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...
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...
| By: Manoj Kumar and Rajesh Kumar Singh
India banks get creative to collect $49B in bad debts Under pressure to do more to cut a $49 billion mountain of bad debt, India's state-owned banks are reversing years of lax recovery efforts, naming and shaming smaller borrowers and even using big TV screens at shopping malls to advertise seized assets for sale.
| By: Devidutta Tripathy
Indian banks opt for offbeat tactics to tackle $49 bln of bad debts MUMBAI, July 23- Under pressure to do more to cut a $49 billion mountain of bad debt, India's state-owned banks are reversing years of lax recovery efforts, naming and shaming smaller borrowers and even using big TV screens at shopping malls to advertise seized assets for sale. India's bad debt pile, dominated by corporate loans, is at its highest in a decade, swollen...
| By: Devidutta Tripathy
Major road block for Uber in New York City Mayor Bill de Blasio is moving to halt the runaway expansion of Uber in New York City, citing traffic congestion, The New York Times reports.
Source: The New York Times
| By: Matt Flegenheimer, Emma Fitzsimmons
Indian business dreads lifting of Iran sanctions *Exporters face renewed competition for Iran market. "I have been forced to take sleeping pills now to avoid nightmares as my business with Iran has drastically come down," said Bansal, 43, from his base in a teeming commercial district of South Delhi. Bansal's trading firm, TMA International, has expanded from metals into motors, auto parts and chemicals as rivals...
| By: Nidhi Verma and Manoj Kumar
Mysterious deaths reignite India bribery scandal A decade-old corruption scandal in the central Indian state of Madhya Pradesh has erupted on to the national political stage following the sudden death of a number of witnesses and an investigative journalist, prompting calls for senior members of the ruling Bharatiya Janata party to resign, the Financial Times reports.
Source: Financial Times
| By: Victor Mallet
Indian businesses turn skeptical on Modi's landmark tax reform NEW DELHI, July 2- For years Indian businesses have lobbied for a nationwide sales tax, hoping to replace a chaotic structure that inflates costs and halts their trucks at state borders for duty payments, and to unify the country into one of the world's largest single markets. India's top business groups are now calling for a slowdown in the process as they try to...