NEW DELHI, May 22 (Reuters) – Indian 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 national sales tax 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.
NEW DELHI (Reuters) – The Reserve Bank of India (RBI) is working to liberalise its foreign exchange rules to make it easier to do business with Asia’s third-largest economy, Deputy Governor H.R. Khan said on Thursday, a step that could support flagging exports.
In line with Khan’s announcement, the central bank took a small step by simplifying the process for Indian companies to raise rupee funds offshore.
NEW DELHI, May 21 (Reuters) – India’s central bank is
working to liberalise its foreign exchange rules to make it
easier to do business with Asia’s third-largest economy, Deputy
Governor H.R. Khan said on Thursday, a step that could support
In line with Khan’s announcement, the central bank took a
small step by simplifying the process for Indian companies to
raise rupee funds offshore.
NEW DELHI, May 18 (Reuters) – India’s finance ministry,
seeking to speed up deals with outside investors, is set to take
full control of the oversight of more than $40 billion a year in
foreign direct investments and share purchases, two government
Hitherto, both the government and the Reserve Bank of India
(RBI) had shared oversight of direct investment and indirect
purchases through proxy instruments.
NEW DELHI (Reuters) – India’s exports slumped for the fifth straight month in April from a year earlier, dragged down by fall in global demand that has cast a shadow over Prime Minister Narendra Modi’s goal of achieving over 8 percent growth in 2015/16 fiscal year.
The ongoing weakness in merchandise exports, which account for about 16 percent of India’s roughly $2 trillion economy, will weigh on January to March economic growth numbers due to be released on May 29.
NEW DELHI/MUMBAI (Reuters) – A surprise delay to India’s first nationwide sales tax marks one of the most painful setbacks suffered by Prime Minister Narendra Modi’s government as it nears the end of a first year in power, with markets falling and farmers braced for a poor monsoon.
Investors had hoped that the ruling Bharatiya Janata Party’s majority in the Lok Sabha, the lower house of parliament, would ensure Modi could push through reforms far more smoothly, but that assumption has taken a battering.
NEW DELHI (Reuters) – India will seek abolition of non-tariff barriers during Prime Minister Narendra Modi’s visit to China next week, officials said, as part of efforts to reduce a widening trade deficit and boost local industry.
New Delhi wants greater market access in sectors such as pharmaceuticals, IT services and farm products including bovine meat, Trade Minister Nirmala Sitharaman said on Friday.
MUMBAI/NEW DELHI (Reuters) – Fresh from his success in securing a mandated inflation target, Reserve Bank of India (RBI) Governor Raghuram Rajan has revived another long dormant reform as he seeks to modernise India’s financial architecture: a freely floating currency.
Rajan called in April for full convertibility in “a short number of years”, having first raised the prospect when he took office in 2013. While it is unlikely to be realised during his current term, he is laying the ground work for it to happen.
NEW DELHI, May 5 (Reuters) – India will push ahead this week
with plans to build a port in southeast Iran, two sources said,
with Prime Minister Narendra Modi keen to develop trade ties
with Central Asia and prepared to fend off U.S. pressure not to
rush into any deals with Iran.
India and Iran agreed in 2003 to develop a port at Chabahar
on the Gulf of Oman, near Iran’s border with Pakistan, but the
venture has made little progress because of Western sanctions on
NEW DELHI (Reuters) – Finance Minister Arun Jaitley sought to placate the Reserve bank of India (RBI) and foreign investors on Thursday by putting on hold a major overhaul of financial regulation and offering tax concessions on stocks and bonds.
Jaitley’s plans, announced in the annual budget in February, would have stripped the RBI of authority to regulate the government bond market and manage public debt.