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: NCAER lowers GDP growth projection to 6.9% for 2009-10 Economic think tank National Council of Applied Economic Research (NCAER) on Wednesday lowered the economic growth projection to 6.9% for the current fiscal from earlier estimate of 7.2%, mainly on account of lower farm output. Even the revised projection is much more optimistic than what has been projected by the Prime Minister, his advisory panel, RBI, IMF and many others. "The decline in the growth is a result of decline in the estimated agricultural output," NCAER said in its latest quarterly review of the economy.

AI invites bids for 3 Boeings

National air carrier Air India has invited bids to put three of its Boeing 777 aircraft on sub-lease. "We have plans to put three of our Boeing 777-200 (long range) aircraft on sub-lease," sources in National Aviation Company of India Ltd (Nacil) said. Nacil is the holding company formed after the merger of Air India and Indian Airlines into one single entity. The company has invited request for proposal from global players for the purpose, they said adding bids would be accepted till November 17. The Boeings, manufactured in 2007, are to be sub-leased for either short or long durations, sources said.

ArcelorMittal on Chiria ores

Global steel major ArcelorMittal, which has lined up Rs 1 lakh crore investments for India, said on Wednesday it is in race for a chunk of the mineral-rich Chiria mines in Jharkhand. "Steel producers are in discussions with the Jharkhand government over Chiria mines. We are also party to such discussions," ArcelorMittal CEO (India & China) Vijay Bhatnagar said on the sidelines of the CII Steel Summit here. The Chiria mines, with around two billion tonnes of high-grade iron ore reserves, have been at the centre of a ownership battle for more than four years. The mines were originally allotted to Indian Iron & Steel Company, which was merged with SAIL in 2005.

Trade confidence high in India

With the small and mid-market business in India continuing to be optimistic about their trade outlook, the country's trade confidence remains higher than the regional average, a survey said. Indian businesses continue to be confident with an Index of 117, an increase of two points over the second quarter index of 115, according to the latest HSBC Trade Confidence Index.

Meena is new law secretary