Manoj's Feed
Oct 7, 2013

EXCLUSIVE: India must tackle higher subsidy spending soon – Chidambaram

NEW DELHI (Reuters) – India must tackle a jump in spending on fuel and food subsidies sooner rather than later, Finance Minister P. Chidambaram said, part of a series of steps aimed at stabilising the economy to be announced ahead of an election due within seven months.

Asia’s third largest economy is suffering its longest and deepest slump in at least a decade. Rating agencies have threatened to downgrade its sovereign debt to “junk” status, and the government is racing to revive growth in a bid to return to power for a third consecutive time.

Oct 7, 2013

Exclusive: India must tackle higher subsidy spending soon – finance minister

NEW DELHI (Reuters) – India must tackle a jump in spending on fuel and food subsidies sooner rather than later, Finance Minister P. Chidambaram said, part of a series of steps aimed at stabilizing the economy to be announced ahead of an election due within seven months.

Asia’s third largest economy is suffering its longest and deepest slump in at least a decade. Rating agencies have threatened to downgrade its sovereign debt to “junk” status, and the government is racing to revive growth in a bid to return to power for a third consecutive time.

Oct 7, 2013

India must tackle higher subsidy spending soon – finance minister

NEW DELHI, Oct 7 (Reuters) – India must tackle a jump in
spending on fuel and food subsidies sooner rather than later,
Finance Minister P. Chidambaram said, part of a series of steps
aimed at stabilising the economy to be announced ahead of an
election due within seven months.

Asia’s third largest economy is suffering its longest and
deepest slump in at least a decade. Rating agencies have
threatened to downgrade its sovereign debt to “junk” status, and
the government is racing to revive growth in a bid to return to
power for a third consecutive time.

Oct 3, 2013

Banks to offer cheap loans for bikes, fridges

NEW DELHI (Reuters) – Indian banks will offer cheaper loans to stimulate demand for two-wheelers and other consumer durables as Finance Minister P. Chidambaram tries to pull the economy out of the worst slowdown in a decade ahead of national elections due by next May.

Banks will get additional capital to carry out the plan, the finance ministry said in a statement on Wednesday after a meeting between Chidambaram and new Reserve Bank of India (RBI) chief Raghuram Rajan.

Oct 3, 2013

India to offer cheap loans for bikes, fridges to stimulate growth

NEW DELHI, Oct 3 (Reuters) – Indian banks will offer cheaper
loans to stimulate demand for two-wheelers and other consumer
durables as Finance Minister P. Chidambaram tries to pull the
economy out of the worst slowdown in a decade ahead of national
elections due by next May.

Banks will get additional capital to carry out the plan, the
finance ministry said in a statement on Wednesday after a
meeting between Chidambaram and new central bank chief Raghuram
Rajan.

Oct 3, 2013

Exclusive: Slowing economy may force Chidambaram to wield budget knife

NEW DELHI (Reuters) – The finance minister may have to slice at least 200 billion rupees from government spending to prevent a budget blow-out, which could threaten to send the country’s credit rating into “junk” status, two ministry officials said.

P. Chidambaram will make a final decision on whether to go ahead with the cuts at the end of October, when he gets an update on revenue collections, the officials, who have direct knowledge of the process, said.

Oct 3, 2013

Exclusive: Slowing Indian economy may force Chidambaram to wield budget knife

NEW DELHI (Reuters) – India’s finance minister may have to slice at least 200 billion rupees ($3.2 billion) from government spending to prevent a budget blow-out, which could threaten to send the country’s credit rating into “junk” status, two ministry officials said.

P. Chidambaram will make a final decision on whether to go ahead with the cuts at the end of October, when he gets an update on revenue collections, the officials, who have direct knowledge of the process, said.

Oct 3, 2013

Slowing Indian economy may force Chidambaram to wield budget knife

NEW DELHI, Oct 3 (Reuters) – India’s finance minister may
have to slice at least 200 billion rupees ($3.2 billion) from
government spending to prevent a budget blow-out, which could
threaten to send the country’s credit rating into “junk” status,
two ministry officials said.

P. Chidambaram will make a final decision on whether to go
ahead with the cuts at the end of October, when he gets an
update on revenue collections, the officials, who have direct
knowledge of the process, said.

Sep 18, 2013

Government to back up insurance for refiners processing Iranian crude

NEW DELHI (Reuters) – The government will provide a 10 billion rupee sovereign guarantee to back local insurance for refineries using Iranian oil, two government sources said, as it tries to boost imports paid for in local currency to ease pressure on the rupee.

India’s crude imports from Iran slumped 75 percent in July from June to just 35,500 barrels per day (bpd) because of problems over insurance for crude from Iran caused by western sanctions which aim to curb its nuclear ambitions.

Sep 18, 2013

India to back up insurance for refiners processing Iranian crude

NEW DELHI, Sept 18 (Reuters) – India will provide a 10
billion rupee ($158 million) sovereign guarantee to back local
insurance for refineries using Iranian oil, two government
sources said, as it tries to boost imports paid for in local
currency to ease pressure on the rupee.

India’s crude imports from Iran slumped 75 percent in July
from June to just 35,500 barrels per day (bpd) because of
problems over insurance for crude from Iran caused by western
sanctions which aim to curb its nuclear ambitions.