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"We always said we will win the heartland states," BJP President Jagat Prakash Nadda told Reuters. However, a 28-party opposition alliance led by the Congress party has come together to jointly fight BJP, posing a new challenge. But the alliance did not feature in the state polls due to internal rivalries and it was a direct contest between BJP and Congress. Politicians and analysts say state elections do not always influence the outcome of the general elections or accurately indicate national voter mood. Results of the last round of state elections before national elections have been misleading in the past.

Persons: Stringer, Narendra Modi, Modi, Rahul Gandhi, Jagat Prakash Nadda, Jyotiraditya Scindia, Gandhi, Supriya Shrinate, Gurmeet Chadha, Ira Dugal, Lincoln, Christopher Cushing Organizations: REUTERS, DELHI, Bharatiya Janata Party, BJP, Telangana, Reuters, Developmental, Congress, Thomson Locations: Madhya Pradesh, Indore, India, Rajasthan, Chhattisgarh, Telangana, Karnataka, Mizoram, Mumbai

☆ India's construction sector levels up as housing demand spurs economy
▼ + stars: | 2023-12-02 | by ( Manoj Kumar | ) www.reuters.com time to read: +5 min

That helped India expand at a forecast-beating 7.6%, making it one of the world's fastest-growing major economies. It has been driven by rising incomes for many Indians, a severe housing shortage in big cities and strong population growth. Builders are bullish long-term with many saying the boom could last two to three years and some even more optimistic. "The housing market could continue to perform well for another three to four years," Sanjeev Jain, managing director at Parsvnath Developers, a leading real estate company, noting that India is in the initial stages of a housing growth cycle. The government is also trying to boost the availability of affordable housing by providing subsidies, which is encouraging construction in India's smaller towns and cities.

Persons: Nifty, Sunil Sinha, Sanjeev Jain, Prashant Thakur, Jayesh Rathod, Narendra Modi's, Manoj Kumar, Nigam, Ira Dugal, Edwina Gibbs Organizations: DELHI, Fitch, Builders, Parsvnath Developers, Reuters, Graphics, Advisory, Prestige Estates, DLF, Reuters Graphics, Thomson Locations: India, China, Mumbai, New Delhi, Bangalore, rocketed, Thane, Tamil Nadu, Karnataka, Gujarat

☆ Indian economy to exceed growth estimates after strong Q2 beat : economists
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +3 min

The country's economy expanded 7.6% in the July-September quarter, trouncing estimates of a 6.8% rise, data released on Thursday showed. He had an earlier forecast growth at 6.7%. The government stuck to its 6.5% growth forecast for the year, but chief economic advisor V. Anantha Nageswaran said he was "more comfortable with an upside to this projection than before". Reuters GraphicsCitigroup revised its growth forecast for the financial year upwards by 50 basis points to 6.7% citing a pick-up in investment activity. "This reaffirms our view of sustained investment recovery," the Wall Street bank's chief India economist Samiran Chakraborty said in a note.

Persons: Ranita Roy, Saumya Kanti Ghosh, V, Anantha Nageswaran, Gross, Samiran Chakraborty, Chakraborty, Radhika Rao, Gaura Sen Gupta, Ira Dugal, Nivedita Organizations: REUTERS, Rights, State Bank of India, Reuters Graphics Citigroup, Street bank's, DBS, IDFC, Bank Economics Research, Thomson Locations: Kolkata, India

☆ Rescuers in India tunnel collapse begin replacing drilling machine on 7th day
▼ + stars: | 2023-11-18 | by ( Saurabh Sharma | ) www.reuters.com time to read: +2 min

The disaster management office revised the number of people trapped since Sunday morning in the tunnel in Uttarakhand state to 41, up from 40. A rescue mission is currently underway at the Silkyara tunnel in Uttarakhand to free 41 workers who are stuck inside following a landslide. Authorities have not said what caused the 4.5-km (3-mile) tunnel to cave in, but the region is prone to landslides, earthquakes and floods. Work was suspended on Friday after a "large-scale cracking sound" was heard as rescue workers sought to restart the drilling machine, according to a report from NHIDC. Close to 100 tunnel workers gathered at the site on Saturday, demanding faster progress in reaching and freeing those trapped.

