Indian Economy

India's luxury hotels swap global brands as revenues slump

Starwood, which runs St Regis hotels like the one in Abu Dhabi, above, is in talks to add the former Mumbai Shangri-La to its portfolio. Photo: SCMP Pictures

Less than nine months after opening the first hotel in Mumbai under its brand, Hong Kong luxury chain operator Shangri-La Asia handed the keys back to the owner.

Wednesday, 12 February, 2014, 3:27pm

Red tape, graft mean India not such a super market for Wal-Mart

A customer shops at a Best Price Modern Wholesale store, a joint venture of Wal-MartStores and Bharti Enterprises. Photo: Reuters

Wal-Mart’s India expansion is stalled.

When India announced last September that it would allow foreign supermarket chains to take majority ownership of their Indian operations, it marked a victory for Wal-Mart Stores, which had spearheaded efforts to open the market and said its first retail store would open within two years.

8 Jul 2013 - 1:53pm

India is Asia’s weakest link in QE-driven rout

As financial markets sell off on concerns over rising US rates, what happens in India, an economy with slowing growth and a heavy dependence on foreign money, could well determine if this is merely a short-term rout or a full-blown crisis.

14 Jun 2013 - 2:23pm

India finmin pledges more reforms but rupee drops further

Indian Finance Minister Palaniappan Chidambaram says he is looking forward to more reform. Photo: AFP

India’s finance minister on Thursday pledged new reform measures by the end of June including lifting caps on foreign direct investment and changes in locally-produced gas prices to win back investor confidence.

13 Jun 2013 - 3:23pm

Slowdown prompts third India rate cut

The door may be closing for an additional rate cut in India.

After meeting in Mumbai, the Reserve Bank of India said that the benchmark repo rate, at which it lends to commercial banks, would fall to 7.25 per cent, as expected by most economists.

4 May 2013 - 4:31am

India cuts key interest rate in attempt to revive stalled economy

The Reserve Bank of India (RBI)  Photo: Reuters

India's central bank lowered its key interest rate by a quarter of a percentage point yesterday as it tries to revive stalled growth in Asia's third-largest economy.

The announcement was overshadowed by the country's minority government losing a coalition partner.

20 Mar 2013 - 4:35am

Vietnam and India lead Hong Kong's export growth

A worker leaps between containers at container terminal in Hong Kong. Photo: Reuters

Vietnam and India may replace Japan and Germany in the rankings of Hong Kong's top five trading partners by 2030 if the city's exports to the two countries continue to grow at their current pace.

27 Feb 2013 - 6:07pm

Indians tackle meaty issues

A chef prepares to grill a chicken at a Mumbai restaurant. India’s growing wealth has increased demand for meat, particularly from the newly affluent middle class. Photo: AFP

With German sausages, French duck breasts and homegrown chicken, Francis Menezes is cashing in on the growing appetite for meat among Indians -- even in one of Mumbai’s most strictly vegetarian areas.

In the upmarket neighbourhood of Malabar Hill, numerous shops, restaurants and even some apartment blocks remain meat-free.

4 Feb 2013 - 1:59pm

India expected to hold rates despite pressure

India’s central bank is expected to keep interest rates on hold Tuesday, despite mounting pressure from bankers and industry for a cut to revive the flagging economy.

18 Dec 2012 - 11:23am

Indian GDP growth set to be lowest for 10 years

The Reserve Bank of India

India's economy may grow at its slowest pace in a decade in the current financial year, according to forecasts by the finance ministry, which predicts inflation will slow enough to allow interest-rate cuts.

18 Dec 2012 - 2:38am

India inflation slows to 10-month low

A shopper walks past a future Brooks Brothers store in Gurgaon, India. Inflation unexpectedly slowed in November, although the central bank may still refrain from easing interest rates at its next review. Photo: Bloomberg

India’s inflation unexpectedly eased in November, a moderation that may not prevent the central bank from keeping interest rates on hold as it studies the effects of a diesel-price increase earlier this year.

14 Dec 2012 - 2:29pm

India steps up policy overhaul with land law approval

India’s Prime Minister Manmohan Singh is struggling to maintain momentum for reform as he seeks to tackle transportation and energy bottlenecks that have handicapped growth in Asia’s third-largest economy. Photo: EPA

India approved changes to a century-old land law and set up a panel to speed up infrastructure projects as Prime Minister Manmohan Singh extends a policy overhaul to revive economic growth.

14 Dec 2012 - 2:11pm