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Apr 10, 2014

India tycoon prospers as Modi stresses development

AHMEDABAD, India (Reuters) – The way billionaire Indian infrastructure-builder Gautam Adani sees it, working with the government does not make him a crony-capitalist.

Adani’s rapid ascent to the top tier of Indian business is often associated with the rise of Narendra Modi, the Hindu nationalist opposition leader widely expected to become India’s next prime minister once the country’s election ends next month.

Apr 10, 2014

Billionaire Adani prospers as Modi stresses development

AHMEDABAD, India (Reuters) – The way billionaire infrastructure-builder Gautam Adani sees it, working with the government does not make him a crony-capitalist.

Adani’s rapid ascent to the top tier of Indian business is often associated with the rise of Narendra Modi, the Hindu nationalist opposition leader widely expected to become India’s next prime minister once the country’s election ends next month.

Apr 1, 2014

India central bank leaves rates on hold, as expected

MUMBAI (Reuters) – The Reserve Bank of India left its policy interest rate unchanged on Tuesday, as expected, and said it does not expect further near-term policy tightening if headline inflation continues to ease towards the bank’s targeted level.

The RBI kept its key repo rate at 8.00 percent, in line with the forecast of all 53 economists in a Reuters poll last week.

Apr 1, 2014

RBI leaves repo rate on hold at 8 percent, as expected

MUMBAI (Reuters) – The Reserve Bank of India (RBI) left its policy interest rate unchanged on Tuesday, as expected, and said it does not expect further near-term policy tightening if headline inflation continues to ease towards the bank’s targeted level.

The RBI kept its key repo rate at 8.00 percent, in line with the forecast of all 53 economists in a Reuters poll last week.

Mar 4, 2014

Sahara chief Subrata Roy faces Supreme Court

MUMBAI/NEW DELHI (Reuters) – Subrata Roy, the self-styled managing worker of Sahara India Pariwar, India’s biggest private-sector employer, will appear before the Supreme Court on Tuesday after spending the weekend in custody at a government nature-reserve guest house.

Roy was arrested on Friday after failing to appear at a Supreme Court hearing – which he says he missed to attend to his ailing mother – related to a multi-billion-dollar Sahara investment scheme that was later ruled to be illegal.

Mar 4, 2014

India’s Sahara chief, after arrest, faces highest court

MUMBAI/NEW DELHI (Reuters) – Subrata Roy, the self-styled managing worker of Sahara India Pariwar, India’s biggest private-sector employer, will appear before the Supreme Court on Tuesday after spending the weekend in custody at a government nature-reserve guest house.

Roy was arrested on Friday after failing to appear at a Supreme Court hearing – which he says he missed to attend to his ailing mother – related to a multi-billion-dollar Sahara investment scheme that was later ruled to be illegal.

Feb 2, 2014

Rajasthan bars foreign supermarkets in latest blow for chains

MUMBAI (Reuters) – Rajasthan has barred foreign direct investment in supermarkets, an ominous sign for global retailers who covet India’s vast but fragmented retail sector if the Bharatiya Janata Party (BJP) comes to power nationally in upcoming elections.

The BJP is considered to be more investor-friendly than the ruling Congress party but opposes foreign direct investment in supermarkets because of its impact on small shopkeepers. It unseated Congress in Rajasthan’s state elections in December.

Feb 2, 2014

Indian state bars foreign supermarkets in latest blow for chains

MUMBAI, Feb 2 (Reuters) – The Indian state of Rajasthan has
barred foreign direct investment in supermarkets, an ominous
sign for global retailers who covet India’s vast but fragmented
retail sector if the country’s main opposition Bharatiya Janata
Party (BJP) comes to power nationally in upcoming elections.

The BJP is considered to be more investor-friendly than
India’s ruling Congress party but opposes foreign direct
investment in supermarkets because of its impact on small
shopkeepers. It unseated Congress in Rajasthan’s state elections
in December.

Jan 29, 2014

India quietly begins tryst with inflation targeting

MUMBAI, Jan 29 (Reuters) – Without explicitly saying so, the
Reserve Bank of India has effectively begun to target inflation
based on consumer prices, a dramatic shift in approach for a
central bank that has struggled to manage the balance between
growth and inflation.

The RBI unexpectedly raised policy interest rates by a
quarter percentage point to 8.00 percent on Tuesday.

Jan 29, 2014

RBI raises repo rate, says further tightening unlikely soon

MUMBAI (Reuters) – The RBI surprisingly raised interest rates on Tuesday to dampen inflation, saying it was now better prepared to deal with the risk of major capital outflows roiling emerging economies.

The Reserve Bank of India (RBI), however, said that if retail inflation eases as projected, it does not foresee further near-term monetary policy tightening.