Arya Desa
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You talk about mangoes but it falls on deaf ears here. All we have is subpar mexican "mangoes"
India to call on millions of non-residents to defend rupee - sources
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You talk about mangoes but it falls on deaf ears here. All we have is subpar mexican "mangoes"
manlion
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China can supply "dummy weapons" to Pak/BD/SL trio and beggar India will go berserk , the aim is to make India bankrupt and go the USSR way ............. not to fight a war !!!!! Arent you ashamed that your country need to beg its NRI pop ??? Talking about Indian pride what an oxymoron !!!!
KRAIT
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You do realize that your country use Indian bases for its Air force ?
Don't talk about begging.
manlion
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You do realize that your country use Indian bases for its Air force ?
Don't talk about begging.
Which country are you talking about ? Are are making assumptions based on my false flag ?
If SG has uses Indian military airbases that not my concern and I am sure they are paying you the lease did India beg SG to use its AB ?
Back to topic , no country begs like India (not even Somalia lol) , the streets of Indian cities and towns are infested with beggars and begging and fraud are your national occupation , get back to your begging job beg the USA or Australia and be loyal to your white masters and not remit back FX to your begging country !!!
Isn't chinees already doing it? if not please please do the needful ..thank you ! .. Let india will go berserk and buy real weapons and go bankrupt , !
faithfulguy
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I thought the beggars in India are white people. I remember seeing that some where and I forgot where. In any case, Indian response to all the beggars in India is that they were the Aryan that came to India. The native Indians are not beggars. The native Indians created the Indo-European language that spread to the rest of the world.
something to learn from china ! Beggars Caged & Penned Up Behind Bars at Nanchang Temple Fair – chinaSMACK
faithfulguy
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How is this related to India having all these white servants.
Sashan
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Then the people will drag the country down - that is the only option available - They imported around $62 billion worth of Gold last year if I am not mistaken while NRI remittances were around $69 billion. So how much NRIs will remit now after Government has requested? (the title of this thread) - So the people will share the responsibility as they elected this government - not someone else. And the people share responsibility as these are the ones who stood in the way of proper infrastructure which would bring in long term investments and boost the exports. Perfect examples - Kudankulam and Delhi Vasant Kunj flyover mess.
Indianpatriot1
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Let the Government cut down useless imports.. Do we really need billions of dollar worth of Chinese junk? Our entire industries have been destroyed due to Chinese dumping their shiny toys. Let us rebuild our industries and cut down imports. Even agricultural products such as fruits and ginger are being exported. Can an export deficient country afford this?
Gold import is far better than consumer goods export as it adds to the long term real wealth while the former just takes it away. The people are much wiser than the theoreticians manning the finance department of Indian government.
KRAIT
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shuttler
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Rupee dropping！ @60.8 to the dollar！
RBI keeps rates on hold; dovish tone weakens rupee
MUMBAI | Tue Jul 30, 2013 6:19pm IST
link
(Reuters) - The Reserve Bank of India (RBI) left interest rates unchanged, but the rupee lost 1.8 percent against the dollar in its deepest plunge in more than a month as investors worried that further measures will be needed to support a currency that is teetering close to a record low.
The dovish tone struck in the RBI's policy statement had caused the rupee to sag, but it then crumpled when Governor Duvvuri Subbarao poured cold water on chances for a sovereign bond issue to help plug a yawning current account gap.
"In the Reserve Bank's view, the cost of a sovereign bond issue, especially in the current juncture, outweighs benefits," Subbarao told reporters after delivering the final monetary policy statement of his five-year tenure, unless it is extended.
As expected, the RBI left its policy repo rate at 7.25 percent and held banks' cash reserve ratio at a record low 4.00 percent, but said it will roll back recent liquidity tightening measures when stability returns to the currency market, enabling it to resume supporting growth.
Bond investors were initially cheered by that stance, but lost heart once they saw the rupee begin to slide.
The partially convertible rupee tumbled past the symbolically significant 60 per dollar, ending the day at 60.47.
"There were no rupee supportive measures in the policy, like a hike in the policy rate," said Navin Raghuvanshi, associate vice president at Development Credit Bank.
Earlier this month, the RBI took steps to tighten market liquidity and push up short term interest rates in order to make it harder to speculate against the currency after it hit a record low 61.21 to the dollar on July 8.
"Markets will test the RBI again ... and possibly this will provoke new RBI measures," said Dariusz Kowalczyk, senior economist for Asia excluding Japan at Credit Agricole CIB in Hong Kong. "The bank's credibility is at stake now that it is targeting primarily the currency.
