Category: South Asia

MUMBAI, Nov 28 (AsiaPulse) – Reserve Bank of India (RBI) on Wednesday hiked interest rates on Non-Resident (External) Rupee term deposits and Foreign Currency Non-Resident (Banks) deposits, a move expected to increase the flow of foreign exchange amid the weakening domestic currency. “Interest rates on fresh Non-Resident (External) Rupee (NRE) Term Deposits for 1-3 years […]

NEW DELHI, Nov 25 (AsiaPulse) – Foreign Direct Investment in India surged by 41 per cent to US$22.5 billion during the January-September period this year, despite the uncertain global economic environment. During January-September 201O, the country had attracted Foreign Direct Investment (FDI) worth US$15.97 billion. Experts maintained that the government should further streamline policies and […]

NEW DELHI, Nov 24 (AsiaPulse) – Indian FMCG firms are turning to efficient cost management and local procurement of raw materials to offset increasing pressure on margins due to the weakening of the rupee that has spiked input costs. Having already taken a series of price hikes this year, the firms have little room to […]

NEW DELHI, Nov 23 (AsiaPulse) – India’s Power Ministry has banned international consulting firm Ernst & Young (E&Y) from taking up any further assignments in the sector after anomalies in the evaluation of bids for the Sasan project were highlighted in a report by power sector expert P.S Bami. “We issued a show-cause notice to […]

NEW DELHI, Nov 21 (AsiaPulse) – India’s Disinvestment Ministry says it has received in-principle clearance from the Petroleum Ministry to proceed with the sale of government equity in Oil India Ltd. “Correspondence was going on for last six months… We got Petroleum Ministry in-principle approval yesterday for disinvestment in OIL. We have to work out […]

NEW DELHI, (AsiaPulse) – The Indian government is likely to discuss the proposal to form South Asian Postal Union, a move that will enhance regional cooperation and can lead to reduction of postal tariffs among SAARC member states. “The proposal to set up South Asian Postal Union (SAPU) is scheduled for discussion in the Cabinet […]

MUMBAI, (Asia Pulse) – Khazanah Nasional, the sovereign wealth fund of the Malaysian government, plans to invest in sectors like financial services, infrastructure and energy in India in the near future. “We are looking at sectors like financial services, infrastructure and energy for investment in the near future,” Khazanah Nasional executive director Michael Jude Fernandes […]

MUMBAI, November 15, 2011 (AFP) – Kingfisher Airlines said Tuesday it had doubled its losses in the July-September quarter, as its billionaire chief Vijay Mallya was set to announce plans to keep the Indian company afloat. The country’s second-largest airline by market share showed a net loss of 4. 69 billion rupees ($93 million) for […]

MUMBAI, November 13, 2011 (AFP) – India warned on Sunday against protectionism as the world grapples with the sovereign debt crisis, portraying itself as a relative haven of stability in troubled economic times. Commerce minister Anand Sharma said India was an influential emerging economy and that the country “will be part of the stabilisation process […]

ADDU, November 11, 2011 (AFP) – South Asian leaders ended a summit in the Maldives Friday with pledges to increase regional trade as arch rivals India and Pakistan demonstrated signs of easing tensions between them. The US, which is an observer of SAARC, welcomed the easing of Indo-Pakistan tensions and said increasing trade and economic […]

ADDU, November 10, 2011 (AFP) – The prime ministers of India and Pakistan said Thursday they expected to open a “new chapter” at future talks between the rival nations after they met at a regional summit in the Maldives. India’s Manmohan Singh and his Pakistani counterpart Yousuf Raza Gilani said their often strained ties were […]

ADDU, November 11, 2011 (AFP) – China is seeking an active role in the eight-member South Asian Association for Regional Cooperation, an official said Friday, in a move likely to be resisted by India. India would likely be suspicious of any greater Chinese role. New Delhi has watched with anxiety as Beijing has forged ties […]