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India's falling food prices seen easing retail inflation in Feb

Analysts say Raghuram Rajan, Governor of the Reserve Bank of India, could soften monetary stance after Finance Minister Arun Jaitley stuck to a fiscal deficit target of 3.5 percent of GDP for next fiscal year in his third budget last month. "The recent budget delivered on the targets and hence opens the door for a rate cut in April before entering into a prolonged...

Source: Reuters

India's Jaitley signals rollback of pension tax plan after backlash

*India budget proposed to partially tax social security fund. NEW DELHI, March 2- Indian Finance Minister Arun Jaitley signaled on Wednesday he would roll back a controversial budget proposal to tax pension withdrawals by private sector employees after a backlash from salaried workers. Jaitley's pensions tax plan has sparked fury among India's small but...

Source: Reuters

RPT-India's jewellers to strike in protest over gold tax

MUMBAI, Feb 29- Indian jewellers will go on indefinite strike from Tuesday in protest over the reintroduction after four years of a sales tax on gold jewellery, their trade body said. Finance Minister Arun Jaitley announced an excise duty of 1 percent on gold and diamond jewellery on Monday. We are urging the government to roll back excise duty, " Ketan Shroff, a...

Source: Reuters

India's jewelers to strike in protest over gold tax

MUMBAI, Feb 29- Indian jewelers will go on indefinite strike from Tuesday in protest over the reintroduction after four years of a sales tax on gold jewelry, their trade body said. Finance Minister Arun Jaitley announced an excise duty of 1 percent on gold and diamond jewelry on Monday. We are urging the government to roll back excise duty, " Ketan Shroff, a spokesman...

Source: Reuters

India slaps levy on new car sales in fight against pollution and congestion

NEW DELHI, Feb 29- India introduced an additional' green' tax on car sales on Monday, aimed at helping fight high levels of air pollution and congestion but hitting car makers that fear this could stall a fragile recovery in the market for their products. In his annual union budget, Finance Minister Arun Jaitley imposed a sales levy of up to 4 percent on new passenger...

Source: Reuters

India skimps on bank bailout, but stocks buoyed by hopes for more cash

*IDBI Bank jumps as govt says would consider ceding control. MUMBAI, Feb 29- India faced criticism of skimping on efforts to bail out ailing state banks in the annual budget on Monday, but sparked a big rally in the shares of one state lender, IDBI Bank, by saying it would be ready to cede majority control. Finance Ministry Arun Jaitley, in his budget speech, stuck to...

Source: Reuters

India's Jaitley unveils pro-poor budget, pledges reforms

Indian Finance Minister Arun Jaitley unveiled a budget for the poor on Monday, announcing new rural aid and health programs in a strategy shift.

Source: Reuters

UPDATE 1-India's Jaitley unveils pro-poor budget, pledges reforms

NEW DELHI, Feb 29- Indian Finance Minister Arun Jaitley unveiled a budget for the poor on Monday, announcing new rural aid and health programmes in a strategy shift that could boost his ruling party in coming state elections. Presenting his third budget, Jaitley described Asia's third-largest economy as a bright spot in a gloomy global landscape but said the...

Source: Reuters

UPDATE 3-India signals possible deficit revisions in upcoming budget

*India a "haven of stability" but should prepare for forex shocks. NEW DELHI, Feb 26- India should review its mid-term fiscal strategy, a government report urged on Friday, in a possible indication that Finance Minister Arun Jaitley may have to borrow more to raise pay for government employees and bail out banks. The report called India "a haven of stability" in a gloomy...

Source: Reuters

UPDATE 2-India should review medium-term fiscal strategy - govt

NEW DELHI, Feb 26- India should review its medium-term fiscal strategy, a government report recommended on Friday, an indication of the challenge Finance Minister Arun Jaitley faces to raise pay for government employees and bail out banks without increasing borrowing. The Economic Survey, which sets the scene for Jaitley's third annual budget on Monday,...

Source: Reuters