India’s external debt up at $230 bn

September 30th, 2009 MUMBAI - India's current account deficit stood at $5.8 billion in the first quarter of the current fiscal as compared to $9 billion a year ago, the Reserve Bank of India (RBI) said Wednesday. The bank said in a statement that the capital account "showed a turnaround from a negative balance in the last two quarters of 2008-09 to a positive balance of $6.7 billion during the first quarter of 2009-10".

September 19th, 2009 NEW DELHI - India and Turkmenistan held discussions on a transnational pipeline project from the gas fields of the Central Asian nation, which has the fourth largest gas reserves in the world, as External Affairs Minister S.M. Krishna wrapped up a two-day visit Saturday.

September 7th, 2009 ABU DHABI - The United Arab Emirates (UAE) finance ministry has set up a special unit to manage public debt, WAM news agency reported Monday. The Public Debt Management Unit will, among other things, be responsible for the development of strategies for debt and risk management and refer these strategies to the cabinet.

September 1st, 2009 Trailer Bridge repurchases some debtJACKSONVILLE, Fla. — Trucking and marine freight services company Trailer Bridge Inc.

August 12th, 2009 NEW DELHI - Further signs of recovery in India's industrial sector emerged Wednesday with the latest official data indicating a 7.8 percent growth in June over the like month the previous year. Notably, the manufacturing output rose 7.3 percent during the month, as per the data on the index of industrial production released by the Central Statistical Organisation here.

August 7th, 2009 Air India plans to go low-cost to surviveMUMBAI, India — India's loss-making national airline Air India says it will transform itself into a budget carrier for domestic flights and float an initial public offering by 2012 as part of a three-year turnaround plan. Air India, which is owned by the government, is in negotiations with New Delhi over how to stave off financial collapse.

July 20th, 2009 RAIPUR - Chhattisgarh Chief Minister Raman Singh Monday said the state's per capita debt rose to Rs.5,995 last fiscal from Rs.4,596.67 in 2003-04. He told the state assembly that the per capita debt burden was Rs.4,881.51 in 2004-05 and went up to to Rs.5,370.61 in 2006-07.

July 6th, 2009 NEW DELHI - The union budget may not be a "please all" budget, but it is a fair effort by the government to achieve 9 percent growth while coping with the challenge of 6.8 percent fiscal deficit, says the research arm of Moody's. "Indias 2009-2010 fiscal budget may not please all, but is a fair effort by the government to address two important existing concerns," says Sharman Chan, economist with Moody's Economy.com.

June 22nd, 2009 NEW DELHI - Minister of State for External Affairs Preneet Kaur will represent India at the United Nations' conference on the economic crisis this week. A statement from the ministry said that Kaur's participation was in the context of Indias proactive and constructive engagement with the global community in order to address and meet the challenges posed by the crisis.

June 1st, 2009 NEW DELHI - The current fiscal year has started on a sour note for India's merchandise exports sector with the value of such shipments down 33.2 percent at $10.74 billion in April against $16.08 billion in the same month of the previous fiscal. Imports, too, fell 36.6 percent to $15.75 billion in April from $24.82 billion in the like month of last year, according to official data on external trade released by the commerce and industry ministry Monday.

March 31st, 2009 NEW DELHI - India's total external debt rose to $230.85 billion at the end of December from $224.65 billion at September-end, the finance ministry said Tuesday. 'The total external debt marginally increased 2.8 percent from $224.65 billion at September-end 2008, as commercial external borrowings by India Inc continued to enjoy major chunk of external debt,' a ministry release said.

February 25th, 2009 NEW DELHI - Global rating agency Standard and Poor's (S&P) Tuesday changed its outlook on India's long-term sovereign credit rating from stable to negative. 'The outlook revision reflects our view that India's fiscal position has deteriorated to a level that is unsustainable in the medium term,' S&P said in a statement.

February 19th, 2009 NEW DELHI - India’s consolidated fiscal deficit may increase to 10.3 percent of gross domestic product (GDP) this fiscal and 10 percent the next year, according to an estimate by global investment bank Goldman Sachs. 'We do not think that the deficit will come down substantially over the next few years,' Tushar Poddar, economist with Goldman Sachs, said in a statement.

February 18th, 2009 THIRUVANANTHAPURAM - Kerala's 2006 per capita debt stood at over Rs.14,300 - the highest among states in south India - against the national average of around Rs.9,000. This was stated in the Economic Review 2008 tabled in the Kerala Assembly Thursday.

February 15th, 2009 NEW DELHI - Claiming that the United Progressive Alliance government has given 'focussed attention' to farmers, Minister for External Affairs Pranab Mukherjee Monday said the plan outlay for the agriculture sector was hiked 300 percent between 2003-04 and 2008-09. Presenting the interim budget for 2009-10 in parliament, Mukherjee said the agriculture credit disbursement has also gone up to Rs.2.5 trillion (Rs.250,000 crore) last fiscal from Rs.870 billion in 2003-04.