Arab Today, arab today indian minister confidence returns to market
Last Updated : GMT 06:58:11
Arab Today, arab today
Arab Today, arab today

Indian minister: confidence returns to market

Arab Today, arab today

Arab Today, arab today Indian minister: confidence returns to market

New Delhi - AFP

Confidence has returned to India's share market after it plunged to a 14-month low on the back of the latest global financial turmoil, the country's finance minister said Wednesday. India's benchmark Sensex index of 30 leading shares soared nearly 400 points in early trade as part of a global upturn after the US Federal Reserve pledged to hold interest rates near zero for at least two years. "One thing is certain -- confidence has come back in respect of Indian markets," Finance Minister Pranab Mukherjee said, a day after Indian shares hit their lowest level since June 2010 on worries about international debt. "In a couple of days it (the market) will be stable," Mukherjee said as the Bombay Stock Exchange's Sensex ended the day up 272.60 points or 1.62 percent at 17,130.51 points. He said the downgrade by Standard & Poor's of the US credit rating and heightened concern about the debt crisis in Europe could have some impact on India's capital and trade flows. But "the (central) Reserve Bank of India and the Ministry of Finance are working together in close cooperation to ensure that whatever steps are needed are taken" to offset the effect on India, he told reporters in New Delhi. The latest financial upheaval has come as India is battling nearly double-digit inflation. Recent economic data has shown the economy slowing under the brunt of the longest stretch of monetary tightening in a decade. In a fresh sign of weakness, an industry body reported on Wednesday that car sales for July -- seen as a growth bellwether -- slumped nearly 16 percent, the steepest decline in close to three years. India's hawkish central bank has raised interest rates 11 times since March 2010, making loans for everything from cars to new factories more expensive. To bolster the economy, India will focus on spurring greater domestic consumption, Mukherjee said in a statement Tuesday in which he also promised to "fast-track" long-awaited market-opening reforms. Foreign investors have been pushing New Delhi to loosen tightly regulated sectors in Asia's third-largest economy such as retail and insurance to outside investment. Despite the latest international troubles, Mukherjee has insisted India will be able to match this year the 8.5 percent growth it posted in the previous 12 months to March 2011, even though economists are more bearish. In the last global financial crisis in 2008-09, India came through relatively unscathed, posting nearly seven percent growth, helped by its still inward-looking economy. While the country of 1.2 billion people has liberalised its economy in the last two decades and dismantled a number of foreign investment barriers, it remains largely domestically driven. "A lot of global growth fears gripping the market should be less of a concern for a relatively closed economy such as India with its big domestic market," London-based Capital Economics Asia economist Sukhy Ubhi told AFP. Finance ministry officials hope a silver lining for India from the global woes is a softening of international commodity prices that could help ease inflation and possibly allow the central bank to halt its monetary tightening.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today indian minister confidence returns to market Arab Today, arab today indian minister confidence returns to market

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday