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☆ Why India’s economy under Modi offers a real alternative to China
▼ + stars: | 2024-02-26 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

The market value of companies listed on India’s exchanges crossed $4 trillion in late November. But the country is stuck in recession and recently lost its position as the world’s third biggest economy to Germany. While interest in the world’s fifth largest economy is rising, the lofty prices of India’s stocks are scaring some international investors away. According to Macquarie, retail investors alone own 9% of India’s equity market value versus foreign investors at slightly under 20%. China “has a few too many companies which are $100 and $200 billion plus [in value],” Mittal said.

Persons: Peeyush Mittal, there’s, ”, Mittal, They’ve, Narendra Modi, Indranil Mukherjee, Jefferies, “, MSCI, Aditya Suresh, Modi’s, Modi, there’ll, ” Suresh, shoring, Hubert de Barochez, Elon Musk, India “, ” Musk, Suresh, Satish Babu, China “, ” Mittal, Priyanka Agnihotri, Nirmala Sitharaman Organizations: New, New Delhi CNN —, Matthews Asia, Getty, Macquarie Capital, Bharatiya Janata Party, Monetary Fund, Jefferies, Capital Economics, Apple, Foxconn, ”, Workers, Chennai Metro Rail, Advisory, Indian Locations: New Delhi, Jaipur, San Francisco, India, China, Shanghai, Shenzhen, Hong Kong, Japan, Germany, Beijing, Washington, “ India, Macquarie, Chennai, Baltimore

A man exercises in a gym near a barcode for Paytm, an Indian cellphone-based digital payment platform, in New Delhi on November 18, 2021. The Indian Finance Ministry, the RBI and Paytm did not immediately respond to CNBC's requests for comment. A Paytm spokesperson has denied any violation of foreign exchange laws, calling them "unfounded and factually incorrect," according to Reuters. The shares saw a massive three-day sell-off following the RBI's order last week which wiped out more than $2.5 billion in value, before a subsequent bounce. Earlier in the week, Indian billionaire Mukesh Ambani's Jio Financial Services denied media reports it was buying Paytm's wallet business.

Persons: Paytm, It's, Vijay Shekhar Sharma, Nirmala Sitharaman, Sharma, Mukesh Ambani's Organizations: Reserve Bank of, CNBC, Reuters, Indian Finance Ministry, One97 Communications, India's National Stock Exchange, Financial Services Locations: New Delhi, Reserve Bank of India

☆ It'll work in our favor if economic issues dominate the election, Indian finance minister says
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt'll work in our favor if economic issues dominate the election, Indian finance minister saysNirmala Sitharaman, Indian finance minister, discusses the issues that might dominate the 2024 Indian general election.

Persons: Nirmala Sitharaman

☆ Full interview with India's Finance Minister Nirmala Sitharaman
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFull interview with India's Finance Minister Nirmala SitharamanIndian Finance Minister Nirmala Sitharaman spoke to CNBC's Sri Jegarajah in a wide-ranging interview on the possibility of a credit ratings upgrade, external risks, and economic agenda, as the Indian General Election approaches in 2024.

Persons: Nirmala, Nirmala Sitharaman Organizations: India's, Indian Locations: Jegarajah

☆ India set to be world's third largest economy by 2027, finance ministry says
▼ + stars: | 2024-01-30 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

India could become the world's third-largest economy by 2027 with a gross domestic product of $5 trillion, the finance ministry has said. The projections come ahead of an interim budget due to be released later this week. In a report released Monday, the finance ministry said the economy is poised to grow at or above 7% in the fiscal year 2024. If it meets this year's target, it will be the third straight year of 7% GDP growth for India. India's chief economic advisor, V Anantha Nageswaran, said the government's goal is to become a developed country by 2047.

