November 30: Snapshots of the day
November 30: Snapshots of the day
Workers stand at a construction site of a high rise building in Mumbai
India's infrastructure sector output grew 7.0 per cent in October from a year earlier, faster than an upwardly revised annual growth of 2.7 per cent in September, government data showed on Tuesday.
In the first seven months of the current financial year to end-March 2011, output rose 4.5 per cent compared with a similar reading a year ago.
The infrastructure sector accounts for 26.7 per cent of India's industrial output.
India expects to invest about $500 billion in infrastructure, mainly in power, telecommunications, roads, railways and oil pipelines in five years to end-March 2012.
The Indian government plans to double spending on infrastructure to $1 trillion in its next five-year plan, which runs from April 2012.
The Reserve Bank of India (RBI) logo is pictured outside its head office in MumbaiThe RBI could cut the cash reserve ratio (CRR), the money that is kept by the banks with the RBI, if the tight liquidity conditions prolonged, a finance ministry official said on Tuesday. The central bank, however, does not expect the tight liquidity conditions to prolong, the official, who did not wish to be quoted told reporters on the sidelines of an event.
Lawmakers arrive in their cars at the parliament on the opening day of the budget session in New Delhi
India's government and opposition parties were due to meet on Tuesday to try and end a deadlock in parliament over a telecoms graft scandal that has hit shares in several firms and stalled debate on economic and reform bills.
India's image as an investment destination has been tarnished and the government's ability to push through legislation has been crippled by scandals, including a bribes-for-loans probe that saw eight executives arrested last week.
New Delhi may have been deprived of up to $39 billion by selling cellular licences too cheaply, and late on Monday the country's new telecoms minister vowed action against holders of 85 licences that may not have met eligibility criteria and others that have failed to meet rollout requirements.
Shares in property firm Unitech, which has a cellular joint venture with Norwa
Salesmen at a jewellery shop attend to their customers in Hyderabad
India gold buying retreated on Tuesday afternoon as the rupee weakened, making the dollar-quoted precious metal expensive, after a brief pick up in offtake in the previous session, dealers said.
"Yesterday, I placed indents for about 122 kgs, but there is nothing today," said a dealer with a state-run, bullion-importing bank in Mumbai.
Gold contract on the Multi Commodity Exchange (MCX) was trading 0.01 per cent lower at Rs 20,383 per 10 grams at 12:53 pm, tracking overseas markets, but a weaker rupee kept the downside limited.
"I have covered only for 10 kg from morning, stocks aren't moving today," said another dealer with a state-run bullion dealing bank.
The Indian rupee came off its fresh 10-week lows on Tuesday afternoon, but was still weak, following a stronger-than-expected rise in July-September GDP but losses in shares continued to weigh.
Labourers hold their colleague to install underground electric cables on a roadside at Noida in Uttar Pradesh.
India's economy probably grew an annual 8.7 per cent in the June quarter, its strongest pace since the December quarter of 2007, the median forecast of 21 economists showed. Forecasts ranged between 7.7 and 9.4 per cent
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