Business

Montek Singh Ahluwalia attributed the high CAD to renewed import of gold which is very often something that people resort to as a hedge against the unexpected changes.

This BRICS Summit could lead to the launch of a development bank for the five-nation grouping.

Corporate India announced 72 acquisitions abroad worth $ 11 billion, a significant improvement over 2011, when the deal value stood at $ 6.7 billion.

The Finance Ministry said that agencies like Standard & Poor's and Fitch would be conveyed this view when they visit India in April.

AirAsia owner Tony Fernandes will try to capture the Indian market by getting new passengers and opening new markets.

The Foreign Investment Promotion Board on March 6 cleared the Malaysian budget carrier AirAsia's bid to launch an airline in India by joining hands with Tata Sons.

The new airline, AirAsia India, will be managed by the Malaysian company and will be based in Chennai.

India aims to contain its fiscal deficit within 4.8 pc of GDP in 2013/14, lower than 5.2 pc achieved in 2012/13.

The New Delhi-based developer, founded by billionaire KP Singh, is expected to sell about 81 million shares.

A strong opening in the domestic equity market and strength in other currencies overseas also supported the rupee.

High beta stocks like DLF and Reliance Infra (down 3.4 per cent each) also dragged the indices during the day.

Montek Singh Ahluwalia is hopeful that the much delayed Goods and Services Tax will be implemented by 2014.

The bicycle industry was expecting that the Budget will bring some relief in shape of withdrawal of excise duty on bicycle.

Gitanjali group Chairman Mehul Choksi said any hike would have increased smuggling and other such illegal activities.

Officials maintain the hike will not be sufficient to meet India's commitment for various projects abroad.

The agency has been allocated Rs 461.66 crore in the budget on Thursday as compared to Rs 404.97 crore in the last fiscal.