New Delhi, February 22, 2012 The Prime Minister’s economic advisory panel on Wednesday projected 7.5-8 per cent growth rate for the next fiscal and said the country can achieve a higher economic expansion if the global environment turns favourable. “We might be able to achieve 8 per cent growth on our esteem ... if the world environment is favourable, we will be able to achieve high growth rate,” the Chairman of the Prime Minister’s Economic Advisory Council ...
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NEW DELHI, February 22, 2012 Trying to save its operations post the Supreme Court order cancelling its licences issued in 2008, the Telenor Group on Tuesday said it had started the process of setting up a new Indian company to take its operations in the country forward. “This new entity will serve as the platform to approach the upcoming auctions for fresh licenses as mandated by the Supreme Court. As part of this process, the new entity will also seek the requisite approvals ...
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New Delhi, February 20, 2012 After much controversy, BlackBerry has finally set up its server in Mumbai following intense pressure from the government to provide a mechanism for lawful interception of its messenger services and Nokia has been asked to follow suit. During a high-level meeting at the Union Home Ministry recently, officials of the security agencies were informed that Canada-based Research in Motion has installed the servers in Mumbai. The servers have been ...
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February 20, 2012 The sentiments and emotions are strong on both sides. The mindset seems to be changing and for the better. Unmindful of the “political tensions” between the two countries, the common man on the streets in Pakistan and the traders from India and Pakistan have strongly pitched for keeping trade and politics separate from each other. Be the Lahore Chamber of Commerce and Industry or the Karachi Chamber of Commerce and Industry or our very own Federation ...
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February 20, 2012 The key to global competitiveness and growth of Indian economy lies in the creation of a strong energy security set-up backed by high-class power infrastructure. Of the $500 billion investment in infrastructure, power will require one-third of that share. With power woes continuing in the XI Plan and huge investments required in the power sector in the XII Plan, the demand for power will continue to grow. Power Finance Corporation (PFC) has drawn up a ...
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New Delhi, February 20, 2012 The Supreme Court judgement cancelling 122 telecom licences allocated on first-come-first serve basis has ramifications for other sectors like mining where the same principle is adopted, Telecom Minister Kapil Sibal has said. “I have been saying this repeatedly that the impact of the judgement is far-reaching. It has implications not only on the (telecom) sector but on other sectors as well,” Mr. Sibal said. The apex court, cancelling ...
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KOCHI, February 19, 2012 Cash-rich jewellery companies are now flying high. Set to the new paradigm, Kalyan Jewellers has now acquired an aircraft to help it save transit time between its various business centres. A press release quoted its chairman and managing director, T.S. Kalyanaraman, as describing the acquisition as an act of innovation. “Most of the towns where we have showrooms and places where we are planning to open stores, don't have direct flights and lot of ...
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MUMBAI, February 19, 2012 Lenders to cash-strapped Kingfisher Airlines have failed to finalise a deal for providing additional funds to the firm despite six hours of discussions, until late Friday, although company Chairman Vijay Mallya said it was a ‘long, good and comprehensive' meeting. The marathon meeting of 18 bankers — including the top officials of State Bank of India, Bank of Baroda and Corporation Bank — remained inconclusive and would be held again to ...
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New Delhi, February 19, 2012 More than a fortnight after the Supreme Court quashed 122 mobile telephone licences, Telecom Minister Kapil Sibal on Sunday said foreign investors have not lost confidence in the sector and will participate in the auction of the airwaves freed by the court judgement. He also ruled out the possibility of foreign telecom investors quitting India in the wake of the judgement. “There is no nervousness (among foreign investors),” said Mr. ...
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TOKYO, February 19, 2012 Eyeing aggressive growth in the Indian camera market, Canon plans to introduce a slew of products this year, including Wi-Fi cameras that will allow users to easily load pictures from cameras to various devices such as computers, tablet PCs and smartphones. The Japanese digital imaging major will also be launching new compact and SLR cameras besides camcorders to further consolidate its position in the Indian market. “The cameras with Wi-Fi ...
