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: Indian economy likely to grow 8% next fiscal: Nomura

The Indian economy is likely to grow by 8% in the next fiscal, propelled by domestic demand, financial services firm Nomura has said. “The fundamental drivers of domestic demand are falling into place. We expect growth to rebound to 8% in FY’11,” the report said. There is an upside risk to its 6 % GDP forecast for the current fiscal. The global slowdown has pulled down country’s economic growth to 6.7% during 2008-09 from about 9% a year ago.

Fresh austerity measures

The finance ministry has advised all the ministries to cut expenditure on domestic and foreign travel and advertising by 10%. “The ministry has advised all other ministries and departments to effect a mandatory 10% cut in non-plan expenditure on domestic and foreign travel expenses, publications, professional services, advertising and office expenses for the year 2009-10,” minister of state for finance Namo Narain Meena said. . Moreover, the government will also effect 5% cut in the remaining portion of non-plan expenditure.

25.18 lakh tonne sugar import

India imported 25.18 lakh tonne sugar during the 2008-09 season to augment domestic supply. The quantity of imported raw and white sugar in the 2008-09 sugar season is 22.93 lakh tonne and 2.25 lakh tonne, respectively,” minister of state for agriculture, food and public distribution K V Thomas said.

Edelweiss, Tokio in pact

Edelweiss Capital has entered into an agreement with Tokio Marine Holdings, an insurance group headquartered in Japan, to establish a life insurance joint venture in India which will to be named Edelweiss Tokio Life Insurance.

SBI Card service

SBI Card customers can shop from over 100 stores across India using their mobile phones. Buying air tickets, cinema tickets and paying utility bills using their mobile phones, SBI Card customers are now among an exclusive club of credit card customers in India that enjoy such a wide choice of outlets for shopping through mobile phones. Branding it mShop, SBI Card offers this service through a tamper-proof and reliable mobile shopping application by ngpay.

Mudra Port gets LoI