Graphics:
Current account, growth, rates link.reuters.com/nan89t
Rupee, bonds and implied FX yields link.reuters.
TOUGH POSITION
Subbarao is in a tough position. The rupee has given up all the gains since the RBI's rescue measures on July 15, which came at the cost of squeezing corporate borrowers and crimping India's already weak growth outlook.
The longer the squeeze goes on the more likely it becomes that commercial banks will have to raise their lending rates -- dealing another blow to an economy that grew at a decade low of five percent in the last fiscal year.
Pratip Chaudhuri, the chairman of State Bank of India, the country's largest bank, said his own bank would take a decision in two or three weeks.
On Tuesday, the RBI cut its growth forecast for Asia's third-largest economy to 5.5 percent from 5.7 percent for the current fiscal year.
Subbarao said that, had the currency been stable, the growth and inflation balance would have allowed for sticking with a monetary easing stance.
"India is currently caught in a classic 'impossible trinity' trilemma whereby we are having to forfeit some monetary policy discretion to address external sector concerns," Subbarao said.
Subbarao repeated his call for the government to take urgent steps to bring down a current account deficit that hit a record 4.8 percent of GDP in the last fiscal year.
However, New Delhi has struggled to implement measures to attract foreign corporate investment, and with elections due by May, Prime Minister Manmohan Singh's weak coalition government has limited room for pushing through further reforms.
Officials in New Delhi said Finance Minister P. Chidambaram would likely hold a news conference on the economy on Wednesday.
Chief Economic Adviser Raghuram Rajan said the government was considering various ways to narrow the current account deficit, including expanding exports.
The current account gap makes India especially vulnerable as global investors move away from emerging markets in anticipation of a winding down of loose U.S. monetary policy.
"Most external vulnerability indicators have deteriorated, eroding the economy's resilience to shocks," Subbarao said.
Turkey, Brazil and Indonesia have all raised rates to counter capital outflows.
Indian policymakers will be hoping the U.S. Federal Reserve doesn't spark a fresh surge in flows away from emerging markets when it holds its policy review this week.
(Additional reporting by Shamik Paul, Subhadip Sircar, Swati Bhat and Neha Dasgupta; Editing by Simon Cameron-Moore)
RBI keeps rates on hold; dovish tone weakens rupee
MUMBAI | Tue Jul 30, 2013 6:19pm IST
link
(Reuters) - The Reserve Bank of India (RBI) left interest rates unchanged, but the rupee lost 1.8 percent against the dollar in its deepest plunge in more than a month as investors worried that further measures will be needed to support a currency that is teetering close to a record low.
The dovish tone struck in the RBI's policy statement had caused the rupee to sag, but it then crumpled when Governor Duvvuri Subbarao poured cold water on chances for a sovereign bond issue to help plug a yawning current account gap.
"In the Reserve Bank's view, the cost of a sovereign bond issue, especially in the current juncture, outweighs benefits," Subbarao told reporters after delivering the final monetary policy statement of his five-year tenure, unless it is extended.
As expected, the RBI left its policy repo rate at 7.25 percent and held banks' cash reserve ratio at a record low 4.00 percent, but said it will roll back recent liquidity tightening measures when stability returns to the currency market, enabling it to resume supporting growth.
Bond investors were initially cheered by that stance, but lost heart once they saw the rupee begin to slide.
The partially convertible rupee tumbled past the symbolically significant 60 per dollar, ending the day at 60.47.
"There were no rupee supportive measures in the policy, like a hike in the policy rate," said Navin Raghuvanshi, associate vice president at Development Credit Bank.
Earlier this month, the RBI took steps to tighten market liquidity and push up short term interest rates in order to make it harder to speculate against the currency after it hit a record low 61.21 to the dollar on July 8.
"Markets will test the RBI again ... and possibly this will provoke new RBI measures," said Dariusz Kowalczyk, senior economist for Asia excluding Japan at Credit Agricole CIB in Hong Kong. "The bank's credibility is at stake now that it is targeting primarily the currency.
Graphics:
Current account, growth, rates link.reuters.com/nan89t
Rupee, bonds and implied FX yields link.reuters.
TOUGH POSITION
Subbarao is in a tough position. The rupee has given up all the gains since the RBI's rescue measures on July 15, which came at the cost of squeezing corporate borrowers and crimping India's already weak growth outlook.
The longer the squeeze goes on the more likely it becomes that commercial banks will have to raise their lending rates -- dealing another blow to an economy that grew at a decade low of five percent in the last fiscal year.
