India’s WPI Inflation Eases To 5.2 %

The wholesale price index (WPI) based inflation of India has fallen to 5.2 % in the month of April 2014. This is the lowest in two months. This has been become achievable with the help of slower increase in food and fuel prices as per the government data showed today.

The inflation which is based on Whole Price Index (WPI) was at 5.7 % during the month of March. According to the data released by the ministry of commerce and industry, the WPI Inflation in April during the preceding year was 4.77 per cent.

The Food inflation has also been eased to 8.64 % in April which is sharply lower from 9.9 % recorded previously in the April. The Fuel and power inflation has also decreased to 8.93 percent from 11.22 per cent during the previous month.

Read More

Forex Reserve Of India Rises To $ 309.44 Billion

The foreign exchange (forex) reserves of India have risen by $ 2.79 billion to $ 309.44 billion for the week ended 11^th April as per the data showed by Reserve Bank of India (RBI). It’s a sharp jump in India’s foreign currency assets.

According to the weekly statistical supplement of the RBI, the foreign currency asset which is the biggest component of the forex reserves has risen by $ 2.74 billion to $ 281.55 billion.

The foreign currency assets expressed in terms of US dollar include the effect of appreciation or depreciation of non-US currencies that are held in reserve such as the pound sterling, euro and yen.

The reserve position of India with the International Monetary Fund (IMF) rose by $ 14.8 million to $ 1.84 billion.

The value of special drawing rights (SDRs) has also increased by $ 35.9 million to $ 4.48 billion. But the value of gold reserves remained unchanged at $ 21.56 billion.

Read More

RBI Keeps Key Interest Rates Unchanged

The RBI has left the key interest rates unchanged in its monetary policy review on yesterday.

While the repo rate has been left unchanged at 8 percent, the reverse repo rate has been adjusted to 7 percent. The RBI also keeps the CRR unchanged to 4 per cent.

Since most analysts predicted a status quo in view of the macro-economic data and inflation, the central bank’s action is on the expected lines.

RBI Governor Raghuram Rajan while announcing the policy statement said that the only surprising thing today in the monetary policy is lack of surprise. He said that the central bank’s policy is firmly focused on curbing inflation.

The Governor said “the Reserve Bank’s policy stance will be firmly focussed on keeping the economy on a disinflationary glide path that is intended to hit 8 percent CPI inflation by January 2015 and 6 percent by January 2016”.

He also said that it is appropriate to hold the policy rate at the present time while allowing the rate increases taken during September 2013 to January 2014 to work their way through the economy.

He said if inflation continues to go along the projected line then further policy tightening is not likely in near term at this juncture.

Read More

India’s Economy To Grow At 5.5 % In Next Financial Year

Federation of Indian Chambers of Commerce and Industry (FICCI) after conducting a survey said on Sunday that it pointed to improved economic growth in the next financial year. 

According to FICCI the GDP growth of India for the year 2014-15 is projected at 5.5 per cent. It also said that the economists who have participated in the survey expect that the industrial sector should also recover in the next financial year.

The Industry chamber in a statement said that the growth of the industrial sector is estimated to be at 3.3 %.

According to the 'Economic Outlook Survey' of the FICCI, the growth of the Agriculture sector has been fixed at 3.3 per cent and the growth of the services sector has been fixed at 7 per cent for the next financial year.

Read More

Air Asia Gets Its First Aircraft Airbus A320 For India

Airbus A320 is the first aircraft of the private airline AirAsia India. Company officials said that the first aircraft has landed at the domestic airport today at 9:25 AM in the morning. It was given a water cannon salute while it was on the runway.

Airbus A320 is constructed with 180 seats all with economy layout. It is constructed from the Airbus factory in Toulouse.

The chief executive officer of Air Asia Mittu Chandilya said that the arrival of our first aircraft signifies that we are a step closer to our dream to create a new benchmark in the low cost air travel category. With the introduction of Air Asia India, the country’s aviation industry will soon witness an exceptional service.

The company is waiting for final clearance for commercial operations. It is a joint venture between Air Asia, Tata Sons Limited and Arun Bhatia from Telestra Tradeplace Private Limited.

Read More

Loss In Diesel Sale Reduced 14.46% To Rs 7.16 Per Litre

The loss in diesel sale has reduced by Rs 1.21 per litre in the second fortnight of March 2014. This loss has come down as a result of reduced international oil rates and also because of the monthly increase of 50 paisa on diesel rates.

The under recovery Oil Marketing Companies (OMC) has decreased 14.46% to Rs 7.16 a litre on High Speed Diesel (HSD) applicable for first fortnight of Mar. 16, 2014 compared to Rs 8.37 per litre during first fortnight of March 2014.

The under recoveries remains unchanged at Rs 36.34 per litre in the case of PDS Kerosene and Rs 605.80 per cylinder in case of Domestic LPG for March 2014.

Effective 16 March 2014, OMCs are now incurring daily under recovery of about Rs 399 crore on the sales of Domestic LPG, PDS kerosene and Diesel collectively. This was Rs 4.11 billion during previous fortnight effective 1^st March 2014.

The OMCs has also reported Rs 1,006.32 billion as overall under recoveries on the sale of PDS kerosene, Domestic LPG and Diesel during the first nine months April to December of 2013-14.

Read More

Bitcoin Virtual Currency Exchange CEO Found Dead In Singapore

The CEO of a Bitcoin Exchange which is a virtual currency exchange has been found dead in her home in Singapore.

The spokesman of the police said that there was not any doubt of "foul play" in her death. The CEO Autumn Radtke was 28 years old. The spokesman today said that she was an American and was found dead in her home on 26^th February.

She had a company by the name First Meta. The company officials said that they were shocked and panicked by the tragic loss. Her company allowed virtual currency users like Bitcoin to trade and cash out currencies. She has also worked at Apple and other tech companies.

Since the collapse of the Mt. Gox exchange in Tokyo last month, the future of bitcoin has been under inspection.

Read More