Manoj's Feed
Aug 28, 2014

India’s Modi: Banking for all to end “financial untouchability”

NEW DELHI, Aug 28 (Reuters) – Indian Prime Minister Narendra
Modi promised on Thursday to end “financial untouchability” with
a scheme to ensure the majority of households in his country of
nearly 1.3 billion people has a bank account within months.

If successful, the scheme could help mend strained state
finances by better targeting billions of dollars in welfare
spending as well as relieving poverty in a country where about
40 percent of the population has no access to banking.

Aug 22, 2014

U.S.-based economist poised to become Indian govt adviser

NEW DELHI (Reuters) – U.S.-based economist Arvind Subramanian is poised to be named as chief economic adviser to Indian Prime Minister Narendra Modi’s government, two sources at the finance ministry said on Friday.

If confirmed, the appointment would bring a second economist of international renown to a key policy post following the naming of former International Monetary Fund chief economist Raghuram Rajan as central bank chief last year.

Aug 22, 2014

Arvind Subramanian likely to be chief econ adviser

NEW DELHI (Reuters) – U.S.-based economist Arvind Subramanian is poised to be named as chief economic adviser to Prime Minister Narendra Modi’s government, two sources at the finance ministry said on Friday.

If confirmed, the appointment would bring a second economist of international renown to a key policy post following the naming of former International Monetary Fund chief economist Raghuram Rajan as Reserve Bank of India chief last year.

Aug 20, 2014

Govt begins revamp of Food Corporation of India to cut waste, tame prices

NEW DELHI (Reuters) – India has set up a panel to suggest an overhaul of a state-run food grain procurement agency as part of its plan to reduce wastage and help control runaway food prices.

Prime Minister Narendra Modi, who took charge in May after a landslide victory, promised during the election campaign to break up the Food Corporation of India (FCI) into three divisions for handling procurement, management and distribution.

Aug 20, 2014

India begins revamp of grains agency to cut waste, tame prices

NEW DELHI, Aug 20 (Reuters) – India has set up a panel to
suggest an overhaul of a state-run food grain procurement agency
as part of its plan to reduce wastage and help control runaway
food prices.

Prime Minister Narendra Modi, who took charge in May after a
landslide victory, promised during the election campaign to
break up the Food Corporation of India (FCI) into three
divisions for handling procurement, management and distribution.

Aug 20, 2014

IFC launches $2.5 bln, rupee-denominated bonds for infra projects in India

NEW DELHI, Aug 20 (Reuters) – The World Bank’s
private-sector financing arm on Wednesday launched $2.5 billion,
rupee-denominated, bonds in the Indian market to fund
infrastructure projects, after raising $1 billion in offshore
bonds for the sector last year.

The International Finance Corporation’s (IFC’s) bond
programme comes at a time when both the Indian government and
the central bank are stepping up measures to attract global
investors to deepen the local bond market.

Aug 15, 2014

Modi promises access to banking for India’s poor

NEW DELHI, Aug 15 (Reuters) – Prime Minister Narendra Modi
promised on Friday greater access to financial services for
nearly 500 million Indians who do not have a bank account, many
of whom are now at the mercy of money lenders who charge
extortionate interest.

Even though India has grown to become Asia’s third-largest
economy, thousands of poor farmers commit suicide every year
because they cannot repay loans.

Aug 13, 2014

India considers allowing Euroclear settlements for only some investors

MUMBAI/NEW DELHI, Aug 13 (Reuters) – India is considering
joining Euroclear, the world’s largest securities settlement
system, with the condition that only long-term foreign investors
trade Indian government debt for now, two sources familiar with
the discussions told Reuters.

The proposal from the Reserve Bank of India (RBI) and
submitted to the finance ministry, allows long-term investors
such as sovereign wealth funds, to settle Indian government
bonds on it, but not yet foreign institutional investors (FIIs).

Aug 11, 2014

RBI gets conditional support from govt for inflation target

NEW DELHI (Reuters) – The Reserve Bank of India, which wants to bring retail inflation down to 6 percent, on Sunday received conditional support for this target from Finance Minister Arun Jaitley who is putting emphasis on stronger economic growth.

The RBI last Tuesday kept its policy rate unchanged for the third time in a row at 8 percent, and set a target to bring down retail inflation to 6 percent by January 2016.

Aug 10, 2014

RBI consults with finance ministry on new policy framework

NEW DELHI (Reuters) – The Reserve Bank of India (RBI) has started discussions with the finance ministry on a new monetary policy framework, including measures to reduce retail price inflation, Governor Raghuram Rajan said on Sunday.

The RBI last Tuesday kept its policy rate unchanged for the third time in a row at 8 percent, and set a target to bring down retail inflation to 6 percent by March 2016.