Manoj's Feed
Nov 5, 2014

India, isolated, toughs it out in WTO food-stockpiling row

NEW DELHI/GENEVA (Reuters) – India defied the world on Wednesday in a row over food stockpiling that has crippled attempts to reach an global trade agreement, raising doubts that backroom talks can reach a compromise before a Group of 20 summit this month.

At the end of July, Prime Minister Narendra Modi pulled the plug on implementing a so-called trade-facilitation deal struck in Bali last year, linking it to the emotive issue of rural poverty in his country of 1.25 billion people.

Nov 5, 2014

Govt plans $2.8 billion ONGC stake sale by early Dec – sources

NEW DELHI/MUMBAI (Reuters) – The government plans to sell a 5 percent stake in energy explorer Oil and Natural Gas Corp (ONGC) in the last week of November or the first week of December, two sources directly involved in the deal said on Wednesday.

Prime Minister Narendra Modi’s government has introduced long-awaited reforms in the oil sector, freeing diesel prices and raising natural gas prices – measures which should be positive for ONGC and other oil marketing companies.

Nov 5, 2014

India plans $2.8 bln ONGC stake sale by early Dec – sources

NEW DELHI/MUMBAI, Nov 5 (Reuters) – The Indian government
plans to sell a 5 percent stake in energy explorer Oil and
Natural Gas Corp (ONGC) in the last week of November
or the first week of December, two sources directly involved in
the deal said on Wednesday.

Prime Minister Narendra Modi’s government has introduced
long-awaited reforms in the oil sector, freeing diesel prices
and raising natural gas prices – measures which should be
positive for ONGC and other oil marketing companies.

Oct 31, 2014

India’s fiscal deficit in H1 almost 83 pct of full-year target

NEW DELHI (Reuters) – India’s fiscal deficit reached nearly 83 percent of its full-year target in the first half of the year, giving the government a tough job meeting its budget target even with help from a fall in global crude prices that will reduce the oil subsidy bill.

A 25 percent fall in oil prices since June has helped Prime Minister Narendra Modi’s government contain oil and fertiliser subsidies, but revenue growth has been slow.

Oct 21, 2014

India’s Modi steps up economic reforms, eyes privatisation

NEW DELHI, Oct 20 (Reuters) – India promised on Monday to
open up the coal industry to private players and moved closer to
selling a stake in a state-run oil company, as Prime Minister
Narendra Modi picked up the pace on economic reform days after
relaxing fuel price controls.

Using an executive order, the cabinet agreed to allow
private Indian companies to mine and sell coal at an unspecified
future date, Finance Minister Arun Jaitley said. That sets the
stage for the biggest liberalisation of the industry in more
than 40 years.

Oct 21, 2014

PM Modi steps up economic reforms, eyes privatisation

NEW DELHI (Reuters) – India promised on Monday to open up the coal industry to private players and moved closer to selling a stake in state-run Oil and Natural Gas Corp (ONGC), as Prime Minister Narendra Modi picked up the pace on economic reform days after relaxing fuel price controls.

Using an executive order, the cabinet agreed to allow private Indian companies to mine and sell coal at an unspecified future date, Finance Minister Arun Jaitley said. That sets the stage for the biggest liberalisation of the industry in more than 40 years.

Oct 20, 2014

India moves closer to selling a stake in ONGC

NEW DELHI (Reuters) – India moved a step closer to selling a stake in state-run oil company ONGC on Monday, keeping up Prime Minister Narendra Modi’s momentum on economic reform after bringing prices of diesel and natural gas closer in line with the market.

A barn-storming performance in two state elections last week capped several days of action on the economic front and has given Modi more room to cut through a thicket of regulations and state controls he says holds back Asia’s third-largest economy.

Oct 20, 2014

India moves closer to selling a stake in oil firm ONGC

NEW DELHI, Oct 20 (Reuters) – India moved a step closer to
selling a stake in state-run oil company ONGC on
Monday, keeping up Prime Minister Narendra Modi’s momentum on
economic reform after bringing prices of diesel and natural gas
closer in line with the market.

A barn-storming performance in two state elections last week
capped several days of action on the economic front and has
given Modi more room to cut through a thicket of regulations and
state controls he says holds back Asia’s third-largest economy.

Oct 12, 2014

Modi seeks to revive India’s “zombie factories”, not abandon them

KANPUR, India, Oct 13 (Reuters) – At British India
Corporation’s textile factory in northern India, four men sit in
a control room watching computerised gauges eight hours a day.
When they are done, another group takes over, and then another,
for 24 hours a day – much as they might at any major industrial
plant.

The problem is, nothing is produced there.

The strange tale of British India Corporation is an example
of how political patronage and India’s strict labour laws keep
publicly owned companies going long after they are insolvent.

Oct 10, 2014

India close to allowing Euroclear settlements for sovereign funds-sources

NEW DELHI/MUMBAI, Oct 10 (Reuters) – India is close to
allowing sovereign wealth funds to settle government bonds on
Euroclear, the world’s largest securities settlements system,
and is likely to set aside up to $3 billion for these long-term
investors, according to two officials aware of the discussions.

One of the sources said the government would for now exclude
foreign institutional investors (FIIs), the biggest investor
base from overseas in India, as reported by Reuters in August.