Economy

Major towns and cities face unemployment: NSSO

Major towns and cities face unemployment: NSSO

An official overview has uncovered that the unemployment rate throughout the five-year period close 2009-10 has tumbled from 3.8 per cent to 2.8 per cent crosswise over urban communities and towns.

Indeed, as most urban areas and towns completed well, unemployment rate climbed strongly in Agra, Ludhiana and Meerut, the study indicated.

UltraTech Cement shares fall on poor quarterly results

UltraTech Cement shares fall on poor quarterly results

Responding to UltraTech Cement's poor quarterly results, shares of the cement giant shed as much as 4.76 per cent in early trade on Monday.

UltraTech Cement on Saturday announced a year-on-year decline of 52 per cent in net profit to Rs 260 crore for the July to September quarter. The figure fell short of analysts estimates by 33.3 per cent. A group of analysts surveyed by Bloomberg had projected a net profit of Rs 396 crore for the company's September quarter.

Google shares hit record high of $1,015.46 apiece on strong quarterly earnings

Google shares hit record high of $1,015.46 apiece on strong quarterly earnings

Shares of the world's No. 1 Internet search firm Google Inc jumped to their record high of more than $1,000 apiece on Friday, a day after the company reported quarterly results.

Google shares gained more than 14 per cent to hit an all-time high of $1,015.46 apiece, boosting the company's market value by around $40 billion. On Thursday, the stock had gained around 8 per cent to $960 a share.

China’s economic growth rebounds to 7.8%

China’s economic growth rebounds to 7.8%

China's economic growth rebounded from the two-decade low of 7.5 per cent in the April-June quarter to 7.8 per cent in the July-September quarter of this year, fresh stats released by the National Bureau of Statistics revealed.

Factory production in the three months ended September 30 jumped to 10.1 per cent year-on-year. It was up by 1 percentage point from the growth rate recorded in the first six-month period.

Investment in factories and other fixed assets grew slightly 20.1 per cent in the first six-month period to 20.2 per cent in the first none-month period of this year.

World Bank cuts growth forecast for Indian economy to 4.7%

World Bank cuts growth forecast for Indian economy to 4.7%

Citing various economic issues, the World Bank slashed its growth forecast for the Indian economy in the current financial year from 6.1 per cent to 4.7 per cent.

In its India Development Update report, released on Wednesday, the World Bank said that high rate inflation, high current account deficit (CAD), steep decline in investment and negative business confidence could impede India's economic growth this year.

In its previous report, the global bank had hoped that a pick-up in India's domestic activity would help accelerate the country's growth, but that failed to materialize.

India’s wholesale inflation jumped to 7-month high

India’s wholesale inflation jumped to 7-month high

Higher prices of fuel and eatables pushed rate of inflation to 6.46 per cent in September year-on-year, the highest level in seven months.

The drastic increase in wholesale price index (WPI) was mainly driven by a 323 per cent increase in onion prices, an 89 per cent increase in vegetable prices and nearly 20 per cent rise in diesel prices.

The September increase was the fourth consecutive monthly increase in wholesale inflation. In August this year, WPI was recorded at 6.10 per cent.

India’s industrial production slips to 0.6%

India’s industrial production slips to 0.6%

The growth rate of India's industrial production slipped below 1 per cent in August, adding to the government's worries about how reverse the persistent slowdown in one of the biggest Asian economies.

The index of industrial production (IIP) grew just 0.6 per cent in August, as compared with 2 per cent in the corresponding month of last year. In July, IIP was recorded at 2.6 per cent and later revised upwards to 2.8 per cent.

India’s trade deficit narrows to $6.7bn in September

India’s trade deficit narrows to $6.7bn in September

Improvement in exports amidst falling gold imports helped the struggling India economy saw a steep decline in trade deficit in September this year, fresh macroeconomic stats revealed.

According to fresh figures, released by the trade ministry on Wednesday, the country's trade deficit narrowed from $10.9 billion in August to $6.7 billion in September. It was the lowest deficit since March 2011.

S. R. Rao, top civil servant at the trade ministry, attributed the decline in deficit to the government's various measures to cut imports of non-essential commodities like gold.

Walmart continues pursuing talks with India officials: Chidambaram

Walmart continues pursuing talks with India officials: Chidambaram

Finance Minister P. Chidambaram on Monday claimed that U. S. retail giant Walmart was pursuing talks with Indian officials about its retail sector plans in India, despite negative comments about Indian regulations by one of the retailer's top executives.

New WTO chief raises concern over India’s Food Security Act

New WTO chief raises concern over India’s Food Security Act

India's recently passed food security law will significantly hike subsidy levels and the issue must be addressed in a positive manner, World Trade Organization (WTO) Chief Roberto Azevedo said.

Azevedo, the recently elected Director-General of WTO, also said that hefty bill from the new food security programme would force India to breach its AMS (Aggregate Measurement of Support) commitments to WTO.