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A favorable vote of Parliament for foreign direct investment in retail sector does not mean the end of the obstacles for multinational retail companies in India. The way central government managed to win the vote has clearly shown that it was not a vote in favor of FDI in retail, but it was a vote for saving the prestige of the government, which was determined to go for this policy.

MANILA, PHILIPPINES – The Asian Development Bank (ADB) will provide $300 million to overhaul more than 900 kilometers of roads in India’s Chhattisgarh state, bringing better access to markets, businesses, social services and education for rural residents.

Global economic weakness is impacting Hong Kong SAR and real GDP growth is projected to slow to 1¼ percent this year. The slowdown is being driven by trade developments, with net exports expected to subtract 1¾ percentage points from growth. However, domestic demand is proving resilient owing to a supportive fiscal stance and continued strength in the labor market.

A friend who had worked in China some thirty years back in the petroleum sector, told me the other day that ordinary Chinese during his time in that country could hardly make out a visitor’s nationality. They were so unaccustomed to seeing a foreigner that any one from outside was indistinguishable. As an Indian he was apprehensive that the memories of the 1962 war will still have some residuals left over in their attitude to Indians. To his great relief, he found most people were unaware of the war whatsoever.

When BJP prepares a list of the failures of the Centre, it places price rise at top, but it seems that it is not aware of the truth of price rise in Gujarat. I headed towards Gujarat on November 30 from Jabalpur through Somnath Express. When the train entered Gujarat, I took a cup of tea. The tea vendor asked me Rs 10 for that. I told him that nowhere a cup of tea costs this much. Other co-passengers agreed with him that a cup of tea costs Rs 10 here.

It may be a coincidence, but on the day parliament rejected the opposition’s motion against FDI in retail, a BJP member introduced a private member’s bill seeking to amend the Constitution to bar the election of foreign nationals to the posts of president, vice-president and prime minister.

MANILA, PHILIPPINES - The Asian Development Bank (ADB) will help grow access to Islamic finance in Afghanistan, Bangladesh, Indonesia, and Pakistan with a $750,000 technical assistance (TA) grant to help implement prudential standards developed by the Islamic Finances Services Board (IFSB).

The General Council today paved the way for Tajikistan’s membership of the WTO by approving its accession package. Tajikistan would have to ratify the deal by 7 June 2013 and would become a WTO member 30 days after the ratification.