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Dec 12, 2014

Exclusive: India to reap $12 billion-plus budget windfall from oil slide – sources

NEW DELHI (Reuters) – A plunge of nearly half in oil prices could help Indian Finance Minister Arun Jaitley reap a fiscal windfall of at least $12 billion when he presents his 2015/16 budget in February, two government sources told Reuters.

The savings would come in the form of reduced fuel subsidy costs and higher petrol and diesel levies, the sources said. In addition, finance ministry officials have proposed restoring a crude oil import duty that was scrapped in 2011.

Dec 12, 2014

India to reap $12 billion-plus budget windfall from oil slide – sources

NEW DELHI, Dec 12 (Reuters) – A plunge of nearly half in oil
prices could help Indian Finance Minister Arun Jaitley reap a
fiscal windfall of at least $12 billion when he presents his
2015/16 budget in February, two government sources told Reuters.

The savings would come in the form of reduced fuel subsidy
costs and higher petrol and diesel levies, the sources said. In
addition, finance ministry officials have proposed restoring a
crude oil import duty that was scrapped in 2011.

Dec 11, 2014

India’s falling inflation seen improving chances of rate cut

NEW DELHI (Reuters) – India’s retail inflation probably hit a record low in November thanks to falling prices for oil and food items, building the case for the central bank to lower interest rates early next year.

The government will release the latest consumer price index data later on Friday.

Dec 11, 2014

Falling inflation seen improving chances of rate cut

NEW DELHI (Reuters) – India’s retail inflation probably hit a record low in November thanks to falling prices for oil and food items, building the case for the central bank to lower interest rates early next year.

The government will release the latest consumer price index data later on Friday.

Dec 10, 2014

India agrees to cut stakes in state banks; could raise $26 bln

NEW DELHI, Dec 10 (Reuters) – India’s cabinet approved plans
to raise about 1.6 trillion rupees ($25.76 billion) by selling
some of its stakes in state-run banks by 2019, a government
statement said on Wednesday.

The government holds stakes ranging from 56 percent to 84
percent in 27 state-run banks. They account for 70 percent of
total outstanding loans of about $1 trillion in Asia’s
third-largest economy.

Dec 4, 2014

Govt to start fiscal 2015 divestment drive with $275 million SAIL share sale

NEW DELHI/MUMBAI (Reuters) – India will kick off its ambitious divestment programme for the current fiscal year, key for meeting the budget deficit target, with the sale of a 5 percent stake to raise up to $275 million in state-run Steel Authority of India Ltd (SAIL) on Friday.

The floor price for the share auction of SAIL has been set at 83 rupees apiece, compared with Thursday’s closing price of 85.25 rupees. The steel maker’s stock has risen 18.2 percent this year, lagging a near 36 percent rise in the broader market.

Dec 4, 2014

India to start fiscal 2015 divestment drive with $275 mln share sale

NEW DELHI/MUMBAI, Dec 4 (Reuters) – India will kick off its
ambitious divestment programme for the current fiscal year, key
for meeting the budget deficit target, with the sale of a
5-percent stake to raise up to $275 million in state-run Steel
Authority of India Ltd on Friday.

The floor price for the share auction of SAIL has been set
at 83 rupees apiece, compared with Thursday’s closing price of
85.25 rupees. The steel maker’s stock has risen 18.2 percent
this year, lagging a near 36 percent rise in the broader market.

Dec 4, 2014

India to press G20 for deadline to cut remittance costs – sources

NEW DELHI, Dec 4 (Reuters) – India will press the Group of
20 economies to set a two-year deadline to reduce the cost of
international money transfers, two government sources said,
potentially saving more than $20 billion for developing
countries.

The world’s largest recipient of remittances – of about $70
billion a year – won the backing of G20 leaders last month in
Brisbane to take “strong practical measures” to cut the average
cost of sending money home to 5 percent.

Nov 28, 2014

Indian growth slows less than feared, easing pressure for rate cut

NEW DELHI, Nov 28 (Reuters) – A slowdown in India’s economy
in the last quarter will increase calls for Prime Minister
Narendra Modi to step up reforms but was less severe than
feared, giving the central bank ammunition to resist government
pressure to cut interest rates.

Gross domestic product expanded 5.3 percent in the
July-September quarter from a year earlier, as a manufacturing
slump took the bounce out of Asia’s third-largest economy.
Growth in the previous quarter was at a 2-1/2 year high of 5.7
percent.

Nov 28, 2014

Economic growth slows to 5.3 percent in Sept quarter

NEW DELHI (Reuters) – Data released on Friday showing a slowdown in India’s economy will put the Reserve Bank under renewed pressure to cut interest rates, while Prime Minister Narendra Modi takes his time over reforms needed for a revival.

India’s gross domestic product expanded 5.3 percent in the July-September quarter from a year earlier, as a slump in manufacturing took the bounce out of Asia’s third-largest economy. Growth in the June quarter had spurted to a 2-1/2 year high of 5.7 percent.