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Indian economy to grow 5.8pc in 2014/15 NEW DELHI: India's economy is on course to grow by around 5.8 percent in the fiscal year to March 2015, the finance ministry's top official said on Thursday, expressing confidence that "green shoots" of recovery were taking hold.Finance Secretary Arvind Mayaram told an industry event that industrial production data suggested that corporate order books are building up.Mayaram said he hoped that the Reserve Bank of India would not hold interest rates high for longer than necessary. Falling oil prices would wipe out the cost of diesel subsidies and the government will stick to its fiscal deficit target, he added.India's economy grew by 4.7 percent in the 2013/14 fiscal year, marking the second full year of growth below 5 percent. First quarter GDP figures are due out at the end of next week.Copyright Reuters, 2014


UK retail sales growth falls to 8-month low, public finances weak LONDON: British retail sales grew in July at the slowest annual rate since November last year, while the government failed to make major inroads into a looming overshoot in public borrowing, data showed on Friday.The figures add to signs that Britain's consumer-led recovery might be starting to slow, and leave the government with a lot of catching up to do if it is to meet full-year borrowing targets in the run-up to May's national election.Monthly ...

Business growth slows in China and Europe, Russia sanctions still to bite LONDON/BEIJING: Business growth in China and across Europe slowed this month, surveys showed on Thursday, providing more evidence that the world economy is stuttering and may need more monetary stimulus to keep it going.Euro zone private business activity expanded slower than expected in August, despite widespread price cutting. This is before the full effects of sanctions imposed on and by Russia over Ukraine are felt.Meanwhile, China's manufacturing activity hit a three-month low in August and ...

Pacquiao wins round in bruising Philippine tax fight MANILA: Philippine world boxing champion Manny Pacquiao has won a Supreme Court reprieve in his battle to avoid paying tens of millions of dollars in extra taxes, authorities said Thursday.Pacquiao will not have to post a cash bond of 3.3 billion pesos ($75.2 million) and the government is banned from seizing any of his assets while his income tax case is being heard, according to a Supreme Court ruling.The ruling, handed down this week and ...

Sri Lanka exports jump on EU, US demand for garments COLOMBO: Sri Lanka's trade deficit narrowed substantially this year thanks to increased demand for clothing exports to the United States and Europe, the island's central bank said Thursday.Exports jumped 16.8 percent to $5.44 billion in the first six months of calendar 2014 compared to the same period last year, the Central Bank of Sri Lanka said.Imports meanwhile declined 1.2 percent to $8.99 billion compared to the same period last year, the bank said.Overall, the trade ...

Arab meet in Geneva for Palestinian protection ISLAMABAD: A host of Arab officials are scheduled to hold talks on Thursday with Swiss government officials on a Palestinian request to provide international protection for the Palestinian people against Israeli attacks.According to a statement from the pan-Arab body, an Arab delegation would meet with officials from Switzerland, which is the depository for Geneva Conventions, to discuss a request by Palestinian Authority President Mahmoud Abbas to provide international protection for the Palestinians against Israeli "aggression", ...

British retail sales rise 0.1pc in July: official data LONDON: British retail sales grew by a weaker-than-expected 0.1 percent in July from the level in June, official data showed on Thursday.Retail sales, a key indicator of household spending confidence, also rose 2.6 percent compared with July 2013, the Office for National Statistics said in a statement.The data missed market expectations for a monthly gain of 0.5 percent and an annual jump of 3.1 percent, according to analysts polled by Dow Jones Newswires.Copyright AFP (Agence ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln