Economy

Pension sector to cross $1 trillion investment mark by 2025: report

Pension sector to cross $1 trillion investment mark by 2025: report

The passage of the Pension Fund Regulatory & Development Authority (PFRDA) Act 2013 will help the sector realize its full growth potential and cross the $1 trillion investment mark by the year of 2025, according to a recently published EY-CII report.

The report said that the country's particular demographic transition would require protection of old-age income security, which would support the growth of pensions sector.

India’s CAD slips to 1.2% of GDP

India’s CAD slips to 1.2% of GDP

Indian economy enjoyed a steep year-on-year decline in its Current Account Deficit (CAD) in the second quarter of current financial year, as exports climbed while imports fell.

According to fresh official data, India's CAD slipped to $5.2 billion in the July-September quarter of this fiscal, as against $20.8 billion in the corresponding quarter of the previous year. In other words, the country's CAD decreased from 5 per cent of its GDP in the second fiscal quarter of 2012 to 1.2 per cent in the same quarter of this year.

Fuel retailers hike ATF prices by marginal 0.8%

Fuel retailers hike ATF prices by marginal 0.8%

Fuel retailers on Sunday announced a marginal increase of 0.8 per cent prices of Aviation Turbine Fuel (ATF), which is commonly called jet fuel. The increase follows last month's steep decline of 4.5 per cent in the fuel prices.

The Indian Oil Corporation (IOC), India's leading fuel retailer, said in a statement that price of jet fuel in Delhi was increased by 0.8 per cent or Rs 597.48 per kilolitre (kl)to Rs 74,204.74 per kl.

In Mumbai, airlines will now have to pay Rs 76,658.27 for every kl of ATF, as against the previous price of Rs 76,035.89 per kl.

Ministries in conflict over FDI cap in drug firms

Ministries in conflict over FDI cap in drug firms

India's finance ministry is in conflict with other ministries over the issue of foreign direct investment (FDI) cap in critical drugs sector.

Requesting anonymity, a senior official from the finance ministry revealed that the finance ministry is resisting pressure from the industry ministry and the health ministry to cap foreign ownership of domestic pharmaceutical firms fearing that any such move would hurt potential foreign investments in the sector.

Citigroup executive Neeraj Sahai to join S&P as president

Citigroup executive Neeraj Sahai to join S&P as president

Global ratings agency Standard & Poor's (S&P) on Tuesday named Citigroup executive Neeraj Sahai as its new president.

Mr. Sahai, who is presently the head of Securities & Fund Services business at Citigroup, will assume his new role on 6th of January, 2014. He will succeed current S&P President Douglas Peterson.

Speaking about his new role, Mr. Sahai said, "I am eager to get started, to work alongside S&P's deeply talented employees and to build on the progress Doug (Peterson) and the management team have achieved."

India tops E&Y’s list of most attractive investment destinations

India tops E&Y’s list of most attractive investment destinations

India surpassed China to top the list of the world's most attractive investment destinations for foreign investors, according to global consultancy E&Y's latest report.

E&Y's newly released bi-annual capital confidence index ranks India at the top spot saying the combination of rupee depreciation and relaxation of foreign direct investment (FDI) made India a more attractive investment destination.

In India, sectors like automotive, technology and life sciences reported the highest level of anticipated FDI deal-making.

Sebi further tightens disclosure norms for listed companies

Sebi further tightens disclosure norms for listed companies

In a bid to enable investors to take more informed investment decisions, the Securities & Exchange Board of India (Sebi) on Monday further tightened disclosure norms for listed companies.

The capital market regulator underlined that while listed companies make disclosures to stock exchanges within the stipulated time-frame in line with the Listing Agreement, many investors raised concerns that companies made inadequate disclosures.

RBI Deputy Gov. lambasts banks over inadequate credit appraisals

RBI Deputy Gov. lambasts banks over inadequate credit appraisals

Taking a tough stance against soaring bad loans, Reserve Bank of India (RBI) Deputy Governor KC Chakrabarty on Saturday asked lenders to move away from restructuring loans.

Speaking at the Bancon 2013 in Mumbai, Mr. Chakrabarty stressed that inadequate credit appraisals by banks was causing an exponential increase in bad loans (non-performing assets).

As per available figures, banks' total restructured accounts reached Rs 3.25 lakh crore by the end of June this year, of which nearly Rs 2.7 lakh crore was because of restructuring of corporate debt.

India’s WPI hits 8-month high of 7% in October

India’s WPI hits 8-month high of 7% in October

India's wholesale price inflation (WPI) jumped to its eight-month high mark of 7 per cent in the month of October, driven mainly by higher prices of vegetables and fruits.

Onion prices climbed at a whopping annual rate of 278.21 per cent in October this year, as compared with an increase of 78.38 per cent in prices of vegetables. Prices of other food items like egg, meat and fish jumped from 13.37 per cent in September to 17.47 per cent in October.

RBI will take tough stance to bring down inflationary pressures: Raghuram Rajan

RBI will take tough stance to bring down inflationary pressures: Raghuram Rajan

Indian economy is still in the grip of high inflationary pressures and the Reserve Bank of India (RBI) needed to bring it down through tough stance, the central bank's governor Raghuram Rajan said.

In an interview on Tuesday, Mr. Rajan said that RBI would take a tough stance to bring high inflationary expectation down. He added that the RBI aimed at bringing wholesale price index (WPI) down to 5 per cent, which is not dire for a poor economy like India.