Economy News
The government and the RBI are looking at easing external commercial
borrowings (ECB) guidelines and foreign direct investment (FDI) norms to
enhance overseas fund flows. On ECBs, loans up to $500 million for rupee
expenditure by Indian infrastructure companies may be put under the
automatic approval route. At present, such loans need RBI approval. (BS)
Many commercial banks are looking at reducing home loan rates for
select category of buyers (ET)
Norway’s sovereign wealth fund, the world’s second largest, is set to
invest $2 billion in Indian stocks. The Norwegian Government said the
investments by the Government Pension Fund would take place between
this month and January 2009. (BS)
Petroleum Minister ruled out an immediate reduction in petrol, diesel
and domestic LPG prices in step with softening of international oil prices.
A price reduction may be considered if crude oil falls to US$ 61 per
barrel, he said. The basket of crude oil India buys was at USD 64 per
barrel. (ET)
Concerned over the default in payment of fuel bills by the airlines,
Petroleum Minister has called a meeting tomorrow with Civil Aviation
Minister, airlines and oil companies to sort out the issue. (BS)

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