Manoj's Feed
Nov 28, 2014

India’s economic growth slows to 5.3 percent in Sept quarter

NEW DELHI (Reuters) – Data released on Friday showing a slowdown in India’s economy will put the central bank under renewed pressure to cut interest rates, while Prime Minister Narendra Modi takes his time over reforms needed for a revival.

India’s gross domestic product expanded 5.3 percent in the July-September quarter from a year earlier, as a slump in manufacturing took the bounce out of Asia’s third-largest economy. Growth in the June quarter had spurted to a 2-1/2 year high of 5.7 percent.

Nov 28, 2014

Government plans to cut stake in state lenders to raise $14.4 billion

NEW DELHI (Reuters) – The government plans to raise about 891.2 billion rupees ($14.4 billion) by reducing its stakes in state-run banks to 52 percent, the junior finance minister said on Friday, sending shares of state lenders higher.

The government holds stakes ranging from 56 percent to 84 percent in 24 state-run banks that account for 70 percent of total outstanding loans of about $1 trillion in Asia’s third-largest economy.

Nov 28, 2014

India plans to cut stake in state lenders to raise $14.4 bln

NEW DELHI, Nov 28 (Reuters) – The Indian government plans to
raise about 891.2 billion rupees ($14.4 billion) by reducing its
stakes in state-run banks to 52 percent, the junior finance
minister said on Friday, sending shares of state lenders higher.

The government holds stakes ranging from 56 percent to 84
percent in 24 state-run banks that account for 70 percent of
total outstanding loans of about $1 trillion in Asia’s
third-largest economy.

Nov 27, 2014

Jaitley likely to meet Rajan on Monday to urge rate cut

NEW DELHI (Reuters) – Finance Minister Arun Jaitley is likely to meet the head of the Reserve Bank of India in New Delhi on Monday to urge the central bank to cut interest rates at a policy meeting the following day, two senior finance ministry officials said.

Jaitley wants the RBI Governor Raghuram Rajan to cut interest rates to support economic growth, one of the officials told Reuters on Thursday.

Nov 27, 2014

India’s Jaitley likely to meet Rajan on Monday to urge rate cut

NEW DELHI, Nov 27 (Reuters) – India’s finance minister is
likely to meet the head of the Reserve Bank of India in New
Delhi on Monday to urge the central bank to cut interest rates
at a policy meeting the following day, two senior finance
ministry officials said.

Arun Jaitley wants the RBI Governor Raghuram Rajan to cut
interest rates to support economic growth, one of the officials
told Reuters on Thursday.

Nov 25, 2014

Exclusive – India central bank under pressure to cut rates as growth slips

NEW DELHI (Reuters) – India’s economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the central bank to cut interest rates.

The sources said Finance Minister Arun Jaitley would press Reserve Bank of India (RBI) Governor Raghuram Rajan to lower borrowing costs when the two meet ahead of a decision on interest rates next Tuesday.

Nov 25, 2014

RBI under rate cut pressure as growth slips back

NEW DELHI (Reuters) – India’s economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the Reserve Bank to cut interest rates.

The sources said Finance Minister Arun Jaitley would argue forcefully for Reserve Bank of India (RBI) Governor Raghuram Rajan to lower interest rates when the two meet ahead of a decision on rates next Tuesday.

Nov 25, 2014

Exclusive: India central bank under rate cut pressure as growth slips back

NEW DELHI (Reuters) – India’s economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the central bank to cut interest rates.

The sources said Finance Minister Arun Jaitley would argue forcefully for Reserve Bank of India (RBI) Governor Raghuram Rajan to lower interest rates when the two meet ahead of a decision on rates next Tuesday.

Nov 25, 2014

India central bank under rate cut pressure as growth slips back

NEW DELHI, Nov 25 (Reuters) – India’s economic growth
probably slowed to around 5 percent in the three months to
September, slipping from 5.7 percent in the previous quarter,
two senior finance ministry sources said, putting pressure on
the central bank to cut interest rates.

The sources said Finance Minister Arun Jaitley would argue
forcefully for Reserve Bank of India (RBI) Governor Raghuram
Rajan to lower interest rates when the two meet ahead of a
decision on rates next Tuesday.

Nov 18, 2014

India readies new steps to curb surge in gold imports – source

NEW DELHI, Nov 18 (Reuters) – India is likely to announce
new measures to curb gold imports as early as Tuesday, a senior
finance ministry source said, and they could include
restrictions on a group of private trading firms that have been
allowed to bring in the precious metal.

Shipments to the world’s second-largest gold buyer jumped
fourfold in October from a year earlier to $4.18 billion,
raising concern about India’s fragile balance of payments.