Persons: Shankar Prasad Nautiyal, Anshu Malik Halko, Halko, Vishnu Sahu, Sahu, Saurabh Sharma, Ira Dugal, William Mallard, Tom Hogue Organizations: REUTERS, Highways, Infrastructure Development Corporation, Reuters, Authorities, Thomson Locations: Uttarkashi, Uttarakhand, India, Madhya Pradesh

☆ India grants incentives for Dell, HP, Foxconn to make IT hardware locally
▼ + stars: | 2023-11-18 | by ( ) www.reuters.com time to read: +1 min

3D printed clouds and figurines are seen in front of the Dell logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsMUMBAI, Nov 18 (Reuters) - The Indian government has approved investments by 27 companies including Dell (DELL.N), HP (HPQ.N) and Foxconn (2317.TW) under its $2 billion incentive scheme to manufacture IT hardware domestically. Information technology minister Ashwini Vaishnaw said the companies are expected to invest 30 billion Indian rupees ($360 million) collectively, while creating 50,000 jobs in the sector. Approvals have also been granted to domestic manufacturers including Dixon Technologies (DIXO.NS) and VVDN, the minister said. The government had in May doubled the value of the incentive scheme to spur domestic production of laptops and tablets, following a lukewarm response to a previous programme.

Persons: Dado Ruvic, Ashwini Vaishnaw, Munsif Vengattil, Ira Dugal, Kirsten Donovan Organizations: Dell, REUTERS, Rights, HP, Dixon Technologies, Thomson Locations: Rights MUMBAI

REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Nov 16 (Reuters) - India's central bank on Thursday tightened norms for personal loans and credit cards, raising the risk of slowing loan growth. Reuters GraphicsRBI Governor Shaktikanta Das said last month the central bank was closely monitoring some fast-growing personal loan categories for signs of stress. Subsequently, Reuters reported that the RBI was particularly concerned with the surge in small personal loans and was considering tighter rules for such borrowings. Unsecured personal loans increased 23% from a year ago as of Sept. 22, 2023, while outstanding amounts on credit cards jumped nearly 30%, central bank data shows. "In particular, limits shall be prescribed for all unsecured consumer credit exposures," the central bank said.

Persons: Francis Mascarenhas, Dhananjay Sinha, Shaktikanta Das, Transunion, Systematix, Sinha, Siddhi Nayak, Ira Dugal, Shinjini Ganguli, Dhanya Ann Thoppil Organizations: Bank of India, REUTERS, Rights, Reserve Bank of, NBFCs, Systematix Research, Reuters, Siddhi, Sethuraman NR, Thomson Locations: Mumbai, India, Reserve Bank of India, Bengaluru

Regulators have so far not mandated any minimum net worth or investor qualifications for those trading stock options, and the stock markets almost always rise each year - both recipes for higher risk-taking and complacency. The "stark" increase in daily options trading turnover raises issues of investor protection, said Ajay Tyagi, former SEBI chief. The platform has seen an uptick in futures and options trading activity, Zerodha said in response to Reuters queries. Siddharth Joshi, a 36-year old from Surat in western India, said he lost 200,000 rupees trading options on Adani Enterprises (ADEL.NS) shares in January. "In options trading, I know my loss is capped but there is an opportunity to make maximum profit," he said.

Persons: Francis Mascarenhas, Mihir Vora, SEBI, Ashish Chauhan, Ajay Tyagi, Kailash, Bhavesh Shah, Shah, Zerodha, Siddharth Joshi, he's, Ira Dugal, Vidya Ranganathan, Raju Gopalakrishnan Organizations: Bombay Stock Exchange, REUTERS, Rights, Securities, Exchange Board of India, Trust Mutual Fund, National Stock Exchange of India Ltd, BSE Ltd, Reuters, Axis Mutual Fund, National Stock Exchange, Adani Enterprises, Thomson Locations: Mumbai, India, Rights MUMBAI, South Korea, Bhavesh, Ahmedabad, Surat

☆ HSBC to build large personal banking business in India - country CEO
▼ + stars: | 2023-11-09 | by ( Ira Dugal | ) www.reuters.com time to read: +2 min

HSBC Bank logo is seen in this illustration taken March 12, 2023. The bank has long had a retail, or personal, banking business in India, but has not focused on building that up, Dave said. "We intend to build a very large retail, or what we call a personal, banking business." Global banking and markets and commercial banking are the largest contributors to the India business. HSBC India's wealth and personal banking segment, which includes private banking, mortgages and asset management, contributed $35 million or 4.6% to its profit before tax in the first six months of 2023.

