Manoj's Feed
Sep 9, 2013

Killing the goose: Why Indian exports need more than a cheap rupee

NEW DELHI, Sept 10 (Reuters) – The upside of the Indian
rupee’s slump is an export boom that sets the economy straight,
right? Wrong.

Prime Minister Manmohan Singh echoed classical economic
theory when he told parliament last month that the
plunging rupee, which has lost 18 percent against the dollar
since selling pressure picked up in May, would spur exports and
discourage imports.

Sep 1, 2013

Speedier clearances no magic wand for India’s infrastructure logjam

NEW DELHI, Sept 2 (Reuters) – Scrambling for remedies as
investors’ faith in India sagged, the government said last week
it fast-tracked approval for a slew of infrastructure projects
worth $28 billion: but the stroke of a pen in New Delhi will not
be enough.

The government hopes that speeding up the launch of hundreds
of new power plants, highways and oil exploration blocks will
breathe new life into an economy that has fallen off its perch
as an emerging market high-flier.

Aug 30, 2013

Exclusive: India pushes for joint FX intervention; action unclear at this time

NEW DELHI (Reuters) – India is seeking support from other emerging market countries for coordinated intervention in offshore foreign exchange markets after a currency rout the past three months, but at least one critical partner, Brazil, said it is not involved in such planning at this time.

Mexico and Russia, two other key developing nations, had no comment on such a plan.

Aug 30, 2013

PM tries to quell crisis fears, growth skids to 4-year low

NEW DELHI (Reuters) – Prime Minister Manmohan Singh sought to quell fears of a currency crisis on Friday as economic growth fell to a four-year low, while New Delhi raised prospects of joint intervention with other countries following the rupee’s crash to record lows.

The Finance Ministry’s principal economic adviser, Dipak Dasgupta, told Reuters that India was liaising with governments in other emerging-market countries to co-ordinate intervention in offshore currency markets. Dasgupta predicted action soon, but he declined to share specific details of the discussions.

Aug 30, 2013

India seeks allies to defend rupee as growth skids to 4-year low

NEW DELHI (Reuters) – India’s prime minister sought to quell fears of a currency crisis on Friday as economic growth fell to a four-year low, while New Delhi raised prospects of joint intervention with other countries following the rupee’s crash to record lows.

The Finance Ministry’s principal economic adviser, Dipak Dasgupta, told Reuters that India was liaising with governments in other emerging-market countries to co-ordinate intervention in offshore currency markets. Dasgupta predicted action soon, but he declined to share specific details of the discussions.

Aug 30, 2013

Exclusive: Emerging markets plan joint offshore FX intervention – Indian official

NEW DELHI (Reuters) – India is liaising with other emerging-economy countries on a plan to co-ordinate intervention in offshore currency markets blamed for worsening a currency rout over the past three months, a senior Indian finance ministry official said on Friday.

The idea of major emerging economies taking action together to offset the impact of a stronger U.S. dollar as the Federal Reserve reins in its stimulus had also been floated in June by Brazilian President Dilma Rousseff in a phone call to her Chinese counterpart.

Aug 30, 2013

Emerging markets plan joint offshore FX intervention-Indian official

NEW DELHI, Aug 30 (Reuters) – India is liaising with other
emerging-economy countries on a plan to co-ordinate intervention
in offshore currency markets blamed for worsening a currency
rout over the past three months, a senior Indian finance
ministry official said on Friday.

The idea of major emerging economies taking action together
to offset the impact of a stronger U.S. dollar as the Federal
Reserve reins in its stimulus had also been floated in June by
Brazilian President Dilma Rousseff in a phone call to her
Chinese counterpart.

Aug 27, 2013

Indian rupee hits record low in biggest fall in 18 years

MUMBAI/NEW DELHI, Aug 27 (Reuters) – The Indian rupee hit a
record low and posted its biggest percentage fall in 18 years on
Tuesday after parliament’s approval of a $20 billion plan to
provide cheap grain to the poor renewed doubts about government
resolve to control spending ahead of elections due next year.

The alarm over India’s fiscal deficit eclipsed an
announcement by Finance Minister P. Chidambaram that the
government had approved infrastructure projects worth 1.83
trillion rupees ($28.38 billion), a step aimed at reviving
economic growth and shoring up investor confidence.

Aug 27, 2013

Indian rupee hits record low as confidence in government ebbs

MUMBAI/NEW DELHI (Reuters) – The Indian rupee hit a record low and shares slumped on Tuesday after parliament’s approval of a $20 billion plan to provide cheap grain to the poor renewed doubts about the government’s resolve to control spending ahead of elections due next year.

The alarm over India’s fiscal deficit eclipsed an announcement by Finance Minister P. Chidambaram that the government had approved infrastructure projects worth 1.83 trillion rupees ($28.38 billion), a step aimed at reviving economic growth and shoring up investor confidence.

Aug 27, 2013

Indian rupee hits record low as confidence in govt ebbs

MUMBAI/NEW DELHI, Aug 27 (Reuters) – The Indian rupee hit a
record low and shares slumped on Tuesday after parliament’s
approval of a $20 billion plan to provide cheap grain to the
poor renewed doubts about the government’s resolve to control
spending ahead of elections due next year.

The alarm over India’s fiscal deficit eclipsed an
announcement by Finance Minister P. Chidambaram that the
government had approved infrastructure projects worth 1.83
trillion rupees ($28.38 billion), a step aimed at reviving
economic growth and shoring up investor confidence.