New Delhi: Finance Minister P Chidambaram announced on Thursday that the government plans to announce more economic reforms soon. He asked people to not panic saying the economy is recovering. "Economy is stronger than what it was this time last year. Inflation too is low," the Union Minister said.
Chidambaram also said that the government was planning to announce a review of the foreign direct investment (FDI) limits as also coal pricing and allocation to power plants and gas pricing by the end of June.
The various measures taken by the government since last September have yielded significant results and the government is looking forward to more reforms in the coming days, the Finance Minister said, adding that the government is encouraging every ministry to accelerate spending early....
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11:12 AM, Jun 13, 2013
Mumbai: With gold imports putting pressure on the current account deficit, the Reserve Bank on Monday imposed restrictions on import of the yellow metal by banks. "To moderate the demand for gold for domestic use, it has been decided to restrict the import of gold on consignment basis by banks, only to meet the genuine needs of exporters of gold jewellery," the RBI said in a statement. As per a...
03:36 PM, May 13, 2013
Washington: Finance Minister P Chidambaram on Friday said the three stimulus packages India had provided to the economy in the wake of the global financial crisis post 2008-09 lead to a higher fiscal deficit, inflation and slowdown in growth. He said the government is going to take more steps on the supply side to bring down the inflation and ensure 7 per cent growth rate in 2014. The three stimulus...
03:10 AM, Apr 20, 2013
Washington: At a time when many countries are facing challenges on the fiscal consolidation front, India with its favorable interest rate growth differential has an advantage in addressing deficit concerns in 2013, International Monetary Fund (IMF) said on Tuesday. In its latest edition of annual Fiscal Monitor report, the IMF said there is an improved picture across most of the world in terms of countries getting a handle on their...
01:50 AM, Apr 17, 2013
New Delhi: The Finance Ministry on Friday made a strong case for rating upgrade of Indian economy by global agency Fitch on the back of increasing investments, declining import of gold and government's commitment to fiscal prudence. The issue of rating upgrade was raised by Finance Ministry officials at a meeting with the representatives of Fitch here. The meeting was attended by Department of Economic Affairs Secretary Arvind Mayaram, among...
04:53 PM, Apr 12, 2013
After commercial success with films like 'Heyy Baby', 'Housefull' and 'Housefull 2', filmmaker Sajid Khan had big expectations from his latest, the remake of 'Himmatwala'. Well that remake bombed. ...
09:01 PM, Apr 10, 2013
New Delhi: Finance Minister P Chidambaram on Saturday said the Gross Domestic Product (GDP) of the country will grow by a little over 6 per cent in the fiscal year 2013-14 and the revenue targets would be met. He also noted that the revenue growth of the FY 2012-13, which stands at 16.7 per cent, was "commendable". The Union Minister said the tax target for the last fiscal was at...
04:09 PM, Apr 06, 2013
Mumbai: Reserve Bank Governor D Subbarao has said that price stability was necessary for ensuring sustainable growth in the long term as it helps investors and consumers to take informed decisions. "There might be some trade-off in the short term but in the medium to long term, you need price stability for investors and consumers to make informed choices, a necessary condition to stimulate growth", he said in an interview...
05:00 AM, Apr 05, 2013
>Asserting that India has to sort many internal issues, Finance Minister P Chidambaram on Monday said containing fiscal deficit, current account deficit and inflation are big challenges that country is facing currently. However, he maintained that the problems were being addressed and that fiscal deficit will reach the target of 3 per cent in 2016-17. ...
06:40 PM, Apr 01, 2013
Finance Minister P Chidambaram has hinted at steps to restore a sense of security in Jammu and Kashmir by April-May. Addressing the National Editors Conference in the Capital, Chidambaram said that violence in the valley will subside and the present phase of uncertainty will end. He did not, however, specify what measures are being contemplated. ...
01:40 PM, Mar 23, 2013
Undeterred by adverse political developments, Finance Minister P Chidambaram on Wednesday said there will be no let up in the government's efforts to continue with the economic reforms and he will go ahead with his meetings with foreign investors to persuade them to invest in India. ...
02:50 PM, Mar 20, 2013
The Reserve Bank of India (RBI) is expected to cut its key policy rate on Tuesday for the second time in 2013 to help revive a faltering economy, taking comfort from moderating core price pressures and the government's commitment to trim the fiscal deficit. ...
05:28 AM, Mar 19, 2013
India's high food inflation is a negative for the country's sovereign ratings as it filters through the broader economy, with adverse consequences for growth and the large fiscal and current account deficits, Moody's said on Monday. ...
10:59 AM, Mar 18, 2013
The Finance Ministry feels there is a case for a rating upgrade of India by at least a notch or so and agencies like Standard & Poor's and Fitch would be conveyed this view when they visit India next month. "I strongly believe there is a case for S&P and Fitch to upgrade. Even if it is one only notch or two notch above, but certainly there is no case...
11:56 AM, Mar 17, 2013
Goa Chief Minister Manohar Parrikar will have to do a balancing act when he presents the budget on Monday with revenues falling due to ban on mining activity and some of the recent measures taken by the government putting strain on state finances. ...
05:53 AM, Mar 16, 2013
Seeking to dispel fears over the state of economy, Finance Minister P Chidambaram on Thursday said the country will return to high growth of 7 per cent in two years and promised adequate public spending to stimulate it. Replying to a debate on the Budget 2013-14 in the Lok Sabha, he said the government was committed to ensuring reduction of fiscal deficit from 5.2 per cent to 3 per cent...
11:15 PM, Mar 14, 2013
India's 2013/14 budget unveiled last week offers a "realistic" plan to meet the country's fiscal deficit target, and should be a credit positive for its sovereign ratings, Moody's Investors Service said in a report on Monday. ...
11:35 AM, Mar 04, 2013
Finance Minister P Chidambaram on Saturday said the revenue department will send tax notices to 35,000 assesses next week, beefing up efforts to reach the collection target for the fiscal. ...
03:46 AM, Mar 03, 2013
Investors sentiments were spooked because rules were tighten in the Budget 13-14 for those based in Mauritius, seeking to avoid double taxes. Overseas investors will also have to provide the certificate that they are the final beneficiaries apart from the residency certificate. ...
10:15 AM, Mar 01, 2013
The Reserve Bank on Thursday welcomed the General Budget, saying it has laid the foundation for lowering fiscal and current account deficits, apart from supporting both domestic and foreign investments. The central bank said the government's net market borrowing target of around Rs 5 lakh crore (budget estimate for the next fiscal is Rs 4.84 lakh crore) is manageable. ...
05:46 PM, Feb 28, 2013
