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that just means Indians perceive to have less corruption

The CPI index is calculated based on some 17 surveys. It includes residents, but is mainly those of analysts and business people dealing with the country. So it indicates that people who are thinking about India think India is less corrupt.

That said, even transparency international says that comparison between countries is often meaningless . More meaningful is the movement of a country up the scale through the years and the total score.
 
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Inflation dips to 0.48%
5 Jun 2009, 0133 hrs IST, TNN

NEW DELHI: Inflation declined to 0.48 % for the week ended May 23, giving head room to the government to initiate expansionary measures and prompt
banks to cut rates. While the wholesale price index stood at 0.61% in the previous week, the rate of price rise was 8.9% during the corresponding week a year ago.

Even though inflation declined during the week, the prices of essential food items like fruit, tea, cereals, pulses and spices became more expensive. In the light of falling inflation, FM Pranab Mukherjee is holding a meeting with heads of public sector banks on June 10 to stress moderation in rates.
 
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New customers to benefit more from rate cut
5 Jun 2009, 0134 hrs IST, TNN

NEW DELHI: ICICI Bank announced a cut of half percentage point on its FRR to boost the housing sector. This is the third time since December 31,
2008 that the bank has cut its floating rates, each time by 50 basis points.This means the monthly instalment on a Rs 50 lakh loan for 20 years has come down by Rs 5,100 in the last five months.

New customers stand to benefit more from these cuts. Though the benchmark rate has been cut by 1.50 percentage points since December 31, 2008, home loan rates for the new customers have reduced by around 2.25 percentage points. After the second round of rate cuts on April 21, the home loan rate was 10.50%. But as the liquidity situation improved in May, the bank reduced the effective rates for the new customers by increasing the differentials over the floating reference rates. The present rates of ICICI Bank will be one of the most competitive rates in the country. Though State Bank of India offers home loans at the lowest rates of 8% for all periods and values, but only for the first year. In the subsequent year, the rate will be changed to the then prevailing rate. The current rate of 8% is special rate.

Normally, it has been seen that SBI’s normal rate at which it offers loan to the customers is 25 to 50 basis points higher than the rates offered by HDFC and ICICI Bank. At present also, while ICICI Bank nad HDFC offers home loan of Rs 30 lakh at 9.25%, SBI charges 10.25%. Therefore, in the long term, the benefit of getting home loan at 8% could be off-setted. However, in future, in SBI also lowers the rate to the range of ICICI bank and HDFC Ltd, SBI’s offer of 8% is the best one. The present rate cut by ICICI Bank will help revive the real estate markets.

New customers to benefit more from rate cut - India Business - Business - The Times of India
 
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Electric car to hit roads in Sept: Ratan Tata

NEW YORK: Indian conglomerate Tata Group Chairman Ratan Tata has said that Tata Motors will have an electric car in the market by September this
year.

"We will have an electric car in the market in September," Tata was quoted as saying by Cornell University on its micro-blogging feed on Twitter. Tata is also a Cornell trustee.

He talked about the electric car at the Cornell Global Forum on Sustainable Global Enterprise organised by the university.

In 2008, Ratan Tata speaking at the Annual General Meeting of Tata Motors said that the company was developing an electric car.

Foreign media also reported quoting Tata at the forum that Tata Nano, dubbed as the world's cheapest car, is expected to be available in the US in the next two years.

The much-awaited Nano was commercially launched in March in India and is expected to hit the roads soon.

According to the university website, the Tata Education and Development Trust committed USD 50 million to Cornell in October 2008 to establish the Tata Scholarship Fund for Students from India and the Tata-Cornell Initiative in Agriculture and Nutrition, intended to improve the lives and livelihoods of India's rural poor.

Electric car to hit roads in Sept: Ratan Tata - India Business - Business - The Times of India
 
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Investor wealth crosses Rs 5 lakh cr mark first time in 2009

MUMBAI: Investor wealth has crossed the Rs five lakh crore mark on Thursday with the benchmark index Sensex closing above 15,000 for the first time
in nine months.

