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India's PM increases compensation for farmers to ease rural discontent NEW DELHI: Indian Prime Minister Narendra Modi on Wednesday announced higher compensation and government aid for farmers who are suffering due to unseasonable rains, in an attempt to calm growing discontent among people living in the countryside.Storms have badly damaged crops in large parts of northern India and led to anger against Modi for not doing enough to help those in distress. Dozens of farmers have committed suicide in recent weeks.Discontent among people in rural areas, where 70 percent of India's 1.2 billion people live, could hurt Modi's political ambitions as he tries to consolidate power in upcoming state elections.On Wednesday, Modi said his government will increase the compensation provided to affected farmers by 50 percent, as well as bring down the threshold of crop damage that allows farmers to seek government assistance."The government's current (compensation) parameters are not enough to help the farmers," Modi said at an event in ...

India hikes compensation for rain-hit farmers NEW DELHI: India's prime minister said Wednesday he would boost compensation to farmers whose crops were destroyed by recent heavy rains, amid growing criticism of the government's rural policies.Narendra Modi was elected less than a year ago with a huge majority, but there has been strong rural opposition to his government's controversial land acquisition bill."It is the responsibility of each one of us, the government included, to stand by our farmers who are going through ...
Modi out to woo investors on first Europe trip NEW DELHI: Prime Minister Narendra Modi will take his push to turn thriving India into a major manufacturing and investment hub to the eurozone's two biggest economies this week on his maiden visit to the continent.Modi flies out Thursday to France, whose government is desperate to save a troubled $12 billion defence deal, before heading to Germany to inaugurate one of the world's biggest trade fairs.He will also visit Canada at the end of the ...
Iran approved to join China-backed infrastructure bank SHANGHAI: Iran has been approved as a founding member of the Beijing-backed Asian Infrastructure Bank (AIIB), China's finance ministry said Tuesday, just days after Tehran sealed a historic framework agreement on its nuclear programme.Tehran's application was backed by other founding members on Friday, China's Ministry of Finance said in a statement on its website. The United Arab Emirates' bid was also approved.More than 50 countries, plus Taiwan, have now applied to join the bank in ...
Modi says India to strike own path in climate battle NEW DELHI: Indian Prime Minister Narendra Modi signalled on Monday he would not bow to foreign pressure to commit to cuts in carbon emissions, instead pledging to use more clean energy and traditional methods to lead the fight against climate change.India, the world's No.3 emitter of greenhouse gases, has come under pressure to tackle its rapidly rising emissions since the United States and China committed last November to start cutting their own emissions after a ...
Modi urges India's banks to lend to debt-laden farmers      MUMBAI: Prime Minister Narendra Modi on Thursday urged India's banks to lend more to the country's millions of impoverished farmers in a bid to halt suicides by debt-laden agricultural workers.Speaking at an event on increasing financial inclusion, Modi said he was pained to hear of increased reports of farmers taking their own lives after being unable to repay unscrupulous money lenders."Can't we ask ourselves how we can make our banking system so strong that no ...
China home prices fall in March: survey   BEIJING: Falls in Chinese house prices decelerated in March from the previous month, a survey showed Tuesday, after authorities loosened mortgage and tax policies as growth in the world's second-largest economy slows.The average price of a new home in China's 100 major cities edged down 0.15 percent from February to 10,523 yuan ($1,697) per square metre, the China Index Academy (CIA) said in a statement.The decrease slowed from a drop of 0.24 percent in February, ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-22.095 bln
Exports $23.885 bln
Imports $45.980 bln
WeeklyAugust 03, 2015
Reserves $18.536 bln