October 26: The lensman`s view
October 26: The lensman`s view
A customer (R) buys vegetables at a market in Ahmedabad
The Reserve Bank of India (RBI) warned on Tuesday of persistent inflationary pressures on the economy from rising food prices, adding to expectations that the RBI will raise interest rates in November.
Bond yields, which have been moving to factor in India's sixth rate rise this year, ticked higher on the comments from Deputy Governor Subir Gokarn, who said structural changes in the emerging economy could have an adverse impact on inflation and inflation expectations.
"Persistent price increases in commodities for which there are less effective substitutes, with other things remaining equal, will raise the potential rate of inflation over a period of time," Gokarn said in a speech.
Customers shop at a Best Price Modern Wholesale store, a joint venture of Wal-Mart Stores and Bharti Enterprises, at Zirakpur in Punjab
India needs investment to fuel its rapidly growing economy, overhaul its creaking infrastructure and curb a swollen current account deficit, but crucial reforms to allow foreign investors access to important sectors are stalled.
President Barack Obama will meet US business leaders in India as American corporations explore the fast-growing market. The following are major areas of potential US investment in India currently facing domestic hurdles:
Planning Commission Deputy Chairman Montek Singh Ahluwalia speaks during a business conference in New Delhi
Planning Commission favours allowing foreign direct investment in "modern" retail, Deputy Chairman Montek Singh Ahluwalia said on Tuesday.
The powerful government commission has long backed opening up further multi-brand retailing to foreign companies.
Ahluwalia said the current account deficit in 2010/11 could be above three per cent of gross domestic product.
Chief Executive Officer of ArcelorMittal, Lakshmi Mittal, is seen in Luxembourg
As part of a new strategy for India, ArcelorMittal today said it will build, to begin with, smaller steel plants in states of Jharkhand, Orissa and Karnataka instead of mega units as proposed earlier.
The company, however, maintained that it is committed to expanding the capacities of the steel plants later on as stated in pacts with the respective state governments.
"The idea is to set up small steel facilities instead of (big) steel plants so that we have more footprints and we can execute faster some of these ideas," ArcelorMittal CFO Aditya Mittal told PTI in a conference call, after announcing the company's third quarter financial results.
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