Billionaire Vladimir Evtushenkov, who has plowed $3.2 billion into a phone venture in India since 2008, is poised to invest billions more as his company fights to recover mobile licenses scrapped by the nation’s top court.
India should refrain from changing the way foreign investors in stocks and bonds are taxed, a key adviser to Prime Minister Manmohan Singh said, as the nation prepares rules to clamp down on tax avoidance.
India will take several months to reduce inflation to “an acceptable level,” and the central bank’s interest-rate increases haven’t hurt the economy, Prime Minister Manmohan Singh’s top economic aide said.
Montek Singh Ahluwalia, deputy chairman of India’s Planning Commission, said inflation may moderate after the central bank raised its benchmark repurchase rate today. Ahluwalia was talking to reporters in New Delhi.
Indian Oil Corp.’s most-active dollar bonds are set for a fourth monthly gain, their longest rally on record, as investors bet Prime Minister Manmohan Singh will increase diesel prices for the first time in a year.
India may fall short of its target for spending on roads, ports and power projects in the five years through March 2012 after failing to complete planned projects, the prime minister’s top economic aide said.
Pranab Mukherjee yesterday was elected president of India, the world’s most populous democracy, capping a four-decade career in politics and delivering the ruling party a success after a period of policy setbacks.
ING Vysya Bank Ltd., the only Indian lender to be controlled by a foreign company, plans to expand credit at a faster pace than local rivals even as the economy slows betting that borrowing costs and defaults will decline.