The number of counterfeit notes detected by private banks in India grew by 23 percent from 2010-2011 to 2011-2012, reported the Reserve Bank of India on Sunday, with the Indian government set to introduce plastic notes across five cities by the end of this year in an effort to reduce forgery and thwart other illegal activities related to fake currency.
Since 1951, the Indian government has somehow managed to fail every single attempt to reach its annual target of increasing the nation’s electricity production capacity. But while the nation continues to struggle with crippling blackouts and power shortages till today, an energy plan, conceived during the 1950s, may fundamentally alter the nation’s, and quite possibly the world’s, energy future.
India, Thailand and Myanmar will soon be linked by a 3,200km highway, running from India’s North-eastern states to the Thai border with Myanmar, reported the Times of India on Monday, after the Indian government agreed to loan Myanmar $500 million in order to complete the project.
India’s sovereign credit rating may fall below investment grade within the next 12-24 months, warned Fitch Ratings on Monday, as the country continues to struggle with an uncertain investment climate, which has deterred several foreign investors.
Nearly 360 million residents in North India woke up to no electricity early Monday morning, reported Bloomberg News, after a massive grid failure in the capital of Delhi had cut off all power supplies, shutting down numerous transport networks in the process.
The International Monetary Fund (IMF) has lowered India’s economic growth estimate from 6.9 percent to 6.1 percent for 2012, reported Reuters on Monday, with the cut seen to be the steepest among any emerging economy in the world.
“In the past three months, the global recovery, which was not strong to start with, has shown signs of further weakness,” wrote the IMF in its latest World Economic Outlook report.
India’s income tax department is unlikely to press criminal charges against more than 100 wealthy Indians who had secretly stashed funds in Swiss bank accounts, reported Bloomberg News on Tuesday, with the amnesty offer valid to only those who willingly repatriate the money back to India and pay off their back taxes.
The “super-rich” population in India – defined by having a minimum net worth of 250 million rupees ($5.6 million) – has grown by 30 percent to about 81,000 individuals over the last year, said a new study released this week as cited by the Wall Street Journal, with the combined net-worth of ultra-rich households now at 65 trillion rupees ($1.2 trillion).
The Indian government has enacted a $5.4 billion policy that will provide free medicine for its citizens by the end of this year, claimed a report by Reuters on Thursday, with up to half of India’s 1.2 billion population expected to take advantage of the scheme within the next five years.
According to the report, the plan was quietly adopted last year; but had not been publicised until initial funding could be allocated, officials said.
The largest state-owned oil companies in India and China have renewed their pact to jointly explore for oil and natural gas worldwide, reported The Wall Street Journal on Tuesday, after an initial agreement signed by both nations in 2006 had failed to bear any significant results.
