Manoj's Feed
May 15, 2015

India’s export slump cast shadow on growth prospects

NEW DELHI (Reuters) – India’s exports slumped for the fifth straight month in April from a year earlier, dragged down by fall in global demand that has cast a shadow over Prime Minister Narendra Modi’s goal of achieving over 8 percent growth in 2015/16 fiscal year.

The ongoing weakness in merchandise exports, which account for about 16 percent of India’s roughly $2 trillion economy, will weigh on January to March economic growth numbers due to be released on May 29.

May 13, 2015

Delayed reforms, market woes tarnish end to Modi’s first year

NEW DELHI/MUMBAI (Reuters) – A surprise delay to India’s first nationwide sales tax marks one of the most painful setbacks suffered by Prime Minister Narendra Modi’s government as it nears the end of a first year in power, with markets falling and farmers braced for a poor monsoon.

Investors had hoped that the ruling Bharatiya Janata Party’s majority in the Lok Sabha, the lower house of parliament, would ensure Modi could push through reforms far more smoothly, but that assumption has taken a battering.

May 8, 2015

India to seek end to non-tariff barriers during Modi’s China visit

NEW DELHI (Reuters) – India will seek abolition of non-tariff barriers during Prime Minister Narendra Modi’s visit to China next week, officials said, as part of efforts to reduce a widening trade deficit and boost local industry.

New Delhi wants greater market access in sectors such as pharmaceuticals, IT services and farm products including bovine meat, Trade Minister Nirmala Sitharaman said on Friday.

May 8, 2015

RBI’s Rajan puts rupee convertibility back on agenda

MUMBAI/NEW DELHI (Reuters) – Fresh from his success in securing a mandated inflation target, Reserve Bank of India (RBI) Governor Raghuram Rajan has revived another long dormant reform as he seeks to modernise India’s financial architecture: a freely floating currency.

Rajan called in April for full convertibility in “a short number of years”, having first raised the prospect when he took office in 2013. While it is unlikely to be realised during his current term, he is laying the ground work for it to happen.

May 5, 2015

India to sign port deal with Iran, ignoring US warning against haste

NEW DELHI, May 5 (Reuters) – India will push ahead this week
with plans to build a port in southeast Iran, two sources said,
with Prime Minister Narendra Modi keen to develop trade ties
with Central Asia and prepared to fend off U.S. pressure not to
rush into any deals with Iran.

India and Iran agreed in 2003 to develop a port at Chabahar
on the Gulf of Oman, near Iran’s border with Pakistan, but the
venture has made little progress because of Western sanctions on
Iran.

Apr 30, 2015

Jaitley tries to buy peace with RBI, foreign investors

NEW DELHI (Reuters) – Finance Minister Arun Jaitley sought to placate the Reserve bank of India (RBI) and foreign investors on Thursday by putting on hold a major overhaul of financial regulation and offering tax concessions on stocks and bonds.

Jaitley’s plans, announced in the annual budget in February, would have stripped the RBI of authority to regulate the government bond market and manage public debt.

Apr 30, 2015

India’s Jaitley tries to buy peace with RBI, foreign investors

NEW DELHI, April 30 (Reuters) – Indian finance minister Arun
Jaitley sought to placate the central bank and foreign investors
on Thursday by putting on hold a major overhaul of financial
regulation and offering tax concessions on stocks and bonds.

Jaitley’s plans, announced in the annual budget in February,
would have stripped the central bank of authority to regulate
the government bond market and manage public debt.

Apr 30, 2015

India puts financial overhaul on hold after RBI pushback

NEW DELHI, April 30 (Reuters) – India on Thursday put on
hold its biggest overhaul of financial regulation in a
generation, following pushback against its plans to strip the
central bank of authority to regulate the government bond market
and manage public debt.

The climbdown, ahead of a vote in the lower house of
parliament, marks a victory for the Reserve Bank of India (RBI),
which opposed the changes, saying they would cripple it and
interfere with monetary policy.

Apr 28, 2015

Modi, Ghani pledge to fight militants, build trade

NEW DELHI (Reuters) – Afghanistan’s president called on Tuesday for regional cooperation to defeat militants, saying he wants to “make Afghanistan a graveyard of terror” but needs help from India, Pakistan and other neighbours.

Ashraf Ghani made his comments after meeting Indian Prime Minister Narendra Modi. Some Indian analysts fret that New Delhi may be losing influence in Afghanistan because of Ghani’s efforts to forge closer ties with neighbours Pakistan and China.

Apr 28, 2015

Indian, Afghan leaders pledge to fight militants, build trade

NEW DELHI (Reuters) – Afghanistan’s president called on Tuesday for regional cooperation to defeat militants, saying he wants to “make Afghanistan a graveyard of terror” but needs help from India, Pakistan and other neighbors.

Ashraf Ghani made his comments after meeting Indian Prime Minister Narendra Modi. Some Indian analysts fret that New Delhi may be losing influence in Afghanistan because of Ghani’s efforts to forge closer ties with neighbors Pakistan and China.