Manoj's Feed
Dec 11, 2013

Indian policymakers vow to tackle inflation after poll drubbing

NEW DELHI (Reuters) – Tackling inflation will be a key priority, India’s finance minister and central bank governor said on Wednesday, after high consumer prices contributed to painful losses for the ruling Congress Party in recent state elections.

Finance Minister P. Chidambaram also reiterated his pledge for fiscal discipline as investors worry the Congress-led minority coalition will boost spending to improve its standing ahead of general elections due early next year.

Dec 10, 2013

Iran, India meet to discuss oil exports, payments

NEW DELHI, Dec 10 (Reuters) – Indian and Iranian officials
are meeting this week to discuss how to unlock the first oil
payments to Iran since the United States and other world powers
eased sanctions last month in exchange for curbs to Tehran’s
nuclear programme.

Last month six world powers and Tehran reached an interim
deal that provided limited relief to Iran from economic
sanctions, opening the way for some oil payments to resume.

Dec 9, 2013

India to conduct debt switch in market, likely soon-officials

MUMBAI/NEW DELHI (Reuters) – India’s planned 500 billion rupee ($8.2 billion) debt switch program will be done through the bond market and not through the central bank, two officials with direct knowledge of the country’s plans said on Monday.

One of the officials said the debt switch will happen “very soon,” while another said it will be done at “an appropriate time” in the second half of the fiscal year ending in March, depending on market conditions.

Dec 6, 2013

Rupee offers India budget relief as subsidy pressure eases

NEW DELHI (Reuters) – A recovery in the rupee is giving India’s Finance Minister P. Chidambaram rare relief in his battle against a threatened credit rating downgrade to junk status by reducing pressure on the government’s subsidy bill.

Still, the minister can only meet his fiscal deficit target of 4.8 percent of GDP by rolling over a substantial amount of subsidy spending into next year’s budget and by finding big savings elsewhere, two senior finance ministry officials said.

Dec 6, 2013

Rupee offers budget relief as subsidy pressure eases

NEW DELHI (Reuters) – A recovery in the rupee is giving Finance Minister P. Chidambaram rare relief in his battle against a threatened credit rating downgrade to junk status by reducing pressure on the government’s subsidy bill.

Still, the minister can only meet his fiscal deficit target of 4.8 percent of GDP by rolling over a substantial amount of subsidy spending into next year’s budget and by finding big savings elsewhere, two senior finance ministry officials said.

Dec 2, 2013

Current a/c gap narrows; economy seen improving

MUMBAI/NEW DELHI (Reuters) – India’s current account gap narrowed sharply in the September quarter, thanks to steps to curb gold imports, the latest in a run of positive signs for a sluggish economy.

Earlier on Monday, the HSBC Manufacturing PMI index for November showed Indian manufacturing at its strongest since March. On Friday, data showed that Asia’s third-largest economy grew at a faster-than-expected pace of 4.8 percent in the September quarter, although growth remains near decade lows.

Dec 2, 2013

India current account gap narrows; economy seen improving

MUMBAI/NEW DELHI, Dec 2 (Reuters) – India’s current account
gap narrowed sharply in the September quarter, thanks to steps
to curb gold imports, the latest in a run of positive signs for
a sluggish economy.

Earlier on Monday, the HSBC Manufacturing PMI
index for November showed Indian manufacturing at its strongest
since March. On Friday, data showed that Asia’s third-largest
economy grew at a faster-than-expected pace of 4.8 percent in
the September quarter, although growth remains near decade lows.

Nov 29, 2013

India talks tough on WTO, but does not rule out deal

NEW DELHI, Nov 29 (Reuters) – - India’s trade minister said
on Friday he will not compromise on food subsidies for the poor
at a WTO meeting next week, but left open the possibility of an
interim subsidy deal designed to salvage a trillion-dollar trade
pact.

India is seen holding the key to the credibility of the
World Trade Organization talks and to a global trade deal at the
meeting in Bali next week.

Nov 27, 2013

Ministries clash over capping foreign stakes in drug firms

NEW DELHI (Reuters) – The finance ministry is resisting pressure from other departments to cap foreign ownership of domestic drugmakers, fearing such a move would discourage potential investors, a senior ministry source said.

The industry ministry and the health ministry have proposed that the government limit foreign ownership to 49 percent of domestic pharmaceutical firms that produce critical drugs such as vaccines and cancer treatment medicines.

Nov 27, 2013

Indian ministries clash over capping foreign stakes in drug firms

NEW DELHI, Nov 26 (Reuters) – India’s finance ministry is
resisting pressure from other departments to cap foreign
ownership of domestic drugmakers, fearing such a move would
discourage potential investors, a senior ministry source said.

The industry ministry and the health ministry have proposed
that the government limit foreign ownership to 49 percent of
domestic pharmaceutical firms that produce critical drugs such
as vaccines and cancer treatment medicines.