Persons: Nirmala Sitharaman, V, Nageswaran Organizations: Indian Finance, Bombay Stock Exchange Locations: Mumbai, India

☆ Yellen to attend India G20 summit, focus on economy, climate, Ukraine
▼ + stars: | 2023-08-31 | by ( David Lawder | ) www.reuters.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen addresses the media, along with Indian Finance Minister Nirmala Sitharaman, on the sidelines of a G20 meeting at Gandhinagar, India, July 17, 2023. REUTERS/Amit Dave/File Photo Acquire Licensing RightsWASHINGTON, Aug 31 (Reuters) - U.S. Treasury Secretary Janet Yellen will travel to New Delhi to participate in the G20 leaders summit from Sept. 7-10, making her fourth visit to India in 10 months, the Treasury Department said on Thursday. Yellen intends to focus at the summit on strengthening the global economy and supporting low- and middle-income countries by advancing efforts on debt restructurings, the evolution of multilateral development banks (MDBs) and building International Monetary Fund trust fund resources, the Treasury said. The Treasury said Yellen also will rally America's G20 allies to maintain economic support for Ukraine and increase costs on Russia over Moscow's continuing war in Ukraine. Reporting by David Lawder Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Nirmala Sitharaman, Amit Dave, Yellen, Moscow's, Yi Gang, David Lawder, Bill Berkrot Organizations: Treasury, Indian Finance, REUTERS, Rights, . Treasury, Monetary Fund, Bank, People's Bank of, Thomson Locations: Gandhinagar, India, New Delhi, Ukraine, Russia, China, U.S, Indonesia, People's Bank of China's, Beijing

Russian President Vladimir Putin speaks during the Second Summit Economic And Humanitarian Forum Russia Africa on July 27, 2023 in Saint Petersburg, Russia. Russian President Vladimir Putin is weighing whether to attend his first in-person meeting with Western leaders since his forces invaded Ukraine in 2022, a Kremlin source tells NBC News. In 2014, after Russia's annexation of Crimea, Putin was publicly shunned and sidelined during the G20 meeting in Australia. Next month's G20 summit is already set to be the most contentious in years and an important litmus test of many countries' true positions on Ukraine. "And some of the leaders, including President Biden, already decided to ignore President Putin and not take any picture with him."

Persons: Vladimir Putin, Putin, hasn't, Xi Jinping, Alexey Maslov, Maslov, Jonathan Eyal, Dmitry Peskov, Nirmala Sitharaman, Cyril Ramaphosa, Andrei Fedorov, Russia's, Putin's, Fedorov, Biden, Jamal Khashoggi, Modi, Eyal Organizations: Russia Africa, Summit ., Western, NBC News, Kremlin, Institute of, Studies, Moscow State University, Royal United Services Institute, International, ICC, United Nations, Washington Post, Mr Locations: Saint Petersburg, Russia, Ukraine, New Delhi, Russian, Belarus, China, Central, London, Crimea, Australia, Bali , Indonesia, France, Bali, Russia's, Johannesburg, Brazil, India, South Africa, Rome, United States, Saudi Arabia, Saudi

☆ US working with India on platform to speed energy transition - Yellen
▼ + stars: | 2023-07-17 | by ( Aftab Ahmed | ) www.reuters.com time to read: +2 min

[1/3] U.S. Treasury Secretary Janet Yellen addresses the media, along with Indian Finance Minister Nirmala Sitharaman, on the sidelines of a G20 meeting at Gandhinagar, India, July 17, 2023. REUTERS/Amit DaveGANDHINAGAR, India, July 17 (Reuters) - The United States is working with India to develop an investment platform to lower the cost of capital and increase private investment to fast-track India's energy transition, U.S. Treasury Secretary Janet Yellen said on Monday. The visit is Yellen's third to India this year, indicating the growing closeness between the two countries. Australia and Japan are hoping to make progress during the G20 meeting on the global minimum tax. Yellen will visit Vietnam after the G20 finance meetings end on July 18.

Persons: Janet Yellen, Nirmala Sitharaman, Amit Dave GANDHINAGAR, Yellen, Sitharaman, Narendra Modi's, Swati Bhat, Shilpa Jamkhandikar, Christian Schmollinger, Lincoln, Simon Cameron, Moore Organizations: . Treasury, Indian Finance, REUTERS, Treasury, Thomson Locations: Gandhinagar, India, United States, U.S, Gujarat, Washington, Australia, Japan, Vietnam

☆ Canadian pensions funds keen to invest in India, Indian government says
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, July 16 (Reuters) - Canadian pensions funds would be keen to explore investing in infrastructure funds in India as the country offers a stable investment climate, Finance Minister Chrystia Freeland said on Sunday, according to an Indian government statement. Indian Finance Minister Nirmala Sitharaman, meeting Freeland on the sidelines of gathering of Group of 20 finance ministers and central bankers in northwest India, discussed progress on bilateral trade negotiations, Sitharaman's office said in a tweet. Reporting by Manoj Kumar; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Chrystia Freeland, Nirmala Sitharaman, Freeland, Manoj Kumar, William Mallard Organizations: Finance, Indian, Thomson Locations: DELHI, India

