Manoj's Feed
Jun 17, 2014

C.bank governor reassures as oil spike highlights India risks

MUMBAI/NEW DELHI, June 17 (Reuters) – India is ready to deal
with any external shock arising from the Iraq crisis, its
central bank chief said on Tuesday, even as a spike in oil
prices heightens the inflation, growth and budget risks facing
new Prime Minister Narendra Modi.

Modi capitalised on popular anger over low growth and high
inflation to claim India’s biggest election victory in three
decades last month, but it is those same troubles that now pose
his first big economic test.

May 27, 2014

As India’s new government gets to work, a promise to investors

NEW DELHI (Reuters) – India’s new finance minister committed himself to repairing public finances and restoring investor confidence as a new administration took charge on Tuesday promising better days for millions of discontented Indians.

Arun Jaitley, an urbane corporate lawyer and close party colleague of Prime Minister Narendra Modi, was formally named to the key finance post, a day after the cabinet was inaugurated following a sweeping election victory for the Bharatiya Janata Party (BJP).

May 23, 2014

India hits US, China with solar imports anti-dumping duties

NEW DELHI, May 23 (Reuters) – India will impose anti-dumping
duties on solar panels imported from the United States, China,
Taiwan and Malaysia to protect domestic solar manufacturers,
according to a government statement seen by Reuters on Friday.

The order, almost certain to anger India’s trading partners,
sets duties of between 11 and 81 U.S. cents per watt and comes
after a investigation started in 2011. The ruling by a
quasi-judicial body has to be published by the finance ministry
before it takes effect.

May 22, 2014

Officials shape plan to cut spending, budget deficit

NEW DELHI (Reuters) – The finance ministry is working on a proposal for the new government to cut welfare spending and rein in the deficit in its first budget, to allay fears of fiscal slippage that would increase the risk of a sovereign credit downgrade.

Two senior ministry officials told Reuters the plan would make it possible for Narendra Modi’s incoming government to reduce the current year’s fiscal deficit and save 250 billion rupees ($4 billion) in borrowing.

May 22, 2014

Indian officials shape plan to cut spending, budget deficit

NEW DELHI, May 22 (Reuters) – India’s finance ministry is
working on a proposal for the new government to cut welfare
spending and rein in the deficit in its first budget, to allay
fears of fiscal slippage that would increase the risk of a
sovereign credit downgrade.

Two senior ministry officials told Reuters the plan would
make it possible for Narendra Modi’s incoming government to
reduce the current year’s fiscal deficit and save 250 billion
rupees ($4 billion) in borrowing.

May 21, 2014

Government officials ready plan to ease gold import curbs – sources

MUMBAI/NEW DELHI (Reuters) – The Reserve Bank of India and finance ministry officials will recommend that the new government relax strict gold import rules to head off a surge in illegal buying, officials with direct knowledge of the plan said.

Last year, India imposed restrictions on gold imports, the second biggest import after oil, following a steep rise in the country’s current account deficit.

May 21, 2014

India officials ready plan to ease gold import curbs-sources

MUMBAI/NEW DELHI, May 21 (Reuters) – The Reserve Bank of
India and finance ministry officials will recommend that the new
government relax strict gold import rules to head off a surge in
illegal buying, officials with direct knowledge of the plan
said.

Last year, India imposed restrictions on gold imports, the
second biggest import after oil, following a steep rise in the
country’s current account deficit.

May 20, 2014

Fiscal discipline key for economic growth – Rajan

NEW DELHI/MUMBAI (Reuters) – Reserve Bank of India Governor Raghuram Rajan on Tuesday reiterated his call for fiscal discipline, saying it is essential for India to achieve sustainable economic growth.

Although the comments were part of a broader speech on public sector banks, they come as India’s newly elected government led by Narendra Modi is set to face its first credibility test with markets when it delivers a budget by July.

May 20, 2014

Fiscal discipline key for economic growth – India cbank chief

NEW DELHI/MUMBAI, May 20 (Reuters) – Reserve Bank of India
Governor Raghuram Rajan on Tuesday reiterated his call for
fiscal discipline, saying it is essential for India to achieve
sustainable economic growth.

Although the comments were part of a broader speech on
public sector banks, they come as India’s newly elected
government led by Narendra Modi is set to face its first
credibility test with markets when it delivers a budget by July.

May 12, 2014

Narendra Modi seeks personal triumph in final round of election

VARANASI India (Reuters) – India’s general election reaches a climax on Monday as opposition challenger Narendra Modi seeks a personal mandate in Varanasi, the holy city on the river Ganges, to govern by his modernised brand of Hindu nationalism.

Modi is the first prime ministerial candidate to stand in the 3,000-year-old city where several religions mingle. Varanasi is an ancient centre of Buddhism but one in six voters is Muslim; Hindus believe that to die here brings salvation by escaping the cycle of reincarnation.