The Mint Report for 14 December 2010

The Mint Report for 14 December 2010

On Tuesday Prime Minister Manmohan Singh indicated the government wanted to restrict access to any potential phone taps of business leaders. He added that while legal mechanisms existed to keep tapped conversations out of the public domain, they needed to be strengthened. Singh also said he was asking the cabinet secretary to look into the issue and report back within a month. The Prime Minister’s comments come at a time when corporate India is been worried about government phone taps becoming public. The Nira Radia tapes leaked to the press last month contained conversations between lobbyist Nira Radia and business leaders, journalists and politicians.

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And on the economy, India’s headline inflation has grown at its slowest pace in 11 months. The wholesale price index for November stood at 7.48%. In October the figure was 8.58% on a year on year basis. While India’s headline inflation has been falling, it’s still above the RBI’s comfort level of 5-6%. The central bank wants to bring wholesale inflation down to 5.5% by March 2011.

And here’s how markets fared on Tuesday. The Sensex shot up 107 points to 19,799. And the Nifty climbed 36 to 5,944.