☆ Indian minister scoffs at Obama comment on protecting Muslims
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, June 26 (Reuters) - India's finance minister has derided comments by former U.S. President Barack Obama that Prime Minister Narendra Modi's government should protect the rights of minority Muslims, accusing Obama of being hypocritical. Obama said that without such protection there was "a strong possibility that India at some point starts pulling apart". Indian Finance Minister Nirmala Sitharaman said she was shocked that Obama has made such remarks when Modi was visiting the United States aiming to deepen relations. "He was commenting on Indian Muslims ... having bombed Muslim-majority countries from Syria to Yemen ... during his presidency," Sitharaman told a press conference on Sunday. The U.S. State Department has raised concerns over treatment of Muslims other religious minorities in India under Modi's Hindu-nationalist party.

Persons: Barack Obama, Narendra Modi's, Obama, Joe Biden, Nirmala Sitharaman, Modi, Sitharaman, Biden, Sakshi Dayal, Robert Birsel Organizations: U.S, CNN, Indian, U.S . State Department, Modi's, Biden, Thomson Locations: DELHI, United States, India, Syria, Yemen

☆ India working to rein in inflation- finance minister
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, May 6 (Reuters) - Inflation in India is slightly above the "tolerance limit", and the government is taking steps to control it, Indian Finance Minister Nirmala Sitharaman said on Saturday. "Because we took a very calibrated approach, today we have an inflation which is slightly above the tolerance limit, but which is constantly being worked at so it can be brought down," she said. India's annual retail inflation for March rose at the slowest pace in nearly 15 months and was below the central bank's upper tolerance level for the first time this year, on the back of softer food prices. Reporting by Nidhi Verma and P JayshreeOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON, April 14 (Reuters) - A committee of Sri Lanka's international private creditors sent its first debt rework proposal to the country's authorities regarding more than $12 billion in bonds outstanding, according to three sources with direct knowledge of the matter. It is the first bondholder proposal after the island nation of 22 million people defaulted on its debt a year ago. A spokesperson representing the creditor committee declined to comment. Bondholders and government officials met in Washington this week, with legal and financial advisers for both sides present, two sources said. China, Sri Lanka's biggest bilateral creditor, did not join the announcement even though it holds the key to solving debt woes for some low- and middle-income countries.

WASHINGTON, April 14 (Reuters) - A committee of Sri Lanka's international private creditors sent its first debt rework proposal to the country's authorities regarding over $12 billion in bonds outstanding, according to three sources with direct knowledge of the matter. It is the first bondholder proposal after the island-nation of 22 million people defaulted on its debt a year ago. A spokesperson representing the creditor committee declined to comment. China, Sri Lanka’s biggest bilateral creditor, did not join the announcement. Sri Lanka secured last month a $2.9 billion program from the International Monetary Fund to tackle its huge debt burden.

☆ India says G20 members see need for global crypto regulations
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, April 13 (Reuters) - Indian Finance Minister Nirmala Sitharaman said on Thursday there was a greater acceptance among Group of 20 member countries that any new regulations on the crypto assets need to be globally coordinated, and said crypto assets not backed by central banks can fall and cause macroeconomic instability. "The G20 and its members agree that it's not going to be possible to have an independent, standalone country dealing with the crypto assets," Sitharaman told a news conference after a meeting of G20 finance ministers and central bank governors. Reporting by David Lawder; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ SVB Crisis Tests India’s New Finance Hub Potential
▼ + stars: | 2023-03-17 | by ( Megha Mandavia | ) www.wsj.com time to read: +1 min

Many Indian startups rushed this week to open new bank accounts in India’s Gujarat International Finance Tec-City, known as GIFT city. The swift collapse of Silicon Valley Bank has cast an aspiring Indian finance center into sudden relief. India, which has long been a bit player in global finance, has a chance to boost its role—but only if it moves swiftly to rectify some regulatory barriers. This week, many Indian startups rushed to open new bank accounts in India’s Gujarat International Finance Tec-City, known as GIFT city, once they regained access to their SVB deposits. Accounts set up within the hub’s International Financial Services Center, or IFSC, are free of India’s stringent capital controls since the funds are held in U.S. dollars.

