Manoj's Feed
Jan 31, 2014

Chidambaram faces mounting deficit in election year

NEW DELHI (Reuters) – The fiscal deficit in the first three quarters inched closer to the budgeted target for the whole year, suggesting the finance minister of Asia’s third-largest economy faces a challenge to meet the target.

The government is facing a shortfall in tax collections and revenue receipts from the sale of government shares in state-run companies as economic growth slows to less than 5 percent this fiscal year, from near double digits before the 2008 global crisis.

Jan 31, 2014

India’s Chidambaram faces mounting deficit in election year

* India’s Apr-Dec fiscal deficit at 95.2 pct of full-year
target

* Economic slowdown hurting tax collections

* Tax receipts in 9 months at 58.6 pct of year’s target vs
62.8 pct year ago

* Chidambaram faces pressure to allocate funds to attract
voters

By Manoj Kumar

NEW DELHI, Jan 31(Reuters) – India’s fiscal deficit in the
first three quarters inched closer to the budgeted target for
the whole year, suggesting the finance minister of Asia’s
third-largest economy faces a challenge to meet the target.

Jan 30, 2014

Will take necessary steps to ensure market stability: India

NEW DELHI (Reuters) – India pledged on Thursday to take all necessary steps to ensure stability in financial markets as it tried to calm jitters over the U.S. Federal Reserve’s decision to scale down its economic stimulus.

The U.S. central bank said on Wednesday it would buy $65 billion in bonds per month starting in February, down from $75 billion now. It shaved its purchases of U.S. Treasuries and mortgage bonds equally.

Jan 30, 2014

India says will take necessary steps to ensure financial market stability

NEW DELHI (Reuters) – India pledged on Thursday to take all necessary steps to ensure stability in financial markets as it tried to calm jitters over the U.S. Federal Reserve’s decision to scale down its economic stimulus.

The U.S. central bank said on Wednesday it would buy $65 billion in bonds per month starting in February, down from $75 billion now. It shaved its purchases of U.S. Treasuries and mortgage bonds equally.

Jan 27, 2014

How postmen, and their wives, may help set India’s monetary policy

NEW DELHI, Jan 28 (Reuters) – Global investors may well be
putting their faith in postmen like Phanin Deka when they decide
to buy or sell Indian assets in the future.

He is one of about a thousand post workers collecting data
that determines the level of India’s consumer price index, which
is likely to become the central bank’s most important tool for
setting monetary policy.

Jan 19, 2014

India, Pakistan for greater trade through Wagah border

NEW DELHI (Reuters) – India and Pakistan agreed on Saturday to allow round-the-clock movement of trucks and containers through their main border crossing, signalling a thaw in relations after a year’s standoff over military tensions on the border.

Trade ministers of the two countries meeting in New Delhi also approved a liberalised visa policy for businessmen to help expand two-way trade, which was barely $2.5 billion in 2012/13 fiscal year against a potential $10 billion.

Jan 18, 2014

India, Pakistan to allow greater trade through land route

NEW DELHI, Jan 18 (Reuters) – India and Pakistan agreed on
Saturday to allow round-the-clock movement of trucks and
containers through their main border crossing, signalling a thaw
in relations after a year’s standoff over military tensions on
the border.

Trade ministers of the two countries meeting in New Delhi
also approved a liberalised visa policy for businessmen to help
expand two-way trade, which was barely $2.5 billion in 2012/13
fiscal year against a potential $10 billion.

Jan 16, 2014

Richemont seeks entry into India’s luxury retail market

NEW DELHI/PARIS, Jan 16 (Reuters) – Luxury goods group
Richemont, whose stable of brands includes jewellers
Cartier and Van Cleef & Arpels, has applied to open shops in
India, joining other global retailers who entered the market
since New Delhi relaxed investment rules.

The entry could be a boost for the country’s luxury retail
sector, which represents a tiny fraction of global luxury
brands’ sales but has a fast-rising number of wealthy people.

Jan 13, 2014

AAP shelves foreign supermarket entry into Delhi

NEW DELHI (Reuters) – The newly elected state government in New Delhi on Monday barred foreign supermarkets from setting up shop, a blow to Prime Minister Manmohan Singh’s efforts to attract overseas investment and revive the economy.

Singh had thrown open the country’s $500 billion retail industry to foreign investors in late 2012, allowing companies such as Wal-Mart Stores Inc(WMT.N: Quote, Profile, Research) and Tesco PLC(TSCO.L: Quote, Profile, Research) to own a majority stake in local chains for the first time.

Jan 13, 2014

India anti-graft party shelves foreign supermarket entry into Delhi

NEW DELHI (Reuters) – The newly elected provincial government in India’s national capital on Monday barred foreign supermarkets from setting up shop, a blow to Prime Minister Manmohan Singh’s efforts to attract overseas investment and revive the economy.

Singh had thrown open the country’s $500 billion retail industry to foreign investors in late 2012, allowing companies such as Wal-Mart Stores Inc and Tesco PLC to own a majority stake in local chains for the first time.