Persons: Dado Ruvic, Hitendra Dave, Dave, Ira Dugal, Jan Harvey Organizations: HSBC Bank, REUTERS, Rights, HSBC, Reuters, Global, Thomson Locations: Rights MUMBAI, India, HSBC India

MUMBAI, Oct 21 (Reuters) - India's central bank has approved the appointment of veteran banker Ashok Vaswani as managing director and chief executive of Kotak Mahindra Bank (KTKM.NS), the private lender said in an exchange filing on Saturday. Vaswani's appointment comes after billionaire Uday Kotak, who founded Kotak Mahindra Bank, resigned as the MD and CEO last month in a surprise move, citing personal reasons. Dipak Gupta, currently the managing director and CEO, will carry out the chief executive duties until Dec. 31, the bank had said last month. "I am delighted that the RBI has approved our recommendation, Ashok Vaswani, as the next CEO of Kotak Mahindra Bank," Kotak said in the filing, describing him as a "world class leader" with digital and customer focus. KVS Manian and Shanti Ekambaram, the two most senior bankers at Kotak Mahindra Bank, will remain on the board and keep their current roles, Gupta added.

Persons: Ashok Vaswani, Vaswani, Vaswani's, Uday Kotak, Dipak Gupta, Kotak, Gupta, KVS Manian, Shanti Ekambaram, Siddhi Nayak, Ira Dugal, William Mallard Organizations: Kotak Mahindra Bank, Citigroup Asia Pacific, Barclays, Reserve Bank of India, Kotak, Siddhi, Thomson Locations: MUMBAI

While bad loans in India's banking sector are at a decade-low, estimated at 3.6% of assets by March 2024 by the central bank, Reserve Bank of India Governor Shaktikanta Das said this month the central bank was monitoring some categories of personal loans, without elaborating. What's worrying the regulator is a surge in tiny personal loans, particularly loans of up to 10,000 rupees ($120) taken for three to four months, often for "lifestyle" spending, according to a person familiar with the central bank's thinking. Four people discussed the central bank's concerns with Reuters but declined to be identified as they are not authorised to speak to the media. Ismail Sayyed, a 30-year old cab driver from Mumbai, took his first personal loan of 5,000 rupees this year. Central bank officials "have been ringing the bell", said an official at a large bank that has seen sharp growth in personal loans.

Persons: Francis Mascarenhas, Shaktikanta Das, CRIF, Ismail Sayyed, Kadam, Rajeev Jain, Ira Dugal, Sonali Paul Organizations: Reserve Bank of India, REUTERS, Reuters, Bajaj Finance, UBS, Thomson Locations: Mumbai, India

☆ Cricket-crazy fans set to add a kicker to India's economy as world cup begins
▼ + stars: | 2023-10-06 | by ( Ira Dugal | ) www.reuters.com time to read: +3 min

The cricket frenzy set to hit India as the International Cricket Council's World Cup begins in a nation of cricket-crazy fans is expected to give a short boost to the country's economy as consumers splurge to enjoy their favorite sport. "The World Cup has the potential to boost India’s GDP, more so because it coincides with the festive season," Sabnavis said. India last hosted the world cup in 2011, when 1.2 million people attended matches, according to data from brokerage house Jefferies. "On India match days, fares have shot up on average by150% for select hotels and 80% for select flights compared with the prior week," said Jefferies in a note this week. "We expect companies to run world-cup specific promotions on match days to tap this consumption boost."

Persons: Narendra Modi, Sachin Tendulkar, Amit Dave, Madan Sabnavis, Sabnavis, Jefferies, Rajesh Magow, Baroda's Sabnavis, Ira Dugal, Lincoln Organizations: Cricket, ICC Cricket, New Zealand, Narendra, Rights, International Cricket, Bank of Baroda, Hospitality, Reuters Graphics Online, homestays, Baroda's, Thomson Locations: England, New, Ahmedabad, India, Rights MUMBAI, Western India, Pakistan

☆ JPMorgan sees India in its top 3 fastest-growing Asia markets in 2024
▼ + stars: | 2023-09-26 | by ( Ira Dugal | ) www.reuters.com time to read: +3 min

MUMBAI, Sept 26 (Reuters) - India could be among the three fastest growing markets for JPMorgan in the Asia Pacific region next year, alongside Australia and Japan, said a top official at the Wall Street bank. Global corporations like Apple Inc have stepped up production out of India while others like Tesla are in discussions to begin manufacturing in the country. "But the level at which enquiry and activity is picking up in India in substantial," Gori said. JPMorgan has expanded its investment banking team in India, adding two senior managing directors in the last 12 months. "I think we need to distinguish between the headlines and the day to day business because China has actually been exceptionally resilient."

