Sonal Varma News
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The gold rout may narrow India’s record current-account deficit, easing pressure on the rupee, damping inflation and boosting scope for a further reduction in interest rates.
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India’s bonds due 2022 advanced, pushing the yield to a seven-week low, on optimism falling oil prices will help ease inflation and give the central bank more room to cut interest rates.
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Indian Prime Minister Manmohan Singh will today seek to mend a rift with his biggest ally after it vowed to quit the ruling coalition over policy on alleged war crimes in Sri Lanka, undermining the minority administration.
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The largest ally in Indian Prime Minister Manmohan Singh’s coalition withdrew support over the government’s approach to alleged war crimes in Sri Lanka, while signaling that a patch-up was possible if its demands were met.
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India’s government raised spending on the poor to court support before elections, relying on higher taxes, asset sales and subsidy cuts to trim the widest fiscal deficit in major emerging nations as economic growth slows.
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Indian Railways, Asia’s oldest network, plans to link passengers fares and freight rates with fuel prices for the first time as it seeks to cut more than $4.5 billion of losses stemming from below-cost tariffs.
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Dollar borrowing costs for Indian Railways are forecast to drop from a record low after the government said it would link train tariffs to fuel costs to protect the world’s third-largest rail network.
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Nomura Holdings Inc. cut its growth forecast for India and predicted the central bank may raise interest rates this month for the last time in 2010.
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India’s finance minister said fiscal prudence will be a key budget theme next month and pledged to deepen an economic-policy overhaul by implementing a goods and services levy to spur commerce and widen the tax base.
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India’s rupee fell from a one-week high as investors sought the perceived safety of the dollar on concern Europe’s debt crisis will worsen.
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