PM satisfied with monetary, fiscal policies

October 21st, 2009 NEW DELHI - The Prime Minister's Economic Advisory Council has projected a lower growth of 6.5 percent for the Indian economy during the current fiscal year, due mainly to a two-percent decline anticipated in farm output over the previous year. While industrial output, the council said Wednesday, will rise 8.2 percent, as against 3.9 percent growth in the previous fiscal, services will also register a lower growth of 8.2 percent against 9.7 percent in 2008-09.

October 14th, 2009 NEW DELHI - India Wednesday asked the Shanghai Cooperation Organisation (SCO) regional grouping to play a more active role in mitigating the current global financial crisis. The need to revive the global economy is a complex challenge, requiring efforts from all of us.

October 12th, 2009 NEW DELHI - Further signs of recovery in Indian industry emerged Monday with the latest official data indicating a growth of 10.4 percent in industrial production during August this year - highest in the last 22 months - over the corresponding month last year. The index for industrial production grew 10.4 percent in the month, as per the data released by the Central Statistical Organisation here.

September 22nd, 2009 MANILA - The Indian economy is expected to grow by 6 percent in 2009 as capital inflows, industrial production and business confidence soar, the Asian Development Bank (ADB) said Tuesday. In the Asian Development Outlook 2009 Update, the bank said that while agricultural output for 2009 was expected to remain stunted and exports weak, adroit economic management in the form of fiscal stimulus packages and accommodative monetary policy had minimised damage from the global financial crisis.

September 22nd, 2009 NEW DELHI - Owing to increased public spending and improved business confidence, the Asian Development Bank (ADB) has hiked its growth forecast for India from 5 percent to 6 percent this fiscal. The update to ADB's Asian Development Outlook (ADO) 2009 report released Tuesday said that India will grow at 7 percent in 2010, a revision from its earlier forecast of 6.5 percent.

September 5th, 2009 G-20 pledge continued economic stimulusLONDON — The Group of 20 rich and developing countries have pledged to carry on with measures to boost the global economy, despite signs of a fledging recovery. At the end of a meeting here Saturday, G-20 finance officials also promised a crackdown on bankers' pay and committed to giving developing countries a greater say in international financial regulation.

August 14th, 2009 HYDERABAD - Reserve Bank of India (RBI) governor D. Subbarao Friday said the state of agriculture following poor rainfall was disturbing.

August 14th, 2009 ISLAMABAD - Most Pakistanis hate the Taliban as much as they consider United States as their enemy, a recent opinion poll has reveled. According to Pew Global Attitudes poll about 70 percent of Pakistanis are now against the Taliban's violent policies.

July 28th, 2009 MUMBAI - Following are the highlights of the first quarterly update of India's monetary policy for this fiscal, unveiled by Reserve Bank of India Governor D. Subbarao here Tuesday: * Bank rate retained at 6 percent * Repo rate unchanged at 4.75 percent * Reverse repo rate unchanged at 3.25 percent * Cash reserve ratio unchanged at 5 percent * Statutory liquidity ratio unchanged at 24 percent * Inflation forecast hiked to 5 percent from 4 percent * Negative inflation only a statistical phenomenon * Balance between liquidity and inflation main concern * India's growth now forecast at 6 percent with upward bias * More scope for cutting rates by commercial banks * Money supply may grow 18 percent this fiscal * Policy will ensure enough commercial credit

July 28th, 2009 NEW DELHI - Welcoming the monetary policy announced by the apex bank Tuesday, India Inc expressed hope that the country's economic growth will exceed the bank's expectation of 6 percent this fiscal. "The economy could grow at around 7 percent, as the fiscal and monetary measures have an impact on domestic demand," said Chandrajit Banerjee, director general of the Confederation of Indian Industry (CII).

July 22nd, 2009 TORONTO - The Bank of Canada, the central bank of the most robust of the G8 economies, has said that global recovery from the financial crisis has begun. In its economic outlook report released Tuesday, the bank said: "There are now increasing signs that economic activity has begun to expand in many countries in response to monetary and fiscal policy stimulus and measures to stabilize the global financial system.

May 26th, 2009 NEW DELHI - Accepting that the two financial stimulus packages and a relaxed monetary policy have put pressures on India's fiscal deficit, Finance Minister Pranab Mukherjee Tuesday hinted the fiscal deficit ceiling could be raised, saying it neded a "fresh look". In an interview to a television channel, Mukherjee said monetary measures such as cuts in lending rates have been taken to ensure increased liquidity in the system, but admitted the move had led to the fiscal deficit swelling.

March 19th, 2009 THIRUVANANTHAPURAM - Private life insurer ICICI Prudential Life is focussing on consolidating business in Kerala rather than going for major expansion, a top official said here Wednesday. In the first 11 months this fiscal, the company's business has crossed Rs.4.05 billion (Rs.405 crore), ICICI Prudential vice-president K.S.

January 26th, 2009 MUMBAI - Following are the highlights of the quarterly monetary policy review conducted by the Reserve Bank of India (RBI) here Friday in which some key rates were left unchanged and the country's growth targeted was lowered for this fiscal: - Bank rate kept unchanged at 6 percent. - Repo rate has been kept unchanged at 5.5 percent.

January 16th, 2009 MUMBAI - Prime Minister Manmohan Singh Saturday said India's woes due to the global meltdown will continue during the next fiscal, and predicted a lower growth of 6.5-7 percent for the country's economy this year. 'I must emphasise that our problems will not be over in the current year,' the prime minister told The Economic Times Awards function at the sea-facing Trident Hotel.