NEW DELHI Eyeing an election next year, India's government announced massive spending for rural areas and projected economic growth above 8 percent in an annual budget on Thursday that won broad approval from economists, though bond and share markets fell.
NEW DELHI India said on Thursday it expected economic growth to surge above 8 percent as it announced a 2018/19 budget that allocated billions of dollars for rural infrastructure and unveiled a health insurance programme for around 500 million poor.
NEW DELHI India's annual budget could push up inflation and prompt the central bank to raise interest rates sooner, analysts said on Thursday, raising the probability of a scenario that could hurt the nascent economic recovery.
NEW DELHI Prime Minister Narendra Modi's plan to provide health insurance for about half the country would require an estimated 110 billion rupees ($1.7 billion) in central and state funding each year, sources familiar with the matter said.
MUMBAI India outlined a farmer-friendly budget on Thursday, but for its burgeoning middle class, who aspire to own luxury goods ranging from Ray-Bans to iPhones, and Zippos to Fitbits - imported goods are set to get a whole lot costlier.
NEW DELHI The Reserve Bank of India is not in talks with the government to conduct open market purchases of government bonds, a source familiar with the central bank's thinking said, denying a media report that the central bank might consider such steps to boost the debt market.
MUMBAI India set its fiscal deficit target for the year starting in April at 3.3 percent of gross domestic product, Finance Minister Arun Jaitley said on Thursday while unveiling the government's annual budget.
MUMBAI India's 2018/19 budget is in line with the government's fiscal consolidation path, a Moody's analyst said on Thursday, adding that it reinforced the credit ratings agency's recent rating upgrade for the country.
India forecast its economic growth would accelerate to 7 to 7.5 percent in the 2018/19 fiscal year, to once again become the world's fastest-growing major economy. Full Article