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CLSA cuts growth to 6.7%
CLSA cuts growth to 6.7%
Labourer fills a sack of wheat at a wholesale grain market in the northern Indian city of Chandigarh
Plans to expand the multi-billion dollar food subsidy programme are a likely vote-winner for the ruling Congress party as it heads into key local elections in 2012, but could worsen strained finances as a flagging economy crimps revenue.
The Food Security Bill, introduced in parliament on Thursday and expected to win easy approval, would guarantee cut-price grains to 63.5% of India's 1.2 bn people, adding as much as $7.5 billion to New Delhi's subsidy burden.
Finance Minister Pranab Mukherjee gestures during a news conference in New Delhi
The plan to give foreign supermarkets access to India's retail industry is "very much on the government's mind", Finance Minister Pranab Mukherjee said on Friday, weeks after New Delhi was forced to backtrack on the reform.
"Yes, we announced FDI policy in retail but it could not be implemented. But that does not mean we have shelved it", Mukherjee said at an industry event on Friday.
Onlookers stand next to Toyota's compact car 'Etios' at India's Auto Expo in New Delhi
Toyota Motor Corp has launched a service campaign to fix a potential leak problem in the fuel tank filler pipe on its Etios and Etios Liva models in India, an official at Toyota Kirloskar said.
The campaign affects nearly 41,000 vehicles, Sandeep Singh, deputy managing director of Toyota Kirloskar, a joint venture between Toyota and Kirloskar group, told Reuters.
Job seekers wait in a line at a job fair in San Francisco
The US economy is gaining momentum and should push through next year with only a few bruises despite an almost certain European recession and slower global growth.
A firming in the anemic US labor market should put the economy in reasonable shape to withstand headwinds from overseas, although the recovery will likely slow at the start of the year after a surprisingly solid fourth quarter
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