Manoj's Feed
Oct 15, 2013

India may squeeze PSUs for cash as asset sales falter

NEW DELHI (Reuters) – India’s plan to raise about $9 billion from state-asset sales this year is in tatters, prompting the government to consider demanding state-run firms pay higher dividends as a way of papering over cracks in its budget.

Four finance ministry officials with direct knowledge of the matter said that with the stake-sale target looking increasingly difficult to reach, they were preparing to take a decision early in the new year on other ways to raise cash.

Oct 15, 2013

India may squeeze state firms for cash as asset sales falter

NEW DELHI, Oct 15 (Reuters) – India’s plan to raise about $9
billion from state-asset sales this year is in tatters,
prompting the government to consider demanding state-run firms
pay higher dividends as a way of papering over cracks in its
budget.

Four finance ministry officials with direct knowledge of the
matter said that with the stake-sale target looking increasingly
difficult to reach, they were preparing to take a decision early
in the new year on other ways to raise cash.

Oct 10, 2013

Exclusive: India in talks with JP Morgan, others to join bond indexes – sources

NEW DELHI/HONG KONG (Reuters) – India is talking with JP Morgan and others to gain entry to benchmark indexes for emerging market debt in hopes of attracting billions of dollars in investment and may ease some restrictions on foreign inflows in order to do so, sources said.

Finance Minister P. Chidambaram and other officials plan to meet next week in the United States with big fund managers that track such indexes including Pimco, Capital International and Standard Life, one of the sources with direct knowledge of the matter said.

Oct 10, 2013

India in talks with JP Morgan, others to join bond indexes: sources

NEW DELHI/HONG KONG (Reuters) – India is talking with JP Morgan and others to gain entry to benchmark indexes for emerging market debt in hopes of attracting billions of dollars in investment and may ease some restrictions on foreign inflows in order to do so, sources said.

Finance Minister P. Chidambaram and other officials plan to meet next week in the United States with big fund managers that track such indexes including Pimco, Capital International and Standard Life, one of the sources with direct knowledge of the matter said.

Oct 9, 2013

Sharply lower Sept trade gap bright spot for economy

NEW DELHI (Reuters) – India’s trade deficit narrowed to a two-and-a-half-year low in September, raising hopes for a significant reduction in the country’s gaping current account deficit, which helped send the rupee to record lows in recent months.

India’s trade deficit narrowed to $6.7 billion last month, compared with $10.9 billion in August and the lowest since March 2011, the trade ministry said.

Oct 9, 2013

Sharply lower Sept trade gap bright spot for India’s ailing economy

NEW DELHI, Oct 9 (Reuters) – India’s trade deficit narrowed
to a two-and-a-half-year low in September, raising hopes for a
significant reduction in the country’s gaping current account
deficit, which helped send the rupee to record lows in recent
months.

India’s trade deficit narrowed to $6.7 billion
last month, compared with $10.9 billion in August and the lowest
since March 2011, the trade ministry said.

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.