GDP growth to be 9% in FY08: FM (Business Standard 1st Feb 2008)Exuding confidence that economic growth will be close to 9% in 2007-08, Finance Minister P Chidambaram today said the government will make rapid adjustments in policies depending upon evolving global economic developments."My goal is to continue to maintain the same level of growth... but the government reserves the right to make rapid adjustments depending upon evolving global economic situation," Chidambaram told reporters here after the GDP figures of 2006-07 were revised. The GDP growth has been revised to 9.6% in 2006-07 from the provisional estimate of 9.4%. The GDP growth for 2005-06 has also been revised to 9.4% from 9%. More
Interest rates unlikely to go down (The Economic Times 4th Jan 2008)Interest rates are unlikely to fall in near future as it was expected with the State Bank of India raising the fixed deposit rate of various maturities up to 1.5 percentage points. Other banks are also planning to raise deposit rates. After SBI increasing deposit rates, other banks have no choice but to raise the rates to mobilize resources in the domestic market, chairman of a public sector bank said. As the cost of funds for banks will increase, they will resort to raising the lending rates. A senior banker said banks would announce the increased rates in near future. More Gold zooms past Rs 11,000 per 10 gm (The Hindu Businessline 4th Jan 2008)Gold prices made history as they soared to a record $ 865.35 an ounce in the London A.M fixing on Thursday, tracking which the domestic gold surged to Rs. 11,000 per 10 gm. On Wednesday, gold was fixed at $ 840.75/oz in London while in the Indian market it quoted at Rs 10,70
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