Pratip Chaudhuri, the chairman of State Bank of India, the country's largest bank, said his own bank would take a decision in two or three weeks.
On Tuesday, the RBI cut its growth forecast for Asia's third-largest economy to 5.5 percent from 5.7 percent for the current fiscal year.
Subbarao said that, had the currency been stable, the growth and inflation balance would have allowed for sticking with a monetary easing stance.
"India is currently caught in a classic 'impossible trinity' trilemma whereby we are having to forfeit some monetary policy discretion to address external sector concerns," Subbarao said.
Subbarao repeated his call for the government to take urgent steps to bring down a current account deficit that hit a record 4.8 percent of GDP in the last fiscal year.
However, New Delhi has struggled to implement measures to attract foreign corporate investment, and with elections due by May, Prime Minister Manmohan Singh's weak coalition government has limited room for pushing through further reforms.
Officials in New Delhi said Finance Minister P. Chidambaram would likely hold a news conference on the economy on Wednesday.
Chief Economic Adviser Raghuram Rajan said the government was considering various ways to narrow the current account deficit, including expanding exports.
The current account gap makes India especially vulnerable as global investors move away from emerging markets in anticipation of a winding down of loose U.S. monetary policy.
"Most external vulnerability indicators have deteriorated, eroding the economy's resilience to shocks," Subbarao said.
Turkey, Brazil and Indonesia have all raised rates to counter capital outflows.
Indian policymakers will be hoping the U.S. Federal Reserve doesn't spark a fresh surge in flows away from emerging markets when it holds its policy review this week.
(Additional reporting by Shamik Paul, Subhadip Sircar, Swati Bhat and Neha Dasgupta; Editing by Simon Cameron-Moore)
shuttler
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rupee going south breaching the psyche mark of 61 now trading @61.13 to the dollar and a record low.
there aint too much ammunitions in rbi's treasure trough and india's ability to payment ST debt is down to a few months now！
there aint too much ammunitions in rbi's treasure trough and india's ability to payment ST debt is down to a few months now！
shuttler
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In a signal of desperation, the indian government wants to improve its liquidity from disposing its assets - but not enough
Assets sold in desperation could not be getting the best price!
Read this:
Government to sell 7.64 percent in National Fertilizer on Wednesday
NEW DELHI | Tue Jul 30, 2013 12:50pm IST
link
(Reuters) - The government will sell a 7.64 percent stake in state-run National Fertilizers Ltd (NAFT.NS) on Wednesday through a share auction, disinvestment secretary Ravi Mathur told reporters.
The sale is part of the government's efforts to raise 400 billion rupees through stake sales in the current fiscal year. So far this year it has only raised about $140 million.
The government currently owns 97.64 percent in the fertilizer company. At the current market price, the stake sale would raise about $17 million.
Ahead of the offer, shares in National Fertilizer were trading 8.4 percent lower at 27 rupees. (Reporting by Nigam Prusty; Editing by Anand Basu
Assets sold in desperation could not be getting the best price!
Read this:
Government to sell 7.64 percent in National Fertilizer on Wednesday
NEW DELHI | Tue Jul 30, 2013 12:50pm IST
link
(Reuters) - The government will sell a 7.64 percent stake in state-run National Fertilizers Ltd (NAFT.NS) on Wednesday through a share auction, disinvestment secretary Ravi Mathur told reporters.
The sale is part of the government's efforts to raise 400 billion rupees through stake sales in the current fiscal year. So far this year it has only raised about $140 million.
The government currently owns 97.64 percent in the fertilizer company. At the current market price, the stake sale would raise about $17 million.
Ahead of the offer, shares in National Fertilizer were trading 8.4 percent lower at 27 rupees. (Reporting by Nigam Prusty; Editing by Anand Basu
I really think India is experiencing a financial crisis right now. This is why the Rupee has been dropping as investors have lost confidence in India and the Rupee collapsing is the perfect sign of it. I think India is in recession right now. I don't believe their economic numbers for one second. There is no way in hell a growing economy experiences a collapsing currency. When a currency is collapsing, that economy is totally screwed as people have lost confidence in it. I believe the Indian economy has been shrinking for past 12-18 months.
India needs major structural reforms but its political system won't allow it as parties want to win elections rather than grow the countries.
India don't have many reserves too which makes their problems even worse. That country is in such big trouble they are sleep walking to the edge of a cliff.
India needs major structural reforms but its political system won't allow it as parties want to win elections rather than grow the countries.
India don't have many reserves too which makes their problems even worse. That country is in such big trouble they are sleep walking to the edge of a cliff.
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