Persons: Filippo Gori, Tesla, Gori, Ira Dugal, Mark Potter Organizations: JPMorgan, Asia Pacific, Reuters, Apple Inc, Thomson Locations: MUMBAI, India, Asia, Australia, Japan, China, Mumbai, Gori

☆ G20 leaders can stop climate breakdown, but rules must change, U.N. chief says
▼ + stars: | 2023-09-08 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

NEW DELHI, Sept 8 (Reuters) - U.N. Secretary-General Antonio Guterres said G20 leaders have the power to reset a climate crisis that is "spinning out of control" and urged them to reshape global financial rules which he described as outdated and unfair. "The climate crisis is spiralling out of control. But G20 countries are in control," he said. "Together, G20 countries are responsible for 80 per cent of global emissions. The U.N. chief also called on G20 leaders to ensure a stimulus of at least $500 billion per year towards meeting the Sustainable Development Goals.

Persons: Antonio Guterres, Guterres, Xi Jinping, Russia's Vladimir Putin, Katya Golubkova, Ira Dugal, Chris Thomas, Philippa Fletcher, Angus MacSwan Organizations: Climate Solidarity, West, United Nations, United Nations Security Council, Thomson Locations: DELHI, New Delhi, Paris, Ukraine, Russia, United

Bankers have been worried about the eventual outflows of these funds, but RBI officials have assured them in informal meetings that they have adequate buffers to manage such an eventuality, the banking sources said. "Whenever banks have expressed concerns about potential outflows on the forex and debt market, the RBI has always responded positively," said a treasury official at a state-run bank. The official and other sources requested not to be named as they are not authorized to speak to the media. The RBI has never disclosed the quantum of such funds, the sources said. Reporting by Ira Dugal, Siddhi Nayak and Dharamraj Dhutia; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: CLSA, Ira Dugal, Siddhi Nayak, Dharamraj, Savio D'Souza Organizations: Reserve Bank of, U.S, Bankers, Reuters, Thomson Locations: MUMBAI, Reserve Bank of India, India, Siddhi

SummaryCompanies Top private banks report attrition rates of 35-50%Highest turnover seen in sales staffBrisk growth in retail lending leading to attritionMUMBAI, July 27 (Reuters) - India's private lenders are contending with soaring attrition amid strong demand for loans and the rush to capture a larger share of the crowded market. HDFC Bank, India's largest private lender, saw its employee turnover rate over the last year rise to 34%, while Axis Bank was at nearly 35%. Kotak Mahindra Bank's attrition surged to about 50%, with smaller peer Yes Bank in toe at 43%. The bank is working towards controlling it and would "not like to see an overall attrition of more than 25-30%," he said. Kotak Mahindra Bank, which has seen the sharpest jump in attrition, saw the worst churn at junior levels, it said.

Persons: Kotak, Amitabh Chaudhry, Chaudhry, Rituparna Chakraborty, Prashant Kumar, Teamlease's Chakraborty, Shanti Ekambaram, Ekambaram, Jain, Ira Dugal, Siddhi Nayak, Dhanya Ann Thoppil Organizations: HDFC Bank, Axis, Kotak Mahindra, Teamlease Services, Reuters, Kotak Mahindra Bank, Thomson Locations: MUMBAI, India's, Siddhi

☆ India's Jio Financial Services, BlackRock to launch asset management venture
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Anushree Fadnavis/File PhotoMUMBAI, July 26 (Reuters) - India's Jio Financial Services (JIOF.NS), part of billionaire Mukesh Ambani led Reliance Group, and U.S.-based BlackRock Inc (BLK.N) will form a 50:50 joint venture to launch asset management services in India. The two companies are targeting an initial investment of $150 million each in the joint venture, Jio Financial said in a statement on Wednesday. The announcement comes days after Jio Financial Services was demerged from Reliance Industries, with the markets ascribing a valuation of nearly $20 billion to the venture which is yet to build out a business in India's fast growing financial services sector. India's asset management industry has seen rapid growth in recent years and has 44.3 trillion Indian rupees ($540.4 billion) in assets under management. The joint venture will launch a "digital-first" offering following regulatory approvals, said the statement, without giving a timeline within which it plans to begin operations.

