NATIONAL India can become third largest economy: Ambani Indian economy has a potential to grow by more than 7.5 per cent annually and become the third largest in the world surpassing the developed nations like Italy, France and Germany in the coming decades, Reliance Group Chairman Mukesh Ambani said today (Mar 12, 2004).
Combined fiscal deficit alarmingly high, says IMF Warning that the combined fiscal deficit of the Centre and States at 10 per cent of GDP (Gross Domestic Product) was "alarmingly high", the International Monetary Fund (IMF) today (Mar 12, 2004) said Indian political leadership should rise to the occasion to control the runaway deficit.
Infosys Tech leads recovery, Sensex up by 50.54 pts Led by Infosys Tech, share prices rallied smartly at the Bombay Stock Exchange (BSE) today (Mar 12, 2004) due to a late round of heavy buying by foreign funds and local operators that drove the Sensex up by 50.54 points to close at 5700.40, cutting short a string of three session sharp losses.
India one of the world's most closed economies: US The United States today (Mar 12, 2004) hit out at India terming its economy as one of the "most closed" in the world and called for lifting of ban on foreign direct investment (FDI) in the retail sector.
Outsourcing a natural effect of liberalisation: PM In a veiled attack on United States for restricting outsourcing of business processes, Prime Minister Atal Bihari Vajpayee today (Mar 12, 2004) said sensible economics of pursuing liberalisation in recent years should not be reversed.
Global bearishness weighs down the sensex Global bearishness continued to weigh heavily on the Stock Exchange (BSE) today (Mar 12, 2004) with the sensex showing no sign of any recovery at opening session following sustained profit-selling by operators and local funds.
INTERNATIONAL BPO likely to claim its first casualty at White House The outsourcing controversy may claim the first high-level casualty at the White House, which is reconsidering the proposed appointment of Anthony F Raimondo to head a new office for helping the struggling American manufactures, after allegations that his own firm offshored and laid off some US workers.
'Restrictions on free trade will hurt US standards' Measures to curb outsourcing of American jobs to lower-wage countries like India and China may provide temporary relief, but it would backfire on the United States, Federal Reserve Chairman Alan Greenspan has said and warned that restrictions on free trade would also hurt US standards of living.
