Govt approves 49% FDI in insurance & pension sectors
On 4th October 2012 The Cabinet has cleared proposals to allow more Foreign Direct Investment or FDI in the insurance and pension sectors.In both the sectors government approves 49% of FDI’s.
Govt approves 12th Five-Year Plan
On 4th October 2012 Government approved the 12th Five-Year Plan (2012-17) document that aims to achieve annual average economic growth rate of 8.2 per cent, down from 9 per cent envisaged earlier, in view of fragile global recovery.
HDFC Bank partners Indian Oil Corporation to offer rural banking services
HDFC Bank has partnered Indian Oil Corporation to provide banking services in the rural areas where IOC’s petrol pump outlets Kisan Seva Kendras will act as the business correspondents for the banks.
IMF cuts India’s Growth Forecast for 2012 to 4.9 Percent
The International Monetary Fund (IMF) has slashed India’s growth forecast to 4.9 per cent for 2012 due to low business confidence and “sluggish structural reforms”.
India-US trade to touch $100 bn
Bilateral trade between India and the US is expected to touch USD 100 billion in the coming years on increasing economic engagement between the countries.
Rangarajan lowers FY13 GDP growth forecast to 6%
Prime Minister’s key advisor C Rangarajan 25th October 2012 lowered the growth projection for the current fiscal to 6 per cent from 6.7 per cent estimated earlier.