By Aditya Kalra and Sankalp Phartiyal
The Sensex lost 2 percent and the Nifty slipped 2.3 percent in a tough week for stocks as Indian markets remained cautious ahead of the Reserve Bank of India (RBI) policy review on July 30.
Nearly 70 percent of India’s population lives on less than $2 (around 120 rupees) a day, according to World Bank data. The country, the world’s second-largest producer of wheat and rice after China, is also home to a quarter of the world’s hungry.
It was a good week for Indian shares as the BSE Sensex gained 1 percent to close at 20,149.85, after the index touched a near two-month high during trade on Friday. The rupee gained for the second week and ended at 59.35/36 after rising 0.3 percent.
(Any opinions expressed here are those of the author and not of Thomson Reuters)
I sent my first and last telegram over the weekend, thanks to the flood of newspaper reports that warned of India’s telegraph service winding up after more than 160 years.
New Delhi, India
By Mansi Thapliyal
At 10 p.m. on July 14, India will send its final telegram before the service shuts the following day, signaling the end of a service that has been going for over 160 years. It is the latest means of communication to be killed off by the mobile Internet age.
With the rupee hovering near a record low, Indian tourists would be tempted to give foreign shores a miss this year. But staying home is not an option for Harsh Chadha, a multinational executive just back from a three-week family vacation in the UK.
Nestled in the Himalayas, Uttarakhand attracts increasing numbers of visitors every year. Between 2001 and 2010, the number of visitors to the state rose nearly 200 percent to 30.3 million. With major Hindu shrines located in the state, about 70 percent of the tourists who visit the state visit religious sites. That is a worrying sign for ecologically fragile areas such as Kedarnath – a small temple town located 3,583 metres (11,755 feet) above sea level and almost entirely washed out in recent flash floods.
Google Trends shows that the term “current account deficit” is among top searches from India in 2013. Add “gold” as a comparative keyword and the searches for the commodity Indians love are far higher.