Manoj's Feed
Oct 8, 2013

Exclusive: India to stick with austerity despite looming election

NEW DELHI (Reuters) – The Indian government will have to rein in spending and cut subsidies to meet its fiscal deficit target, the country’s finance minister said on Monday, underlining that an austerity drive will not be blown off course by an election due next year.

P. Chidambaram told Reuters ahead of a trip to the United States – where one stop will be to woo investors on the West Coast – that he will not allow the deficit to cross a “red line” set at 4.8 percent of gross domestic product this fiscal year.

Oct 7, 2013

India to stick with austerity despite looming election

NEW DELHI, Oct 7 (Reuters) – The Indian government will have
to rein in spending and cut subsidies to meet its fiscal deficit
target, the country’s finance minister said on Monday,
underlining that an austerity drive will not be blown off course
by an election due next year.

P. Chidambaram told Reuters ahead of a trip to the United
States – where one stop will be to woo investors on the West
Coast – that he will not allow the deficit to cross a “red line”
set at 4.8 percent of gross domestic product this fiscal year.

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.