Manoj's Feed
Jul 12, 2013

Dismal exports, production data deepen India’s economic gloom

NEW DELHI, July 12 (Reuters) – India’s economic gloom
deepened on Friday with a surprise drop in industrial output, a
fall in exports and higher retail inflation, adding to the
central bank’s challenge of reviving the economy and supporting
the rupee.

A global sell-off has made the rupee the worst-performing
emerging Asian currency so far this year. It hit an all-time low
of 61.21 per dollar this week and is down more than 8 percent
against the dollar so far this year.

Jul 12, 2013

June trade deficit narrows, helped by clampdown on gold imports

NEW DELHI (Reuters) – India’s trade deficit narrowed in June from a 7-month high the previous month, helped by a slowdown in gold imports, but the relief may not last long as low prices and the coming wedding season are expected to bolster demand for the yellow metal.

A lower deficit should ease pressure on India’s bloated current account gap, the broadest measure of international trade, and the beleaguered rupee currency.

Jul 12, 2013

India’s June trade deficit narrows, helped by clampdown on gold imports

NEW DELHI, July 12 (Reuters) – India’s trade deficit
narrowed in June from a 7-month high the previous month, helped
by a slowdown in gold imports, but the relief may not last long
as low prices and the coming wedding season are expected to
bolster demand for the yellow metal.

A lower deficit should ease pressure on India’s bloated
current account gap, the broadest measure of international
trade, and the beleaguered rupee currency.

Jul 9, 2013

India looks to US in struggle to boost FDI, revive rupee

NEW DELHI (Reuters) – Finance Minister P Chidambaram is in the United States this week to drum up investment from the likes of Lockheed Martin, leaving behind a cabinet far from convinced about his plans to revive the economy and a record low rupee.

Chidambaram won investor approval last year for plans to rein in fiscal deficit but he is struggling to push through proposals to relax rules on foreign direct investment (FDI) in defence, telecoms, pharmaceuticals and retail.

Jul 9, 2013

India looks to U.S. in struggle to boost FDI and revive rupee

NEW DELHI, July 9 (Reuters) – India’s finance minister is in
the United States this week to drum up investment from the likes
of Lockheed Martin, leaving behind a cabinet far from convinced
about his plans to revive the economy and a record low rupee.

The minister, P Chidambaram, won investor approval last year
for plans to rein in India’s fiscal deficit but he is struggling
to push through proposals to relax rules on foreign direct
investment (FDI) in defence, telecoms, pharmaceuticals and
retail.

Jul 8, 2013

India to review preferential policy for locally made electronic goods

NEW DELHI, July 8 (Reuters) – India will review a policy
that gave preference to locally made electronics goods in
government and private sector procurement, the government said
on Monday after protests by trade groups representing global
companies such as Apple Inc.

Indian Finance Minister P. Chidambaram and Commerce Minister
Anand Sharma will be in Washington this week for meetings with
U.S. Treasury Secretary Jack Lew and Trade Representative
Michael Froman.

Jul 8, 2013

Gold import headache to resume after June plunge

NEW DELHI/MUMBAI (Reuters) – India’s gold imports could pick up in the next few months after slumping 81 percent in June as falling prices spur buying, a government source said, adding to New Delhi’s anxiety over a record-low rupee and a wide current account deficit.

Indians snapped up a record 162 tonnes of gold in May, prompting a hike in import duty to 8 percent and tight restrictions on supplies at the world’s biggest buyer.

Jul 8, 2013

India’s gold import headache to resume after June plunge

NEW DELHI/MUMBAI, July 8 (Reuters) – India’s gold imports
could pick up in the next few months after slumping 81 percent
in June as falling prices spur buying, a government source said,
adding to New Delhi’s anxiety over a record-low rupee and a wide
current account deficit.

Indians snapped up a record 162 tonnes of gold in May,
prompting a hike in import duty to 8 percent and tight
restrictions on supplies at the world’s biggest buyer.

Jul 3, 2013

FM advises state-run banks to cut interest rates

NEW DELHI (Reuters) – Finance Minister P. Chidambaram urged state-run banks on Wednesday to lend money at cheaper rates as he looks to stimulate consumer demand, the main driver of a sluggish economy that has been pulled down by high inflation and interest rates.

The Reserve Bank of India (RBI) has cut repo rate, the rate at which it lends money to banks, by 75 basis points since January this year, but most banks have not lowered lending rates.

Jul 3, 2013

India’ finance minister advises banks to cut interest rates

NEW DELHI, July 3 (Reuters) – Indian Finance Minister P.
Chidambaram urged state-run banks on Wednesday to lend money at
cheaper rates as he looks to stimulate consumer demand, the main
driver of a sluggish economy that has been pulled down by high
inflation and interest rates.

The Reserve Bank of India (RBI) has cut repo rates, the rate
at which it lends money to banks, by 75 basis points since
January this year, but most banks have not lowered lending
rates.