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Indian government steps up rate cut pressure on RBI

NEW DELHI/ MUMBAI, Aug 20- Indian Finance Minister Arun Jaitley is stepping up pressure on the central bank to cut rates as the economy struggles and price rises slow, with some bureaucrats working behind the scenes to argue for an immediate cut of as much as 50 basis points. After another weak quarter of corporate earnings and July inflation that undershot the...
Source: Reuters | By: Manoj Kumar and Suvashree Choudhury
UPDATE 2-Political blocking leaves Modi's India reform schedule in tatters

NEW DELHI, Aug 13- Indian Prime Minister Narendra Modi's reform agenda suffered another major setback on Thursday when lawmakers ended the summer parliament session acrimoniously and without approving a tax reform bill aimed at faster economic growth. Debate descended into insults that spilled to the streets, where opposition lawmakers marched and...
Source: Reuters | By: Rajesh Kumar Singh
UPDATE 2-Drama as India's Modi makes final monsoon push to pass tax reform

Aimed at creating a customs union for India's 1.2 billion people, the Goods and Service Tax is the biggest revenue shake-up since independence from Britain in 1947. Supporters say it will add up to two percentage points to economic growth. As monsoon rain lashed the colonial-era parliament building, Finance Minister Arun Jaitley introduced the bill in the...
Source: Reuters | By: Frank Jack Daniel and Rajesh Kumar Singh
UPDATE 2-India plans to give $11-bln lifeline to ailing state banks

NEW DELHI, July 31- Planning to inject $11 billion of capital into debt-laden state banks over the next four years, India's Finance Minister Arun Jaitley on Friday sought parliament's approval to boost budget spending by $4 billion in the current fiscal year. High levels of non-performing assets in state-run banks have made it hard for the government of Prime...
Source: Reuters
Political gridlock holds up India's landmark tax reform

The opposition Congress party has disrupted the upper house of parliament every day of the current session, which ends on Aug. 13, in protest at alleged corruption linked to the ruling Bharatiya Janata Party. In the upper house, Congress and allies control more than a third of votes. "If the government wants Congress support for the GST it should accommodate our...
Source: Reuters | By: Manoj Kumar and Rajesh Kumar Singh