BENGALURU, Feb 25 (Reuters) - There are some disagreements over restructuring debt for distressed economies, the chief of the International Monetary Fund said on Saturday on the sidelines of a G20 meeting, adding that banning private cryptocurrencies should be an option. "On debt restructuring, while there are still some disagreements, we now have the global sovereign debt roundtable with consideration of all public and private creditors," IMF Managing Director Kristalina Georgieva told reporters after the roundtable she co-chaired with Indian Finance Minister Nirmala Sitharaman. Apart from restructuring debt, regulating cryptocurrencies is another priority area for India, which Georgieva agreed with. "We have to differentiate between central bank digital currencies that are backed by the state and stable coins, and crypto assets that are privately issued," Georgieva said. "There has to be very strong push for regulation... if regulation fails, if you're slow to do it, then we should not take off the table banning those assets, because they may create financial stability risk."

☆ India's push to regulate crypto gains IMF, U.S. support at G20
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationBENGALURU, Feb 25 (Reuters) - A push by Group of 20 (G20) president India to regulate cryptocurrencies gained support from both the International Monetary Fund and the United States on Saturday as finance chiefs of the bloc wrap up two-days of talks. "We haven't suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework," Yellen said. Earlier, IMF Managing Director Kristalina Georgieva told reporters after co-chairing a meeting with Indian Finance Minister Nirmala Sitharaman that banning crypto should be an option. The Reserve Bank of India has said that cryptocurrencies should be banned as they are akin to a Ponzi scheme. On Thursday, the IMF laid out a nine-point action plan for how countries should treat crypto assets, with point number one a plea not to give cryptocurrencies legal tender status.

☆ India finance minister and U.S. Treasury's Yellen discuss debt, crypto
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

[1/3] Indian Finance Minister Nirmala Sitharaman speaks during a side event on the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia, 14 July 2022. Made Nagi/Pool via REUTERSBENGALURU, Feb 23 (Reuters) - Indian Finance Minister Nirmala Sitharaman and U.S. Treasury Secretary Janet Yellen discussed strengthening multilateral development banks, global debt vulnerabilities and crypto assets on the sidelines of the G20 finance chiefs meeting on Thursday, the finance ministry said. India is hosting the first major G20 event under its year-long presidency at the summer retreat of Nandi Hills near tech hub Bengaluru. "The two leaders discussed their perspectives on strengthening MDB (multilateral development banks), global debt vulnerabilities, crypto assets besides the Just Energy Transition Partnership," New Delhi's finance ministry said in a tweet. Under the partnership, the United States and its allies, as well as multilateral development banks and agencies, provide funding to developing economies to move away from coal production and consumption.

NEW DELHI, Feb 16 (Reuters) - G20 finance and central bank chiefs meet in India next week at the first-year anniversary of Russia's invasion of Ukraine to discuss rising debt troubles among developing countries, the regulation of cryptocurrencies and the global slowdown. The Feb. 22-25 meeting in the Nandi Hills summer retreat near Bengaluru is the first major event of India's G20 presidency and will be followed by a March 1-2 meeting of foreign ministers in New Delhi. As global borrowing costs rise, India - whose neighbours Sri Lanka, Pakistan and Bangladesh have all sought International Monetary Fund support in recent months - wants to put debt relief at the forefront of discussions at the finance talks. "Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage," India's Ministry of Finance told parliament this week. Neither the Russian finance minister nor the central bank chief were expected to attend the meeting.

☆ UK's De La Rue flags 'implicated' activities in India probe
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] The corporate logo of De La Rue is seen at De La Rue Malta at Bulebel Industrial Estate in Zejtun, Malta April 24, 2018. REUTERS/Darrin Zammit Lupi/File PhotoJan 20 (Reuters) - Banknote printer De La Rue (DLAR.L) said on Friday it had learnt that activities by the group in India prior to 2016 have been implicated in a probe by a top Indian investigation agency. De La Rue said in a statement the allegations relating to the group had no merit and it was seeking legal advice, but declined to comment further on the nature of the charges. The company confirmed it had supplied security threads for banknotes in India prior to 2016. "The company continues to explore further business opportunities, both in Kenya and for export from Kenya, with a view to restarting production if the economic climate permits," De La Rue said.

