Manoj's Feed
Aug 5, 2014

PM faces early resistance in insurance reform push

NEW DELHI (Reuters) – Plans by the government to allow more foreign investment in India’s still-small insurance sector has hit snags in parliament, testing Prime Minister Narendra Modi’s campaign promise to push through reforms to revive the economy.

Over the past week, the government has twice sought to introduce legislation in the upper house of parliament permitting 49 percent foreign participation in an insurance venture, up from 26 percent, but it has been blocked by the opposition.

Aug 5, 2014

India’s PM faces early resistance in insurance reform push

NEW DELHI, Aug 5 (Reuters) – Plans by India’s government to
allow more foreign investment in the country’s still-small
insurance sector has hit snags in parliament, testing Prime
Minister Narendra Modi’s campaign promise to push through
reforms to revive the economy.

Over the past week, the government has twice sought to
introduce legislation in the upper house of parliament
permitting 49 percent foreign participation in an insurance
venture, up from 26 percent, but it has been blocked by the
opposition.

Aug 5, 2014

India says confident WTO will understand its food security concerns

NEW DELHI (Reuters) – India is confident that it will be able to persuade members of the 160-strong World Trade Organisation to understand its concerns over food security which derailed a global trade deal last week, the country’s trade minister said.

Nirmala Sitharaman told parliament that the Bali trade accord, an agreement reached on the Indonesian tourist island last year, should be concluded as a package, linking India’s ratification of a trade facilitation treaty to movement on a parallel treaty on stockpiling of food.

Aug 1, 2014

India says WTO deal not dead, can sign in September if concerns addressed

NEW DELHI/GENEVA (Reuters) – India is willing to sign a global trade deal, which it has torpedoed, if other World Trade Organization members can agree to its parallel demand for concessions on stockpiling food, senior officials in New Delhi said on Friday.

The deadline to sign the WTO pact to ease worldwide customs rules lapsed at midnight in Geneva on Thursday after India demanded that the group also finalise an agreement giving it more freedom to subsidise and stockpile food grains than is allowed by WTO rules.

Jul 29, 2014

Rural votes, old traumas drive India’s WTO brinkmanship

NEW DELHI (Reuters) – With grain silos spilling over, exports on the rise and an avowed market champion for prime minister, India’s threat to trash a global trade deal in the name of food security appears puzzling.

But government officials say Prime Minister Narendra Modi is prepared to brazen out global outrage to seize a historic opportunity to build a rural power base with his defense of farm subsidies and to banish memories of humiliating national food shortages.

Jul 25, 2014

New govt promises low and stable tax regime for economic revival

NEW DELHI (Reuters) – India’s new government pledged on Friday to pursue a low, stable and simple tax regime as it looks to win back investor confidence and spur economic activity, both of which have nosedived due to mounting tax disputes.

A struggle to raise revenues in a sluggish economy and the pressure to narrow the fiscal deficit to avoid a “junk” sovereign credit rating had forced the previous administration to aggressively collect taxes from companies.

Jul 25, 2014

India’s new government promises low and stable tax regime for economic revival

NEW DELHI (Reuters) – India’s new government pledged on Friday to pursue a low, stable and simple tax regime as it looks to win back investor confidence and spur economic activity, both of which have nosedived due to mounting tax disputes.

A struggle to raise revenues in a sluggish economy and the pressure to narrow the fiscal deficit to avoid a “junk” sovereign credit rating had forced the previous administration to aggressively collect taxes from companies.

Jul 25, 2014

India’s new govt promises low and stable tax regime for economic revival

NEW DELHI, July 25 (Reuters) – India’s new government
pledged on Friday to pursue a low, stable and simple tax regime
as it looks to win back investor confidence and spur economic
activity, both of which have nosedived due to mounting tax
disputes.

A struggle to raise revenues in a sluggish economy and the
pressure to narrow the fiscal deficit to avoid a “junk”
sovereign credit rating had forced the previous administration
to aggressively collect taxes from companies.

Jul 23, 2014

India will not back WTO protocol unless concerns addressed: sources

NEW DELHI (Reuters) – India will not support a trade protocol ahead of a July 31 deadline unless concerns about its food subsidies are met, two senior government officials said on Wednesday, a position that threatens to derail a landmark global trade deal.

The determination to link its food subsidy program, aimed at supporting the poor, to backing the protocol raises the stakes at a World Trade Organization meeting on Thursday, with one Western diplomat calling India’s position “suicide.”

Jul 21, 2014

India keeps world guessing in countdown to landmark trade deadline

SYDNEY/NEW DELHI (Reuters) – India will firm up its position regarding a landmark global trade pact shortly before a Thursday deadline, a senior official said on Monday, setting up a nail-biting showdown over a deal it says should safeguard a $12 billion anti-poverty food programme.

India is the most prominent of a group of developing nations angry with rich countries for failing to address their concerns about a deal on trade facilitation struck by WTO member states in Bali, Indonesia, last year.