New Delhi, Feb 7 (IANS) The cabinet Thursday approved new rail line projects worth over Rs.2,300 crore, Railway Minister Pawan Kumar Bansal said. "The Cabinet Committee on Economic Affairs approved the three projects...we hope to complete the projects in five years," Bansal told reporters after the cabinet meeting. Two projects are in the virgin coal belt in Chhattisgarh and will help bridge the gap between demand and supply in western parts of the country, the minister said.
New Delhi, Feb 7 (IANS) The Union cabinet Thursday raised the authorized capital of the National Bank for Agriculture and Rural Development (NABARD) to Rs.20,000 crore from Rs.5,000 crore and enlarged its operations. At a meeting here, the cabinet approved amendments to the NABARD Act 1981 to expand the apex rural and farm development financial institution's capital base and ability to introduce new credit products, forge new linkages and develop new clients
New Delhi, Feb 7 (IANS) Finance Minister P. Chidambaram Thursday said the government would take more appropriate steps to revive economic growth even as the statistical office lowered the GDP growth forecast to 5 percent, the worst in a decade. "The CSO's growth estimate, no doubt, is below what we in the finance ministry had expected it to be," Chidambaram said while reacting to the data released by the Central Statistics Office (CSO) here
New Delhi, Feb 7 (IANS) The Indian economy this fiscal would grow at a sharply lower rate of 5 per cent, lowest in a decade, due to poor performance of agriculture, manufacturing and services, according to government estimates released Thursday. In 2002-03, the Gross Domestic Product (GDP) had grown at 4 per cent. "The growth in GDP during 2012-13 is estimated at 5 per cent as compared to a growth rate of 6.2 per cent in 2011-12," said an official release quoting advanced estimates released by the Central Statistical Organisation (CSO).
A weaker yen and aggressive cost-cutting have resuscitated Japan's tech giant -- but to fully recover, it'll need to deliver new products with fatter margins. Jon Gordon reports
New Delhi, Feb 7 (IANS) In order to encourage farmers to step up investment in coconut cultivation, the Cabinet Committee on Economic Affairs Thursday hiked the minimum support price (MSP) of milling and ball copra for 2013. According to an official release, the fair average quality (FAQ) of 'milling copra' at Rs.5,350 per quintal and of 'ball copra' at Rs.5,500 per quintal represents an increase of Rs.150 per quintal for both crops. The increase in the MSP is expected to boost production and productivity of coconut in the country
Mumbai, Feb 7 (IANS) A benchmark index for Indian equities markets was trading flat in afternoon trade Thursday, as consumer durables, metal and capital goods stocks came under sustained selling by funds amid weak overseas cues. The 30-scrip Sensex, which opened at 19,589.44 points, was ruling at 19,582.82 points, down 56.90 points or 0.29 percent around 1.15 p.m
San Francisco, Feb 7 (IANS) US e-commerce company Channel Intelligence has announced that it has entered into an agreement to be acquired by Internet search giant Google. "For over 10 years, we have focused on making it easy for consumers to find and buy products online and help our clients grow their business
Sydney, Feb 7 (IANS) Business conditions in Australia weakened in the fourth quarter last year, deteriorating to their lowest level since the June quarter 2009, a quarterly business survey released Thursday by the National Australia Bank (NAB) showed. The NAB survey showed the business conditions fell to an index level of minus six in the December quarter, the lowest level in three and a half years
Beijing, Feb 7 (IANS) China produced the most gold in the world in 2012, making it the largest producer for the sixth straight year, latest industry association data showed. China's gold output increased 11.66 percent from a year earlier to hit a record high of 403.05 tonnes in 2012, the China Gold Association said Wednesday. The output was almost 100 times that of 1949, when the country produced just 4.07 tonnes, reported Xinhua citing the association.