The total investors' wealth, measured in terms of combined market capitalisation of all the listed companies, has increased by Rs 85,420 crore to Rs 5,073,506.61 crore.

The total market cap of about 4,500 listed companies stood at Rs 49,88,086.72 crore at the end of trade yesterday.

In dollar terms, investor wealth stood at USD 1,074.59 billion at the end of trade today, calculated on the basis of an exchange rate of Rs 47.21 per US dollar.

Further, the 30 Sensex companies, which account for over 47 per cent of the total market capitalisation of all the companies, saw their combined market valuation rise by over Rs 18,811 crore today.

The combined market capitalization of the 30-blue chip stocks rose to Rs 2,273,491.69 crore today, from Rs 22,54,680.31 crore at the end of trade yesterday.

The 30-share Bombay Stock Exchange Sensex today surged 138 points at 15,008.68. The gains in today's trade was mainly driven by Ranbaxy Laboratories which surged over six per cent.

At the end of trade today, the valuation of Reliance Industries stood at Rs 3,55,002 crore. RIL was followed by ONGC whose valuation stood at Rs 2,49,777.24 crore, NTPC at Rs 1,83,297 crore and NMDC at Rs 1,71,513 crore.

Investor wealth crosses Rs 5 lakh cr mark first time in 2009 - India Business - Business - The Times of India
 
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India among top UK investors; Mumbai, Bangalore global hubs
5 Jun 2009, 0905 hrs IST

LONDON: Despite recession, India emerged as the second largest investor in the UK in 2008, after the United States, according to a new study that
sees Mumbai and Bangalore as the next top centres of global investment.

According to the annual survey by accountants Ernst & Young, Indian companies accounted for 49 projects in the UK during the year, which was ahead of traditional investors such as France and Germany. The US accounted for 263 projects.

The survey reveals that London remains Europe's top destination for foreign investment, accounting for 262 of the 686 new projects in the UK. But overall, the year saw foreign investment in London fall by 13% over the last year.

Marc Lhermitte, Partner at Ernst & Young and author of the report said, "The primacy of long-established centres in the developed world, including Europe's capitals, is being challenged by emerging Asian cities such as Shanghai and Bangalore and by regional cities acquiring international expertise.

"When business leaders from our study were asked where the next Google or Microsoft will emerge, Shanghai and Mumbai were seen as the more credible alternatives than New York and Silicon Valley, or London."

Ernst & Young's study analyses both actual inward investment over the last 12 months and attitudes of global investors on their plans over the short to medium terms.

Retaining its ranking as the most attractive European location for FDI, the UK attracted 686 investment projects in 2008, 4 per cent less than in 2007. The 686 investments created 20, 000 jobs, ranking the UK as the number one location for FDI job creation in Europe.

Lhermitte added, "The BRIC regions (Brazil, Russia, India, China) are not providing the absolutely safe ground international investors are looking for. Europe is seen as predictable and safe."

"Investors are showing greater loyalty to their countries of origin and historical markets, launching fewer projects in Emerging Europe. And that's why, for the moment, at least they'd sooner stay at home than venture abroad."

India among top UK investors; Mumbai, Bangalore global hubs - India - The Times of India
 
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Friday, Jun 05, 2009

NEW DELHI: Visiting Industry Minister of Thailand Chanchai Chairungruang on Thursday announced that the much-awaited ASEAN-India Free Trade Agreement (FTA) would be inked in August during the ASEAN Economic Ministers conference to be held in Thailand.

Addressing a group of select mediapersons here, Mr. Chairungruang said that with the signing of the FTA, it would enable member countries to reduce tariffs for more than 4,700 categories from January 1, 2010, onwards. “The Thailand Government would ensure effective implementation of the existing agreements and policies and also seek new measures to facilitate more investments from India,” he added.

