August 1: Car sales drop
August 1: Car sales drop
Shipping containers stand stacked at the Container Terminal at the Cochin Port on Willingdon Island in Kerala
India's exports in June rose an annual 46.5% to $29.2 billion, while imports for the month rose 42.5% to $36.9 billion, government data showed on Monday.
India's trade deficit in June stood at $7.7 billion, it said, while oil imports rose 30% to $10.2 billion.
India's exports grew a record 37.6% in the 2010/11 fiscal year that ended in March, as demand soared for engineering goods, oil products and gems manufactured in Asia's third-largest economy.
Labourers work at a flyover construction site in Mumbai
India's economy will grow at 8.2% in the year to March 2012, but it faces a challenge in achieving the fiscal targets set in the annual budget, a top economic advisory panel said in a report released on Monday.
Headline inflation would remain close to 9% till October, before beginning to ease, and would be at 6.5% in March, the prime minister's Economic Advisory Council said.
Bharti Chairman Sunil Mittal speaks during the national conference of the Confederation of Indian Industry (CII) in New Delhi
Stiff competition in India's mobile market is abating and consolidation in the crowded market is imminent, the chairman of the country's top mobile carrier Bharti Airtel said in the company's annual report.
With more than 850 million mobile phone connections, India is the world's second-biggest telecoms services market after China and is still adding subscribers at the fastest pace.
Carriers, however, operate under wafer-thin margins in the 15-player market and a vicious price war in second half of 2009 after new licences were given out has strained their financials.
Free cash withdrawals are advertised outside a HSBC bank in the city of London
HSBC will shed 30,000 jobs as it retreats from countries where it is struggling to compete, Europe's biggest bank said on Monday after it reported a surprise rise in first-half profit.
Shares in HSBC rose over 4% after it unveiled first-half pretax profits of $11.5 billion, up from $11.1 billion a year ago.
The bank also said it had cut 5,000 jobs following restructuring of operations in Latin America, the United States, Britain, France and the Middle East and that it would cut another 25,000 between now and 2013.
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