Manoj's Feed
Jul 2, 2015

India to roll out cash transfer of food subsidies from Sept – official

NEW DELHI (Reuters) – India plans to phase in cash transfers of food and kerosene subsidies from September, saving 10-15 percent of the $21 billion in annual outlays on the benefits by eliminating fraud, a senior finance ministry official said on Thursday.

Three so-called union territories, directly administered by the central government, would become a testbed for the measures, said Peeyush Kumar, the senior finance ministry official in charge of the cash transfer scheme.

Jun 25, 2015

India state pension fund to start buying shares as Modi pushes reform

NEW DELHI, June 25 (Reuters) – India’s state social security
and pension fund, undeterred by trade union resistance, will
start investing in equity markets next month, the labour
minister said, part of a broader push by Prime Minister Narendra
Modi to move away from socialist ways rooted in decades-old
labour laws.

With more than $100 billion of assets from some 80 million
members, the Employees’ Provident Fund Organisation (EPFO) is
one of the world’s largest. It will begin by investing in Indian
exchange traded funds, with the goal of earning higher returns.

Jun 25, 2015

India’s pension fund to start equity investments in July

NEW DELHI (Reuters) – India’s state social security fund, undeterred by resistance from trade unions, will start investing in equity markets next month, the labor minister said, as part of a reform drive aimed at boosting the economy.

With more than $100 billion of assets from some 80-million members, the Employees’ Provident Fund Organisation (EPFO) is one of the world’s largest. It will begin by investing in exchange traded funds, with the goal of earning higher returns.

Jun 25, 2015

Interview – State-rune EPF to start equity investments in July

NEW DELHI (Reuters) – India’s state social security fund, undeterred by resistance from trade unions, will start investing in equity markets next month, the labour minister said, as part of a reform drive aimed at boosting the economy.

With more than $100 billion of assets from some 80-million members, the Employees’ Provident Fund Organisation (EPFO) is one of the world’s largest. It will begin by investing in exchange traded funds, with the goal of earning higher returns.

Jun 23, 2015

India unveils plan to boost cashless economy, tackle tax fraud

NEW DELHI (Reuters) – India has unveiled plans to cut transaction costs for electronic payments, to spur retailers and consumers to use less cash, as part of Prime Minister Narendra Modi’s drive to pull more people into the formal economy and boost public revenue.

India is among the most cash-intensive economies in the world, with a cash-to-GDP ratio of 12 percent, almost four times that of markets such as Brazil, Mexico and South Africa, global payments company MasterCard estimates.

May 30, 2015

Data shows Indian growth outstrips China’s but economists doubtful

NEW DELHI (Reuters) – India’s economy grew faster than China’s in the quarter through March, data showed on Friday, but a sharp downward revision for the previous quarter fuelled doubts about the accuracy of a new method used to measure economic activity.

Asia’s third-largest economy grew 7.5 percent year-on-year in the last quarter, according to the data, outstripping China’s 7 percent growth in the same quarter and beating a Reuters poll of economists who forecast 7.3 percent growth.

May 29, 2015

Modi speeds up capital spending in April to push growth

NEW DELHI (Reuters) – Prime Minister Modi ramped up spending on roads, railways and rural infrastructure in April to boost economic growth, after $19 billion in cuts brought public investment shuddering to a halt at the end of the last fiscal year.

Modi, who completed one year in power this week, has vowed to raise public spending on infrastructure by $11 billion in the current fiscal year. At the same time, he is targeting a fiscal deficit of 3.9 percent of gross domestic product, a shade lower than 4 percent achieved in the year that ended in March.

May 29, 2015

India’s Modi speeds up capital spending in April to push growth

NEW DELHI, May 29 (Reuters) – Indian Prime Minister Modi
ramped up spending on roads, railways and rural infrastructure
in April to boost economic growth, after $19 billion in cuts
brought public investment shuddering to a halt at the end of the
last fiscal year.

Modi, who completed one year in power this week, has vowed
to raise public spending on infrastructure by $11 billion in the
current fiscal year. At the same time, he is targeting a fiscal
deficit of 3.9 percent of gross domestic product, a shade lower
than 4 percent achieved in the year that ended in March.

May 29, 2015

India says economy grows faster than China but doubts linger

NEW DELHI (Reuters) – India’s economy grew faster than China’s in the quarter through March, data showed on Friday, but a sharp downward revision for the previous quarter has added to doubts about the accuracy of a new method used to measure economic activity.

Asia’s third-largest economy grew 7.5 percent year-on-year in the last quarter, outstripping China’s 7 percent growth in the same quarter and beating a Reuters poll of economists who forecast 7.3 percent growth.

May 29, 2015

Budget data to give clues to Modi’s capex promise

NEW DELHI (Reuters) – Prime Minister Narendra Modi hit his borrowing targets in the last fiscal year by slashing $19 billion in capital spending and data on Friday will show whether he has taken his foot off the brakes in April.

Modi, who has completed one year in power this week, managed to hit a budget deficit goal of 3.9 percent of GDP in the fiscal year to March with a severe capex squeeze in the final three months of the year.