Indian billionaire Gautam Adani’s wealth has tripled since Narendra Modi became the top opposition party’s prime minister pick eight months ago, fueling campaign attacks over the Gujarat chief minister’s plans to bolster Asia’s third-biggest economy.
The monsoon in India, which provides more than 70 percent of annual rainfall, will be normal this year amid forecasts for the emergence of an El Nino that previously caused droughts, government officials said.
Food-price inflation in India, Asia’s third-largest economy, may accelerate after the government raised the prices it pays farmers for rice and oilseeds to records, making crops costlier, economists said.
India’s government must create space for the central bank to cut the key interest rate and revive economic growth, according to Yashwant Sinha, a former finance minister with the main opposition party.
India’s sovereign credit outlook was lowered to negative from stable by Standard & Poor’s, taking the nation a step closer to junk status and dealing a further blow to Prime Minister Manmohan Singh’s economic agenda.