Nano struggles its way
Nano struggles its way
India's chief economic advisor to the finance ministry Basu speaks in New Delhi
India's economy will likely grow faster next fiscal year than in 2011-12 because of an improved external environment and a shift in policy focus from containing inflation to growth, a top government adviser said on Wednesday.
However, Chief Economic Advisor Kaushik Basu told Reuters in an interview that public finances were expected to remain under pressure in 2012-13.
A broker reacts while trading during the presentation of India's federal budget, at a stock brokerage in Mumbai
The BSE Sensex fell 0.4% on Wednesday, snapping a two-day rally that sent it up more than 3%, with investors wary ahead of quarterly corporate results that will begin next week amid slowing economic growth and high interest rates.
A series of rate rises since early 2010 to combat inflation, a weak rupee and sluggish consumer spending are likely to weigh on the results of many companies, while concerns remain about the impact of the euro zone debt crisis on the global economy.
A man wears a cap lined with fake currency notes in Chennai
The rupee gained further in afternoon trade on Wednesday, buoyed by an improvement in risk appetite globally, although volatile local shares and oil importers' dollar demand weighed.
* At 2:00 pm, the partially convertible rupee was at 53.1500/1525 to the dollar, 0.1% stronger than its close on Tuesday.
* Traders said dollar selling by foreign banks also helped the rupee.
A woman touches a gold necklace at a jewellery store during Karva Chauth festival in Allahabad
India has made hallmarking gold jewellery mandatory, a senior government minister said on Wednesday, a move that could boost demand in the world's biggest gold market by taking care of quality worries.
Bombay Bullion Association President Prithviraj Kothari welcomed the move, saying the government now needed to quickly build more hallmarking centres to keep pace with demand.
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