Manoj's Feed
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.

Jul 15, 2014

India says progress on food not condition for Bali deal implementation

NEW DELHI (Reuters) – India’s top trade official said the government would not block the world’s first global trade deal over lack of progress on food subsidy talks, clarifying New Delhi’s stance after an earlier threat to derail the deal.

The deal struck in December in Bali to lower trade barriers was the World Trade Organization’s first global agreement since it was created in 1995 and revived global talks after the failure of the Doha round.

Jul 9, 2014

Indian government report urges strong steps to contain fiscal deficit

NEW DELHI (Reuters) – India’s fiscal situation is worse than it appears, Prime Minister Narendra Modi’s government said in an economic report on Wednesday that called for tough measures to shore up public finances and reduce inflation.

The tone of the report is bound to increase speculation that Finance Minister Arun Jaitley will announce a higher fiscal deficit target in his maiden budget, which he presents to parliament on Thursday.

Jul 9, 2014

Economic Survey – 2014/15 GDP growth seen at up to 5.9 percent

NEW DELHI (Reuters) – India’s economy is expected to grow by up to 5.9 percent in the current fiscal year, the new government of Prime Minister Narendra Modi said in a major economic report on Wednesday that called for fiscal consolidation to bring down inflation.

The report, presented to parliament one day before Finance Minister Arun Jaitley delivers his maiden budget, also warned of a downward risk to growth due to weak monsoon rains, and set the lower end of the growth spectrum at 5.4 percent.