NEW DELHI, April 15 (Reuters) – India needs to move towards
full capital account convertibility to become a leading global
economy, junior finance minister Jayant Sinha said on Wednesday.
Sinha’s comments came a day after the International Monetary
Fund predicted Asia’s third-largest economy would become the
fastest growing major economy in the world, outpacing China.
TOKYO/NEW DELHI, April 13 (Reuters) – China could have
outsized influence over a new Beijing-backed international
development bank under a proposed shareholding structure likely
to be discussed at a meeting of member nations in Washington
this week, sources say.
The group will meet on the sidelines of the annual meetings
of the International Monetary Fund and World Bank in the U.S.
capital, said an Indian government official familiar with the
plan. India was one of the first nations to join the new bank.
NEW DELHI (Reuters) – India’s consumer inflation probably edged up in March for the fourth straight month from a record low in November, as heavy rains drove up food prices, giving the central bank pause for thought as it waits for the next chance to cut interest rates.
Consumer prices likely rose to 5.5 percent in March from a year earlier compared with February’s 5.37 percent, according to a Reuters’ poll of economists. The data was due to be released at 1200 GMT.
NEW DELHI (Reuters) – India is likely to delay share sales in state-run oil firms ONGC and Indian Oil Corp by up to six months as low crude oil prices have hit their value, denting the chances of raising about $11 billion from such sales this financial year, two government sources said.
The government hopes to sell shares in these companies to raise nearly $3.5 billion, roughly one-third of the total annual share-sales target of about $11 billion, which is crucial to meet a fiscal deficit target of 3.9 percent of GDP in the 2015/16 fiscal year that started on April 1.
NEW DELHI (Reuters) – India plans to pull its tariff regime closer in line with global norms to prepare for new regional trade pacts being negotiated by advanced economies, the government said on Wednesday.
India has not been invited to join pacts such as the U.S.-led 12 country Trans-Pacific Partnership (TPP) and is “not in a position to join,” partly because its tariffs are not competitive, a top official said at the unveiling of a new five year trade policy.
NEW DELHI (Reuters) – India plans to strip the Reserve Bank of India of its powers to regulate government bonds, but leave the central bank in charge of other money market instruments, three government sources with direct knowledge of the matter said on Wednesday.
The move is part of a major overhaul of the financial system that aims to deepen bond markets by increasing the participation of retail investors and improve the transmission of monetary policy, the sources told Reuters.
NEW DELHI, March 18 (Reuters) – India plans to strip the
Reserve Bank of India of its powers to regulate government
bonds, but leave the central bank in charge of other money
market instruments, three government sources with direct
knowledge of the matter said on Wednesday.
The move is part of a major overhaul of the financial system
that aims to deepen bond markets by increasing the participation
of retail investors and improve the transmission of monetary
policy, the sources told Reuters.
NEW DELHI (Reuters) – Greece needs to implement structural reforms, International Monetary Fund Managing Director Christine Lagarde said on Monday, echoing other international creditors who have urged Athens to implement reforms to secure urgently needed funds.
Leftist Prime Minister Alexis Tsipras’ government won elections in January on a pledge to roll back austerity and renegotiate the terms of a 240 billion euro bailout. But it has faced resistance from euro zone partners who are unwilling to offer major compromises.
NEW DELHI (Reuters) – The global recovery is “too slow, too brittle and too lopsided”, the head of the International Monetary Fund said in India on Monday, describing Asia’s third-largest economy as a rare bright spot on a cloudy global horizon.
In a speech in New Delhi, IMF Managing Director Christine Lagarde said that monetary policy in the world’s leading economies was out of step and, even if well managed, could cause “excessive volatility” in international financial markets.
NEW DELHI (Reuters) – Exports fell for a third straight month in February, underscoring a risk to the economic growth, as a steep decline in shipments to major markets such as the European Union suggested orders falling for Indian factories.
Weak global demand and a decline in the value of oil product exports on the back of falling crude prices dragged down India’s merchandise exports, which account for nearly a fifth of the country’s $2 trillion economy, last month.