China, India, Brazil become ‘major players’ at IMF

IMF chief Dominique Strauss-Kahn. –Photo by AFP

WASHINGTON: China and India received long-sought recognition Friday as global economic heavyweights as the International Monetary Fund gave them and other emerging powers a significantly larger role in stabilizing the world economy.

IMF chief Dominique Strauss-Kahn announced planned reforms to the fund’s voting power after a meeting of the organization’s board, declaring that no longer would emerging economies feel that they are ‘‘invited to the table, but minor players.’’

Malaysia, India to begin free trade mid-2011

Indian Prime Minister Manmohan Singh (L) speaks at a joint press conference with his Malaysian counterpart Najib Razak in Putrajaya on October 27, 2010. – AFP Photo

KUALA LUMPUR: Malaysia and India announced Wednesday that a long delayed trade accord between the two countries would take effect by July 2011, doubling two-way trade to 15 billion dollars by 2015.

“I’m glad to officially announce that the agreement will come into effect in 2011. That will signify a huge strategic move… and establish a strategic and stronger bilateral relationship,” Prime Minister Najib Razak told a joint news conference after a meeting Indian counterpart Manmohan Singh.

US, India launch high-level economic partnership

NEW DELHI: The United States and India formally launched high level economic partnership talks on Tuesday, aimed at boosting commercial ties that are often eclipsed by US trade with China.

The partnership was launched by visiting US Treasury Secretary Timothy Geithner and Indian Finance Minister Pranab Mukherjee.

Mukherjee hailed the project as “a milestone” that would add a “new dimension” to ties between the world’s largest and fourth largest economies.

Reliance to tighten grip on world fuel markets

‘Plants may run at more than 100 per cent capacity in 2010’

NEW DELHI/SINGAPORE: India’s top privately run refiner Reliance is expected to raise crude oil imports by about 22 per cent this year as it ramps up production at its giant complex, further stamping its mark on world markets.

To maximise profit margins with its sophisticated refining capability, Reliance Industries is also set to limit African crude imports this year in favour of Middle East grades, if light crude prices continue to strengthen against heavy-sour grades, traders and analysts said.

India plan panel need to target 5pc inflation

NEW DELHI: India should aim for annual inflation at 5 per cent and try to lower this for economic growth to benefit the broader population, the Planning Commission said in an internal document.

“Price stability is imperative for realising inclusive economic growth,” according to the draft paper, circulated as part of a review of the economy, and obtained by Reuters.

China suspends India power projects

NEW DELHI: Restrictions on the import of skills are forcing Chinese companies to suspend the building of badly needed power plants in India to rid the country of its crippling energy deficit, the Financial Times reported on Wednesday.

A Delhi-based Chinese official said as many as 10 Chinese companies had had to suspend work on power projects ñ viewed as a top priority by the Congress party-led government ñ because of a shortage of skills and difficulties in importing their own technicians from China. “Without Chinese people the projects can’t go through smoothly,” the official said. “They (India) don’t have enough technicians and skilled workers.”

India to sell stakes in 60 state-run firms

Friday, January 08, 2010
NEW DELHI: Finance ministry is in talks with other ministries for selling stakes in around 60 state-run firms in coming years, including miner Hindustan Copper Ltd, a senior official told Reuters on Thursday.

“(Hindustan Copper) is one of the companies in which government is considering to sell its stake,” Sunil Mitra, who is in charge of disinvestment at the finance ministry, said in a telephone interview.

India economy to grow 8pc in FY ’11

Sunday, January 03, 2010
NEW DELHI: The Indian economy will expand 8 per cent in 2010/11 after growing between 7 and 7.5 per cent in the current fiscal year to end-March, The Times of India reported on Saturday, quoting the prime minister’s economic adviser C Rangarajan.

“There is reason why I expect 8 per cent growth in the next fiscal (year). Agriculture would improve with normal monsoon and it would add 0.5-1 per cent in the GDP growth,” the newspaper quoted him as saying.

Cement units seek 50pc subsidy on freight

KARACHI: Cement manufacturers have sought 50 per cent subsidy on the inland freight cost to boost cement export to more than $1 billion, industry sources said here on Wednesday. 
 
All Pakistan Cement Manufacturers Association (APCMA) in a letter to the government said that the payment of $36 million as freight equalisation subsidy to the cement factories will get an additional export earning of $359 million.