Manoj's Feed
Jan 6, 2014

India considers easing gold import curbs -govt sources

NEW DELHI, Jan 6 (Reuters) – Indian officials are in
discussions to cut a record high import duty on gold and relax
rules on exports, government sources said, after the measures
helped narrow the country’s trade deficit and now threaten to
encourage smuggling.

India imposed the curbs last year when overseas gold
purchases – the country’s second most expensive import after oil
- pushed its current account deficit to a record and undermined
the rupee currency.

Dec 17, 2013

Gold import curbs to stay despite easing trade gap

MUMBAI/NEW DELHI (Reuters) – India will keep a tight leash on gold imports despite a recent improvement in its trade deficit and lobbying by a bullion industry struggling with high premiums and a supply crunch.

The government is worried the trade gap could worsen again and the currency could weaken as the U.S. Federal Reserve looks set to start tapering its economic stimulus soon.

Dec 17, 2013

India to keep gold import curbs despite easing trade gap

MUMBAI/NEW DELHI, Dec 17 (Reuters) – India will keep a tight
leash on gold imports despite a recent improvement in its trade
deficit and lobbying by a bullion industry struggling with high
premiums and a supply crunch.

The government is worried the trade gap could worsen again
and the currency could weaken as the U.S. Federal Reserve looks
set to start tapering its economic stimulus soon.

Dec 11, 2013

Policymakers vow to tackle inflation after poll drubbing

NEW DELHI (Reuters) – Tackling inflation will be a key priority, the finance minister and RBI governor said on Wednesday, after high consumer prices contributed to painful losses for the ruling Congress Party in recent state elections.

Finance Minister P. Chidambaram also reiterated his pledge for fiscal discipline as investors worry the Congress-led minority coalition will boost spending to improve its standing ahead of general elections due early next year.

Dec 11, 2013

Indian policymakers vow to tackle inflation after poll drubbing

NEW DELHI (Reuters) – Tackling inflation will be a key priority, India’s finance minister and central bank governor said on Wednesday, after high consumer prices contributed to painful losses for the ruling Congress Party in recent state elections.

Finance Minister P. Chidambaram also reiterated his pledge for fiscal discipline as investors worry the Congress-led minority coalition will boost spending to improve its standing ahead of general elections due early next year.

Dec 10, 2013

Iran, India meet to discuss oil exports, payments

NEW DELHI, Dec 10 (Reuters) – Indian and Iranian officials
are meeting this week to discuss how to unlock the first oil
payments to Iran since the United States and other world powers
eased sanctions last month in exchange for curbs to Tehran’s
nuclear programme.

Last month six world powers and Tehran reached an interim
deal that provided limited relief to Iran from economic
sanctions, opening the way for some oil payments to resume.

Dec 9, 2013

India to conduct debt switch in market, likely soon-officials

MUMBAI/NEW DELHI (Reuters) – India’s planned 500 billion rupee ($8.2 billion) debt switch program will be done through the bond market and not through the central bank, two officials with direct knowledge of the country’s plans said on Monday.

One of the officials said the debt switch will happen “very soon,” while another said it will be done at “an appropriate time” in the second half of the fiscal year ending in March, depending on market conditions.

Dec 6, 2013

Rupee offers India budget relief as subsidy pressure eases

NEW DELHI (Reuters) – A recovery in the rupee is giving India’s Finance Minister P. Chidambaram rare relief in his battle against a threatened credit rating downgrade to junk status by reducing pressure on the government’s subsidy bill.

Still, the minister can only meet his fiscal deficit target of 4.8 percent of GDP by rolling over a substantial amount of subsidy spending into next year’s budget and by finding big savings elsewhere, two senior finance ministry officials said.

Dec 6, 2013

Rupee offers budget relief as subsidy pressure eases

NEW DELHI (Reuters) – A recovery in the rupee is giving Finance Minister P. Chidambaram rare relief in his battle against a threatened credit rating downgrade to junk status by reducing pressure on the government’s subsidy bill.

Still, the minister can only meet his fiscal deficit target of 4.8 percent of GDP by rolling over a substantial amount of subsidy spending into next year’s budget and by finding big savings elsewhere, two senior finance ministry officials said.

Dec 2, 2013

Current a/c gap narrows; economy seen improving

MUMBAI/NEW DELHI (Reuters) – India’s current account gap narrowed sharply in the September quarter, thanks to steps to curb gold imports, the latest in a run of positive signs for a sluggish economy.

Earlier on Monday, the HSBC Manufacturing PMI index for November showed Indian manufacturing at its strongest since March. On Friday, data showed that Asia’s third-largest economy grew at a faster-than-expected pace of 4.8 percent in the September quarter, although growth remains near decade lows.