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Business & Economy
India capable of
facing oil
price shocks: World Bank
What is India News Service,
Thursday, 9 December 2004, 2000 hrs IST
The Indian economy is capable of withstanding oil price shocks and
can stay unaffected by the depreciation of the US dollar against the rupee.
India is also expected to attract about $5 billion in foreign direct investment (FDI) this fiscal, World Bank director (economic policy and development prospects group) Uri Dadush said here on Wednesday.
India as well as other South Asian nations are also expected to reduce poverty level by half in the next 10 years on the back of sustained high economic growth, he said after releasing the `Global Economic Prospects' report here. The report saw South Asian economies clocking a 6-6.3 per cent growth.
Commenting on the global economy, he said volatility in oil prices will continue to persist in the short term and start coming down after one or two years.
He said the underlying improvement in productivity and competitiveness of the manufacturing sector has also helped the country in absorbing the oil price shocks.
Unlike other oil importing nations, India has so far shown resilience in absorbing the oil price pressures. Government and the Reserve Bank took a series of fiscal and monetary measures to stem inflation.
ILO praises India for reducing poverty:
International Labour Organisation (ILO) has appreciated India for its employment generation programmes leading to substantial decline in
poverty.
Business India
owner held:
Ashok Advani, publisher of the Business India group of magazines, was arrested
by the Mumbai police for his alleged role in the bankruptcy of Jai Hind
Co-operative Bank here.
MFs gear up for commodity products:
Mutual funds that invest in commodity derivatives are almost at investors' doorsteps. Several fund houses are in the process of finalising products for launching their commodity funds. In fact, SBI Mutual Fund has already submitted a draft offer.
Anil's posers to Mukesh on RIL control:
The fight between the two Ambani brothers intensified on Wednesday with Mr Anil shooting off five questions to Mr Mukesh on the controversial issue of management control of Reliance Industries Ltd (RIL).
Mukesh is fine, not aides, feels family:
Going by the media reports on Ambani family, one would imagine that Mukesh Ambani is a villain in the eyes of Anil Ambani and his mother and two sisters. That's not true, the family believes that Mukesh is being mislead
by people Anil defined as "chelas, chamchas and cronies" in an e-mail to his elder brother.
Taxes account for 50 pc of retail oil prices:
Taxes are as much to blame for the rising retail prices of petrol and diesel in India today as they account for nearly 50 per cent of the pump prices of the two transport fuels.
Fund houses rush to meet investor base deadline:
With barely three weeks left for the deadline, fund houses are scrambling to fulfil SEBI's requirement of a minimum of 20 investors in all their funds.
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