Delhi Auto Expo 2012
NEW DELHI - Staking his credibility on meeting a deficit-cutting target, Finance Minister P. Chidambaram is likely to be forced to scale back spending in the upcoming fiscal year after delivering a budget that makes aggressive revenue assumptions.
NEW DELHI - Finance Minister P. Chidambaram will present one of the most highly anticipated budgets of recent years on Thursday, a blueprint for austerity that forms the centrepiece of India's efforts to stave off a damaging credit ratings downgrade.
NEW DELHI - India's railway will borrow 151.03 billion rupees from markets for the financial year 2013/2014, Railway Minister Pawan Kumar Bansal said on Tuesday as he presented his ministry's budget to parliament.
NEW DELHI - The finance minister had a bruising battle with cabinet colleagues in the run-up to the budget he unveils this week, rebuffing demands for pre-election spending and insisting on austerity to shore up investors' faith in a troubled economy.
BANGALORE - Whether the government will reduce borrowing in the next fiscal year is too close to call, but economists polled by Reuters say its resolve to cut spending and giveaways in next week's budget will reignite investor confidence.
MUMBAI - India is aggressively pursuing tax claims against multinational firms operating in the country as the government seeks to rein in its budget deficit, taking particular aim at IT and back-office functions, tax officials say.
MUMBAI - Investors are betting Indian bonds are set for their biggest rally since the global financial crisis, wagering that a government at risk of losing its investment-grade rating will put fiscal discipline ahead of election largesse.
NEW DELHI - Finance Minister P. Chidambaram is planning to cut the public spending target for fiscal 2013/14 by up to 10 percent from this year's original target, in what would be the most austere budget unveiled in recent history as he tries to avert a sovereign credit downgrade.
MUMBAI - The government is likely to borrow less in the new financial year that begins on April 1 than in 2012/13 because of its surplus cash balance, two government sources told Reuters on Monday.
NEW DELHI - The government will not go in for additional borrowing this fiscal year and will be able to keep the fiscal deficit at 5.3 percent of GDP, said Arvind Mayaram, a senior finance ministry official.