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advocates China model
New
Delhi: Finance minister, P Chidambaram has urged asked
Indian industrialists to follow the China model and said
financial sector reforms were necessary to meet the challenge
posed by the Chinese economic growth while inaugurating
the annual general meeting (AGM) of the Associated Chambers
of Commerce and Industry (Assocham).
Chidambaram
said China was "clearly 10 years ahead", the
minister warned that if India did not do more and better,
the gap in the economic growth of the two countries would
increase as China was growing at a furious pace while
India was growing satisfactorily. .
He
said the immediate agenda of the finance ministry is to
press on with the financial sector reforms. The government
would soon bring in the Pension Fund Regulatory and Development
Authority Bill, already cleared by the standing committee
for passage in the winter session of Parliament and said
he would bring two banking Bills, now before a standing
committee.
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Burns:
US committed to nuclear pact with India
New
Delhi: US official Nicholas R Burns has said that
despite the 44-nation Nuclear Suppliers Group's (NSG)
decision to put off action on Washington's proposal to
lift restraints on transferring nuclear technology to
India, the United States is committed to implementing
the July 18 agreement signed between President George
W Bush and Prime Minister Manmohan Singh.
US
Under Secretary of State for Political Affairs Nicholas
R Burns conveyed this when he met Foreign Secretary Shyam
Saran at the Hyderabad House in the capital.
The
Bush Administration had asked the NSG to give India a
permanent exception to international rules barring nuclear
cooperation. Even though France, UK and Canada were supportive
on the issue Sweden and Japan had expressed concerns at
a meeting in Vienna this week.
Rejecting
the contention that there was a link between three-nation
pipeline deal and nuclear civilian cooperation between
India and US, Burns asserted that no other issue was associated
with it.
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Growth
in industrial production down to 7.4 per cent in Aug.'05
New
Delhi: Fall in growth of mining sector during August
has pulled down the overall growth in industrial production
to 7.4 per cent against 8.6 per cent in August 2004, according
to an official release.
The
mining sector registered a fall in growth of 1.3 per cent
during August against a positive growth of 4.4 per cent
recorded in August 2004.
Among
the use-base economic sub-groups, consumer durables have
shown the highest growth of 13.1 per cent during August.
Growth
rate in the manufacturing sector, which has the highest
weight in the IIP basket, stood at 8.2 per cent in August
against 9.1 per cent in August 2004.
Electricity
sector registered a growth of 7.8 per cent in August compared
to 7.4 per cent in August 2004.
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Inflation
rises to 4.62 per cent
New
Delhi: Inflation rose to 4.62 per cent during the
week ended October 8 from 4.24 per cent a week ago, due
to hike in prices of essential food items and manufactured
products.
Inflation
was at 7.10 per cent a year ago in the same period.
The
wholesale price index rose by 0.2 per cent to 197.2 points
during the week from 188.5 a year ago.
The
primary articles' group index rose by 0.2 per cent to
195 points mainly due to costlier food articles, while
non-food items became cheaper. It was 190.2 points a year
ago.
The
Food Articles' group was up by 0.3 per cent to 197.7 points
owing to rise in prices of fish-marine (10 per cent),
condiments and spices and jowar (two per cent each) and
arhar and eggs (one per cent each).
The
Non-Food Articles' group index declined by 0.1 per cent
to 181.3 points owing to lower prices of castor seed (two
per cent) and groundnut seed (one per cent). However,
prices rose for raw rubber (seven per cent), cotton seed
(three per cent) and raw jute (one per cent).
The
Manufactured Products' group index moved up by 0.2 per
cent to 171.6 points as prices rose for food products,
textiles, chemicals, non-metallic mineral and machinery.
The index was 167.2 points in the previous year period.
The
Food Products' group index was up by 0.1 per cent to 177.7
points due to higher prices of rice bran oil (two per
cent) and khandsari, coconut oil and sugar (one per cent
each).
The
Base Metals Alloys and Metal Products' group index fell
by 0.1 per cent to 222.3 points owing to lower prices
of other iron steel (three per cent), ms bars and rounds
(two per cent) and basic pig iron, foundry pig iron and
steel sheets, plates and strips (one per.
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Forex
reseves up US$82mn to US$143.44bn
Mumbai:
Foreign exchange reserves increased US$82mn to US$143.435bn
for the week ended October 14, 2005 against US$143.353bn
in the previous week, according to the weekly statistical
supplement released by the RBI.
Foreign
currency assets increased US$93mn to US$137.303bn. Gold
reserves and SDRs were unchanged at US$4.712bn and US$4mn,
respectively.
The
Reserve Tranche Position with the IMF declined US$11mn
to US$1.416bn.
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