Manoj's Feed
Sep 26, 2014

India cuts H2 government borrowing to $39 bln in 2014/15

NEW DELHI, Sept 26 (Reuters) – India will cut borrowing for
the second half of the fiscal year ending in March and expects
to remain on track to meet its target for the fiscal deficit,
Finance Secretary Arvind Mayaram said on Friday.

The government will borrow 2.4 trillion rupees ($39.25
billion) in October-March, less than the 2.48 trillion rupees
called for in the government budget announced in July, Mayaram
said.

Sep 22, 2014

Falling crude prices helps India control fiscal deficit

NEW DELHI, Sept 22 (Reuters) – India’s finance ministry is
increasingly optimistic that it can meet a tough fiscal deficit
target, helped by a 12 percent decline in global crude oil
prices since Prime Minister Narendra Modi took charge in May.

Lower crude prices mean less government outlay for India,
which imports 80 percent of its oil needs – at a cost of $168
billion last year – and subsidizes oil products such as diesel
and fertilizer.

Sep 18, 2014

China not warlike, says Xi, as border standoff dominates India trip

NEW DELHI (Reuters) – China is not a warlike nation, President Xi Jinping said on Thursday, during a rare trip to neighbor India that was dominated by a standoff on a barren Himalayan plateau between soldiers from the world’s two most populous nations.

Robust comments from India’s new prime minister Narendra Modi about the dispute in territory claimed by both Asian giants overshadowed Xi’s pledge of $30 billion investments in South Asia over five years, including $20 billion in India.

Sep 17, 2014

Interview – EPFO chief urges green light to buy stocks

NEW DELHI (Reuters) – The head of the Employees’ Provident Fund Organisation (EPFO) says it has “no option” but to change its rules and put money into riskier investments by buying stocks for the first time to seek higher returns.

K.K. Jalan, chief of the EPFO, said that to get better returns, the fund with about $125 billion in assets needs to diversify investments, the bulk of which are in government debt.

Sep 17, 2014

India’s state pension fund chief urges green light to buy stocks

NEW DELHI (Reuters) – The head of India’s state social security fund says it has “no option” but to change its rules and put money into riskier investments by buying stocks for the first time to seek higher returns.

K.K. Jalan, chief of the Employees’ Provident Fund Organization (EPFO), said that to get better returns, the fund with about $125 billion in assets needs to diversify investments, the bulk of which are in government debt.

Sep 15, 2014

Govt mulls closing some loss-making state firms

NEW DELHI (Reuters) – Government officials will meet on Tuesday to discuss proposals to shut down some loss-making state-owned companies, risking a conflict with powerful trade unions.

After two decades of halting privatisations, the central government still owns about 260 firms and thousands more at the state level, involved in activities ranging from generating nuclear power to making condoms.

Sep 15, 2014

India considers closing some loss-making state firms

NEW DELHI, Sept 15 (Reuters) – Indian government officials
will meet on Tuesday to discuss proposals to shut down some
loss-making state-owned companies, risking a conflict with
powerful trade unions.

After two decades of halting privatisations, the central
government still owns about 260 firms and thousands more at the
state level, involved in activities ranging from generating
nuclear power to making condoms.

Sep 10, 2014

India voices optimism ahead of China president’s visit, eyes investment

NEW DELHI, Sept 10 (Reuters) – Indian officials voiced
optimism on Wednesday that a visit by Chinese President Xi
Jinping next week will open a new chapter in relations between
the Asian giants, with hopes high for investment deals to narrow
a yawning trade deficit.

Trade minister Nirmala Sitharaman raised expectations ahead
of the Sept. 17-18 visit, saying Xi was likely to announce
investments in industrial parks and help set the course for
smoother cooperation between the two nations.

Sep 10, 2014

India drops solar anti-dumping plan before Modi meets Obama

NEW DELHI (Reuters) – India has dropped plans to impose an anti-dumping duty on solar panel imports, a move that is likely to help mend frayed commercial ties with the United States before Prime Minister Narendra Modi meets President Barack Obama this month.

Days before Modi took office in May, a quasi-judicial body ordered the imposition of the duty on panels imported from the United States, China, Taiwan and Malaysia to protect domestic solar manufacturers.

Sep 10, 2014

India says not considering immediate gold import duty cut

NEW DELHI/MUMBAI (Reuters) – India is not considering an immediate cut in gold import duties, Trade Minister Nirmala Sitharaman said on Wednesday, extending a policy that has helped narrow the country’s trade deficit but is believed to have led to an increase in smuggling.

India’s trade and current account deficits have narrowed sharply since New Delhi raised the duty on gold imports to 10 percent from 2 percent through a series of steps last year, helping revive confidence in the country’s economy.