Archive - 2010

July 9th

Builders must name lender banks: RBI

A master circular on housing finance issued by the RBI on July 1 has once again reiterated that builders publicly disclose names of the banks they have mortgaged their land and apartments to. However, despite this directive, none of the developers have done this so far, said market sources.

Yuan to be kept basically stable

China will keep its currency at a "basically stable and reasonable" level and financial pressure for the yuan to rise is easing due to Europe's debt woes according to  the country's foreign exchange regulator. Washington and other trading partners complain China's exchange rate controls keep the yuan undervalued, giving its exporters an unfair advantage. Beijing announced in June it would allow more flexibility but ruled out any big changes.

July 8th

Big role for India in organic food trade

India can play a significant role in global organic food trade,  feels Agriculture Minister Sharad Pawar . 'Organic agriculture in India has made good progress during last six years.

2G issues: Raja sets up panel in DoT

Telecom minister A Raja set up an internal committee in the DoT to decide on 2G spectrum matters, following widespread industry protests over Trai’s recent recommendations on the subject. This decision was taken after a meeting held by Raja in the morning with representatives of all the mobile service providers. According to industry sources, Raja listened to the concerns expressed by all the operators and then left without making any commitments or outlining any next steps.

China allows duty-free exports from B’desh, Nepal

China has decided not to impose any duty on exports from Bangladesh and Nepal. This zero-duty treatment to exporters in these countries is likely to affect Indian exporters adversely. Another Asian nation to benefit from its zero tax tariff system is Afghanistan where India and China are seriously engaged in reconstruction and development.

July 1st

India’s Foreign Trade Data : May, 2010

India’s exports during May, 2010 were valued at US $ 16145 million (Rs. 73964 crore) which was 35.1 per cent higher in dollar terms (27.5 per cent higher in Rupee terms) than the level of US $ 11952 million (Rs.58005 crore) during May, 2009. Cumulative value of exports for the period April-May 2010 was US $ 33032 million (Rs 149111 crore) as against US $ 24349 million (Rs. 120069 crore) registering a growth of 35.7 per cent in Dollar terms and 24.2 per cent in Rupee terms over the same period last year.

TRAI changes tune

Having consistently taken the position that the first-come-first-served system adopted by the Telecom Department for allotting spectrum was improper, the Telecom Regulatory Authority of India (TRAI) has suddenly turned coy and tacitly started backing the controversial process. Incidentally, the change in opinion coincides with the arrival of a new face as the regulatory panel head.

US House passes Wall Street reform bill

In a major victory for President Barack Obama, the US House of Representatives passed a package of sweeping reforms to the financial regulatory system to avoid another economic crisis. The 237-192 House vote moved the bill a step closer to the finish line, but the Senate isn't likely to take up the measure until the week of July 12. And it's not clear whether Democrats have secured the votes they need to beat a Republican filibuster.

June 11th

Broadband spectrum auction ends, Govt gets Rs 38,300 crore

The government today raised over Rs 38,300 crore as the 16-day long auction for Broadband Wireless Access (BWA) spectrum came to an end. The details of the BWA auction winners are still awaited from the Department of Telecom (DoT). The total revenue of the government from sale of spectrum for both 3G and BWA stands at over Rs 1.06 lakh crore, more than thrice the earlier projection of Rs 35,000 crore by Finance Minister Pranab Mukherjee in his Budget speech in February this year.

Govt to infuse additional Rs 1,200 crore equity in Air India

Government would infuse additional equity of Rs 1,200 crore into Air India over the next few months and review its performance to decide on the future course, Civil Aviation Minister Praful Patel has said. He, however, said there was no decision to divest government equity in the cash-strapped national carrier "at the moment".  "It is imperative that we assess the situation after (a total of) Rs 2,000 crore is infused as equity.