Axis Bank signs MoU with Indian Army for power salute salary account

Axis Bank, as a part of the power salute salary account, has introduced a ‘nil loan processing fee’ for all categories of defence forces

Axis Bank has signed a Memorandum of Understanding (MoU) with the Indian Army for the power salute, a salary account exclusively for the army personnel.

Axis Bank, as a part of the power salute salary account, has introduced a 'nil loan processing fee' for all categories of defence forces. Apart from this, the features of the account include: Unique life time account number which can be used at all branches of Axis Bank anywhere in India; Zero minimum balance requirement and services like ATM cards; Net banking/e-statement/draft at Axis Bank locations; Fund transfer through RTGS/NEFT and unlimited number of transactions at other bank ATMs are offered totally free of cost along with the power salute account.

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PMEAC projects 8.6% GDP for FY11, March-end inflation at 7%

The PMEAC, in its 'Review of the Economy 2010-11' released today, said the country's GDP is likely to grow by 9% in 2011-12, back to the high rate it had witnessed before onset of the global economic recession

New Delhi: The Prime Minister's Economic Advisory Council (PMEAC) today projected the economic growth in the country at 8.6% for the current fiscal on the back of rebound in farm output and added that inflation will come down to 7% by March-end due to declining food prices, reports PTI.

The PMEAC, in its report 'Review of the Economy 2010-11' released today, also said the country's gross domestic product (GDP) is likely to grow by 9% in 2011-12, back to the high rate it had witnessed before onset of the global economic recession.

The PMEAC's projection of 8.6% growth is in line with government estimates released earlier this month.

According to PMEAC, the agriculture sector is expected to grow at 5.4% this fiscal. This is higher than the 0.4% rate of growth registered by the farm sector in 2009-10.

"Agriculture will do very well this year. We might have record harvest of wheat," PMEAC chairman C Rangarajan said here.

The council also said the services and industry sectors would maintain the high growth rate of the last few years.

While services is expected to register a growth rate of 9.6%, industry is projected to grow by 8.1%.

During the last fiscal, services sector had witnessed a growth of 9.1%, while manufacturing had grown by 8.8%.

The PMEAC further said the overall inflation is expected to be at 7% by March-end and that the rate of price rise in the case of manufactured goods has been low.

"The declining trend in food prices, particularly that of vegetables, will result in lower food inflation...

Considerable care from the policy side has to be taken to ensure that the manufactured goods inflation remains below 5% in 2011-12," it said.

The overall inflation for January has been at 8.23%, while food inflation was at 11.05% in the first week of February.

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President says combating inflation will be top priority

"My government is deeply concerned over the adverse impact of inflation on the aam aadmi and the threat it poses to the growth momentum", president Pratibha Patil said in her address to Parliament marking the beginning of the budget session

New Delhi: "Deeply concerned" over the impact of rising prices on aam aadmi (common man), president Pratibha Patil today said the government would accord top priority to fighting inflation, reports PTI.

The top priority of the government in 2011-12 "will be to combat inflation and, in particular to protect the common man from the impact of rising food prices," she said in her address to Parliament marking the beginning of the budget session.

"My government is deeply concerned over the adverse impact of inflation on the aam aadmi and the threat it poses to the growth momentum", the president said.

While the food inflation had touched 18.32% in December 2010 before moderating to over 11% this month, the overall inflation still stood above 8% against the comfort level of 5%-6%.

The long-term solution to deal with rising inflation lies in raising agricultural productivity, she said, pointing out that rate of price rise had remained a problem during the last year.

The government, she said, took a number of pro-active measures to counter rising prices of food items and combat inflation.

"The import regime has been liberalised to ease supply constraints of critical items. Exports of commodities like edible oils and pulses have been banned. Pulses are being supplied at subsidised prices through the public distribution system," the president said.

The public sector units, she said, were directed to open more retail outlets for selling vegetables to individual consumers. "These steps have shown results," Ms Patil added.

"In fact, inflation was declining until November last when unseasonal rains in some states, led to a spurt in vegetable prices. These prices have come down again following the arrival of the fresh crop," she said.

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