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President Pranab Mukherjee hosts banquet for Vladimir Putin

New Delhi/ Varanasi, Dec 12 (ANI): President Pranab Mukherjee hosted a banquet in the honour of Russian counterpart Vladimir Putin. The event was attended by Prime Minister Narendra Modi, Vice President Hamid Ansari, former Prime Minister Manmohan Singh and other dignitaries at the President's official residence. Putin, on his official visit to New Delhi for the 15th Annual India-Russia Summit, is accompanied by a 15-member delegation. Earlier, a team of 16 economists from the US met PM Modi and discussed the various facets of the growing economy of India. Modi told the delegation that his focus was to build 'Team India' through a partnership with all state chief ministers and by encouraging and facilitating states to take initiatives for economic growth. Also present at the meeting was Finance Minister Arun Jaitley, who gave an overview to the delegation of the various decisions taken by the Government over the last six months in the economic sphere. Dec 12, 2014
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Current account deficit comfortable despite widening: Raghuram Rajan

Kolkata, Dec 12 (ANI): Governor of Reserve Bank of India, Raghuram Rajan said that the RBI was comfortable with the current account deficit (CAD) even after it widened in the July-September quarter. Rajan while speaking at a news conference after the central bank's board meeting in Kolkata city, said risks remain to the current account deficit even though he was not apprehensive about it. Rajan said that gold imports had increased in the country which may have resulted in the increase in the CAD. Global oil prices have fallen to a five-year low on Wednesday. Brent crude oil fell to $63.56 a barrel, the lowest since July 2009, on signs of oversupply and waning demand. Indias largest imports are crude oil and gold. Turning to the economy, Rajan said an interest rate cut won't by itself lead to higher economic growth, although he noted it would have an impact. Turning to limits on foreign investments in government bonds, Rajan said it would look at raising the limit at an appropriate time, and would look at expanding it steadily. Dec 12, 2014
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Tea Exports to Russia a Losing Proposition

Russia, the world's largest importer of tea has come under pressure from the fall in ruble, leading to margins coming under severe pressure for Indian exporters. Dec 11, 2014
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Vladimir Putin meets Modi at Hyderabad House

New Delhi, Dec 11 (ANI): Russian President Vladimir Putin met Prime Minister Narendra Modi on Thursday at Hyderabad House in New Delhi, with an aim to take the bilateral relations between both countries to 'newer heights'. Modi and Putin posed for the customary photograph before beginning talks on the various deals that are set to be signed between the two countries. In his talks with PM Modi, both in restricted and delegation level formats, Putin is likely to seek deeper economic engagement with "time-tested" ally India to try to minimize impact of sanctions against Russia by the US and its Western allies over the Ukraine issue. It will be the first annual summit meeting between Putin and PM Modi. Dec 11, 2014
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