September 16: News in Pictures
September 16: News in Pictures
Montek Singh Ahluwalia, deputy chairman of India's planning commission, listens to a speaker in Davos, Switzerland
Foreign portfolio inflows to India will not be impacted by the Reserve Bank of India's (RBI) decision to hike policy rates, Montek Singh Ahluwalia, deputy chairman of the Planning Commission said on Thursday.
The RBI raised interest rates for the fifth time this year as it looks to tame inflation, running above its 6 per cent target by end-March 2011, in the fast-growing economy.
The RBI raised its repo rate, the rate at which it lends to banks, by 25 basis points to 6 per cent and the reverse repo rate, at which it borrows from banks, by 50 basis points to 5 per cent.
India's annual headline inflation, with a revised base year of 2004/05 from 1993/94, eased in August to 8.5 per cent. Under the old series, inflation stood at 9.5 per cent, a touch higher than a 9.6-per cent rise forecast in a Reuters poll.
A customer checks different types of rice, with their price tags displayed, at a market in Mumbai
India's food price index rose 15.10 per cent while the fuel price index climbed 11.48 per cent, in the year to Sept. 4, under a new series with different base year, components and weightings, government data on Thursday showed.
In the prior week, food inflation as measured by the old series with 1993-94 as base year, stood at 11.47 per cent on the year while fuel inflation was at an annual 12.71 per cent.
These figures are not comparable with the latest data release. The primary articles index was up 16.22 per cent in the latest week. It rose 15.40 per cent in the previous week.
The wholesale price index , the most widely watched gauge of prices in India, rose 8.5 per cent in August, the first reading from the new data series.
A horse-drawn carriage carrying tourists moves past the Taj Mahal hotel in Mumbai
The Government of Singapore Investment Corp's (GIC) real estate arm warned on Thursday about a looming oversupply of luxury hotels and malls in India although it remained bullish about the country's longer-term prospects.
\"I would probably stay away from luxury hotels because I think there is a huge supply coming... I would also stay away from retail malls in the short term for the same reasons,\" GIC Real Estate Deputy President Goh Kok Huat said at a property seminar in Singapore.
GIC is the world's fourth-largest sovereign wealth fund and manages estimated assets of at least $200 billion. It does not disclose details of its assets.
Goh said GIC Real Estate, one of the world's top 10 real estate investors, is invested in India but he declined to indicate how large its India investments were relative to the size of its portfolio.
A trader holds gold jewellery at a shop in Mumbai
The cabinet cleared the way to allow commodities exchanges to launch options on Thursday, a move which should boost liquidity in markets which have already attracted international investors.
New products like options will be allowed in the commodity market, a statement issued by the government said after cabinet approved amendments to a regulatory bill. This will benefit various stakeholders including the farmers.
The bill now goes to parliament for approval, the statement said. The Forward Markets Commission would be the regulator for the exchanges and will have autonomy, the statement said.
International investors Goldman Sachs and Intercontinental Exchange have already bought small stakes in Indian exchanges.
India will allow banks and mutual funds to trade in commodity futures once parliament approves the Forward Contracts (Regulation) Amendment Bill, the market regulator s
A girl holding an umbrella walks inside the compound of a school during monsoon rains in Mumbai
India's monsoon rains were 19 per cent above normal in the week to September 15, the weather office said on Thursday, adding to concerns cotton and ground nut harvests could be further delayed in Asia's third-largest economy.
Rains had already exceeded averages by 26 per cent in the previous week.
In the cotton and rice producing Punjab, rains were 104 per cent over averages for the week ending Sept. 15, the India Metrological Department said on its website.
Cane-growing western parts of Uttar Pradesh had rains 26 per cent above normal in the week, the data showed.
In the western state of Gujarat, which produces cotton and ground nut, rains were between 183 per cent and 346 per cent above normal -- potentially damaging crops by flooding and perhaps delaying harvests.
India is a leading producer and consumer of grai
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