Manoj's Feed
Dec 4, 2014

India to press G20 for deadline to cut remittance costs – sources

NEW DELHI, Dec 4 (Reuters) – India will press the Group of
20 economies to set a two-year deadline to reduce the cost of
international money transfers, two government sources said,
potentially saving more than $20 billion for developing
countries.

The world’s largest recipient of remittances – of about $70
billion a year – won the backing of G20 leaders last month in
Brisbane to take “strong practical measures” to cut the average
cost of sending money home to 5 percent.

Nov 28, 2014

Indian growth slows less than feared, easing pressure for rate cut

NEW DELHI, Nov 28 (Reuters) – A slowdown in India’s economy
in the last quarter will increase calls for Prime Minister
Narendra Modi to step up reforms but was less severe than
feared, giving the central bank ammunition to resist government
pressure to cut interest rates.

Gross domestic product expanded 5.3 percent in the
July-September quarter from a year earlier, as a manufacturing
slump took the bounce out of Asia’s third-largest economy.
Growth in the previous quarter was at a 2-1/2 year high of 5.7
percent.

Nov 28, 2014

Economic growth slows to 5.3 percent in Sept quarter

NEW DELHI (Reuters) – Data released on Friday showing a slowdown in India’s economy will put the Reserve Bank under renewed pressure to cut interest rates, while Prime Minister Narendra Modi takes his time over reforms needed for a revival.

India’s gross domestic product expanded 5.3 percent in the July-September quarter from a year earlier, as a slump in manufacturing took the bounce out of Asia’s third-largest economy. Growth in the June quarter had spurted to a 2-1/2 year high of 5.7 percent.

Nov 28, 2014

India’s economic growth slows to 5.3 percent in Sept quarter

NEW DELHI (Reuters) – Data released on Friday showing a slowdown in India’s economy will put the central bank under renewed pressure to cut interest rates, while Prime Minister Narendra Modi takes his time over reforms needed for a revival.

India’s gross domestic product expanded 5.3 percent in the July-September quarter from a year earlier, as a slump in manufacturing took the bounce out of Asia’s third-largest economy. Growth in the June quarter had spurted to a 2-1/2 year high of 5.7 percent.

Nov 28, 2014

Government plans to cut stake in state lenders to raise $14.4 billion

NEW DELHI (Reuters) – The government plans to raise about 891.2 billion rupees ($14.4 billion) by reducing its stakes in state-run banks to 52 percent, the junior finance minister said on Friday, sending shares of state lenders higher.

The government holds stakes ranging from 56 percent to 84 percent in 24 state-run banks that account for 70 percent of total outstanding loans of about $1 trillion in Asia’s third-largest economy.

Nov 28, 2014

India plans to cut stake in state lenders to raise $14.4 bln

NEW DELHI, Nov 28 (Reuters) – The Indian government plans to
raise about 891.2 billion rupees ($14.4 billion) by reducing its
stakes in state-run banks to 52 percent, the junior finance
minister said on Friday, sending shares of state lenders higher.

The government holds stakes ranging from 56 percent to 84
percent in 24 state-run banks that account for 70 percent of
total outstanding loans of about $1 trillion in Asia’s
third-largest economy.

Nov 27, 2014

Jaitley likely to meet Rajan on Monday to urge rate cut

NEW DELHI (Reuters) – Finance Minister Arun Jaitley is likely to meet the head of the Reserve Bank of India in New Delhi on Monday to urge the central bank to cut interest rates at a policy meeting the following day, two senior finance ministry officials said.

Jaitley wants the RBI Governor Raghuram Rajan to cut interest rates to support economic growth, one of the officials told Reuters on Thursday.

Nov 27, 2014

India’s Jaitley likely to meet Rajan on Monday to urge rate cut

NEW DELHI, Nov 27 (Reuters) – India’s finance minister is
likely to meet the head of the Reserve Bank of India in New
Delhi on Monday to urge the central bank to cut interest rates
at a policy meeting the following day, two senior finance
ministry officials said.

Arun Jaitley wants the RBI Governor Raghuram Rajan to cut
interest rates to support economic growth, one of the officials
told Reuters on Thursday.

Nov 25, 2014

Exclusive – India central bank under pressure to cut rates as growth slips

NEW DELHI (Reuters) – India’s economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the central bank to cut interest rates.

The sources said Finance Minister Arun Jaitley would press Reserve Bank of India (RBI) Governor Raghuram Rajan to lower borrowing costs when the two meet ahead of a decision on interest rates next Tuesday.

Nov 25, 2014

RBI under rate cut pressure as growth slips back

NEW DELHI (Reuters) – India’s economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the Reserve Bank to cut interest rates.

The sources said Finance Minister Arun Jaitley would argue forcefully for Reserve Bank of India (RBI) Governor Raghuram Rajan to lower interest rates when the two meet ahead of a decision on rates next Tuesday.