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July, 29, 2016

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Business > Asia > India
India's central bank announced a surprise 25 basis point hike in its key interest rate Tuesday, signaling that taming inflation is its key priority, rather than spurring growth, just months before a general election.
 
The Reserve Bank of India today decided to withdraw all currency notes issued prior to 2005, including 500 and 1,000 denominations, after March 31 in a move apparently aimed at curbing black money and fake currencies.
 
India aims to throw open its doors wider to overseas investors, a minister said Wednesday, as it seeks to spur a slumping economy before the general election.
 
India's central bank surprised many Wednesday by keeping its key interest rate unchanged despite the worrying rise in inflation.
 
India inflation reaches 14-month high of 7.5%
India's worrisome inflation rose to 7.52 percent in November, driven by soaring food and fuel prices, data showed Monday. The highest level in more than a year increases pressure on the central bank to raise interest rates this week.
 
India's industrial output shrank by a surprise 1.8 percent in October and retail inflation accelerated to a nine-month high, data showed Thursday, dealing a double blow to recovery hopes for Asia's third-largest economy.
 
India pushes level playing field for foreign banks
India's central bank has moved to level the playing field for foreign banks, opening up new opportunities for overseas lenders in Asia's third-largest economy.
 
India's central bank hikes key interest rate
India's new central bank governor hiked the key interest rate Tuesday for a second month running, disregarding calls for lower borrowing costs as he remains focused on battling high inflation.
 
A four-fold surge in the cost of onions helped push Indian inflation to a seven-month-high in September, data showed Monday, fueling expectations of another interest rate hike as authorities struggle to get the economy back on track.
 
Indian outsourcing giant Infosys on Friday reported a lower-than-expected 1.6 percent rise in quarterly net profit but raised its full-year revenue outlook, driving its shares up more than five percent.
 
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