The Troubled Rupee
Rupee at record low as India seen lacking options to brake fall
A top official said the government has options to stem a fall in the rupee but did not offer any specifics, turning the focus on the RBI to stem a rout that sent the rupee to record lows. Full Article
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Subsidy bill to hit 2.4 pct of GDP this year - Chidambaram
Palaniappan Chidambaram attends the inauguration ceremony of the National Security Guard (NSG) regional hub in Mumbai February 23, 2012.
Credit: Reuters/Danish Siddiqui/Files
NEW DELHI |
NEW DELHI (Reuters) - India's spending on major subsidies including fuel, fertiliser and food is likely to hit 2.4 percent of GDP in the current fiscal year, up from 1.9 percent targeted in the central budget, Finance Minister Palaniappan Chidambaram said on Saturday.
Chidambaram was speaking a day after the government said it was opening up its supermarket sector to foreign chains and two days after it announced a steep increase in the heavily subsidised price of diesel, in a spate of policy reforms aimed at boosting growth and shoring up government finances.
(Reporting by Manoj Kumar and Arup Roychoudhury; Editing by Tony Munroe)
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