Matthias's Feed
Mar 26, 2012

U.S. pitches India infrastructure push, warns on trade

NEW DELHI, March 26 (Reuters) – Commerce Secretary John
Bryson on Monday pitched for U.S. companies to participate in
India’s massive private sector-driven push in building
infrastructure, but warned the south Asian nation’s high import
tariffs could hurt long-term ties.

U.S. companies should push to invest in sectors such as road
building, railways, aviation and energy, Bryson said, as part of
India’s planned spend of $1 trillion over the next five years in
a sector seen as crucial to its long-term prosperity.

Mar 23, 2012

Exporters seek advance rupee payments from Iran

NEW DELHI (Reuters) – Exporters are pressing the government to allow advance payments from Iran in rupees to them under a new mechanism set up to facilitate trade with the sanctions-hit Islamic republic which is its No. 2 oil supplier.

Under the new mechanism, oil refiners will deposit rupees, which are not freely traded on global markets, for about 45 percent of Iranian crude purchases in an account at UCO Bank and the funds can be used to pay for some of India’s exports.

Mar 22, 2012

Insight: Life and death on India’s slow train to prosperity

KANPUR, India (Reuters) – As the Kalka Mail train pulls into Delhi railway station at dawn, it is every man, woman and child for themselves.

Before the train has stopped, crowds elbow and jostle into packed compartments destined for Kolkata, 1,500 km (930 miles) and 25 hours away on one of the largest, most decrepit and dangerous rail networks in the world.

Mar 22, 2012

Life and death on India’s slow train to prosperity

KANPUR, India, March 22 (Reuters) – As the Kalka Mail train
pulls into Delhi railway station at dawn, it is every man, woman
and child for themselves.

Before the train has stopped, crowds elbow and jostle into
packed compartments destined for Kolkata, 1,500 km (930 miles)
and 25 hours away on one of the largest, most decrepit and
dangerous rail networks in the world.

Mar 15, 2012

Rail fare row plunges Indian government into new crisis

NEW DELHI, March 15 (Reuters) – The Indian government
was plunged into yet another crisis on Thursday by a rebellion
within its own ranks over a proposed rise in rail fares,
underscoring its inability to take unpopular steps and frailty
in the face of querulous coalition allies.

Despite the row, the government was likely to survive since
nobody wanted an early election, analysts said.

Mar 15, 2012

UPA in new crisis after Trivedi’s rail fare hike move

NEW DELHI (Reuters) – Railway Minister Dinesh Trivedi looked set to quit on Thursday after a storm broke out over his move to raise passenger fares, underscoring the government’s inability to take unpopular policy steps amid growing speculation the ruling coalition could break up.

Breaking with years of populist policies, Trivedi announced the first increase in fares in eight years on Wednesday, a move aimed at shoring up the finances of a network whose dysfunction has become a major drag on the economy.

Mar 15, 2012

Indian government in new crisis over rail fare hike

NEW DELHI, March 15 (Reuters) – India’s railway
minister looked set to quit on Thursday after a storm broke out
over his move to raise passenger fares, underscoring the
government’s inability to take unpopular policy steps amid
growing speculation the ruling coalition could break up.

Breaking with years of populist policies, Railway Minister
Dinesh Trivedi announced the first increase in fares in eight
years on Wednesday, a move aimed shoring up the finances of a
network whose dysfunction has become a major drag on the
economy.

Mar 14, 2012

India bucks populist trend to raise railway fares

NEW DELHI, March 14 (Reuters) – India will raise
railway passenger fares for the first time in eight years,
snapping a populist trend to help mend the finances of a
creaking network that is a bottleneck for growth in Asia’s
third-largest economy.

Opposition lawmakers seized on Wednesday’s fare increase to
attack the Congress party-led coalition government, which is
already reeling from a slew of corruption scandals and was
battered in crucial state elections last week. Even the railway
minister’s own party demanded that the hike be rolled back.

Mar 14, 2012

Rail Budget 2012: Govt bucks populist trend to raise fares

NEW DELHI (Reuters) – India will raise railway passenger fares for the first time in eight years, snapping a populist trend to help mend the finances of a creaking network that is a bottleneck for growth in Asia’s third-largest economy.

(To know the changes in fares, click here)

The railway budget, released on Wednesday, precedes the union budget, to be presented in parliament by Finance Minister Pranab Mukherjee on Friday, which is expected to push fiscal deficit reduction amid slowing economic growth and high inflation.

Mar 14, 2012

Rail Budget 2012: Plan to borrow $10 bln in FY13

NEW DELHI (Reuters) – India’s railway ministry plans to borrow 500 billion rupees from the market through the Indian Railway Finance Corporation (IRFC) in the 2012/13 fiscal year, Railway Minister Dinesh Trivedi said on Wednesday.

Speaking as he unveiled the ministry’s budget to parliament, he also said India planned to invest $147 billion in the railways during the next five-year plan period that runs from 2012 to 2017.