Business-Feature articles

India, China will not remain untouched by global slowdown: IMF

Washington: The global economy is much weaker than believed and growth will pick up only slightly next year, the International Monetary Fund (IMF) has said. The IMF lowered its growth forecasts for the global economy to 4.0 per cent for 2011 and 2012, saying activity had ‘weakened significantly’, but warned of a return to recession

IMF projects 7.5 to 7.75 per cent growth for India

Washington: The International Monetary Fund (IMF) said that India would have a year-on-year projected growth rate of 7.8 per cent in 2011 and 7.5 per cent in 2012, even as it warned of overall slowing global activity, renewed financial instability and an uneven post-recession expansion. Releasing its semi-annual World Economic Outlook report on September 19,

India Inc hiring rival brand’s honchos

Mumbai: Late last month, when Aventis Pharma, the Indian subsidiary of Europe’s largest drug-maker Sanofi, announced the acquisition of Indian firm Universal Medicare’s branded nutraceuticals business, Ranga Iyer joined the celebration. Iyer, a former MD of US drug-maker Wyeth in India, was the man Aventis had turned to 18 months ago to help bulk up

NRIs, resident Indians can open joint accounts

Mumbai: The Reserve Bank has allowed Non-Resident Indians (NRIs) to hold joint accounts with Indian residents. The RBI is liberalising these foreign exchange rules to help increase remittances. The central bank has also permitted sale proceeds of foreign investments in India to accrue to NRE/FCNR accounts after tax deductions, under the Foreign Exchange Management Act.

Slower-than-expected growth likely: ADB

Hong Kong: Asia’s developing economies will post slower-than-expected growth this year and in 2012 as key trading partners reduce orders amid worries about the global economy, a report said. The Asian Development Bank study said the region’s economies would expand 7.5 per cent this year, down from its 7.8 per cent forecast in April, while