RBI kept interest rate levels unchanged
India's central bank, the Reserve bank of India (RBI) has decided not to change its key interest rates on Thursday indicating reflecting its concerns about rise of inflation in the country.
RBI retained its repo rate at 8.5 percent which was expected to reduce to boost the slowing economic growth in the country. The cash reserve ratio was also kept unchanged at 4.75 percent.
The decision to keep the rates unchanged was made on account of official data that the inflation measure of India i.e. wholesale-price index, rose 6.95 percent in the month of February.
The benchmark index was recorded at 6.55 percent in January, according to a statement from the union commerce ministry. The inflation as recorded at 9.54 per cent in February 2011. Food inflation was 6.07 per cent in February compared to 0.52 per cent in January.
"Notwithstanding the deceleration in growth, inflation risks remain, which will influence both the timing and magnitude of future rate actions," the RBI said in its mid-quarter review statement.
Finance Minister to present Union Budget today
Finance Minister Pranab Mukherjee will present the Union Budget for the fiscal year 2012-2013 in Parliament on Today.
Today's budget, which is UPA's ninth successive budget, comes against the backdrop of slowing growth and growing fiscal deficit.
It will be interesting note whether Mukherjee will change the income tax slabs and change the saving exemption limit, as the indirect taxes appear to be pinching the common man of the country.
The Chief Economic Adviser to Finance Ministry, Kaushik Basu, had earlier on Thursday forecast a 7.6 percent growth rate, plus or minus 0.25 for the 2012-13 fiscal and said growth will revive slowly due to a drop in investment and savings rates.
Akhilesh Yadav becomes Uttar Pradesh's youngest Chief Minister
Samajwadi Party leader Akhilesh Yadav to become at 38, the youngest chief minister of India's largest state, Uttar Pradesh.
Along with him, 47 ministers were also sworn into office.They included 9 Cabinet Ministers and 28 Ministers of State. Akhilesh and his party won 224 of the 403 state assembly seats.
Thursday's swearing-in ceremony took place nine days after the Samajwadi Party secured an absolute majority in the seven-phased state assembly elections.
Akhilesh Yadav's name was proposed in a key party meet by senior leader Azam Khan, and was supported by the members of the Samajwadi Party at the legislative board meeting.
Highlights of Economic Survey 2011-12
Union Finance Minister Pranab Mukherjee on Thursday presented the Economic Survey for fiscal 2011-12 in Parliament.
Following are the highlights of the survey:-
Rate of growth estimated to be 6.9 percent. Outlook for growth and stability is promising with real GDP growth expected to pick up to 7.6 percent in 2012-13 and 8.6 percent in 2013-14.
Agriculture and Services sectors continue to perform well. 2.5 % growth in Agro sector forecast. Services sector grows by 9.4 percent, its share in GDP goes up to 59 percent.
Industrial growth pegged at 4-5 percent, expected to improve as economic recovery resumes.
Inflation on WPI was high but showed clear slow down by the year-end; this is likely to spur investment activities leading to positive impact on growth.
WPI food inflation dropped from 20.2 percent in February 2010 to 1.6 percent in January 2012; calibrated steps initiated to rein-in inflation on top priority.
India remains among the fastest growing economies of the world. Country's sovereign credit rating rose by a substantial 2.98 percent in 2007-12.
Fiscal consolidation on track - savings and capital formation expected to rise.
Exports grew @ 40.5 percent in the first half of this fiscal and imports grew by 30.4 percent. Foreign trade performance to remain a key driver of growth. Forex reserves enhanced - covering nearly the entire external debt stock.
Central spending on social services goes up to 18.5 percent this fiscal from 13.4 percent in 2006-07.
Manchester United got what they deserved – Evra
Manchester United left-back Patrice Evra said his side had got what they deserved after being eliminated from the European League by Athletic Bilbao on Thursday.
It was the latest setback in a string of European disappointments for United, who meekly exited the Champions League at the group phase after losing 2-1 at Swiss champions FC Basel in December.
"It has been a bad year in Europe for Manchester United. We have had a difficult season," said Evra, who captained United in Bilbao.
"We have been more focused in the league, I don't know why. You have to be honest and say we don't deserve to be in the Champions League or the Europa League this season."
Beaten 3-1 by Barcelona in last season's Champions League final, United now find them without a major final to look forward to for the first time since the 2001-02 season.
Their only hope of silverware rests with the defence of their Premier League title.
Ivanovic and Sharapova advance into last four
Former champions Ana Ivanovic and Maria Sharapova advanced to the semi-finals of the Indian Wells WTA tournament in sharply contrasting fashion on Thursday.
Serb Ivanovic completed a 6-3 6-4 upset over ailing seventh seed Marion Bartoli of France while Sharapova battled back from a set and break down to beat fellow Russian Maria Kirilenko 3-6 7-5 6-2 after a wildly fluctuating encounter.
Fifteenth-seeded Ivanovic, the 2008 champion, and second seed Sharapova, who triumphed here in 2006, will meet in the last four at the Indian Wells Tennis Garden on Friday.
