You are here » Home » Multimedia » Photo Gallery » photogallery individual » Apr 17: RBI surprises with 50 bps repo cut

Apr 17: RBI surprises with 50 bps repo cut

  • Apr 17: RBI surprises with 50 bps repo cut

    Apr 17: RBI surprises with 50 bps repo cut

  • <p><b>Finance Minister Pranab Mukherjee speaks during a business meeting in New Delhi</b></p><p>The Reserve Bank of India&#39;s (RBI) decision to cut its key interest rate, by an unexpectedly sharp 50 basis points, will help revive investment, Finance Minister Pranab Mukherjee told reporters on Tuesday.</p><p>The central bank cut interest rates on Tuesday for the first time in three years, lowering its policy repo rate to 8%, in a bid to revive a slowing economy.</p><p>Mukherjee also said the government would take additional steps in coming weeks to bolster economic growth.</p>

    Finance Minister Pranab Mukherjee speaks during a business meeting in New Delhi

    The Reserve Bank of India's (RBI) decision to cut its key interest rate, by an unexpectedly sharp 50 basis points, will help revive investment, Finance Minister Pranab Mukherjee told reporters on Tuesday.

    The central bank cut interest rates on Tuesday for the first time in three years, lowering its policy repo rate to 8%, in a bid to revive a slowing economy.

    Mukherjee also said the government would take additional steps in coming weeks to bolster economic growth.

  • <p><b>A woman fills her trolley with retail products as she shops at a Hypercity department store in Mumbai</b></p><p>Hypercity, the hypermarket arm of retailer Shoppers Stop, is scaling down its store rollouts and tweaking the product mix to include high-margin goods in an effort to achieve break even faster.</b></p><p>"We would like to have a medium-sized business but it has to be a profitable business. Our idea is not to build huge scale," Mark Ashman, chief executive of Hypercity, told Reuters.</p><p>Hypercity contributes 30% to the overall consolidated revenue of Shoppers Stop.</p><p>Most organised food and grocery retailers in India are yet to turn profitable as they operate with high costs and compete on razor-thin margins.</p>

    A woman fills her trolley with retail products as she shops at a Hypercity department store in Mumbai

    Hypercity, the hypermarket arm of retailer Shoppers Stop, is scaling down its store rollouts and tweaking the product mix to include high-margin goods in an effort to achieve break even faster.

    "We would like to have a medium-sized business but it has to be a profitable business. Our idea is not to build huge scale," Mark Ashman, chief executive of Hypercity, told Reuters.

    Hypercity contributes 30% to the overall consolidated revenue of Shoppers Stop.

    Most organised food and grocery retailers in India are yet to turn profitable as they operate with high costs and compete on razor-thin margins.

  • <p><b>A woman holds a new Vodafone sim card in central London</b></p><p>British telecoms operator Vodafone Group said it had served the Indian government with a notice of dispute regarding India&#39;s proposal to retrospectively tax overseas transactions.</p><p>Vodafone said in a statement on Tuesday that the 2012 Finance Bill proposals violated international legal protections granted to Vodafone and other foreign investors in India.</p><p>"Vodafone has asked the Indian government to abandon or suitably to amend the retrospective aspects of the proposed legislation as Vodafone would prefer to reach an amicable solution to this matter," the company said.</p><p>However, if the government would not do so Vodafone said it would take whatever steps were necessary to protect shareholder interests, including beginning treaty arbitration proceedings.</p>

    A woman holds a new Vodafone sim card in central London

    British telecoms operator Vodafone Group said it had served the Indian government with a notice of dispute regarding India's proposal to retrospectively tax overseas transactions.

    Vodafone said in a statement on Tuesday that the 2012 Finance Bill proposals violated international legal protections granted to Vodafone and other foreign investors in India.

    "Vodafone has asked the Indian government to abandon or suitably to amend the retrospective aspects of the proposed legislation as Vodafone would prefer to reach an amicable solution to this matter," the company said.

    However, if the government would not do so Vodafone said it would take whatever steps were necessary to protect shareholder interests, including beginning treaty arbitration proceedings.

  • <p><b>A 100 yuan banknote (R) is placed next to a $100 banknote in this picture illustration taken in Beijing</b></p><p>China bagged foreign direct investment at a record-setting pace in the first three months of 2012, but an easing in its monthly momentum and a difficult trade outlook will keep monetary policy poised to compensate for any dip in capital inflows.</p><p>The first quarter inflow of $29.8 billion leaves China on course to surpass 2011&#39;s $116 billion record, even though inflows compared with a year earlier have fallen for five successive months, Commerce Ministry data showed on Tuesday.</p><p>A 53% leap in inflows to $11.8 billion in March from February - typical after the Lunar New Year - was a fresh sign that capital flow is firming enough to underpin money supply growth, following a $124 billion first-quarter jump in foreign exchange reserves, providing policy stays on its current pro-growth bias.</p>

    A 100 yuan banknote (R) is placed next to a $100 banknote in this picture illustration taken in Beijing

    China bagged foreign direct investment at a record-setting pace in the first three months of 2012, but an easing in its monthly momentum and a difficult trade outlook will keep monetary policy poised to compensate for any dip in capital inflows.

    The first quarter inflow of $29.8 billion leaves China on course to surpass 2011's $116 billion record, even though inflows compared with a year earlier have fallen for five successive months, Commerce Ministry data showed on Tuesday.

    A 53% leap in inflows to $11.8 billion in March from February - typical after the Lunar New Year - was a fresh sign that capital flow is firming enough to underpin money supply growth, following a $124 billion first-quarter jump in foreign exchange reserves, providing policy stays on its current pro-growth bias.

LATEST GALLERIES