The deadly fire at a clothing factory in the Bangladeshi capital Dhaka in November, in which 117 workers died, could have consequences for the country’s exports as well as for its tarnished reputation as a manufacturing power. Continue reading »
Palaniappan Chidambaram, the Indian finance minister, will continue what he sees as his lonely battle to promote much-needed economic growth after the Reserve Bank of India left interest rates unchanged in its latest decision on Tuesday.
The central bank said in its mid-quarter policy review that it was leaving the policy repo rate unchanged at 8.0 per cent. Nor was there any change to the 4.25 per cent cash reserve ratio for banks. Continue reading »
India’s finance ministry has issued a new and gloomier forecast for annual economic growth, predicting that gross domestic product will rise 5.7-5.9 per cent in the fiscal year to March – compared with its original forecast for the year of 7.6 per cent.
In reality, however, the new numbers published in a mid-year economic analysis for 2012-13 paint an outlook even rosier than independent economists, the International Monetary Fund and government officials have been suggesting for the past several months. Continue reading »