India, Italy discuss ways to boost trade, economic ties
The Dollar Business Bureau India and Italy on Friday conducted talks to find ways to boost trade and economic relations by enabling discussions and enhancing collaboration on a range of issues of joint interest. The issues related to trade were discussed during the 19th session of India-Italy Joint Commission for Economic Cooperation (JCEC), which was held in Rome on May 11-12. The joint commission was co-chaired by India’s Minister of Commerce and Industry Nirmala Sitharaman and Carlo Calenda, Italian Minister of Economic Development. “Both sides reiterated the importance of JCEC towards the development of bilateral economic and trade relations through facilitating dialogue and enhancing cooperation on a wide range of issues of mutual interest,” the Ministry of Commerce said in a statement. Despite global slowdown, the bilateral trade ...
US Fed keeps interest rates unchanged
The Federal Reserve cut its outlook for the US economy and kept its interest rate policy unchanged today, citing the impact of the global slowdown and turmoil in world markets Source: PTI Fed Chair Janet Yellen said gains in prices relate to "categories that tend to be quite volatile, without very much significance for inflation over time. The Federal Reserve cut its outlook for the US economy and kept its interest rate policy unchanged today, citing the impact of the global slowdown and turmoil in world markets. Giving a picture of the US economy that was less bullish than many had expected, the Fed still forecast continuing hikes to the benchmark federal funds rate this year, but at a slower pace than foreseen ...
ECB cuts down interest rate to zero across euro area
The ECB expanded the monthly purchases bond under the asset purchase programme to 80 billion a month from its earlier 60 billion a month starting in April and intended to run until March 2017. The Dollar Business Bureau The European Central Bank (ECB) reduced its marginal lending facility rates and its deposit facility rates. Concerned over fresh fears of aneconomic meltdown in Europe, the European Central Bank (ECB) on Thursday cut interest rates to an all-time low to zero across the euro zone and decreased two other interest rates. On Thursday, a 25-member Governing Council held a meeting in Frankfurt, Germany and announced a slew of unprecedented initiatives to revive its stalled economy. The interest rate on the main refinancing operations of the ...
'No need for exaggerated panic, have faith in Indian economy'
Finance Minister Arun Jaitley said investors must keep faith in the inherent strength of Indian economy rather than getting swayed by the global headwinds Source: PTI A major sell-off in global markets has created a chain reaction impacting the markets world over including in India, says Jaitley Amid continued nervousness in the stock and currency markets, Finance Minister Arun Jaitley on Friday sought to calm the frayed nerves saying investors must keep faith in the inherent strength of the Indian economy rather than getting swayed by global headwinds. He also stressed that the government will soon announce more steps to empower public sector banks to recover bad loans that are hurting their profitability. Talking to reporters at the Finance Ministry a day after the ...
7.6% growth amid global turmoil is noteworthy: FinMin
Government is keeping a very close watch on international and global development and is prepared to deal with all challenges, says Economic Affairs Secretary Source: PTI Shaktikanta Das, Secretary, Department of Economic Affairs, addressing a press conference in New Delhi on Thursday Terming the 7.6% growth projection for current fiscal as noteworthy and very significant amidst global turmoil, Finance Ministry on Thursday said the government is keeping a close watch on developments and is prepared to deal with challenges. "Given this kind of volatility and turmoil prevailing all over the world in the global economy, the growth forecast for the current year at 7.6% is definitely noteworthy and very significant," Economic Affairs Secretary Shaktikanta Das told media. He further said 7.6% growth ...
'Gems and jewellery exports to pick up soon'
Deepak Kumar | The Dollar Business Even as India’s gems and jewellery exports fell by 7.75% to $2.46 billion in December, industry analysts said that the downward trend is temporary and the exports will be back in the positive territory within a month or two. “Overall, our gems and jewellery exports are down by 15-16%. We are expecting global recovery. Our major export market is the USA, and its economy has shown signs of recovery. We are expecting some revival within a month or two,” said Bachhraj Bamalwa, Director, All India Gems and jewellery Trade Federation (GJF). Gems and jewellery exports from India in December 2014 was valued at $2.67 billion. India, on an average, exports gem and jewellery worth around ...
RBI should allow rupee depreciation to help exports
The Dollar Business Bureau Indian exports can be more competitive if the Reserve Bank of India allows the currency to depreciate, an industry body has said, and suggested the central bank to use its forex reserves in defence only in a rout situation. “Any depreciation in rupee on account of China-led turmoil in the global financial markets should only be a welcome sign for India, else Indian exports will suffer more at the hands of China and other emerging countries witnessing correction in their currencies,” said Associated Chamber of Commerce and Industry(ASSOCHAM) in its report 'Implications of Devaluation of Chinese Yuan’. Stating that China is a major challenge for India’s export competitiveness in the global market, the report pointed out that ...
India's auto exports take a hit in December
During April- November 2015, the countrys auto exports grew by just 2.61%, much less than the growth rate of 5.78% witnessed during April-October period The Dollar Business Bureau During April-March 2015, the countrys overall automobile exports grew by 14.89% over 2014 when the overseas sales in of three-wheelers and two-wheeler grew by 15.44% and 17.93% respectively Indias automobile exports seem to have been facing the heat of the global slowdown as the growth rate in the overseas sales has witnessed a sharp reduction in the past two months. During April- November 2015, the countrys auto exports grew by just 2.61%, much less than the growth rate of 5.78% witnessed during April-October period. Analysts say that the steep fall in the export of commercial vehicles ...