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NEW DELHI, February 18, 2012 Seeking to nip in the bud the possible attempt by Reliance Industries Limited (RIL)) to take the legal route on its demand seeking the revision of gas price, the Petroleum and Natural Gas Ministry has cited a judgement by a Bench headed by former Chief Justice and another opinion by a former Supreme Court judge strongly backed the decision of the Petroleum Ministry to reject RILs demand for revision of gas price for the KG-DWN-98/3 block on the ...
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MUMBAI, February 18, 2012 Lenders of cash-strapped Air India on Friday approved its corporate debt restructuring plan worth Rs.18,000 crore and decided to provide a fresh cash credit of Rs.2,200 crore. Of the Rs.18,000-crore debt restructuring plan, Rs.7,400 crore worth of non-convertible debentures, guaranteed by the government, would be issued, banking sources said here. They said the 13-bank consortium, led by State Bank of India, had also agreed to give ...
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MUMBAI, February 18, 2012 The Technical Advisory Committee (TAC) on Monetary Policy of the Reserve Bank of India on Friday expressed serious concerns over the evolving fiscal situation in the country and pointed out that the fiscal pressure would likely to continue beyond 2011-12. “The fiscal deficit target in 2011-12 was likely to slip significantly,” noted in the minutes of the committee, which was held in the run up to the Third Quarter Review of the Monetary ...
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New Delhi, February 17, 2012 The Centre on Friday moved the Supreme Court seeking review of its verdict holding that the Indian Income Tax Department does not have jurisdiction to levy Rs. 11,000 crore as tax on the overseas deal between Vodafone International Holdings and Hutchison Group. The court had on January 20 allowed Vodafone’s appeal and had quashed the Bombay High Court verdict which had upheld the decision to levy tax on the overseas deal. The apex court ...
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Washington, February 17, 2012 World Bank President Robert Zoellick has announced to step down from at the end of his five-year-term in June, giving rise to speculation that the Secretary of State, Hillary Clinton, may be headed to replace him, which was immediately denied by her aide. In a statement on Wednesday, the World Bank said that its President Robert B Zoellick has announced that he would step down at the end of a five-year term in which a transformed bank played an ...
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MUMBAI, February 17, 2012 There is such a huge opportunity in Indian retail and fast moving consumer goods (FMCG) that there is no need for players to fight for their share of the pie. Instead, the focus should be to grow this pie, which is small today, and to unlock a closed market, according to Nitin Paranjpe, CEO and Managing Director of Hindustan Unilever. He was speaking at the National Retail and FMCG summit, organised by the Confederation of Indian Industry (CII). ...
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Washington, February 17, 2012 down World Bank President Robert Zoellick has announced to step down from at the end of his five-year-term in June, giving rise to speculation that the Secretary of State, Hillary Clinton, may be headed to replace him, which was immediately denied by her aide. In a statement on Wednesday, the World Bank said that its President Robert B Zoellick has announced that he would step down at the end of a five-year term in which a transformed bank ...
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Mumbai, February 16, 2012 Shares of Tata Motors surged by over 7 per cent in morning trade on Wednesday, a day after the company reported 40.5 per cent jump in consolidated net profit for the quarter ended December 2011. After a firm opening, shares of the company rose by 7.26 per cent to touch a one-year high of Rs. 287.35 on the BSE. Similarly, on the NSE, the stock jumped 7.24 per cent to Rs. 287.35. The stock was the best performer among the blue hip scrips on ...
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ISLAMABAD, February 16, 2012 India, Pakistan have exchanged drafts which are pending government approval In what could prove to be a historic step in removing the atmosphere of animosity between India and Pakistan and promoting peace and people-to-people exchange, both countries have agreed to completely revise the 1974 Bilateral Visa Agreement and put in place a liberal visa regime shortly for all categories of people, especially businessmen, as part of the Confidence ...
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New Delhi, February 16, 2012 day after its Norwegian partner Telenor sought indemnities for cancellation of telecom licence, real estate firm Unitech on Thursday said there was no breach of warranties on its part and it will contest any demand for compensation. “The Supreme Court has cancelled all the UAS licences and spectrum granted on and after January 10, 2008, and has raised multiple questions on the government policy which in no manner can be considered as breach ...
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