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Economy
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In a historic decision the 45-nation Nuclear Suppliers Group today awarded a clean waiver to India to deal in nuclear commerce. The decision, which ends India\'s three-decade nuclear isolation, came on the third day of marathon deliberations by the NSG countries following hard bargaining with the four major opponents China, Austria, New Zealand and Ireland.
Some media reports said U.S. President George Bush had spoken to Chinese President Hu Jintao to mobilise support for the consensus. Also, a statement by Minister for External Affairs Pranab Mukherjee saying India was committed to the strengthening the non-proliferation regime and will work with the international community to advance the \"common objective\" of non-proliferation, is said have borne fruits.
Media reports said than among the four opponents, the first country to be convinced by India\'s argument was Austria after which others followed suit. Soon after the consensus was worked out, President Bush called up Prime Minister Manmohan Singh to congratulate him. The International Atomic Energy Agency had earlier given a clearance to the deal. The 123-bilateral agreement between India and the U.S. is now expected to
be taken up by the U.S. Congress on Sep 8 for a final ratification of the nuclear deal.
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NSG waiver has been awarded to India. Congratulations to all investors and put your hands together for Monday. ...
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Article on Reuters
A U.S. push to lift a global ban on nuclear trade with India stalled on Saturday when a revised proposal failed to win over nations because it did not bind India to refrain from more nuclear bomb tests.
Many members of the nuclear cartel, which seeks to prevent the spread of proliferation-prone nuclear fuel and technology, welcomed an Indian pledge rejecting any nuclear arms race and reaffirming a voluntary moratorium on tests...
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\"If I had my way, it would have been tighter...as simple as that,\" said
Yaga Venugopal Reddy about monetary policy, hours after demitting office of
Governor, Reserve Bank of India.
I am happy, the gentlemen did not have his way completely, else, he would have put us in the very high interest rate regime, stock markets would have been in the doldrums. Whatever happens is for good only.
...
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China joining a clutch of countries having strong reservations.
Two days of marathon talks remained inconclusive and fresh discussions will happen later today.
The NSG takes decisions by consensus and a holdout by a few countries can jeopardize an immediate waiver for India. Austria, which was among a couple of countries holding out, gave enough indications that “more work still” needs to be done....
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NSG Meeting outcome would be crucial to lift the sentiments of the market in short term along with the continuing decline in the crude oil prices. ...
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\"The immediate priority for me as the Governor of the Reserve bank of India
will be to manage inflation and anchor inflationary expectations.\"
- RBI Governor, D Subbarao, (HT)
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Well, i respect your concern for crude oil prices but the real time world does not work on emotions. I would like to list some facts and figures.
1. Every rate hike in BPS will mean higher cost of lending and cost of money will go up. Consequently demand will go down, which will mean long term growth will be threatened.
2. Crude Prices do not have direct relation with Indian interest rates. They are in direct relation with demand and supply in the world of which the major consumers are USA, China and India and other emerging markets such as Brazil, South Africa, Euro Zone.
USA is already seeing a slowing demand due to high gas prices there. India and other emerging markets specially Asian countries have given till now a large subsidy to their people which has in turn not reacted proactively with respect to rising prices. Usually, when price rises, demand falls, but if in a country demand is consistent or growing and international crude price rise is not transferred as the local price there, then actual demand does not falls. It is the govt. which is bearing this brunt, so this causes increasing demand and supply gap. On this, then come punters who play buy and sell positions and make it even worsened.
Interest rates are the first solution but they are not the obvious solution in cases. You have already seen the maximum interest rates and above this growth will start getting affected as remember India is a country with less infrastructure but more of capability, its the will power and brain of corporates which is driving things up here, as compared to infrastructure of China we are 3-5 years behind that.
So, a govt. can not force heavy interest rate scenario on the corporates, crude oil prices are already in a corrective mode, govt. has to make sure proper rationalization of prices as per consumers both retail and industrial. Secondly, we would like to see companies posting good profits and remember no where in any country has the corporate world performed above par in high interest scenario. so remove this fact from your mind that interest rates are always the direct solution. You have to address the supply and demand situation also. You have to develop alternate sources of energy in your country and you have to address moderating demand also.
I think India has seen the peak of interest rates now and we wont see any interest rate hike henceforth rather we will see inflation slowly and steadily coming down till march. ...
In reply to:
Inflation @ 12.34%; experts see tight Money Policy ahead
Posted by :
Guest
I think one more rate hike is necessary, I dont think it will affect the domestic infra growth to that extent but it will surely hamper & stop crude strength. It will correct crude prices near USD 70 per barrel. One more rate hike of 50 BPS is necessary otherwise crude will remain more time at USD 85 per barrel. It should come down to USD 70 per barrel. I think at USD 80 per barrel, fuel prices in India will come down by Rs. 4-5.8 per litre. 
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``Global economic growth concerns are worrying,'' said Ajay Bodke, who helps manage the equivalent of $872 million of stocks at IDFC Mutual fund in Mumbai. ``Along with the U.S., Japan and Europe too look like they will dip into recession.''
Rising jobless claims in the U.S. deepened concerns that growth in the world's biggest economy is stalling
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Electricity generation is the single largest item in the Index of
Industrial Production with a total weight of 10.2%.
According to the latest data, India\'s industrial production in June grew
5.4% compared with 8.9% a year ago.
India\'s electricity generation in July had grown 4.5% on year
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India March-end FX reserves third among emerging markets.
* India March-end FX reserves fourth largest globally.
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CRR or repo rate hike of 50 BPS will act as perfect bear for Crude prices. & that will be good for market over all. Domestic infrastructure growth to remain intact. & it could be the last CRR hike. ...
In reply to:
Inflation @ 12.34%; experts see tight Money Policy ahead
Posted by : MMB Messenger
Inflation came at 12.34% for the week ended August 23 as compared to 12.40% last week. Earlier, CNBC TV18 poll saw inflation remaining unchanged at 12.40% after it fell for the first time last week after several months.
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I think one more rate hike is necessary, I dont think it will affect the domestic infra growth to that extent but it will surely hamper & stop crude strength. It will correct crude prices near USD 70 per barrel. One more rate hike of 50 BPS is necessary otherwise crude will remain more time at USD 85 per barrel. It should come down to USD 70 per barrel. I think at USD 80 per barrel, fuel prices in India will come down by Rs. 4-5.8 per litre....
In reply to:
Inflation @ 12.34%; experts see tight Money Policy ahead
Posted by : MMB Messenger
Inflation came at 12.34% for the week ended August 23 as compared to 12.40% last week. Earlier, CNBC TV18 poll saw inflation remaining unchanged at 12.40% after it fell for the first time last week after several months.
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Inflation came at 12.34% for the week ended August 23 as compared to 12.40% last week. Earlier, CNBC TV18 poll saw inflation remaining unchanged at 12.40% after it fell for the first time last week after several months....
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RBI warns against fictitious mails offering money. Seems so many indians are getting fooled that it would have made RBI frustated seeing that money is donated so easily to these people on internet who give greed of lottery, sudden prize and then ask to deposit a token money for that.
I have full sympathy with the RBI governor for this. ...
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