NEW DELHI (Reuters) – India’s finance minister is planning to cut the public spending target for fiscal 2013/14 by up to 10 percent from this year’s original target, in what would be the most austere budget unveiled in recent history as he tries to avert a sovereign credit downgrade.

P. Chidambaram has already slashed actual public expenditure in the current fiscal year that ends in March by some 9 percent from the original target. So the plan for 2013/14 would in effect keep a lid on spending, limiting it to a similar rupee level or slightly higher.

NEW DELHI, Feb 15 (Reuters) – India’s finance minister is
planning to cut the public spending target for fiscal 2013/14 by
up to 10 percent from this year’s original target, in what would
be the most austere budget unveiled in recent history as he
tries to avert a sovereign credit downgrade.

P. Chidambaram has already slashed actual public expenditure
in the current fiscal year that ends in March by some 9 percent
from the original target. So the plan for 2013/14 would in
effect keep a lid on spending, limiting it to a similar rupee
level or slightly higher.

MILAN/NEW DELHI, Feb 14 (Reuters) – The new head of Italian
defence group Finmeccanica has inherited a corruption
crisis over a $750 million helicopter deal with India that risks
hurting the company’s business in other foreign markets.

India’s defence ministry confirmed on Thursday that it had
suspended payments following allegations that Finmeccanica paid
bribes to swing the deal for the sale of 12 luxury helicopters.

NEW DELHI, Feb 14 (Reuters) – India and France are speeding
up negotiations on a $10 billion deal for 126 Rafale aircraft
following disagreements over the cost of building them in India,
which caused months of delays, two Indian Defence Ministry
officials told Reuters.

India started exclusive talks with French Dassault
Aviation’s Rafale for a 126-plane order in January
2012, over the competing Eurofighter Typhoon
. The two sides still have to sign a final contract.

NEW DELHI (Reuters) – India and France are speeding up negotiations on a $10 billion deal for 126 Rafale aircraft following months of delays because of disagreements over the cost of building them in India, two Indian Defence Ministry officials told Reuters.

India started exclusive talks with French Dassault Aviation’s (AVMD.PA: Quote, Profile, Research) Rafale for a 126-plane order in January 2012, over the competing Eurofighter Typhoon (EAD.PA: Quote, Profile, Research). The two sides still have to sign a final contract.

NEW DELHI (Reuters) – India and France are speeding up negotiations on a $10 billion deal for 126 Rafale aircraft following months of delays because of disagreements over the cost of building them in India, two Indian Defence Ministry officials told Reuters.

India started exclusive talks with French Dassault Aviation’s (AVMD.PA: Quote, Profile, Research, Stock Buzz) Rafale for a 126-plane order in January 2012, over the competing Eurofighter Typhoon (EAD.PA: Quote, Profile, Research, Stock Buzz) (SIFI.MI: Quote, Profile, Research, Stock Buzz) (BAES.L: Quote, Profile, Research, Stock Buzz). The two sides still have to sign a final contract.

ROME/NEW DELHI, Feb 13 (Reuters) – Italy’s Finmeccanica
promoted company insider Alessandro Pansa to run the
defence group as CEO after the arrest of its head for alleged
bribery led India to suspend a $750-million deal to buy
helicopters.

After a hastily convened board meeting in Rome, Finmeccanica
said Pansa, the chief operating officer, would step up to ensure
management continuity following the arrest in northern Italy on
Tuesday of chairman and chief executive Giuseppe Orsi.

NEW DELHI (Reuters) – India put on hold a $750 million deal to buy helicopters from Finmeccanica SpA after the arrest of the head of the Italian defense group, as political opponents tried to capitalize on the latest scandal to hit the government before elections next year.

India will not make more payments or take delivery of nine helicopters until a probe by the Central Bureau of Investigation (CBI) is complete, two officials at India’s Defence Ministry with knowledge of the matter told Reuters on Wednesday.

NEW DELHI (Reuters) – India will cancel a $750 million (482 million pounds) deal to buy helicopters from Finmeccanica SpA and blacklist the Italian defence group if bribery allegations are proven, India’s defence minister said, as political opponents tried to capitalise on the scandal.

Italian police arrested Finmeccanica’s chief executive Giuseppe Orsi on Tuesday for alleged bribes paid to secure the sale of 12 AgustaWestland executive helicopters to the Indian Air Force, when he was head of the Finmeccanica helicopter unit. Orsi’s lawyer denied the allegations.

NEW DELHI (Reuters) – India will blacklist Finmeccanica SpA (SIFI.MI: Quote, Profile, Research, Stock Buzz) and cancel a deal to buy 12 helicopters from the Italian defense group if allegations of bribery are proven against the company, Defense Ministry A.K. Antony said on Wednesday.

Antony said India’s Central Bureau of Investigation (CBI) had been ordered to investigate the purchase of the luxury choppers — destined for use by India’s political leadership. He said that if the allegations were proved true, those involved would be punished.