India news from Foreign Policy India and Vietnam sign seven cooperation pacts Wholesale inflation in India drops to five-year low Indian President Pranab Mukherjee met with his Vietnamese counterpart, Truong Tan Sang, during his four-day visit to Vietnam, which started on Sunday. India and Vietnam signed seven agreements on cooperation in the strategic oil sector, direct flights between the two countries, an extended line of credit for purchasing defense equipment, agriculture cooperation, cooperation in animal health, customs cooperation, and youth affairs and skill development. A joint statement issued after Mukherjees meeting with Sang stated that both countries agreed to strengthen and deepen bilateral cooperation on the basis of the strategic partnership with focus on political, defence and security cooperation, economic cooperation, science and technology, culture and people-to-people links, technical cooperation and multilateral and regional cooperation. During his visit, Mukherjee also gifted to the people of Vietnam a sapling of the holy Bodhi tree, which was planted at the presidential palace in Hanoi Indias wholesale inflation rate in August eased to 3.74 percent, the lowest level in about five years, according to data issued by the Indian government on Monday. A decrease in food and fuel prices helped cool inflation, with food inflation easing to 5.15 percent in August after hitting 8.43 percent in July. Unlike the drop in the wholesale inflation rate, consumer price inflation is still high, which is preventing the government from lowering interest rates. The Reserve Bank of India (RBI) wants to reduce consumer price inflation to 6 percent by 2016. According to government data released on Friday, consumer price inflation was marginally down at 7.80 percent in August, from 7.96 percent in July. RBI Governor Raghuram Rajan said at a bankers summit in Mumbai on Monday: The bottom line is that while the macro indicators are improving, we still have some way to go before we can declare we are out of the woods.
Posted on: Mon, 15 Sep 2014 17:37:14 +0000
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