Manoj's Feed
May 29, 2015

India says economy grows faster than China but doubts linger

NEW DELHI (Reuters) – India’s economy grew faster than China’s in the quarter through March, data showed on Friday, but a sharp downward revision for the previous quarter has added to doubts about the accuracy of a new method used to measure economic activity.

Asia’s third-largest economy grew 7.5 percent year-on-year in the last quarter, outstripping China’s 7 percent growth in the same quarter and beating a Reuters poll of economists who forecast 7.3 percent growth.

May 29, 2015

Budget data to give clues to Modi’s capex promise

NEW DELHI (Reuters) – Prime Minister Narendra Modi hit his borrowing targets in the last fiscal year by slashing $19 billion in capital spending and data on Friday will show whether he has taken his foot off the brakes in April.

Modi, who has completed one year in power this week, managed to hit a budget deficit goal of 3.9 percent of GDP in the fiscal year to March with a severe capex squeeze in the final three months of the year.

May 29, 2015

Indian budget data to give clues to Modi’s capex promise

NEW DELHI, May 29 (Reuters) – Indian Prime Minister Narendra
Modi hit his borrowing targets in the fiscal year recently ended
by slashing $19 billion in capital spending and data on Friday
will show whether he has taken his foot off the brakes in April.

Modi, who has completed one year in power this week, managed
to hit a budget deficit goal of 3.9 percent of GDP in the fiscal
year to March with a severe capex squeeze in the final three
months of the year.

May 28, 2015

India hungry for rate cut despite economic growth seen outstripping China

NEW DELHI (Reuters) – India’s government and businesses are pushing for an interest rate cut next week even though data on Friday may show output is expanding faster than China’s, in the latest sign of concerns that the figures are masking weaknesses in the economy.

Gross domestic product INGDPQ=ECI in the three months that ended in March likely grew 7.3 percent from a year earlier, a Reuters’ poll of economists found, outpacing China for the second straight quarter.

May 22, 2015

India plans new oil subsidy rules to push ONGC stake sale

NEW DELHI (Reuters) – India plans to reform rules governing the level of discounts upstream state oil firms including ONGC offer to retailers, a senior finance ministry official said on Friday, a move that could expedite the sale of a stake in the company.

The government hopes to sell shares in ONGC and India Oil Corp. to raise about a third of its budget target for asset sales of $11 billion – and reduce its fiscal deficit to 3.9 percent of GDP in the 2015/16 fiscal year.

May 22, 2015

Jaitley promises better tax regime for companies

NEW DELHI (Reuters) – Finance Minister Arun Jaitley struck a conciliatory tone towards investors on Friday, promising to tax corporate profits at competitive rates and saying the government would do all in its power to implement a new goods and services tax (GST) on time.

Foreign portfolio investors have complained about surprise tax claims and, during a news conference to mark Prime Minister Narendra Modi’s first year in power, Jaitley said a judicial resolution was in the works.

May 22, 2015

India’s Jaitley promises better tax regime for companies

NEW DELHI, May 22 (Reuters) – Indian Finance Minister Arun
Jaitley struck a conciliatory tone towards investors on Friday,
promising to tax corporate profits at competitive rates and
saying the government would do all in its power to implement a
new national sales tax on time.

Foreign portfolio investors have complained about surprise
tax claims and, during a news conference to mark Prime Minister
Narendra Modi’s first year in power, Jaitley said a judicial
resolution was in the works.

May 21, 2015

RBI seeks to simplify forex rules

NEW DELHI (Reuters) – The Reserve Bank of India (RBI) is working to liberalise its foreign exchange rules to make it easier to do business with Asia’s third-largest economy, Deputy Governor H.R. Khan said on Thursday, a step that could support flagging exports.

In line with Khan’s announcement, the central bank took a small step by simplifying the process for Indian companies to raise rupee funds offshore.

May 21, 2015

India’s central bank seeks to simplify forex rules

NEW DELHI, May 21 (Reuters) – India’s central bank is
working to liberalise its foreign exchange rules to make it
easier to do business with Asia’s third-largest economy, Deputy
Governor H.R. Khan said on Thursday, a step that could support
flagging exports.

In line with Khan’s announcement, the central bank took a
small step by simplifying the process for Indian companies to
raise rupee funds offshore.

May 18, 2015

India seeks to speed up foreign deals with “one-stop shop” – sources

NEW DELHI, May 18 (Reuters) – India’s finance ministry,
seeking to speed up deals with outside investors, is set to take
full control of the oversight of more than $40 billion a year in
foreign direct investments and share purchases, two government
sources said.

Hitherto, both the government and the Reserve Bank of India
(RBI) had shared oversight of direct investment and indirect
purchases through proxy instruments.