Diesel prices will soon be market linked: Mayaram

The Finance Ministry today expressed hope that domestic diesel prices will soon
become market linked in the backdrop of softening global crude oil rates. "The
decision of the government which stands today is reduction in diesel subsidy by
50 paisa (per month) which means increase in prices by 50 paisa. So, logical
conclusion is that as and when that is over, it will become market driven,"
Economic Affairs Secretary Arvind Mayaram told reporters here. He further said
that with the softening of crude prices in the international market, it would be
possible for the government to move to market-driven prices of diesel, sooner
than later.
Imran Khan backs out of talks with Nawaz Sharif government
Pakistan opposition leader Imran Khan suspended talks with the government on
Thursday after it appointed a new police chief in the capital ahead of a possible
crackdown on thousands of anti-government protestors who have besieged
parliament. Mr. Khan, a famed cricketer-turned-politician, and fiery cleric Tahirul
Qadri have led massive protests from Lahore to the gates of parliament in
Islamabad to demand the resignation of Prime Minister Nawaz Sharif, accusing
him of rigging the vote that brought him to power last year.
Growth Picking Up, 5.5 Per Cent Expansion Seen This Fiscal: RBI
The Reserve Bank of India (RBI) on Thursday said the economy is likely to grow at
5.5 per cent in the current fiscal year (2014-15) as it sees a pick-up in
manufacturing and investment. "Signs of improvement in mining and
manufacturing activity, expected pick-up in investments, improved availability of
financial resources to the private sector with lower draft of government on
financial savings of the households amid fiscal consolidation, improved external
demand and stabilizing global commodity prices are expected to support the
recovery." "Accordingly, the economy could grow in the range of 5.5 to 6 per cent
this fiscal," the RBI said in its annual report for 2013-14.
Modi Calls for Faster Development of Defense Technology
Indian Prime Minister Narenda Modi, who has pledged to strengthen the
countrys military, reportedly took a swipe at the defense departments research
and development agency yesterday, saying India needs to change its chalta hai
attitude, which in Hindi means anything goes. The world will not wait for us.
We have to run ahead of time. We should not say in 2014 that a project
conceived in 1992 will take some more time, the Times of India quoted Mr.
Modi saying in a speech to scientists and military leaders gathered at an awards
ceremony at the Defense Research & Development Organization in New Delhi.
Choppy Sensex closes marginally
higher; PSU banks on fire

Equity benchmarks bounced back
with marginal gains on Thursday
after profit booking in previous
session. Banks consistently
supported the market today while
power, metals and technology
stocks lost ground. The 30-share
BSE Sensex rose 45.82 points to
26360.11 and the 50-share NSE
Nifty climbed 15.80 points to
7891.10 while the BSE Midcap and
Small cap indices gained 0.5
percent and 0.3 percent,
respectively. Experts say though
there is a consolidation and
correction in the market in near
term, the upside may continue at
least till the year-end.
News Highlights: 21
th
Aug 2014