NEW DELHI (Reuters) – India’s economic growth slumped to its lowest level in nine years in the first three months of 2012, marking a dramatic slide in the fortunes of a country whose economy boasted nearly double-digit growth before the global recession.

“Urgent and bold steps are immediately needed to prevent the economy from descending into a full blown crisis. This must be averted at all costs,” said Rajiv Kumar, secretary-general of the Federation of Indian Chambers of Commerce and Industry.

NEW DELHI, May 31 (Reuters) – India’s economic growth
slumped to its lowest level in nine years in the first three
months of 2012, marking a dramatic slide in the fortunes of a
country whose economy boasted nearly double-digit growth before
the global recession.

“Urgent and bold steps are immediately needed to prevent the
economy from descending into a full blown crisis. This must be
averted at all costs,” said Rajiv Kumar, secretary-general of
the Federation of Indian Chambers of Commerce and Industry.

NEW DELHI (Reuters) – India’s coalition government opened the way for a partial rollback of the steepest petrol hike in the country’s history after two days of street protests and dissent from within its own ranks over the unpopular measure.

State-owned oil marketing companies announced an 11 percent hike on Wednesday after a six-month freeze on rises, seeking to recover losses from higher global oil prices and a plunging rupee that have deepened the country’s trade deficit.

NEW DELHI, May 25 (Reuters) – India’s coalition government
opened the way for a partial rollback of the steepest petrol
hike in the country’s history after two days of street protests
and dissent from within its own ranks over the unpopular
measure.

India’s state-owned oil marketing companies announced an 11
percent hike on Wednesday after a six-month freeze on rises,
seeking to recover losses from higher global oil prices and a
plunging rupee that have deepened the country’s trade deficit.

NEW DELHI (Reuters) – The UPA government came under intense pressure on Thursday from within the ruling coalition and protesters to roll back the steepest petrol price hike in the country’s history, less than 24 hours after it took the unpopular decision cheered by investors.

There had been signs that the beleaguered government was preparing to take the bolder step of cutting subsidies on other fuels weighing on its budget deficit, but after a day of uproar over petrol prices, an imminent move looked unlikely.

NEW DELHI, May 24 (Reuters) – The Indian government came
under intense pressure on Thursday from within the ruling
coalition and protesters to roll back the steepest petrol price
hike in the country’s history, less than 24 hours after it took
the unpopular decision cheered by investors.

There had been signs that the beleaguered government was
preparing to take the bolder step of cutting subsidies on other
fuels weighing on its budget deficit, but after a day of uproar
over petrol prices, an imminent move looked unlikely.

NEW DELHI (Reuters) – “Dear God,” wrote economist Rajeev Malik as he called on the Almighty to help India’s “rudderless” government in a biting critique that underscored a growing frustration at home and abroad with the stewardship of Asia’s third-largest economy.

Writing in India’s Business Standard newspaper, the well-respected Malik echoed the exasperation of Indian and foreign business groups pressing for the government to swiftly implement major economic reforms and formulate a coherent strategy to deal with its mounting problems.

NEW DELHI, May 18 (Reuters) – “Dear God,” wrote economist
Rajeev Malik as he called on the Almighty to help India’s
“rudderless” government in a biting critique that underscored a
growing frustration at home and abroad with the stewardship of
Asia’s third-largest economy.

Writing in India’s Business Standard newspaper, the
well-respected Malik echoed the exasperation of Indian and
foreign business groups pressing for the government to swiftly
implement major economic reforms and formulate a coherent
strategy to deal with its mounting problems.

NEW DELHI, May 15 (Reuters) – India pledged to continue
cutting oil imports from Iran over time but gave no specific
target or time-frame for such reductions in talks with U.S.
special envoy Carlos Pascual on Tuesday, a source familiar with
the discussions said.

Pascual, who has been pressing Iran’s clients to cut their
imports to avoid tighter sanctions, met foreign ministry
officials and discussed a waiver from the new measures, which
are due to come into effect at the end of June.

NEW DELHI, May 11 (Reuters) – The Indian government
announced an inquiry on Friday into the country’s main drug
regulator, three days after a parliamentary report exposed
dysfunction within the agency and alleged serious irregularities
in how drugs are approved.

The parliamentary report alleged collusion between officials
of the Central Drugs Standard Control Organisation (CDSCO),
which oversees the licensing, marketing and trials of new drugs
in India, and pharmaceutical firms. It also said the agency was
chronically understaffed and lacked both expertise and high-tech
laboratories to fulfill its growing responsibilities.