Austerity

  • On Eid eve, sellers dictate prices in Srinagar July 27, 2014

    Srinagar: Despite appeals for austerity by religious and social groups, frenzied Eid shopping started on Sunday, two days ahead of the festival, with sellers dictating the prices. Markets are full of edibles, including mutton, poultry, eggs and festive merchandise like firecrackers and toys for children, garments for families and jewellery for...
  • One month of Modi government: Is inflation the government's biggest worry? June 26, 2014

    Prime Minister Narendra Modi's government completed its first month in office on Thursday. In the past one month, the Modi government has faced various challenges ranging from the Iraq crisis to inflation to a below normal monsoon. CNNIBN takes calls of people from across the country and takes their views...
  • Modi regime's 1 month: Some tough decisions, many challenges remain June 26, 2014

    Prime Minister Narendra Modi's government completed its first month in office on Thursday. In the past month the government has been praised for measures like forming an SIT on black money but it has also been in the line of fire for a steep hike in railway fair announced ahead...
  • Modi austerity drive, no new cars for ministers, PMO to monitor spending June 25, 2014

    New Delhi: In a move to probably bring in austerity in his government, Prime Minister Narendra Modi has asked all the ministers to refrain from buying new cars, said sources. Modi, whose working style had garnered headlines in less than a month of assuming office, has also asked the ministers to...
  • Austerity doesn't affect soldiers, kerosene issued in advance: Army January 16, 2014

    New Delhi: The Indian Army has denied reports of austerity measures affecting the soldiers at the Line of Control. The Army has said that enough kerosene ration has been issued to the soldiers. A CNNIBN special report had shown how there has been a 57 per cent cut in kerosene supply...
  • Life of an Indian soldier at LoC: Battling austerity, hostile terrain, cold January 16, 2014

    Line Of Control: Indian soldiers battle subzero temperatures, hostile terrain and austerity measures while protecting the country. CNNIBN travelled along the Line of Control in Jammu and Kashmir ahead of Army Day on Wednesday. Subzero temperatures that go down to minus 20, a hostile terrain that tests your endurance and a...
  • Vasundhara Raje's austerity measures to give competition to AAP govt January 11, 2014

    Jaipur: Delhi's Aam Aadmi Party government's roadside public hearings, austerity drive and brushing aside VIP culture has some serious competition coming from neighbouring Rajasthan's Vasundhara Raje government. After deciding to cut down her security detail by half, not moving to the designated chief minister's house and stopping at traffic lights, Vasundhara...
  • Rajasthan ministers not to avail police escort during district visits January 9, 2014

    Jaipur: Rajasthan ministers on Wednesday pledged not to avail police escort during their visits to districts and to keep their cavalcade's size as small as possible, following Chief Minister Vasundhara Raje's austerity measures. The Chief Minister applauded the idea and thanked her cabinet colleagues for their resolution at the CollectorSP conference...
  • India to stick with austerity despite looming election: P Chidambaram October 8, 2013

    The government will have to rein in spending and cut subsidies to meet its fiscal deficit target, the country's Finance Minister said on Monday, underlining that an austerity drive will not be blown off course by an election due next year. P Chidambaram told Reuters ahead of a trip to the...
  • UPA's new austerity measures, officers to travel only in economy class September 18, 2013

    New Delhi: The Central Government has announced new austerity measures to cut non-plan expenditure by 10 per cent. Finance Minister P Chidambaram said that the government officials, barring top bureaucrats, will fly only in economy class for domestic tours. The Finance Minister also added that the government will impose a...
  • White House rolls back its welcome carpet for tourists March 6, 2013

    Washington: You are not welcome to tour the White House anymore! US President Barack Obama's administration announced on Tuesday that all public tours of the White House will be cancelled after Friday because of budget cuts hitting all areas of the federal government. The cancellation likely will disappoint thousands of...
  • Portuguese march against austerity, demand govt step down March 3, 2013

    Lisbon: Hundreds of thousands of Portuguese poured into the streets of Lisbon and other cities on Saturday to demand an end to austerity measures dictated by an international bailout and for the centre-right government to resign. The rallies, which follow the introduction of the biggest tax hikes in living memory, mark...
  • Greece passes 2013 austerity budget November 12, 2012

    Athens: Greek lawmakers approved the country's 2013 austerity budget early on Monday, an essential step in Greece's efforts to persuade its international creditors to unblock a vital rescue loan installment without which the country will go bankrupt. The budget passed by a 167128 vote in the 300member Parliament. It came days...
  • Greece narrowly passes crucial austerity bill November 8, 2012

    Athens: Greece's Parliament passed a crucial austerity bill early on Thursday in a vote so close that it left the coalition government reeling from dissent. The bill, which will further slash pensions and salaries, passed 153128 in the 300member Parliament. It came hours after rioters rampaged outside Parliament during an...
  • Greece narrowly passes crucial austerity bill November 8, 2012

