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SNAPSHOT-Indian policy highlights on Thursday

9th September 2010

Following are statements from Indian policymakers as well as the latest news and scheduled events.

  • Denotes new entry.
  • India's ruling Congress party chairwoman Sonia Gandhi has called for greater rights for the country's farmers in land acquisition rows.
  • Farmers must be provided with adequate compensation and alternative occupations," said Gandhi.
  • India's cabinet has approved stake sale in state-run Manganese Ore, Home Minister P. Chidambaram said on Thursday.
  • India may continue to issue more of the current 10-year benchmark 7.80 percent 2020 bond IN078020G=CC for the rest of the fiscal year, a senior finance ministry official told Reuters on Thursday.
  • I think there is enough space in the 7.80 (percent, 2020 bond)...I think there is a market rumour that we will come out with a new (10-year) paper ...I don't see that happening," the official said.
  • India plans to set up a 500 billion rupee ($10.74 billion) power fund, Power Secretary P. Uma Shankar said on Thursday.
  • There are thoughts of setting up a debt fund. It is at a planning stage," Shankar said.
  • State governments opposed to India's proposed Goods and Services Tax (GST) structure will respond to a new draft before the end of September, The Economic Times reported on Thursday.
  • In all fairness, some states including finance ministers wanted a month to study as they had not had enough time to go through the proposal. We will get their response by around Sept. 20, 2010. And, then we will take it forward from there," Revenue Secretary Sunil Mitra was quoted as saying.

Rapid urbanisation and industrial developments has lead to widespread clashes between local governments and farmers across India. Hundreds of power, mining and transport projects have been placed on hold by protests over land rights.

India's government will sell 10 percent of its 81.57 percent stake in the firm, while the state governments of Maharashtra and Madhya Pradesh will sell five percent each.

The yield on the 7.80 percent bond yield touched 8.05 percent on Aug. 23, the highest since May 3, on widespread speculation that the government is close to the issuance limit on the paper and may be considering issuing a fresh 2022 bond.

The proposed power fund would be the latest in a series of recent government measures to overhaul India's creaky infrastructure, long seen as a drag on growth in Asia's third-largest economy. The proposed Goods and Service Tax (GST) is India's most ambitious indirect tax reform. The nationwide tax will replace existing state and federal levies such as excise duty, service tax, and value-added tax, and raise government funds.

Source: reuters.com

 

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