Manoj's Feed
Oct 21, 2014

India’s Modi steps up economic reforms, eyes privatisation

NEW DELHI, Oct 20 (Reuters) – India promised on Monday to
open up the coal industry to private players and moved closer to
selling a stake in a state-run oil company, as Prime Minister
Narendra Modi picked up the pace on economic reform days after
relaxing fuel price controls.

Using an executive order, the cabinet agreed to allow
private Indian companies to mine and sell coal at an unspecified
future date, Finance Minister Arun Jaitley said. That sets the
stage for the biggest liberalisation of the industry in more
than 40 years.

Oct 21, 2014

PM Modi steps up economic reforms, eyes privatisation

NEW DELHI (Reuters) – India promised on Monday to open up the coal industry to private players and moved closer to selling a stake in state-run Oil and Natural Gas Corp (ONGC), as Prime Minister Narendra Modi picked up the pace on economic reform days after relaxing fuel price controls.

Using an executive order, the cabinet agreed to allow private Indian companies to mine and sell coal at an unspecified future date, Finance Minister Arun Jaitley said. That sets the stage for the biggest liberalisation of the industry in more than 40 years.

Oct 20, 2014

India moves closer to selling a stake in ONGC

NEW DELHI (Reuters) – India moved a step closer to selling a stake in state-run oil company ONGC on Monday, keeping up Prime Minister Narendra Modi’s momentum on economic reform after bringing prices of diesel and natural gas closer in line with the market.

A barn-storming performance in two state elections last week capped several days of action on the economic front and has given Modi more room to cut through a thicket of regulations and state controls he says holds back Asia’s third-largest economy.

Oct 20, 2014

India moves closer to selling a stake in oil firm ONGC

NEW DELHI, Oct 20 (Reuters) – India moved a step closer to
selling a stake in state-run oil company ONGC on
Monday, keeping up Prime Minister Narendra Modi’s momentum on
economic reform after bringing prices of diesel and natural gas
closer in line with the market.

A barn-storming performance in two state elections last week
capped several days of action on the economic front and has
given Modi more room to cut through a thicket of regulations and
state controls he says holds back Asia’s third-largest economy.

Oct 12, 2014

Modi seeks to revive India’s “zombie factories”, not abandon them

KANPUR, India, Oct 13 (Reuters) – At British India
Corporation’s textile factory in northern India, four men sit in
a control room watching computerised gauges eight hours a day.
When they are done, another group takes over, and then another,
for 24 hours a day – much as they might at any major industrial
plant.

The problem is, nothing is produced there.

The strange tale of British India Corporation is an example
of how political patronage and India’s strict labour laws keep
publicly owned companies going long after they are insolvent.

Oct 10, 2014

India close to allowing Euroclear settlements for sovereign funds-sources

NEW DELHI/MUMBAI, Oct 10 (Reuters) – India is close to
allowing sovereign wealth funds to settle government bonds on
Euroclear, the world’s largest securities settlements system,
and is likely to set aside up to $3 billion for these long-term
investors, according to two officials aware of the discussions.

One of the sources said the government would for now exclude
foreign institutional investors (FIIs), the biggest investor
base from overseas in India, as reported by Reuters in August.

Oct 8, 2014

India plans to raise near 50 billion rupees through ETF by March

NEW DELHI (Reuters) – India plans to raise around 50 billion rupees ($813.4 million) this fiscal year by selling stakes in companies including ITC(ITC.NS: Quote, Profile, Research), Larsen & Toubro(LART.NS: Quote, Profile, Research) and Axis Bank(AXBK.NS: Quote, Profile, Research), a senior official with knowledge of policymakers’ discussions said on Wednesday.

The sales could be made through an exchange traded fund that could be launched before the end of March, the official told Reuters, requesting anonymity as he is not authorised to speak to the media.

Oct 8, 2014

India plans to raise near $800 mln through ETF by March

NEW DELHI, Oct 8 (Reuters) – India plans to raise around 50
billion rupees ($813.4 million) this fiscal year by selling
stakes in companies including ITC, Larsen & Toubro
and Axis Bank, a senior official with
knowledge of policymakers’ discussions said on Wednesday.

The sales could be made through an exchange traded fund that
could be launched before the end of March, the official told
Reuters, requesting anonymity as he is not authorised to speak
to the media.

Oct 7, 2014

Modi’s Indian welfare reforms may need to be bigger and bolder

NEW DELHI (Reuters) – Kamla Rani, a 50-year-old housewife living in a run-down area of New Delhi, baulks at the idea of having heavily subsidized food benefits replaced by money deposited in a bank account.

“How can we believe the government will pay on time or increase the amount when prices go up every month?” she asked, sitting in the doorway of her modest home in Gulabi Bagh, a residential area in the north of the capital where many people live in slums.

Oct 7, 2014

Modi’s welfare reforms may need to be bigger and bolder

NEW DELHI (Reuters) – Kamla Rani, a 50-year-old housewife living in a run-down area of New Delhi, baulks at the idea of having heavily subsidised food benefits replaced by money deposited in a bank account.

“How can we believe the government will pay on time or increase the amount when prices go up every month?” she asked, sitting in the doorway of her modest home in Gulabi Bagh, a residential area in the north of the capital where many people live in slums.