Pakistani forces fire rockets at India, BSF retaliates

Amritsar

Amritsar, Sept 11 (PTI) Pakistani forces tonight fired two rockets towards Indian territory which fell in agriculture fields in two adjacent villages, drawing retaliation from BSF using machine guns.

There was, however, no casualty on the Indian side in the Pakistani action, BSF Inspector General Himmat Singh said.

Industrial growth at 6.8 pc in July signals recovery

New Delhi

New Delhi, Sep 11 (PTI) Factory productions expanded at a greater pace for the second month in a row growing by 6.8 per cent in July against 6.4 per cent a year ago, signalling an industrial recovery.

And the trend, if sustained, could well offset the likely decline in farm output because of an erratic monsoon and help overall growth in the economy this fiscal.

Industrial growth for the first four months stood at 4.6 per cent against 5.6 per cent a year ago, after expansion in factory production is revised to 8.2 per cent in June against 7.8 per cent estimated provisionally.

It was for the first time in June that the industry grew at such a high rate, after hit hard by the global financial crisis in the middle of September last year.

While mining grew by a whopping 9.

Rupee ends 12 paise lower at 48.63

Rupee ends 12 paise lower at 48.63
Date : Sep-11-2009 11:03

The rupee on Thursday lost 12 paise against the US currency after recording considerable gains in early trade in sync with stock markets, in the midst of dollar firming up in the overseas markets. While it is said that increased portfolio inflows improved the rupee sentiment in early stages whereas foreign institutional investors had pumped in $456.80 million on September 7 and 8.

However, the local currency closed lower by 12 paise at 48.63 a dollar in fairly active trade at the Interbank Foreign Exchange (Forex) market while the rupee had resumed strong at 48.41 per dollar from Wednesday''s close of 48.51 a dollar. Moreover, later, due to firm local equity markets in morning trade as the standard Sensex was up by over 251 points, it improved to a high of 48.29. On the other hand, a late sell-off in equities pushed the Sensex to close up by a meager 33.31 points, putting pressure on the rupee to touch a low of 48.66 a dollar.

Nevertheless, in cross-currency trade, the local unit responded downwards against the pound and the Japanese yen while moved down further against the Euro. While the rupee fell back against the pound to end at Rs 80.78 per pound from Wednesday''s close of Rs 80.08 and also dropped against the euro to Rs 70.80 per euro from Rs 70.36 previously. Moreover, it dipped further against the Japanese yen to Rs 52.82 per 100 yen from its last close of Rs 52.47.

Government notifies 2% interest subvention on farm loans

Government notifies 2% interest subvention on farm loans
Date : Sep-11-2009 15:38

The government cut the interest rate subsidy to 2% for this financial year on farm loans given by the public sector banks (PSU) from 3% last year and the decision to this effect was taken by the Union Cabinet. However, the financial implication due to the interest subsidy on farm loans by PSU banks, regional rural banks and co-operative credit institutions were at Rs4, 311 crore in 2008-09 while it was estimated to be at about Rs4, 000 crore in the current fiscal. Moreover, the government will pay 2% interest subsidy to banks for granting short- term crop loan to farmers for loans up to Rs3 lakh per farmer at a concessional rate of 7% under the interest subvention scheme.