Representatives of the Indian industry led by industry body Federation of Indian Chambers of Commerce and Industry (FICCI) met the Revenue Secretary today at a prebudget meeting where the industry predictably pitched for reducing the effective rate of corporate tax and increasing income tax exemption limits.
The Reserve Bank of India (RBI) Governor Dr Duvvuri Subbarao said that a gross domestic product (GDP) growth of 6% can be expected for the financial year 200910. He said, there might be negative inflation over next few months but not deflation.
The Finance Ministry has referred the LGT funds issue to the Enforcement Directorate (ED). Preliminary information about some Indian accounts in the bank points to the possibility of money laundering.
At 19.10 hrs (IST) The US markets opened weak. The Dow Jones Industrial Average was down 162.40 points, or 1.92%, to 8,306.71. The Nasdaq was down 27.72 points, or 1.62%, to 1,688.20 while the SP 500 was down 18.48 points, or 2.03% to 889.87.
State Bank of India, or SBI has cut its deposit rates by around 2550 bps across all maturities. A sixmonth deposit will now fetch 5.5%, while a oneyear deposit will fetch 7.25% versus the 7.5% earlier. And, the much advertised 1,000day deposit will earn 7.75% versus the 8% currently.
Investment Analyst R Balakrishnan said in case of a positive outcome, the sectors that may rally typically are infrastructure, fertilizers, and housing stocks.
Two years ago, Meredith Whitney of Meredith Whitney Advisory Group was one of the first banking analysts to raise the alarm on the state of the banks in the US. After having being proved right about the billions of dollars that the banks posted in losses, how does Whitney see the picture now, after the stress tests results were released last week?
For the vast majority of Indians living in villages, the overriding concerns are more immediate: jobs, housing and health
State Bank of India has revised the Deposit rates downwards by up to 50 bps in various maturities effective from 18th May 2009.
There would be no transfer charge in case the initial spectrum allotted to the telcom firm has been through the auction process