COLOMBO, Jan 18 (Reuters) - India has told the International Monetary Fund that it strongly supports Sri Lanka's debt restructuring plan as the island nation seeks a $2.9 billion loan from the global lender, according to a letter seen by Reuters. "We hereby confirm our strong support for Sri Lanka's prospective (loan) program and commit to supporting Sri Lanka with financing/debt relief consistent with restoring Sri Lanka's public debt sustainability," Indian finance ministry official Rajat Kumar Mishra told the IMF chief in a letter dated Jan. 16. Sri Lanka owes India around $1 billion that will come under the debt restructuring plan, a source familiar with the matter told Reuters earlier this week. New Delhi separately provided Sri Lanka with about $4 billion in rapid assistance between January and July last year, including credit lines, a currency swap arrangement and deferred import payments. Sri Lanka owed Chinese lenders $7.4 billion - nearly a fifth of its public external debt - by the end of last year, according to calculations by the China Africa Research Initiative (CARI).

☆ Emerging market policymakers dare to hope for brighter 2023
▼ + stars: | 2022-11-30 | by ( Roberto Samora | ) www.reuters.com time to read: +3 min

He also said a reopening of China could propel the South Korean economy in 2023. "Actually if China loosens zero-COVID policy and reopens their borders and economy that will be a tremendous stimulus for us. Indian Finance Minister Nirmala Sitharaman forecast a "very good" economy ahead of 2024 national elections, fuelled by capital spending. State finance minister Shehan Semasinghe also said the nation was intent on meeting a December deadline to present plans to help unlock an International Monetary Fund bail-out. Zambia, which defaulted on its sovereign debt in 2020, aims to complete its restructuring of nearly $15 billion of external debt in the first quarter of 2023, Finance Minister Situmbeko Musokotwane said.

☆ U.S., India Pledge Closer Economic Ties
▼ + stars: | 2022-11-11 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

Indian Finance Minister Nirmala Sitharaman (dressed in red) told Janet Yellen that U.S. investors should make more commitments in India. NEW DELHI—Top U.S. and Indian officials pledged to deepen their economic relationship during a series of meetings on Friday, as the two countries seek to overcome differences over Russia and work together to counter China’s manufacturing dominance. Mutual concern about China has drawn the U.S. and India closer in recent years, particularly on military and national security issues. Treasury Secretary Janet Yellen and Indian Finance Minister Nirmala Sitharaman worked during an annual forum to extend that collaboration to the economic sphere, even as both countries largely abstain from opening up formal trade barriers.

[1/2] Indian Finance Minister Nirmala Sitharaman speaks during a side event on the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia, 14 July 2022. The proceeds from green bonds will not be used to fund hydropower plants larger than 25 MW, nuclear projects and any biomass-based power generation with biomass originating from protected areas, the government said in the green bond framework released on Wednesday. A green finance working committee headed by the Chief Economic Adviser V Anantha Nageswaran will select public sector projects for green financing from those submitted by government departments. The committee will annually identify fresh projects to be funded through green bonds. The Indian government had sought assistance for its green bond framework from the World Bank and CICERO Shades of Green, a Danish firm that helps with environment assessments on green bond frameworks.

☆ Yellen to travel to India, G20 summit as forum struggles with Ukraine war
▼ + stars: | 2022-11-04 | by ( David Lawder | ) www.reuters.com time to read: +4 min

WASHINGTON, Nov 4 (Reuters) - U.S. Treasury Secretary Janet Yellen will travel to India and the Group of 20 Summit in Indonesia next week to bolster U.S.-India economic ties and to try to overcome G20 divisions prompted by Russia's war in Ukraine, the Treasury said on Friday. Russia, a G20 member, has blocked the group from issuing communiques with language condemning the conflict. "In fact, we see the biggest beneficiaries of the price cap being large emerging market countries like India, so we wouldn't be pressuring them away from it." Asked whether Yellen would meet with her Chinese counterpart while in Bali, the official said that Treasury had no specific meetings to announce at present. There are also cooperative aspects, and we look forward to engaging with Chinese authorities going forward," the official said.

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