Manoj's Feed
Nov 22, 2013

India to seek rupee trade payments to support battered currency

NEW DELHI (Reuters) – India is preparing to lobby major trading partners including Japan, Iraq and Venezuela to accept rupee payments for some of their exports, one of a series of moves to stabilise the volatile currency and make it more globally acceptable.

Restrictions on large transactions of rupees against foreign currencies are intended to protect India from sustained speculative assaults, but they also limit interest in the rupee and foreign investment flows.

Nov 14, 2013

Inflation at 7 percent, hits eight-month high in October

NEW DELHI (Reuters) – India’s wholesale price index rose to an eight-month high in October, driven by costlier fuel and manufactured goods, raising the prospect of a fresh rate hike despite the central bank governor’s soothing words earlier on core retail inflation.

The wholesale price index (WPI), climbed 7.0 percent in October, compared with 6.46 percent in September, the Commerce and Industry Ministry said on Thursday.

Nov 14, 2013

India’s headline inflation hits 8-mth high in Oct

NEW DELHI, Nov 14 (Reuters) – India’s wholesale price index
rose to an eight-month high in October, driven by costlier fuel
and manufactured goods, raising the prospect of a fresh rate
hike despite the central bank governor’s soothing words earlier
on core retail inflation.

The wholesale price index (WPI), climbed 7.0
percent in October, compared with 6.46 percent in September, the
Commerce and Industry Ministry said on Thursday.

Nov 12, 2013

Inflation seen staying uncomfortably high in Oct

NEW DELHI (Reuters) – Inflation is forecast to have risen to uncomfortable levels for policymakers in October due to stubbornly high food prices, adding to the pressure for further interest rate rises despite slowing economic growth.

Data on Tuesday is forecast to show annual consumer inflation at 9.9 percent in October, up slightly from September, and figures on Friday are expected to show wholesale inflation running at an eight-month high of 6.90 percent, according to Reuters polls of economists.

Nov 12, 2013

India inflation seen staying uncomfortably high in October

NEW DELHI, Nov 12 (Reuters) – Indian inflation is forecast
to have risen to uncomfortable levels for policymakers in
October due to stubbornly high food prices, adding to the
pressure for further interest rate rises despite slowing
economic growth.

Data on Tuesday is forecast to show annual consumer
inflation at 9.9 percent in October, up slightly from September,
and figures on Friday are expected to show wholesale inflation
running at an eight-month high of 6.90 percent, according to
Reuters polls of economists.

Nov 8, 2013

India squeezes its oil firms to meet fiscal deficit target

NEW DELHI (Reuters) – State-run oil companies are feeling the pain of the finance minister’s determination to meet his fiscal deficit target, with officials warning that exploration is under threat and losses at oil firms could steepen.

Oil Minister M. Veerappa Moily warned the Finance Minister, P. Chidambaram, that the subsidy burden placed on upstream companies was making oil fields unviable.

Nov 8, 2013

India squeezes its oil companies to meet fiscal deficit target

NEW DELHI, Nov 8 (Reuters) – India’s state-run oil companies
are feeling the pain of the finance minister’s determination to
meet his fiscal deficit target, with officials warning that
exploration is under threat and losses at oil firms could
steepen.

Oil Minister M. Veerappa Moily warned the finance minister,
P. Chidambaram, that the subsidy burden placed on upstream
companies was making oil fields unviable.

Oct 15, 2013

India may squeeze PSUs for cash as asset sales falter

NEW DELHI (Reuters) – India’s plan to raise about $9 billion from state-asset sales this year is in tatters, prompting the government to consider demanding state-run firms pay higher dividends as a way of papering over cracks in its budget.

Four finance ministry officials with direct knowledge of the matter said that with the stake-sale target looking increasingly difficult to reach, they were preparing to take a decision early in the new year on other ways to raise cash.

Oct 15, 2013

India may squeeze state firms for cash as asset sales falter

NEW DELHI, Oct 15 (Reuters) – India’s plan to raise about $9
billion from state-asset sales this year is in tatters,
prompting the government to consider demanding state-run firms
pay higher dividends as a way of papering over cracks in its
budget.

Four finance ministry officials with direct knowledge of the
matter said that with the stake-sale target looking increasingly
difficult to reach, they were preparing to take a decision early
in the new year on other ways to raise cash.

Oct 10, 2013

Exclusive: India in talks with JP Morgan, others to join bond indexes – sources

NEW DELHI/HONG KONG (Reuters) – India is talking with JP Morgan and others to gain entry to benchmark indexes for emerging market debt in hopes of attracting billions of dollars in investment and may ease some restrictions on foreign inflows in order to do so, sources said.

Finance Minister P. Chidambaram and other officials plan to meet next week in the United States with big fund managers that track such indexes including Pimco, Capital International and Standard Life, one of the sources with direct knowledge of the matter said.