Manoj's Feed
Mar 11, 2014

India halts plan to join global bond indexes, defers Euroclear-sources

NEW DELHI, March 11 (Reuters) – India has put on ice plans
to join major emerging market bond indexes that would require it
to remove restrictions on foreign capital inflows, two sources
said, signalling easing concerns about the rupee and the balance
of payments.

A separate plan to explore joining Euroclear, the world’s
largest securities settlement system, has also been deferred
until the next government takes charge after elections in April
and May. That plan could have further opened up the market to
portfolio capital inflows.

Mar 7, 2014

Government to set up inflation target, RBI to implement – Chidambaram

NEW DELHI (Reuters) – The government has the right to set the country’s inflation target, while the Reserve Bank of India’s (RBI) role is to implement the decision, Finance Minister P. Chidambaram said in a joint news conference with the RBI governor.

The comment by Chidambaram come after a RBI panel in January proposed moving to an inflation target of 4 percent in three years, with a 2 percent band on either side when setting monetary policy, sharply below current levels.

Mar 7, 2014

Indian government to set up inflation target, RBI to implement – finmin

NEW DELHI, March 7 (Reuters) – India’s government has the
right to set the country’s inflation target, while the central
bank’s role is to implement the decision, Finance Minister P.
Chidambaram said in a joint news conference with the central
bank governor.

The comment by Chidambaram come after a Reserve Bank of
India panel in January proposed moving to an inflation target of
4 percent in three years, with a 2 percent band on either side
when setting monetary policy, sharply below current levels.

Mar 5, 2014

State banks’ face bad loans as biggest challenge: Chidambaram

NEW DELHI (Reuters) – State-run banks face rising bad loans as their biggest challenge, expected to be slightly higher by March-end from a year earlier, Finance Minister P. Chidambaram said on Wednesday as the economic slowdown hits the state-contolled banking sector.

Rising bad loans, especially among state-run banks, have become a key concern for lenders. A state-run lender, United Bank of India (UBOI.NS: Quote, Profile, Research), recently saw a huge surge in its non-performing loans, triggering worries over its capital needs.

Mar 5, 2014

Indian state banks’ face bad loans as biggest challenge: Chidambaram

NEW DELHI, March 5 (Reuters) – Indian state-run banks face
rising bad loans as their biggest challenge, expected to be
slightly higher by March-end from a year earlier, Finance
Minister P. Chidambaram said on Wednesday as the economic
slowdown hits the state-contolled banking sector.

Rising bad loans, especially among state-run banks, have
become a key concern for lenders. A state-run lender, United
Bank of India, recently saw a huge surge in its
non-performing loans, triggering worries over its capital needs.

Mar 4, 2014

India hardens stance against U.S. protectionism ahead of visits

NEW DELHI (Reuters) – India’s trade minister on Tuesday accused the United States of excessive trade protectionism, launching a broadside that coincided with the visit of a top U.S. official to patch up a stormy bilateral friendship.

Trade friction between the two countries has increased ahead of a general election in India, amid lingering tension over the recent arrest and strip search of a female diplomat in New York suspected of visa fraud.

Mar 2, 2014

BJP may allow more foreign investment in insurance

NEW DELHI (Reuters) – The Bharatiya Janata Party (BJP) will consider raising the cap on foreign investment in the insurance sector from the current level of 26 percent if it comes to power after elections due by May, a senior party leader said on Sunday.

Opening up over $45 billion insurance business to greater foreign participation is key to reviving investment in the economy, and the ruling Congress government has repeatedly sought parliament’s approval to raise the limit to 49 percent.

Mar 2, 2014

India’s BJP may allow more foreign investment in insurance

NEW DELHI, March 2 (Reuters) – India’s opposition Bharatiya
Janata Party will consider raising the cap on foreign investment
in the insurance sector from the current level of 26 percent if
it comes to power after elections due by May, a senior party
leader said on Sunday.

Opening up over $45 billion insurance business to greater
foreign participation is key to reviving investment in the
economy, and the ruling Congress government has repeatedly
sought parliament’s approval to raise the limit to 49 percent.

Feb 28, 2014

GDP up 4.7 percent in Dec quarter; data disappoints ahead of election

NEW DELHI (Reuters) – Contracting industrial output and an investment slowdown dragged India’s economic growth to a worse-than-expected 4.7 percent in the three months to December, the last major data release before a general election showed on Friday.

The performance of Asia’s third-largest economy fell short of the 4.9 percent growth that had been expected in a Reuters poll of economists, and decelerated fractionally from the prior quarter.

Feb 28, 2014

Indian GDP number disappoints before election

NEW DELHI, Feb 28 (Reuters) – Contracting industrial output
and an investment slowdown dragged India’s economic growth to a
worse-than-expected 4.7 percent in the three months to December,
the last major data release before a general election showed on
Friday.

The performance of Asia’s third-largest economy fell short
of the 4.9 percent growth that had been expected in a Reuters
poll of economists, and decelerated fractionally from the prior
quarter.