    Athens: Greece's Parliament narrowly passed a crucial austerity bill early Thursday, in a vote that left the coalition government reeling from dissent as it struggles to secure vital bailout funds. The bill, which will further slash pensions and salaries, passed 153128 in the 300member Parliament. It came hours after rioters rampaged...
  • Thousands in UK join antiausterity march October 20, 2012

    London: Thousands of protesters in London, Glasgow and Belfast on Saturday held a loud but peaceful march against British government's austerity measures aimed at slashing the nation's debt. Labour leader Ed Miliband is among dozens of speakers addressing crowds at the biggest march in London. Demonstrators want the coalition to end...
  • Spain, Greece announce harsh budget cuts September 28, 2012

    Madrid: Spain and Greece outlined plans on Thursday to cut spending and raise taxes to convince international lenders and financial markets they are on the right track to cut their deficits. The measures outlined on Thursday highlight how Europe's struggling countries are battling public anger and flatlining economies to push for...
  • K'taka: No drought of funds for MLAs' foreign trips August 7, 2012

    Bangalore: They will not be deterred by public criticism or government declarations of austerity in a time of drought. About 100 legislators, accompanied by 15 officials, are going ahead with study tours to Russia, the Scandinavian countries and South America. The bill could exceed Rs 8 crore. The necessary formalities...
  • Spain unveils new austerity under pressure July 12, 2012

    Recessionplagued Spain unveiled new austerity measures on Wednesday designed to slash 65 billion euros from the public deficit by 2014 as Prime Minister Mariano Rajoy yielded to EU pressure to try to avoid a full state bailout. The conservative leader announced a 3point hike in the main rate of Value Added...
  • Focus must be on growth more than on austerity: G20 June 20, 2012

    European leaders rejected the pressure to deliver quick new measures to fight their debt crisis, even as the G20 said the focus should be on growth more than austerity. ...
  • Greece elections: ProEurozone forces win June 18, 2012

    Athens: Fears of an imminent Greek exit from Europe's joint currency receded on Sunday after the conservative New Democracy party came first in a critical election and probailout parties won enough seats to form a joint government. As central banks stood ready to intervene in case of financial turmoil, Greece held...
  • Greek exit polls: Top 2 parties neck and neck June 17, 2012

    Athens: In an election crucial for Greece, Europe and the world, exit polls on Sunday showed the two top contenders in Greece to be neckandneck. The outcome of Sunday's vote could determine whether Greece remains in the euro or is forced to leave the joint currency, a move that could drag...
  • World waits and watches as Greece heads to vote June 17, 2012

    A win for the Leftwing Syriza LED party would mean Greece's exit from the EU and bloodbath in the markets worldwide. ...
  • Nobel cuts prize money after years of overspending June 12, 2012

    Stockholm: The prize money given to Nobel laureates is to be cut by a fifth, the foundation behind the prestigious awards said on Monday, after a decade of overspending that has stretched its finances. The Nobel Foundation said the money for the awards, given for excellence in the fields of science,...
  • Govt bans 5star hotel meetings, foreign travel May 31, 2012

    New Delhi: Launching an austerity drive to contain expenditure, the government today banned creation of new posts in its departments and holding their meetings in fivestar hotels besides imposing curbs on foreign travel. The Finance Ministry has also asked all ministries and departments to reduce nonPlan...
  • Polls: Greek's proausterity parties gaining May 28, 2012

    Athens: Three weeks before Greece has another election, opinion polls published on Sunday indicated the election will result in no single party gaining a majority in parliament, but two parties that favor implementing Greece's bailout programs could be able to form a coalition government. The four surveys show that Greek voters,...
  • FTN: Are Indians ready for austerity? May 23, 2012

    Politicians and bureaucrats are spending lakhs on their foreign travel. Are Indians ready for austerity? ...
  • Pranab's austerity mantra: No fivestar meetings May 18, 2012

    New Delhi: The government may slash spending on foreign travel by ministers and officials and on meetings in fivestar hotels as part of austerity measures to cut down on budget deficit. Two days after announcing in Parliament, Union Finance Minister Pranab Mukherjee announced the first steps in that direction. This is...
  • Pranab's austerity: Officials' foreign trips curbed May 18, 2012

    New Delhi: Two days after announcing in Parliament that India will have to tighten its belt, Finance Minister Pranab Mukherjee has hinted at austerity measures that will be taken. Pranab said that there will soon be a ban on the purchase of new vehicles by the government departments. Interestingly, Home Minister...
  • Rupee hits record low; Pranab seeks austerity May 16, 2012

    Mumbai: The rupee slumped to a record low against the dollar on Wednesday as risk aversion in global markets added pressure on a currency already under fire from the country's current account and fiscal deficits. The currency's slide came just before Finance Minister Pranab Mukherjee said he had directed his ministry...