India's rating outlook is stable: Moody's
Moody's said on Tuesday that the outlook on its rating for India is stable, in part due to the country's high savings and investment rates, as debate rages in Delhi over whether the country can avoid credit downgrades from other rating agencies.
In its annual credit analysis on India, which Moody's said does not constitute a rating action, the agency also cited the country's large, diverse economy and strong gross domestic product growth as supportive of the rating.
(Sources: Economic Times, Times of India, Moneycontrol, Hindu Business Line, Indiatimes, NDTV)
Jet, SpiceJet line up foreign investment
Jet Airways India Ltd and SpiceJet Ltd, battling hot competition and high operating costs, are in talks to sell minority stakes to foreign investors, said a senior government official with knowledge of the discussions.
Abu Dhabi's Etihad Airways and Malaysia's AirAsia Bhd have stepped up after India changed its rules in September to allow foreign carriers to buy stakes of up to 49 % in local airlines.
(Sources: Economic Times, Times of India, Financial Express, Indian Express, Indiatimes)
Punjab asks Monsanto to set up a R&D centre for maize crop in state
In a bid to put the agriculture diversification on fast track, the Punjab Chief Minister Parkash Singh Badal has asked the US-based Monsanto hybrid seed company to establish its research centre to undertake extensive R&D for the production of high yielding hybrid seeds of the Maize in the state.
(Sources: Economic Times, Financial Express, Hindu Business Line, Indiatimes, NDTV)
Parliament deadlocked over foreign retail investment
The government failed on Monday to defuse a row with the opposition over opening up the supermarket sector to foreign chains, a decision that has thrown parliament into chaos and endangered fresh economic reforms.
Opposition lawmakers have paralysed parliament in the world's largest democracy, demanding the government roll back its flagship reform, announced in September, to allow foreign supermarkets like Wal-Mart to set up shop in India.
Critics say that allowing foreign players into the $450 billion retail sector will destroy the livelihoods of millions of small store owners. The government says the move will increase revenue and help eliminate chronic food wastage by setting up proper cold chain and transport infrastructure. (Sources: NDTV, Hindustan Times, Livemint, Indian Express, Zeenews, IBNLive)
Audi plans to start assembling of Q3 SUV in India
German luxury car maker Audi today said it is looking to start assembling SUV Q3 in India at its Aurangabad plant.
The car maker at present assembles sedan A4, A6 and SUV Q5, Q7 in India. It plans to have an installed capacity of upto 12,000 cars a year in the country within the next 18-24 months, a top company official said.
The company has invested close to 30 million euros in India since its foray into the country in 2007.
(Sources: Economic Times, Business Standard, the Hindu, Hindu Business Line, Indiatimes, i4u)
India has trade deficit with 48 countries: Anand Sharma
India has been running a trade deficit with 48 countries including China, Australia and Iran during the last three years; the Parliament was informed on Monday.
During the first six months of the financial year, the country's exports dipped by 6.79% to $143.6 billion from $154.1 billion in the same period last year.
India had the highest trade deficit of about $40 billion with China in 2011-12.
Declining exports and increasing imports have pushed the country's trade gap to a record high of $21 billion in October.
Commerce and Industry Minister Anand Sharma said the country had favourable balance of trade with 105 countries during the last three years. These include top 10 nations such as the US, Netherlands, Singapore and UK.
(Sources: Economic Times, Hindustan Times, Moneycontrol, i4u, Hindu Business Line, Indiatimes)
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