26 September, 2013

Odisha, Bihar least developed states; Goa, Kerala top chart

The Raghuram Rajan panel report has made a case for ending the 'special category' criteria for providing additional assistance to poorer states, as it ranked Goa and Kerala as the most advanced state and Odisha and Bihar the least.

The committee, headed by the then Chief Economic Advisor Raghuram Rajan (now RBI governor) which was set up by the government amid demand for "special category" status by Bihar, suggested a new methodology for devolving funds on states based on a 'Multi Dimensional Index (MDI)'

Rupee rises to 62.13 per dollar on RBI measures

India's benchmark bond yield dropped as much as 10 basis points in opening trade on Thursday after the Reserve Bank of India (RBI) assured it would provide liquidity to the market and also undertake open market operations if necessary. The Reserve Bank of India late on Wednesday relaxed the minimum maturity tenure for banks' foreign currency borrowings' to one year from three years, in order to use the central bank's swap facility which was set up to support the ailing rupee.

AirAsia announces it has received NOC from Aviation Ministry

AirAsia India today announced it has received the crucial 'No Objection Certificate' from the Civil Aviation Ministry, with the Malaysian parent company's chief Tony Fernandes terming the development as "very exciting".
AirAsia India, a joint venture between the Malaysian airline AirAsia (which would own 49 per cent stake), the Tatas (30 per cent) and the Telstra Tradeplace owned by Arun Bhatia (21 per cent), plans to start operations within this financial year itself.

Gold futures down 0.39% on weak global cues

Gold futures prices today fell by 0.39 per cent to Rs.30,098 per 10 gram as speculators offloaded their positions in tandem with a weak global trend.

At the Multi Commodity Exchange, gold prices for delivery in October fell Rs. 117, or 0.39 per cent, to Rs. 30,098 per 10 grams in business turnover of 761 lots.

On similar lines, metal prices for delivery in far-month December eased by Rs. 209, or 0.33 per cent, to Rs. 29,765 per ten grams in 205 lots.

Market analysts said the fall in gold futures was mostly attributed to a weak trend in the global market.

Meanwhile, gold prices fell 0.22 per cent to $1,330.20 an ounce in Singapore today.

Asia Cup hockey: Indian women lose to Korea in semis, World Cup dreams end

India's dreams of earning a World Cup hockey berth were shattered when they lost 2-1 in a semifinal match of the 8th women's Asia Cup championship in Kuala Lumpur on Thursday