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Jul 9, 2014

Indian government report urges strong steps to contain fiscal deficit

NEW DELHI (Reuters) – India’s fiscal situation is worse than it appears, Prime Minister Narendra Modi’s government said in an economic report on Wednesday that called for tough measures to shore up public finances and reduce inflation.

The tone of the report is bound to increase speculation that Finance Minister Arun Jaitley will announce a higher fiscal deficit target in his maiden budget, which he presents to parliament on Thursday.

Jul 9, 2014

Economic Survey – 2014/15 GDP growth seen at up to 5.9 percent

NEW DELHI (Reuters) – India’s economy is expected to grow by up to 5.9 percent in the current fiscal year, the new government of Prime Minister Narendra Modi said in a major economic report on Wednesday that called for fiscal consolidation to bring down inflation.

The report, presented to parliament one day before Finance Minister Arun Jaitley delivers his maiden budget, also warned of a downward risk to growth due to weak monsoon rains, and set the lower end of the growth spectrum at 5.4 percent.

Jul 9, 2014

India’s 2014/15 GDP growth seen at up to 5.9 pct – report

NEW DELHI, July 9 (Reuters) – India’s economy is expected to
grow by up to 5.9 percent in the current fiscal year, the new
government of Prime Minister Narendra Modi said in a major
economic report on Wednesday that called for fiscal
consolidation to bring down inflation.

The report, presented to parliament one day before Finance
Minister Arun Jaitley delivers his maiden budget, also warned of
a downward risk to growth due to weak monsoon rains, and set the
lower end of the growth spectrum at 5.4 percent.

Jul 6, 2014

Modi to target record asset sales in budget – source

NEW DELHI (Reuters) – The government will seek to raise up to a record $11.7 billion in asset sales in its maiden budget this week, a senior government source said, bolstering state finances and buying time for structural reforms to revive a weak economy.

The privatisation target could reach 700 billion rupees, almost equal to all proceeds over the last four years, in a budget Prime Minister Narendra Modi hopes will launch the growth and jobs agenda that in May won him India’s biggest election mandate in three decades. The budget is due on Thursday.

Jul 6, 2014

India’s Modi to target record asset sales in first budget -source

NEW DELHI, July 6 (Reuters) – India’s new government will
seek to raise up to a record $11.7 billion in asset sales in its
maiden budget this week, a senior government source said,
bolstering state finances and buying time for structural reforms
to revive a weak economy.

The privatisation target could reach 700 billion rupees,
almost equal to all proceeds over the last four years, in a
budget Prime Minister Narendra Modi hopes will launch the growth
and jobs agenda that in May won him India’s biggest election
mandate in three decades. The budget is due on Thursday.

Jul 2, 2014

Jaitley talks tough on Indian budget, shares hit record highs

NEW DELHI (Reuters) – Finance Minister Arun Jaitley’s warning against “mindless populism” propelled Indian stocks to record highs on Wednesday, as investors bet that his maiden budget next week will stabilize the wobbly public finances.

Jaitley’s comments reinforced expectations that he will curb the state’s subsidy bill while taking advantage of the strong stock market to raise more than $10 billion by selling stakes in state companies.

Jul 2, 2014

Arun Jaitley talks tough on budget, Sensex hits life high

NEW DELHI (Reuters) – Finance Minister Arun Jaitley’s warning against “mindless populism” propelled Indian stocks to record highs on Wednesday, as investors bet that his maiden budget next week will stabilise the wobbly public finances.

Jaitley’s comments reinforced expectations that he will curb the state’s subsidy bill while taking advantage of the strong stock market to raise more than $10 billion by selling stakes in state companies.

Jul 1, 2014

Arun Jaitley says “mindless populism” needs to be checked

NEW DELHI (Reuters) – A high fiscal deficit and inflation are major challenges for India, Finance Minister Arun Jaitley said on Tuesday, adding that “mindless populism” in policymaking needed to be checked.

His comments will add to expectations that Jaitley could unveil tough fiscal consolidation measures in his first annual budget on July 10.

Jul 1, 2014

India’s Jaitley says “mindless populism” needs to be checked

NEW DELHI, July 1 (Reuters) – A high fiscal deficit and
inflation are major challenges for India, Finance Minister Arun
Jaitley said on Tuesday, adding that “mindless populism” in
policymaking needed to be checked.

His comments will add to expectations that Jaitley could
unveil tough fiscal consolidation measures in his first annual
budget on July 10.

Jun 30, 2014

Delayed monsoon hits dairies, souring inflation outlook

MEWAT India (Reuters) – Jai Prakash Sharma looked gloomily into the chilling tanks at the Mewat milk cooperative: they are only half full these days, thanks to a delay in India’s annual monsoon rains that has robbed cattle fodder of nutritious moisture.

“If there are not sufficient rains in the next few days, some farmers may start selling animals for slaughtering,” said Sharma, manager of a cooperative in Haryana that supplies milk to the capital, New Delhi.