March 1: Snapshots for the day
March 1: Snapshots for the day
An employee walks through parked cars at Maruti Suzuki's stockyard on the outskirts of Ahmedabad
India's largest automaker, Maruti Suzuki's sales rose 15.5% while sales at Tata Motors grew 12% from a year earlier. Sales at Mahindra & Mahindra rose 20% in February.
Sales of the Tata Nano, touted as the world's cheapest car, rose 100% in February to 8.262 units.
Indian automakers sold 184,332 units in January, up 26.3% from a year ago.
Vehicle sales in India, one of the fastest growing auto markets in the world, grew 31% in 2010 as an aspirational and burgeoning middle class in Asia's third largest economy spurred demand.
(Pictures by Reuters)
Planning Commission Deputy Chairman Montek Singh Ahluwalia speaks during a business conference organised by the CII in New Delhi
Montek Singh Ahluwalia, deputy chairman of the Planning Commission, said the new budget's target to slash the fiscal deficit to 4.6% of GDP, a goal many economists deride as optimistic, is achievable even if oil averages $100 a barrel for the year.
Ahluwalia also said no decision had been made on when to submit diesel prices to market forces, a long-delayed move that would ease government's subsidy burden but add to inflation and anger voters ahead of elections in 5 states.
A worker fills jerrycans with diesel at a fuel station in Kolkata
Indian Oil Corp, the country's biggest fuel retailer, said on Tuesday there was a need to raise petrol prices, a day after the budget failed to announce any measures to stem revenue losses of state oil firms.
Petrol prices in India are market-linked, but diesel, cooking gas and kerosene rates are set by the government, which partly compensates state oil firms for their losses when global crude oil prices increase.
Raising fuel prices is politically sensitive in India, with the government struggling to balance maintaining growth momentum and reining in inflation, among the highest of major Asian economies.
A labourer works on reinforcing bars at a construction site to build a bridge on the outskirts of Ahmedabad
India's infrastructure sector output grew 7.1% in January from a year earlier, faster than an downwardly revised annual growth of 6.1% in December, government data showed on Tuesday.
In the first 10 months of the current financial year, which ends in March, output rose 5.6%, compared with 5.5% growth in the year-ago period.
The infrastructure sector accounts for 26.7% of India's industrial output.
An employee works inside a metal workshop in Kolkata
Costs for Chinese and Indian factories jumped in February, pointing to a need for more measures to prevent inflation from undermining the world's two fastest-growing economies, surveys showed on Tuesday.
The February purchasing managers' indexes provide the latest evidence of the growing inflationary pressure from the sharp rise in commodity prices that was already apparent in a round of global PMIs covering the month of January.
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