Manoj's Feed
Nov 5, 2015

Modi calls on Indians to mobilise idle gold, cut imports

NEW DELHI (Reuters) – Prime Minister Narendra Modi on Thursday exhorted Indians to put thousands of tonnes of gold stacked away in households and temples into productive use, launching three programmes aimed at cutting massive imports of the metal.

The government hopes the gold monetization scheme will prompt families to deposit the metal in banks for interest while the sovereign gold bond programme will cut physical demand, though some experts reckon public response will be limited.

Nov 4, 2015

Modi launches gold monetisation scheme, response seen muted

NEW DELHI, Nov 3 (Reuters) – India’s prime minister will on
Thursday launch a programme to lure tonnes of gold from
households into the banking system, but low returns and concerns
over tax authorities hounding depositors may hinder a scheme
aimed at cutting imports.

India’s obsession with gold is rivalled only by China, with
the metal used widely in wedding gifts, religious donations and
as an investment. The country has amassed about 20,000 tonnes of
gold worth over $800 billion in family lockers and temples.

Oct 30, 2015

India’s fiscal deficit reveals strains to budget plans

NEW DELHI (Reuters) – India’s fiscal deficit has reached 68 percent of its full-year target at the halfway stage, revealing strains to Finance Minister Arun Jaitley’s budget as revenues from asset sales again fall short.

Even though falling oil subsidy costs and curbs on spending should help Jaitley hit his borrowing target, he warned this week that it would be a challenge to collect the 695 billion rupees ($10.66 billion) from sell-offs he has budgeted for.

Oct 27, 2015

India to simplify income tax law to ease doing business

NEW DELHI (Reuters) – India has set up a new panel to simplify the country’s 55-year-old income tax law, Finance Minister Arun Jaitley said on Tuesday, part of an effort to make it easier to do business in Asia’s third-largest economy.

The panel will suggest ways to create predictability and certainty in tax laws without having a substantial impact on the tax base and revenue collection, Jaitley told reporters.

Oct 15, 2015

India’s exports fall by a fourth in September, 10th straight monthly decline

NEW DELHI, Oct 15 (Reuters) – India’s exports of goods
shrank by nearly a quarter in September from a year ago, falling
for a 10th straight month and threatening Prime Minister
Narendra Modi’s goal of boosting economic growth through
manufacturing.

India’s economy, Asia’s third largest, is mostly driven by
domestic demand, but the country has still felt the effects of
China’s slowdown. Exports have dropped and consumer and
industrial demand for imports has weakened.

Oct 15, 2015

India agreed to pay savers less after RBI nudge – sources

NEW DELHI (Reuters) – India’s politically thorny decision last month to cut interest rates offered to millions of small savers in a $137-billion federal deposit scheme was prompted at least partly by urging from the Reserve Bank of India, two government sources said.

Finance Minister Arun Jaitley was among the officials who publicly pressed Reserve Bank of India Governor Raghuram Rajan to cut the benchmark rate, in a bid to help revive consumer and investor sentiment in a sluggish economy.

Oct 15, 2015

India agreed to pay savers less after central bank nudge -sources

NEW DELHI, Oct 15 (Reuters) – India’s politically thorny
decision last month to cut interest rates offered to millions of
small savers in a $137-billion federal deposit scheme was
prompted at least partly by urging from the central bank, two
government sources said.

Finance Minister Arun Jaitley was among the officials who
publicly pressed Reserve Bank of India Governor Raghuram Rajan
to cut the benchmark rate, in a bid to help revive consumer and
investor sentiment in a sluggish economy.

Oct 12, 2015

Rising food prices push Sept CPI up to 4.4 pct

NEW DELHI (Reuters) – A rise in some food prices lifted Indian retail inflation in September after it had hit a record low in the previous month, but inflation is expected to remain low thanks to falling global commodity prices.

Poor monsoon rains have led to drought in some parts of the country for the second straight year, forcing up prices for popular staples such as pulses and vegetables.

Oct 12, 2015

Rising food prices push India’s Sept CPI up to 4.4 pct

NEW DELHI, Oct 12 (Reuters) – A rise in some food prices
lifted Indian retail inflation in September after it had hit a
record low in the previous month, but inflation is expected to
remain low thanks to falling global commodity prices.

Poor monsoon rains have led to drought in some parts of the
country for the second straight year, forcing up prices for
popular staples such as pulses and vegetables.

Oct 6, 2015

IMF sees favourable growth in India, urges structural reforms

NEW DELHI (Reuters) – Growth prospects for India remain favourable despite a slowdown in the global economy, but the government should speed up structural reforms and relax supply constraints in the energy, mining, and power sectors, the International Monetary Fund said on Tuesday.

The Washington-based Fund marginally lowered India’s growth forecast to 7.3 percent this year, from its earlier estimate of 7.5 percent, and said that a faster-than-expected deceleration in inflation provides leeway for modest cuts in interest rates.