Standard and Poors(S&P) has lowered the growth forecast for India to 5.5 percent for this fiscal from 6.5 percent projected earlier.Morgan Stanly had also lowered Indias growth forecast to 5.1% from earlier estimate of 5.8%.HSBC to 5.7% from 6.2% and Standard Chartered to 5.4% from 6.2%
The cabinet in its meeting held today has approved grant of 7 percent Dearness Allowance to central government employees and pensioners from July,2012.Now the total DA will be 72% and order is expected to be issued shortly.
It is reported that cabinet on Monday has approved a scheme for one rank,one pension,a long standing demand of ex-sevicemen.The UPA govt on two previous occasions also had taken such decisions;but nothing worthwhile happened.This time it is based on recmmendation by Rajya Sabha Petition Committee a six member committee headed by Cabinet Secretary has submitted the report
Efforts of Wallmart,the worlds largest retailer to open a big-box store in Newyork has been thwarted once again in the face of opposition from local unions.Such multi-national giants are resisted and rejected in America while Indian government welcomes them with red carpet.
Portugal government will hold dialogue with trade unions and industry bosses on alternatives to tough austerity measures.Prime Minister Pedro Passos Coelho issued a statement to this effect following wide spread protests against the planned spending cuts.
The notification regarding FDI in multi-brand retail issued by the central government has been challenged in the apex court. Advocate M.L.Sharma has quetioned the notification on the ground that it has been hurriedly issued without having a source of law and Parliamentary approval.
Manmohan Singh justifies anti people measures including hike in diesel price,cap in LPG cyliders and FDI in retail trade.He was speaking to the people through Doordarshan. The Prime Minister went on to claim that his government stands for the poor! While the super rich are favoured lavihly with so many concessions the common people are burdened with miseries time and again.Certainly,this is the government for the aam aadmi!
Trinamool Congress Ministers tendered resignation to Prime Minister and Trinamool MPs met the President and gave letter withdrawing support to the UPA government.
RCom has increased telecom tariff by 25 percent for its customers from Friday.It is reported in the press that the hike in tariff is attributed to the recent increase in the price of diesel.Other telecom companies are also likely to follow suit.
The country came to a standstill on Thursday. with opposition parties and even certain parties in UPA,the ruling combine,protested against anti people measurers unleashed by the Manmohan Singh government.Unfazed,the government is moving ahead on FDI as their commitment is to the MNCs.