He said the beneficiaries of this would be the 1.7 billion people who live in this economic zone which generates a total GDP of more than $6 trillion. Automotive components, telecommunications, electrical appliances and aluminium products would benefit from this FTA. All manufacturers in India and ASEAN would benefit by using raw materials with this economic zone.

Mr. Chairungruang is on a visit to India along with a high level delegation of Board of Investment of Thailand (BOI) to seek investments by Indian companies in Thailand.

The delegation would be visiting Mumbai, Pune, Taloja and New Delhi.

Mr. Chairungruang said conglomerates like the Aditya Birla group and the Tatas already had a significant investment in Thailand and the attempt was to get more potential Indian companies to set up operations and benefit from the major incentives and attractive schemes that had been launched for this purpose. The target industries include automobile and auto components, agriculture and farm machinery, chemicals, plastics, electronics, telecom, textiles and software.

“With trade between India and Thailand reaching $6 billion, Thailand was confident that there is a lot of scope for further enhancing trade relations in the backdrop of the ‘Early Harvest Scheme’ between the two countries and also the impending ASEAN-India FTA,” he said.

The Industry Minister, who is also the Vice Chairman of BOI, Thailand, said Thailand could partner India to extend its reach to the entire Southeast Asia and Asia Pacific region as important potential markets.
 
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Friday, June 5, 2009

Mumbai (PTI): The Indian market is likely to outperform its global peers and the benchmark Sensex could hit the 19,000-level by the end of this year, financial services major Morgan Stanley said in a report.

"A global market sell-off remains a key risk to absolute performance in Indian equities though we think Indian equities will likely outperform," the Indian strategy report of Morgan Stanley said.

There is 40 per cent probability of a bull run in which case the BSE Sensex could hit the 19,000 mark by the end of 2009, the report said adding there is only 10 per cent probability of a bear phase in which case the Sensex could tank to 8,600 levels.

The report has predicted the Sensex levels in scenarios like bull and bear market and what it calls a base case.

"The market performance depends largely on the government action. In the context of the quality of the new government's mandate, the optimism shown by the market may not be misplaced," it said.

However, the bull case for the market assumes factors like recovery in global growth, strong policy action from the government, lower non-performing assets among others.

Ridham Desai, Managing Director, Morgan Stanley Equity Research said it was difficult to predict whether the current uptrend in the market is a beginning of a new bull market.

Even if that is the case, we would come to know about it only with the benefit of hindsight, he said.

Mr. Desai said that the world is awash with liquidity and India is getting its share of it through FIIs, adding that he expects consumer sectors like auto, infrastructure, banks to do well during the year. Also defensive sectors like healthcare may take a breather, he said.
 
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India's forex reserves jumps to $262.306 billion
MUMBAI: India's forex reserves rose by $1.667 billion to $262.306 billion, for the week ended May 29, as compared to $260.639 billion in the
previous week.

Reserves had gone up by $6 billion for the week ended May 22 after falling by $1.734 billion in the week before.

Foreign currency assets, during the week, jumped to $251.456 billion, up $1.291 billion, as compared to $250.165 billion in the previous week.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies (such as Euro, Sterling, Yen) held in reserves, RBI said in its weekly report.

Country's gold reserves, during the week, went up to $9.604 billion as against $9.231 billion in the previous week while the special drawing rights (SDR) stood unchanged at $1-million, the central bank said.

India's reserve position in the International Monetary Fund (IMF) rose to $1.245 billion as compared to $1.242 billion in the previous week, RBI said.
 
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India's forex reserves jumps to $262.306 billion
MUMBAI: India's forex reserves rose by $1.667 billion to $262.306 billion, for the week ended May 29, as compared to $260.639 billion in the
previous week.

Reserves had gone up by $6 billion for the week ended May 22 after falling by $1.734 billion in the week before.

Foreign currency assets, during the week, jumped to $251.456 billion, up $1.291 billion, as compared to $250.165 billion in the previous week.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies (such as Euro, Sterling, Yen) held in reserves, RBI said in its weekly report.

