paving the entry of firms such as Wal-Mart, Tesco and Carrefour into one of the world's largest untapped markets.
"It's commendable that government has taken the initiative. Let's hope that it will improve the logistics chain and supply chain management in agriculture," Subbarao said in a speech in Chandigarh.
Late Thursday, the government approved 51 percent foreign direct investment in the supermarket sector, paving the entry of firms such as Wal-Mart, Tesco and Carrefour into one of the world's largest untapped markets.
RUPEE DOWN ON DOLLAR
MUMBAI: The rupee on Friday weakened by 19 paise to close at 52.25/26 against the dollar following fresh demand for the US currency from importers and weak equity markets.
Increased capital outflows as well as firm dollar overseas kept the rupee under pressure.
At the Interbank Foreign Exchange ( Forex) market, the domestic unit opened lower at 52.15/16 a dollar from previous close of 52.06/07. It immediately touched a high of 52.06 on late morning recovery in stocks amid expectations of intrusion by the central bank and government's efforts to encourage foreign investments by liberalising some proposals.
Increased capital outflows as well as firm dollar overseas kept the rupee under pressure.
At the Interbank Foreign Exchange ( Forex) market, the domestic unit opened lower at 52.15/16 a dollar from previous close of 52.06/07. It immediately touched a high of 52.06 on late morning recovery in stocks amid expectations of intrusion by the central bank and government's efforts to encourage foreign investments by liberalising some proposals.
WALMART WELCOMES INDIA'S NEW POLICY
NEW YORK: The world's largest retailer Walmart has termed India's decision to allow 51 per cent FDI in multi-brand retail as a "first important step" and said it will study the finer details of the new policy to determine the impact on its ability to do business in India.
Walmart, which has been waiting in line with other global retailers like Carrefour and TESCO to tap the growing and lucrative Indian market with a 1.2 billion-strong population, said it was "grateful" that the Indian government realised and appreciated the value that foreign retailers like itself will bring to strengthen the country's economy.
"We believe that allowing 51 per cent FDI in multi-brand retail is a first important, step. However, we will need to study the conditions and the finer details of the new policy and the impact that it will have on our ability to do business in India," Bharti-Walmart MD and CEO Raj Jain said in an emailed statement to PTI.
Walmart, which has been waiting in line with other global retailers like Carrefour and TESCO to tap the growing and lucrative Indian market with a 1.2 billion-strong population, said it was "grateful" that the Indian government realised and appreciated the value that foreign retailers like itself will bring to strengthen the country's economy.
"We believe that allowing 51 per cent FDI in multi-brand retail is a first important, step. However, we will need to study the conditions and the finer details of the new policy and the impact that it will have on our ability to do business in India," Bharti-Walmart MD and CEO Raj Jain said in an emailed statement to PTI.
FOOD INFLATION EASES IN INDIA
NEW DELHI: After hovering above double-digits for five consecutive weeks, food inflation eased in mid November prices of vegetables, fruits moderated much to the relief of policymakers. Data released by theCommerce ministry on Thursday showed food inflation stood at 9.01% in the week to November 12, easing from the previous week's 10.63%. It stood at 11.38% in the same year-ago period.
Finance Minister Pranab Mukherjee hoped the moderating trend would continue. "I hope there will be moderation in the inflation and it will have its impact on the year-end inflation," Mukherjee told reporters.
The government expects overall inflation to ease between 6% and 7% by March-end 2012. Vegetables prices rose an annual 17.60%, easing from the previous week's increase of 27.26% while fruits prices went up 4.59% year-on-year, slower than the previous week's annual rise of 5.99%. The index for food articles group declined by 0.7% to 198.5 from 199.8 (Provisional) for the previous week due to lower prices of poultry chicken (6%), bajra and fruits and vegetables (2% each) and condiments and spices, urad, fish-inland, maize and moong (1% each). But the prices of masur and coffee (4% each), tea (2%) and barley, ragi, fish-marine, wheat and gram (1% each) moved up.
Finance Minister Pranab Mukherjee hoped the moderating trend would continue. "I hope there will be moderation in the inflation and it will have its impact on the year-end inflation," Mukherjee told reporters.
The government expects overall inflation to ease between 6% and 7% by March-end 2012. Vegetables prices rose an annual 17.60%, easing from the previous week's increase of 27.26% while fruits prices went up 4.59% year-on-year, slower than the previous week's annual rise of 5.99%. The index for food articles group declined by 0.7% to 198.5 from 199.8 (Provisional) for the previous week due to lower prices of poultry chicken (6%), bajra and fruits and vegetables (2% each) and condiments and spices, urad, fish-inland, maize and moong (1% each). But the prices of masur and coffee (4% each), tea (2%) and barley, ragi, fish-marine, wheat and gram (1% each) moved up.
Sources: BBC News, Times of India
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