Manoj's Feed
Jun 23, 2015

India unveils plan to boost cashless economy, tackle tax fraud

NEW DELHI (Reuters) – India has unveiled plans to cut transaction costs for electronic payments, to spur retailers and consumers to use less cash, as part of Prime Minister Narendra Modi’s drive to pull more people into the formal economy and boost public revenue.

India is among the most cash-intensive economies in the world, with a cash-to-GDP ratio of 12 percent, almost four times that of markets such as Brazil, Mexico and South Africa, global payments company MasterCard estimates.

May 30, 2015

Data shows Indian growth outstrips China’s but economists doubtful

NEW DELHI (Reuters) – India’s economy grew faster than China’s in the quarter through March, data showed on Friday, but a sharp downward revision for the previous quarter fuelled doubts about the accuracy of a new method used to measure economic activity.

Asia’s third-largest economy grew 7.5 percent year-on-year in the last quarter, according to the data, outstripping China’s 7 percent growth in the same quarter and beating a Reuters poll of economists who forecast 7.3 percent growth.

May 29, 2015

Modi speeds up capital spending in April to push growth

NEW DELHI (Reuters) – Prime Minister Modi ramped up spending on roads, railways and rural infrastructure in April to boost economic growth, after $19 billion in cuts brought public investment shuddering to a halt at the end of the last fiscal year.

Modi, who completed one year in power this week, has vowed to raise public spending on infrastructure by $11 billion in the current fiscal year. At the same time, he is targeting a fiscal deficit of 3.9 percent of gross domestic product, a shade lower than 4 percent achieved in the year that ended in March.

May 29, 2015

India’s Modi speeds up capital spending in April to push growth

NEW DELHI, May 29 (Reuters) – Indian Prime Minister Modi
ramped up spending on roads, railways and rural infrastructure
in April to boost economic growth, after $19 billion in cuts
brought public investment shuddering to a halt at the end of the
last fiscal year.

Modi, who completed one year in power this week, has vowed
to raise public spending on infrastructure by $11 billion in the
current fiscal year. At the same time, he is targeting a fiscal
deficit of 3.9 percent of gross domestic product, a shade lower
than 4 percent achieved in the year that ended in March.

May 29, 2015

India says economy grows faster than China but doubts linger

NEW DELHI (Reuters) – India’s economy grew faster than China’s in the quarter through March, data showed on Friday, but a sharp downward revision for the previous quarter has added to doubts about the accuracy of a new method used to measure economic activity.

Asia’s third-largest economy grew 7.5 percent year-on-year in the last quarter, outstripping China’s 7 percent growth in the same quarter and beating a Reuters poll of economists who forecast 7.3 percent growth.

May 29, 2015

Budget data to give clues to Modi’s capex promise

NEW DELHI (Reuters) – Prime Minister Narendra Modi hit his borrowing targets in the last fiscal year by slashing $19 billion in capital spending and data on Friday will show whether he has taken his foot off the brakes in April.

Modi, who has completed one year in power this week, managed to hit a budget deficit goal of 3.9 percent of GDP in the fiscal year to March with a severe capex squeeze in the final three months of the year.

May 29, 2015

Indian budget data to give clues to Modi’s capex promise

NEW DELHI, May 29 (Reuters) – Indian Prime Minister Narendra
Modi hit his borrowing targets in the fiscal year recently ended
by slashing $19 billion in capital spending and data on Friday
will show whether he has taken his foot off the brakes in April.

Modi, who has completed one year in power this week, managed
to hit a budget deficit goal of 3.9 percent of GDP in the fiscal
year to March with a severe capex squeeze in the final three
months of the year.

May 28, 2015

India hungry for rate cut despite economic growth seen outstripping China

NEW DELHI (Reuters) – India’s government and businesses are pushing for an interest rate cut next week even though data on Friday may show output is expanding faster than China’s, in the latest sign of concerns that the figures are masking weaknesses in the economy.

Gross domestic product INGDPQ=ECI in the three months that ended in March likely grew 7.3 percent from a year earlier, a Reuters’ poll of economists found, outpacing China for the second straight quarter.

May 22, 2015

India plans new oil subsidy rules to push ONGC stake sale

NEW DELHI (Reuters) – India plans to reform rules governing the level of discounts upstream state oil firms including ONGC offer to retailers, a senior finance ministry official said on Friday, a move that could expedite the sale of a stake in the company.

The government hopes to sell shares in ONGC and India Oil Corp. to raise about a third of its budget target for asset sales of $11 billion – and reduce its fiscal deficit to 3.9 percent of GDP in the 2015/16 fiscal year.

May 22, 2015

Jaitley promises better tax regime for companies

NEW DELHI (Reuters) – Finance Minister Arun Jaitley struck a conciliatory tone towards investors on Friday, promising to tax corporate profits at competitive rates and saying the government would do all in its power to implement a new goods and services tax (GST) on time.

Foreign portfolio investors have complained about surprise tax claims and, during a news conference to mark Prime Minister Narendra Modi’s first year in power, Jaitley said a judicial resolution was in the works.