Country's gold reserves, during the week, went up to $9.604 billion as against $9.231 billion in the previous week while the special drawing rights (SDR) stood unchanged at $1-million, the central bank said.

India's reserve position in the International Monetary Fund (IMF) rose to $1.245 billion as compared to $1.242 billion in the previous week, RBI said.

Whoa!!!! :woot: That s phenomenal growth!!!! :agree:
 
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‘Made in India’ Metro rolls out

Savli (Gujarat): Gujarat chief minister Narendra Modi on Friday flagged off what can be called the first truly ‘Indian’ Metro train, from a manufacturing plant near Vadodara. Henceforth, the facility will roll out one Delhi Metro coach a day and wheel it to the capital to cater to the acute overcrowding on the system due to shortage of trains and provide for the new lines opening as part of Phase II.
‘‘This is my third trip to this factory in the past 18 months. Slowly, India and the rest of the world will realize the importance of today’s event,’’ said Modi.
In all, the manufacturing unit belonging to Bombardier Transportation, will supply a total of 81 train sets comprising 424 broad gauge coaches to Delhi Metro Rail Corporation (DMRC) by October 2010 at a cost of about Rs 3,000 crore. ‘‘This is a very proud day for DMRC. Only 24 months ago, in June 2007, we placed an order for 454 coaches with M/s Bombardier Transportation, with a stipulation that it can bring a maximum of 21 train sets from abroad. The company limited their imports to just nine train sets and set up a facility in Gujarat to manufacture the rest. I am very happy that we have achieved indigenousness so soon,’’ said E Sreedharan, DMRC managing director.
The day of the rollout — World Environment Day — is significant as the trains are environment-friendly in design. ‘‘We are gifting people an eco-friendly train. Surface transport vehicles contribute to nearly 84% to the carbon emissions in the atmosphere, followed by aeroplanes, which add another 15%. Rail-based transportation comprise for just 1% of these emissions,’’ said Modi.
The trains are energy efficient and the cost of the trains is also much lesser compared to their imported counterparts. Sreedharan added that India was trying to minimize costs further by standardization, and has even proposed to the government to make Metro coaches exempt from duties and taxes, otherwise a lot of Indian cities may not be able to afford Metro systems.
The new trains promise a more comfortable ride for Delhiites as they have been made after analyzing the problems with the existing coaches. ‘‘Based on the Phase I experience, we have made a lot of changes to the new coaches, said Rajeev Jyoti, president & managing director, India, Bombardier Transportation. The changes include an advanced braking system to keep the noise levels in check as the earlier coaches were very noisy. The airconditioning has also been improved so Delhiites can expect a cooler ride next time they board a Metro train. The bogie design has been improved and the flooring quality upgraded to ensure a smoother ride. Keeping in view the high security threat on the Metro, the coaches are also equipped with CCTV cameras to track unusual movement.
The Delhi Metro currently operates across 78 km and will spread to over 190 km by 2010, making it one of the largest networks in the world. More than two million people are expected to travel by the Delhi Metro daily by next year making the timely delivery of coaches imperative.
The first Bombardier Movia train has been wheeled out of the Savli facility in a record 18 months from the time the factory was set up including the time taken to set up the factory. ‘‘This is the fastest in the 150 year old history of Bombardier, and a record even for us, said Stephane Rambaud Measson, president, passengers division, Bombardier Transportation.
The coaches are state-of-the-art — these have been made using the most advanced manufacturing technology such as spot-welding robots, being used for the first time in the country for rail carbody manufacturing. The coaches are about 35-40% indigenous, as a large part of the spare parts, have also been manufactured by local vendors.
LINK
 
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Pics of New Train Coach for Delhi Metro
 

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who cares about forex, u cant really use it its just sitting there.
:rofl::rofl::rofl:

What do you think this country is running on? Who is paying for infrastructure, MEGA defence contracts and contribution to IMF? Just to name a few!!!
 
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