Manoj's Feed
Aug 31, 2015

India plans to amend RBI Act by Feb to set up monetary panel – official

NEW DELHI (Reuters) – The government plans to change the Reserve Bank of India Act before the end of the fiscal year so it can set up a new committee to direct the country’s monetary policy, retiring Finance Secretary Rajeev Mehrishi told Reuters.

The committee would be comprised of appointees from the government, the Reserve Bank of India, and independent members appointed by the government, but any changes have to be approved by the parliament, which has blocked other government bills.

Aug 31, 2015

India plans to amend RBI Act by Feb to set up monetary panel – official

NEW DELHI (Reuters) – The government plans to change the Reserve Bank of India Act before the end of the fiscal year so it can set up a new committee to direct the country’s monetary policy, retiring Finance Secretary Rajeev Mehrishi told Reuters.

The committee would be comprised of appointees from the government, the Reserve Bank of India, and independent members appointed by the government, but any changes have to be approved by the parliament, which has blocked other government bills.

Aug 26, 2015

Indian construction slowdown hits Modi’s jobs promise

NOIDA, India (Reuters) – After a decade labouring on building sites around New Delhi Akhilesh Kumar lost his scaffolding job last month when his employer halted work on an array of 30 residential towers.

He joins more than half a million workers let go from sites around India’s capital in the last 18 months, in a stark sign that the ground reality in Asia’s third-largest economy is far from as rosy as official data suggests.

Aug 24, 2015

India to raise $1.4 billion from Indian Oil stake sale

MUMBAI/NEW DELHI (Reuters) – India will raise about 93.79 billion rupees ($1.4 billion) from selling a stake in state-run refiner and fuel retailer Indian Oil Corp, the government said on Monday, even as a global stock market rout raised concerns about future offerings.

New Delhi is seeking to raise as much as $11 billion by selling stakes in state-run companies this fiscal year, crucial to narrowing the fiscal deficit to a planned 3.9 percent of gross domestic product in 2015/16.

Aug 24, 2015

India to raise $1.4 bln from top oil refiner stake sale

MUMBAI/NEW DELHI, Aug 24 (Reuters) – India will raise about
93.79 billion rupees ($1.4 billion) from selling a stake in
state-run refiner and fuel retailer Indian Oil Corp,
the government said on Monday, even as a global stock market
rout raised concerns about future offerings.

New Delhi is seeking to raise as much as $11 billion by
selling stakes in state-run companies this fiscal year, crucial
to narrowing the fiscal deficit to a planned 3.9 percent of
gross domestic product in 2015/16.

Aug 20, 2015

Government steps up rate cut pressure on RBI

NEW DELHI/MUMBAI (Reuters) – Finance Minister Arun Jaitley is stepping up pressure on the RBI to cut rates as the economy struggles and price rises slow, with some bureaucrats working behind the scenes to argue for an immediate cut of as much as 50 basis points.

After another weak quarter of corporate earnings and July inflation that undershot the central bank’s medium-term target, Jaitley has made direct, public calls for faster easing, clashing with far more cautious comments from a conservative Reserve Bank of India governor, Raghuram Rajan.

Aug 20, 2015

Indian government steps up rate cut pressure on RBI

NEW DELHI/MUMBAI, Aug 20 (Reuters) – Indian Finance Minister
Arun Jaitley is stepping up pressure on the central bank to cut
rates as the economy struggles and price rises slow, with some
bureaucrats working behind the scenes to argue for an immediate
cut of as much as 50 basis points.

After another weak quarter of corporate earnings and July
inflation that undershot the central bank’s medium-term target,
Jaitley has made direct, public calls for faster easing,
clashing with far more cautious comments from a conservative
Reserve Bank of India governor, Raghuram Rajan.

Aug 17, 2015

India, EU working to end trade huff over generic drugs

NEW DELHI (Reuters) – India and the European Union are taking steps to end a trade row sparked by an EU ban on Indian pharmaceutical products that New Delhi responded to by cancelling talks on a free trade accord with its largest trading partner, officials said.

Indian Prime Minister Narendra Modi’s office wrote to the E.U. Trade Commissioner to intervene when the ban on around 700 pharmaceutical products was formalised in May, two government sources in New Delhi said. There was no response, so the government cancelled an Aug. 28 meeting to discuss restarting talks on the free trade accord that stalled in 2012, the sources said.

Aug 14, 2015

India names private sector bosses to shake up two state banks

NEW DELHI (Reuters) – India has brought in private sector executives to run two of its largest state-owned banks, the first such appointments and part of a bold reform plan aimed at shaking up the country’s dominant but bloated and often inefficient government lenders.

The two were named after the government earlier this year announced steps to overhaul the banking sector, including the appointment of five new chief executives, with applications welcome from both public and private sector candidates.

Aug 6, 2015

Modi’s ‘port-led’ export drive leaves India’s hinterland stranded

MUMBAI (Reuters) – Mumbai’s commercial seaport, which handles over half the container traffic through India’s major ports, is doubling capacity as Prime Minister Narendra Modi seeks to build an export powerhouse.

    The expansion, due to be completed in seven years, can’t come quickly enough for Avinash Gupta, whose family business supplies steel forgings to Europe and the United States from the industrial hub of Ludhiana in northern India.