World number one Victoria Azarenka of Belarus will face 18th-seeded German Angelique Kerber in the other semi-final, both having played their quarter-finals on Wednesday.
In dazzling desert sunshine, Ivanovic broke Bartoli, last year's runner-up, three times before wrapping up her quarter-final win in one hour 17 minutes when her opponent pushed a forehand service return wide.
Bartoli was evaluated by doctors courtside when trailing 1-2 in the second set and said she had succumbed to the viral infection that has already forced eight players to withdraw from Indian Wells.
"I just tried my hardest under the circumstances, tried to not to retire during the match and still show everyone that I could complete the match," said the French woman, who has beaten Ivanovic three times in eight career meetings.
Sharapova, who had been the only player left in the draw yet to drop a set, initially struggled on her backhand and was broken twice in the first six games before losing the opening set to Kirilenko in 44 minutes.
She leveled the match after battling through a tight second set, where Kirilenko was penalized a point for hindrance after tapping her racket on the ground three times, and broke her opponent in the second and fourth games of the third to race 4-0 up.
It was a tale of two mindsets at the Sher-e-Bangla Stadium on Wednesday. Pakistan was all charged up and desperate to win while a weary Sri Lanka lacked the intensity.
Pakistan spanks Sri Lanka to storm into the final of Asia Cup
Pakistan spanks Sri Lanka to storm into the final of Asia Cup
On Wednesday, after being bundled out for 188, Sri Lanka had a glimmer of hope when they reduced Pakistan to 33-3, but Pakistan skipper Misbah-ul-Haq (76 not out off 93 balls) and young Umar Akmal (77 off 72 balls) took charge.
While Misbah was a picture of concentration on a slow track, Akmal looked for the big shots and the runs came at a fair clip. Sri Lanka skipper Jayawardene, in his desperation to take wickets, brought the field in but the bowlers didn't support him.
Earlier, the Sri Lankan innings just couldn't take off. The one, big partnership that the Lankans needed early on never came as Pakistan found an unlikely hero in Aizaz Cheema (4/43).
At 65-4, Pakistan were looking for the kill, but they found a stumbling in Sangakkara (71) and Upul Tharanga (57), who decided to put their heads down and graft.
If India beat Bangladesh on Thursday, fans can look forward to two India-Pakistan games, one on Sunday and Thursday, the day of the final.
Cognizant rewards employees with 200% variable payout
After growing faster than Indian information technology (IT) industry, Cognizant Technology Solutions Corp has now rewarded its employees by giving out as much as 200% of the variable components of their 2011 salaries.
"The company has done the repeat of 2010 in rewarding its top performers. The top performers got around 200% of their target bonus while the average bonus given was 150%. The bonuses were on expected lines as the company has been scoring good quarter on quarter," said a Cognizant employee in Chennai on condition of anonymity.
"The company has done the repeat of 2010 in rewarding its top performers. The top performers got around 200% of their target bonus while the average bonus given was 150%. The bonuses were on expected lines as the company has been scoring good quarter on quarter," said a Cognizant employee in Chennai on condition of anonymity.
"Even against the backdrop of a volatile economy, we grew our revenue by 33.3 percent over 2010 and added more than 33,500 professionals to our workforce globally," pointed out Srinivasan who added that Cognizant's employee attrition rate of 10.1% was among the lowest in the industry.
With the bonus pay out, there is increasing expectation of a good pay hike later this year.
Going by Cognizant's guidance only $100 million would separate it from Infosys in terms of revenues. Cognizant's revenue forecast of $1.7 billion is now close to Infosys' March quarter guidance of $1.80-1.81 billion.
With the bonus pay out, there is increasing expectation of a good pay hike later this year.
Going by Cognizant's guidance only $100 million would separate it from Infosys in terms of revenues. Cognizant's revenue forecast of $1.7 billion is now close to Infosys' March quarter guidance of $1.80-1.81 billion.
Government to auction 16 coal blocks to power companies
The government will auction 16 coal blocks to power producers, giving them the chance to bid for 8,165 million tonnes of reserves, enough to light up a whopping 68,000-mw of power plants for 30 years, government officials said.
The blocks are part of the 54 block with 18,000 million tonnes of reserve, which will soon be offered by the coal ministry to various sectors, including power. The ministry has allocated 25%, each, to steel companies and state mining corporations, a senior government official said.
A little less than 5% has been earmarked for cement and sponge iron units. Two small blocks would be offered to developers for pilot surface gasification projects, he said.
The coal ministry has decided to auction the blocks on upfront payment basis in the first round of competitive bidding. A list of the blocks with information on exploration status, reserves and quality of coal will soon be issued by the coal ministry to invite bids from interested companies.
However, blocks earmarked for power sector will be given to state governments that will award the mines to companies, which quote lowest tariff for electricity supply.
The blocks lie in the coal belts of seven states of Chhattisgarh, Jharkhand, Maharashtra, West Bengal, Orissa, Madhya Pradesh and Andhra Pradesh. Some of the big blocks that could be put on auction are Tentuloi in Orissa with 1,200 million tonnes and Tamla North in West Bengal with 1,800 million tonnes of coal.
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