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India's Modi passes budget test despite lack of reform dazzle NEW DELHI/MUMBAI: India's reform-minded prime minister, Narendra Modi, appears to have passed a major test with a budget that pleased economists and investors with pledges to spend more on modernising India's ageing roads and railways while keeping borrowing in check.The budget presented by Finance Minister Arun Jaitley on Saturday loosened the reins on public spending to drive growth, but promised lower-than-expected borrowing despite raising the fiscal deficit target.While it was short on the "big bang" reform measures that free-market champions have been calling for since Modi took office with a strong mandate last year, the budget won plaudits for moves to cut corporate tax and make India more competitive.That should help temper bond traders' concerns of a glut of government debt and avoid a big sell-off when markets open on Monday."Despite the higher fiscal deficit; the market borrowing number is below market expectations," said Arvind Chari, head of fixed income ...

India raises threshold for transfer pricing rules NEW DELHI: India has raised the threshold for the application of transfer pricing rules to 200 million rupees ($3.24 million), from the current 50 million rupee level, according to the budget proposal presented by Finance Minister Arun Jaitley on Saturday.Copyright Reuters, 2015 ...
India to spend $37bn on major subsidies in 2015/16 NEW DELHI: India is expected to spend 2.27 trillion rupees ($37 billion) on major subsidies during the fiscal year starting April 1, according to budget proposals presented by Finance Minister Arun Jaitley on Saturday.Copyright Reuters, 2015 ...
India budget plans to inject $1.3bn into state banks in FY16 NEW DELHI: India plans to infuse 79.4 billion rupees ($1.29 billion) of capital into state-owned lenders during the fiscal year to March 2016, the annual budget showed on Saturday.Copyright Reuters, 2015 ...
India budget sets net receipts at 200 bln rupees for FY2015/16 MUMBAI: The Indian government set aside 200 billion rupees ($3.24 billion) in net receipts under the market stabilisation scheme (MSS) in the fiscal 2015/16 year, according to the budget documents.Under the MSS, the Reserve Bank of India sells government bonds to absorb excess liquidity from the banking system.Copyright AFP (Agence France-Presse), 2015 ...
India's Jaitley goes for growth, slower fiscal deficit cuts NEW DELHI: India's Finance Minister Arun Jaitley on Saturday announced a budget aimed at high growth, saying the pace of cutting the fiscal deficit would slow as he seeks to boost investment and ensure that ordinary people benefit.Jaitley, delivering his first full-year budget since Prime Minister Narendra Modi's landslide election victory last May, said growth would accelerate to between 8 and 8.5 percent in the fiscal year starting in April."India is about to take off," ...
India finmin announces plan for 'ultra mega' power projects NEW DELHI: India's Finance Minister Arun Jaitley has proposed building five "ultra mega" power projects of 4,000 megawatts each, when presenting the government's full-year budget on Saturday.Copyright Reuters, 2015 ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyApril
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 28, 2015
Reserves $17.494 bln