Railways to axe IRCTC ticket monopoly

Indian Railways are mulling the sale of e-tickets on its portal which will end IRCTC's monopoly in e-ticketing business and provide multiple booking avenues to rail passengers. Highly placed sources in the Railway Ministry said the new facility will be one of the several passenger-friendly features planned to be rolled out before the Dussehra festival this year that falls towards September end. The decision, if materialises, could be yet another setback for IRCTC, thanks to the new catering policy unveiled recently which stripped the Railway PSU of its catering responsibility that formed its core business

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Indian economy moving fast towards $2 trn mark

The Indian economy would grow to $1.72 trillion in 2011-12, moving closer towards the $2 trillion mark, according to an assessment by the Prime Minister's Economic Advisory Council (PMEAC). The country's gross domestic product (GDP) at the market and current prices was measured at $1.31 trillion in 2009-10 and is estimated to be $1.52 trillion in the current fiscal, the PMEAC said in its latest economic outlook. Pegging the GDP growth at nine per cent, the economy would reach a level of $1.72 trillion in 2011-12, it said. If the 9 per cent growth trend is maintained, India would become $2 trillion economy in 2013-14 fiscal.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Oil nears 12-week highs; investors upbeat on commodities

Oil rose towards 12-week highs above $79 on Monday, driven by investor appetite for commodities and energy risk, with macroeconomic indicators in top consumers the United States and China showing slower but sustained growth. US September crude rose as much as 40 cents to $79.35 a barrel and was up 19 cents at $79.14 by 0415 GMT, having reached a 12-week high of $79.69 last week and climbed 4.35 per cent last month. ICE Brent gained 13 cents to $78.31.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Manufacturing 'in recovery' says trade body EEF

The UK's manufacturing sector performed better than expected in the first half of the year, and growth is expected to outstrip the rest of the economy, according to the EEF. The industry trade body said it forecast growth in manufacturing of 3.8% this year. That compares with 1.1% growth forecast for the economy as a whole. But the EEF warned that spending cuts in the UK and abroad could hurt manufacturers in the long term. "Manufacturing has exceeded expectations so far this year with a broad-based recovery, supported by growth in world trade, a weak pound and restocking," said Lee Hopley, EEF chief economist.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

US economic growth slows to 2.4%

US economic growth slowed between April and June, with GDP growing by an annualised rate of 2.4%, the US Commerce Department has said. This compares with an annual rate of 3.7% in the previous quarter. The second quarter figure is a first estimate, and could be revised either up or down in the coming months. There are growing fears about the strength of the US economic recovery, particularly concerning the country's high unemployment rate of 9.5%. Despite the slower rate of growth, economic adviser to the White House Christine Romer said: "This solid rate of growth indicates that the process of steady recovery from the recession continues.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

California 'fiscal emergency' declared

California governor Arnold Schwarzenegger has declared a fiscal state of emergency, putting pressure on lawmakers to pass a state budget that is now more than a month overdue. California's economy, which is the eighth largest in the world, faces a budget deficit of $19bn (£12bn). Mr Schwarzenegger said that without a budget in place the state's government would run out of cash by October. He also ordered most state employees to take three days unpaid leave a month. Earlier this month, the governor ordered 200,000 state workers to be paid the minimum wage because no budget had been passed.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

China allows release of IMF report

China has allowed the publication of an International Monetary Fund (IMF) staff report for the first time since 2006. China had previously blocked the annual report's release because it objected to the IMF's view that its currency, the yuan, needed to be a lot stronger. The report contained some criticism, saying "several directors agreed that the exchange rate is undervalued", but added that others disagreed. However, it has been suggested that the report has been toned down.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).