Prime Minister Manmohan Singh Wednesday called for revival of "animal spirit" in the economy and directed the officials to take measures to revive sentiments of domestic as well as global investors.
The prime minister convened a meeting of top economic policy makers after taking charge of the crucial finance portfolio Wednesday.
Chief economic advisor at the finance ministry Kaushik Basu, chairman of the Prime Minister's economic advisory council C. Rajgarajan and five secretaries from the finance ministry called on Prime Minister Manmohan Singh at his office.
"Reverse the climate of pessimism...revive the animal spirit in the country's economy," Singh told the policy makers during the meeting.
Prime Minister's Office has taken charge of the finance ministry following the resignation of Pranab Mukherjee, who is nominated by the ruling coalition as its presidential candidate.
"Immediate emphasis is to manage balance of payment for which all policies should be directed to help institutional flows to India," the prime minister said.
"In the short run, we need to revive investor sentiment - both domestic and international," he added.
Footwear major Woodland, owned by the Aero Group, is looking to re-position its sub-brand 'Woods' in the luxury footwear segment, focusing primarily on women's footwear, a top company official said Friday.
Global ratings agency Standard & Poor's said its outlook on India remained negative and there was a one-in-three likelihood of a downgrade within the next 12 months.
US industrial production, an indicator of the output of mines, factories and utilities, dropped 0.5 percent in April, US Federal Reserve reported.
Two Indian IT firms are feeling the heat of the recent $ 45 million global ATM heist.
Pleading guilty to 'felony charges' relating distribution of adulterated drugs made at two India units, the US subsidiary of Ranbaxy agreed to pay USD 500 million.
from Hindustan Times
An Indian-origin board member of the influential UK India Business Council said he is rethinking the role of off-shore tax havens in the current economic climate.
Mukesh Ambani has kept his annual salary capped at Rs 15 crore for the fifth year in a row, while foregoing nearly Rs 24 crore from the remuneration approved for him.