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Govt to monitor bank lending; large package next week to boost exports

As Prime Minister Manmohan Singh assured on Friday that his government will leave ‘no instrument of public policy’ untouched in its efforts to maintain the country’s growth momentum...

Sonia praises nationalisation

Harking back to one of the cornerstones of India’s command-and-control economic legacy, Congress president Sonia Gandhi on Friday said it was the nationalisation of banks...

Agency to manage govt debt takes shape

The government on Friday released a draft Bill to create a debt management office, which would be a statutory corporate body acting as an agent of both the central and state governments.

Air India may give wings to Reliance Fresh

Reliance Fresh, the retail venture of Reliance Industries Ltd is seeking to acquire one of ageing cargo aircraft of National Aviation Company of India Ltd...

Pall of gloom yet to cast shadow over the commodities market

In the turbulent past two months, while the equities market has slipped 37% in terms of value, both the turnover and value of trades in the Indian commodities market have remained steady.

Steel cos still reel under imports, plan price cut

Steelmakers find no respite from cheap imports even though the government has re-imposed the 5% import duty on steel. This is because prices of hot rolled coils...

Short selling virtually got a clean chit from the stock market regulator on Thursday. The Securities and Exchange Board of India said there was no evidence to blame short selling for the stock market slide since September. Sebi chairman Chandrakant Bhaskar Bhave told media in Mumbai that countries that had banned short selling had seen their markets dipping. “Most of them have restarted short selling,” he added.

Rs 40k-cr highway projects could shift economy into higher gear

Highway projects will be integral to the government initiative to give a fiscal stimulus to the economy. The National Highways Authority of India...

MFs’ liquidity position easing, says Amfi

RBI’s sustained injection of liquidity into the mutual fund industry has started yielding results. After the huge redemptions of September and October, the outlook for November has improved.

Now, duty-free cigarettes may be stubbed out

Soon, those Benson & Hedges’ and Dunhills picked up from a duty-free shop could burn a large hole in your pocket, if health minister Anbumani Ramadoss has his way.

DoT tries levelling the field

The department of telecommunications has shifted into damage control mode following charges that communications & IT minister A Raja favoured new players by under-pricing licences granted to them bundled with 2G spectrum. DoT is now working on a curious proposal to make them pay extra for the spectrum. According to officials, the one-time charge that DoT proposes to levy on existing players like Bharti Airtel, Vodafone Essar and Idea Cellular for holding spectrum beyond the guaranteed 6.2 MHz.

FM: cut prices, spur demand

Finance minister P Chidambaram called on industry to cut prices to stimulate flagging demand for goods and services and asked banks to cut interest rates to finance capital expenditure. As a sweetener, he said the government would consider cuts in excise duty for sectors “where it may stimulate demand”. Addressing the World Economic Forum’s India Economic Summit 2008, Chidambaram said steps would be taken “to stimulate the domestic economy to compensate for the downside caused by the downturn in the world economy”.

3 banks raise non-resident deposit rates

Banks and housing finance companies have started acting on the series of measures announced by the Reserve Bank on Saturday. While major banks have hiked their forex deposit rates, housing finance companies are readying plans to raise money from overseas to fund their operations at home.

Mallya may route USL stake sale money to airline

Though lobbying hard for foreign equity in local airlines, Vijay Mallya has a Plan B in place to fund his loss-making Kingfisher Airlines. FE has learnt that Mallya, who is planning to divest 15% in his liquor flagship, United Spirits Ltd, to the world’s largest liquor manufacturer, Diageo, would use the funds to shore up the cash flow of Kingfisher Airlines.

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