A persistently firmer tone to the dollar, which hit its highest level since early September versus the euro on Tuesday, is limiting further gains, however.

Spot gold was bid at $1,085.20 (U.S.) an ounce at 9:23 a.m. GMT, against $1,083.55 late in New York on Tuesday.

The ADB will provide a $700-million loan, in three parts in as many years, to state-run India Infrastructure Finance Company Ltd., in order to support the country’s infrastructure programme.
The Manila-based bank will give loan amounting to $150 million for the restructuring and development of Khadi industry, which makes India’s conventional handspun fabric.

Source: The Financial Express

Visiting Indian Prime Minister Manmohan Singh and Russian President Dmitry Medvedev affirmed that the two countries were keen on enhancing mutual cooperation in IT, communication, hydro-carbon, oil and gas and pharmaceutical sectors.

Among the six pacts the two countries signed Monday is a $100 million-agreement on “dollar credit line between EXIM (Export-Import) Bank of India and Russian Bank of Development and Foreign Economic Affairs”.

According to the deal, aimed to help promote export of capital goods from India, the EXIM bank will give $100 million credit line to the Russian bank.

Speaking at a joint press conference with Medvedev at the Kremlin, Manmohan Singh said: “We welcome greater Russian role in India’s nuclear energy sector. We have decided to set a target of 20 billion dollars by 2015. We have identified the areas of energy, information technology and communication and pharmaceuticals as the new thrust areas of cooperation.”

“Rough diamonds is another area and, of course, there are the traditional commodities like tea and other commodities which have been part of the traditional basket of goods and services. I think Russia is emerging as a major investor in India,” he said.

“I agree,” Medvedev said as he smilingly responded to Manmohan Singh’s remarks.

Medvedev also said the two countries were “moving forward” in “strengthening” their strategic partnership.

“Levels of trust and partnership (between India and Russia) are growing. Even in the economic crisis we expanded our trade to 5 billion dollars this year. We plan to increase our trade to 10 billion dollars next year,” he said.

The key advisory post was vacant after the tenure of incumbent Arvind Virmani ended June 30.

As chief economic advisor, Basu will not only provide key inputs to Finance Minister Pranab Mukherjee in formulating broad policies for the Indian economy, but also virtually author the Economic Survey for the current fiscal that will be tabled in parliament some time in February.

A Padma Bhushan awardee in 2008 and a professor of economics, Basu was the chair of the Department of Economics at the Cornell University in the US. He is an alumnus of St Stephen’s College, Delhi University, and completed his Masters and Doctoral studies in Economics from the London School of Economics.

According to the report, jointly prepared by the Associated Chambers of Commerce and Industry (Assocham) and Yes Bank, India’s healthcare sector has grown at 9.3 percent annually during 2000-09.

‘Driven by various catalysts such as increasing population, rising income levels, changing demographics and illness profile, the healthcare industry is expected to move to levels of $77 billion in the next three years,’ said Assocham president Swati Piramal.

Healthcare services sector includes companies that are dependent upon and provide corollary services to hospitals, and is currently estimated at $1 billion.

According to Yes Bank and Assocham, diagnostics would contribute $2.5 billion to the healthcare industry by 2012.

An increasing number of public and private healthcare facilities are expected to propel demand for the industry, accounting for another $6.7 billion in this period.

With an increasing demand for affordable quality healthcare, the penetration of health insurance is poised to undergo an exponential growth to emerge as a $3 billion industry in the next three years.

‘However, the corresponding growth in health infrastructure is yet to match the basic healthcare facilities in many other countries. For instance, the present number of nine beds per 10,000 people in India is far behind the world average of 40 beds per 10,000,’ the report said.

Consumer spending and new home sales rose more than expected in October, while weekly jobless claims dropped to their lowest rate since September 2008. An index of consumer confidence from the University of Michigan and Reuters also rose.

Commodities producers led the gains after energy and metals prices rose, including a record for gold of $1,193.3 per ounce.

The blue-chip Dow Jones Industrial Average gained 30.69 points, or 0.29 percent, to 10,464.4. The broader Standard and Poor’s 500 Index added 4.98 points, or 0.45 percent, to 1,110.63. The technology-heavy Nasdaq Composite Index climbed 6.87 points, or 0.32 per cent, to 2,176.05.

The dollar fell against nearly all major currencies. The US currency dropped against the euro at 66.06 euro cents from 66.84 euro cents Tuesday. The dollar plummeted against the Japanese currency to 87.34 yen, near a 14-year low, from 88.56 yen on Tuesday.

Besides, the domestic market for jewellery is expected to reach a level of more than 30 billion dollars by March 2010 from 27 billion dollars year ago.

”We hope to reach 30 billion dollars by March 2010 from the present 27 billion dollars as far as the domestice market is concerned,” GJEPC Chairman Vasant Mehta told reporters here today.

Read full story at:  WebIndia

Complete List of Foreign Banks in India.

ABN AMRO Bank
Abu Dhabi Commercial Bank
American Express Bank
ANZ
BNP Paribas
Citibank India
DBS Bank
HSBC
Standard Chartered Bank

Public National Banks of India

Allahabad Bank
Andhra Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
Central Bank of India
Corporation Bank
Dena Bank
Indian Bank
Indian Overseas Bank
Oriental Bank of Commerce
Punjab and Sind Bank
Punjab National Bank
Syndicate Bank
UCO Bank
Union Bank of India
United Bank of India
Vijaya Bank

List of Private banks in India

Axis Bank
Bank of Rajasthan
Catholic Syrian Bank
City Union Bank
Development Credit Bank
Dhanalakshmi Bank
Federal Bank
HDFC Bank
ICICI Bank
IndusInd Bank
ING Vysya Bank
Jammu & Kashmir Bank
Karnataka Bank
Karur Vysya Bank
Kotak Mahindra Bank
Laxmi Vilas Bank
Nainital Bank Ltd
Ratnagar Bank
SBI Commercial and International Bank
South Indian Bank Ltd
Tamil Nadu Mercantile Bank
Yes Bank

“A proposal has been sent to the Association of NSE Members (ANME) and their central board has agreed to it,” said a source close to the development. “To take it forward, the associated risk of higher number of holidays has to be explained to regional brokers to make it unanimous.”

Full story at: BusinessWeek