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Government to boost public spending on infrastructure

Chennai, Jan 19 (ANI): Union Finance Minister Arun Jaitley on Monday (January 19) said that the government will increase public spending on infrastructure in months to come. The government estimates the country needs to spend $800 billion on infrastructure to grow seven percent per annum, sharply higher than around 5.5 percent projected by the Reserve Bank of India for the current fiscal year that ends in March. Addressing Confederation of Indian Industry (CII) summit in India's southern Chennai city, Jaitley said that the public spending on infrastructure would have to increase because the old Purchasing Power Parity (PPP) model was under stress and needed to be revived. Jaitley had promised imminent changes pushing ahead key reforms such as the introduction of a nationwide sales tax. Jan 19, 2015
World Bank President Jim Young Kim and India's Prime Minister Narendra Modi

Govt Adjusts Disinvestment Plan: IOC Stake Sale Possible

The government is likely to bring IndianOil stake to the disinvestment table, as continued uncertainty over policy affecting Coal India and ONGC would prove an impediment to its plans, even as it struggles to limit itself to the 4.1% fiscal deficit. Jan 17, 2015

PM Modi says committed to meeting budget deficit goal

New Delhi, Jan 17 (ANI): Prime Minister Narendra Modi has said that he is committed to meeting this year's budget deficit target, welcoming a cut in interest rates by the Reserve Bank of India (RBI) on the back of falling inflation. In a speech, Modi said his government would cut wasteful spending, streamline the payment of welfare benefits and raise investment in roads and railways to boost economic growth in Asia's third-largest economy. Modi's comments signalled his assent to RBI Governor Raghuram Rajan's call for "sustained high quality fiscal consolidation" as a condition for further monetary easing after a surprise quarter-point cut on Thursday. The 64-year-old prime minister said it would be difficult to revive economic growth but promised to deliver incremental reforms. Jan 17, 2015
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Politicos welcome RBI's decision to slash repo rate by 25 basis points to 7.75 percent

New Delhi, Jan 15 (ANI): Politicos on Thursday welcomed the Reserve Bank of India's decision to slash repo rate by 25 basis points to 7.75 percent. Reserve Bank of India Governor Raghuram Rajan took markets and corporate India by surprise early Thursday morning when he announced a long-awaited cut in the repo rate by 25 basis points to 7.75% with immediate effect. This is the first repo rate cut since May 2013. Finance Minister Arun Jaitley and Minister of State for the ministry also welcomed the decision and saw the same as beneficial for the nation building. Jan 15, 2015
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