We have a government in New Delhi with the best brains, the dream team — Oxford-educated Prime Minister Manmohan Singh and Harvard-educated Finance Minister P. Chidambaram. If they don’t deliver, then what?
Just six months ago, India was looking good. Nothing, it seemed, could stop the forward march of this Asian nation.
RBI unexpectedly raised interest rates for the first time in 15 months.
As part of its on-going effort to contain rising inflation, The Reserve Bank of India has decided to increase the repo rate by 25 basis points to 8.00 percent from 7.75 percent with immediate effect.
The repo rate is the rate at which RBI lends money to banks under its liquidity adjustment facility.
India , the Asia’s third-largest economy’s inflation soared to 7.83% for the week ended May 03, 2008 from 7.61% – a 44-month high .
Earlier, Indian government banned cement export and non-basmati rice export , reduced import duty on some items and imposed export duty on some steel items to control the surging prices.
According to National Council for Applied Economic Research (NCAER) report , The Indian economy is expected to register a growth rate 8.5-8.8 % during fiscal 2008-09 with stable interest rates but inflation may be higher than last year.
Like a ripple in the water, food Inflation is hitting worldwide. After Asia, global food crisis is hitting North American consumers — Now, Wal-Mart and Sam’s Club is restricting purchases of rice.
Sam’s Club customers can buy up to four bags of jasmine, basmati and other white long-grain rices, Wal-Mart said yesterday.
After imposing ban on rice exports, now Indian government has banned exports of primary steel and cement.
At the final installment of the five-year trade policy announced, Commerce Minister Kamal Nath has said that primary steel exports and cement exports will be banned. Interest subvention will be extended by one year to 2009. The sunset clause on EOUs has been extended to 2010.