Manoj's Feed
Aug 20, 2014

India begins revamp of grains agency to cut waste, tame prices

NEW DELHI, Aug 20 (Reuters) – India has set up a panel to
suggest an overhaul of a state-run food grain procurement agency
as part of its plan to reduce wastage and help control runaway
food prices.

Prime Minister Narendra Modi, who took charge in May after a
landslide victory, promised during the election campaign to
break up the Food Corporation of India (FCI) into three
divisions for handling procurement, management and distribution.

Aug 20, 2014

IFC launches $2.5 bln, rupee-denominated bonds for infra projects in India

NEW DELHI, Aug 20 (Reuters) – The World Bank’s
private-sector financing arm on Wednesday launched $2.5 billion,
rupee-denominated, bonds in the Indian market to fund
infrastructure projects, after raising $1 billion in offshore
bonds for the sector last year.

The International Finance Corporation’s (IFC’s) bond
programme comes at a time when both the Indian government and
the central bank are stepping up measures to attract global
investors to deepen the local bond market.

Aug 15, 2014

Modi promises access to banking for India’s poor

NEW DELHI, Aug 15 (Reuters) – Prime Minister Narendra Modi
promised on Friday greater access to financial services for
nearly 500 million Indians who do not have a bank account, many
of whom are now at the mercy of money lenders who charge
extortionate interest.

Even though India has grown to become Asia’s third-largest
economy, thousands of poor farmers commit suicide every year
because they cannot repay loans.

Aug 13, 2014

India considers allowing Euroclear settlements for only some investors

MUMBAI/NEW DELHI, Aug 13 (Reuters) – India is considering
joining Euroclear, the world’s largest securities settlement
system, with the condition that only long-term foreign investors
trade Indian government debt for now, two sources familiar with
the discussions told Reuters.

The proposal from the Reserve Bank of India (RBI) and
submitted to the finance ministry, allows long-term investors
such as sovereign wealth funds, to settle Indian government
bonds on it, but not yet foreign institutional investors (FIIs).

Aug 11, 2014

RBI gets conditional support from govt for inflation target

NEW DELHI (Reuters) – The Reserve Bank of India, which wants to bring retail inflation down to 6 percent, on Sunday received conditional support for this target from Finance Minister Arun Jaitley who is putting emphasis on stronger economic growth.

The RBI last Tuesday kept its policy rate unchanged for the third time in a row at 8 percent, and set a target to bring down retail inflation to 6 percent by January 2016.

Aug 10, 2014

RBI consults with finance ministry on new policy framework

NEW DELHI (Reuters) – The Reserve Bank of India (RBI) has started discussions with the finance ministry on a new monetary policy framework, including measures to reduce retail price inflation, Governor Raghuram Rajan said on Sunday.

The RBI last Tuesday kept its policy rate unchanged for the third time in a row at 8 percent, and set a target to bring down retail inflation to 6 percent by March 2016.

Aug 10, 2014

India’s central bank consults with finmin on new policy framework

NEW DELHI, Aug 10 (Reuters) – India’s central bank has
started discussions with the finance ministry on a new monetary
policy framework, including measures to reduce retail price
inflation, Governor Raghuram Rajan said on Sunday.

The central bank last Tuesday kept its policy rate unchanged
for the third time in a row at 8 percent, and set a target to
bring down retail inflation to 6 percent by March 2016.

Aug 8, 2014

Rajan’s tough inflation stance risks stand-off with government

MUMBAI/NEW DELHI (Reuters) – Reserve Bank of India (RBI) governor Raghuram Rajan has set himself a target of lowering consumer inflation and is even ready to raise rates to achieve it, risking friction with the new government if he is seen as overstepping.

Rajan, well known within the RBI for pragmatism, now must work with the government of Prime Minister Narendra Modi, which understands the need for – and wants – lower inflation, but doesn’t see the value in hard targets.

Aug 8, 2014

India cbank chief’s tough inflation stance risks stand-off with government

MUMBAI/NEW DELHI, Aug 8 (Reuters) – India’s central bank
governor Raghuram Rajan has set himself a target of lowering
consumer inflation and is even ready to raise rates to achieve
it, risking friction with the new government if he is seen as
overstepping.

Rajan, well known within the Reserve Bank of India (RBI) for
pragmatism, now must work with the government of Prime Minister
Narendra Modi, which understands the need for – and wants -
lower inflation, but doesn’t see the value in hard targets.

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.