Indo-Russian JVs to build automobiles and aircraft
The Dollar Business Bureau India and Russia have agreed to set up JVs to build aircrafts and automobiles in order to boost the lagging trade and economic ties between the two countries. The Russian President’s positive announcement after the summit concluded at St.Petersburg, summed up the positive developments and growth trajectory that PM Modi’s talks could have had. Putin said, "We both have a stake in consolidating this positive trend. Our talks are always held in a warm and friendly atmosphere, and are always substantive and productive. This time was no exception." Putin said the agreements made in the St Petersburg Declaration outlines steps to further deepen bilateral cooperation in the political, economic and cultural spheres. "Encouraging the growth ...
Liberalisation of capital account must for Indian economy, says RBI official
The Dollar Business Bureau Capital controls have worked well in the case of Indian economy and have protected the economy in times of various currency crises, but, the time has probably come for India to revisit the issue of greater capital account liberalization, said a top official of Reserve Bank of India. “Greater opening of the capital account is inescapable as the Indian economy grows further and becomes global in dimension,” said G Padmanabhan, Executive Director, RBI. Padmanabhan said that since India is likely to become a truly globalised economy in the near future, it cannot afford to remain isolated for a very long period. The official cautioned that as the economy gets more globalized, it will become more ...
