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India has asked the leading economies of the world including those in the `G-20' grouping for creating a "credible and ambitious" action plan in order to put the global economy on the track of recovery and bring strong, sustainable and balanced growth for nations.

Syndicate Bank has cut its base rates by 25 bps to 10.50 per cent and the Benchmark Prime Lending Rate by 25 bps to 14.75 per cent from 15 per cent with effect from 1 May, 2012.

The bank announced a reduction in its lending rates after a similar move by other large banks in the country. The bank said that the new rates will be for domestic term deposits upto Rs 15 lakh under select maturity buckets starting from April 23, 2012.

The union government has said that it expects the central bank, the Reserve Bank of India (RBI) to notify a proposal that would allow Indian aviation firms to borrow up to US $ 1 billion as external loans for a period of one year within seven days.

The Finance Ministry said in a statement that the central bank is expected to issue a notification for approving the proposal that was part of the budget announcement, within the next seven days.

Amid much media attention for the successful launch of long range missile by India, the Chinese government has indicated that the two developing neighbors are not rivals but partners who cooperate on various matters.

India joined the elite club of nations with intercontinental missiles following the first test flight of the new Agni-V missile. The government's Defense Research and Development Organization (DRDO) has test-fired its new Agni V missile, which has a range of more than 5000 kilometre.

Iconic motorbike maker, Royal Enfield has released new models of the bikes for the modern customers with much quieter engines to compete better with the rivals in the market.

The company has replaced the old-fashioned iron engine with new engines offering improved makes acceleration, mileage and performance. The company offers the popular Bullet model but it also attracting customers with its new modern Classic series.

Global financial services major, UBS has announced its decision to downgrade Indian shares to "neutral" from "overweight" and pointed out that the country might see pressure from inflation and thus the authorities might not be in a favor of an aggressive rate cut.

UBS said that China is a relatively better investment destination as it is set to benefit from expected policy easing, a stable economy as well as better valuations for investors. On the other hand, it believes that the inflation might not fall significantly in the country and this there is not much possibility of an aggressive rate cut.