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The Mint Report for 4 February 2010

The Mint Report for 4 February 2010
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First Published: Thu, Feb 04 2010. 10 53 PM IST
Updated: Thu, Feb 04 2010. 10 53 PM IST
There’s been a rise in India’s annual food inflation numbers. The food price index rose 17.56% in the 12 months to the 23rd of January, higher than an annual rise of 17.40% in the previous week. The central bank, which raised its cash reserve ratio 75 basis points during its quarterly monetary review meeting, said it expects inflation to come down starting in July, assuming a normal monsoon and global oil prices stay at current levels.
And analysts are also concerned that if fuel prices are deregulated, as is being suggested by a government panel, any hike in petrol and diesel prices resulting from that would further drive up inflation. The fuel index rose to an annual 5.88 percent, higher than an annual rise of 5.7% in the previous week.
Industry body Nasscom, estimates that the country’s IT-BPO industry, will reach close to a historic $50 billion in export revenues for the financial year ending March 2010, a growth of 5.5%. For financial year 2010-2011, it expects an even stronger growth in software and services exports of 13-15% and domestic revenue expansion by 15-17%.
A strong domestic market and more spending on IT by the government have helped the industry.
Foreign Direct Investment increased by 10% in December 2009 to $1.5 billion compared to $1.36 billion in December of 2008. This is the 3rd consecutive month that FDI inflows have posted strong year-on-year increases. In an effort to further increase FDI inflows, the Commerce and Industry Ministry has released a draft document that consolidates FDI policy in an attempt to provide greater clarity. But it will not make any changes to the current FDI norms or sector specific caps.
And markets lost ground on Thursday on weak global cues and profit booking. The Sensex lost 271 points to close at 16,224 and the Nifty fell 86 points to close at 4,845
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First Published: Thu, Feb 04 2010. 10 53 PM IST