Persons: Anushree, Mukesh Ambani, Hitesh Sethia, Larry Fink, AngelOne, Ira Dugal, Kirsten Donovan, David Evans Organizations: Mobile, REUTERS, Financial, Reliance Group, BlackRock Inc, Jio, Jio Financial, Reliance Industries, Group, BlackRock, Jio Financial Services, Thomson Locations: Pragati, New Delhi, India, MUMBAI, U.S

REUTERS/Anushree Fadnavis/File PhotoBENGALURU, July 20 (Reuters) - Jio Financial Services (JFS) has been valued at around $20 billion after its stock price was set at a much higher-than-expected 261.85 rupees ($3.19) in its demerger from Indian billionaire Mukesh Ambani's Reliance Industries (RELI.NS). At a $20 billion valuation, Jio Financial would be one of the top 40 Indian companies by market capitalisation, in a list headed by Reliance at $233 billion. The price was determined as 261.85 rupees, or the difference between 2,841.85 rupees, Reliance's closing price on Wednesday, and 2,580 rupees, its price at the end of the special session. JFS's stock price is higher than analysts' estimate of 160 rupees to 190 rupees. Reliance Strategic Investments, the unit to be renamed JFS, late on Wednesday reported a net profit after tax of 1.45 billion rupees ($17.7 million) for April-June based on revenue of 2.15 billion rupees.

Persons: Anushree, Mukesh, Chokkalingam, JFS, Ira Dugal, Savio Shetty, Savio D'Souza, Jamie Freed Organizations: Mobile, REUTERS, Jio Financial, Reliance Industries, Reliance, Macquarie Research, AAA, Reliance Strategic Investments, Thomson Locations: Pragati, New Delhi, India, BENGALURU

☆ India needs to grow at 7.6% a year for 25 yrs to be a developed nation -cenbank bulletin
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, July 17 (Reuters) - India will need to grow at a rate of 7.6% annually for the next 25 years to become a developed nation, according to a research paper published by the central bank in its monthly bulletin on Monday. India's per capita income is currently estimated at $2,500, while it must be more than $21,664 by 2047, as per World Bank standards, to be classified as a high-income country. "It may, however, be mentioned that the best (nominal growth) India achieved over a period of consecutive 25 years in the past is a CAGR of 8.1% during 1993-94 to 2017-18." To reach that level of sustained growth, India requires investment in physical capital and reforms across sectors covering education, infrastructure, healthcare and technology, the study said. The country's industrial and services sector would need to grow at over 13% annually for these 25 years for India to achieve developed economy status, it said.

Persons: Ira Dugal, Savio D'Souza Organizations: Bank, Reserve Bank, Thomson Locations: MUMBAI, India

Despite hitting an 18-month low of 4.70% in April, analysts do not expect India's inflation to fall to the Reserve Bank of India's (RBI) 4% medium-term target in a sustainable manner for some time. India has raised rates by 250 basis points (bps) since May 2022, but surprised analysts in April by keeping them unchanged. India's hold on rates contrasts with recent central bank actions elsewhere. "Our goal is to achieve the inflation target of 4% and keeping inflation within the comfort band of 2-6% is not enough," Das said. Das said that the central bank would remain "nimble" with its liquidity operations amid spikes in overnight rates despite surplus liquidity in the banking system.

Persons: Shaktikanta Das, OIS, Das, Michael Patra, Suvodeep Rakshit, Gaura Sen Gupta, Swati Bhat, Sudipto Ganguly, Ira Dugal, Krishna N, Sam Holmes, Kim Coghill Organizations: REUTERS, Reserve Bank of India's, MPC, Reserve Bank of Australia, Bank of Canada, Reuters, Reuters Graphics Reuters, IDFC, Thomson Locations: Delhi, India, Anushree, MUMBAI

Nearly 1,200 people were injured when a passenger train hit a stationary freight train, jumped the tracks and hit another passenger train passing in the opposite direction near the district of Balasore. The drivers of both passenger trains were injured but survived, she said. RESTORATIONWorkers with heavy machinery were clearing the damaged track, wrecked trains and electric cables, as distraught relatives looked on. More than 1,000 people were involved in the rescue, the Railway Ministry said on Twitter. "The target is by Wednesday morning the entire restoration work is complete and tracks should be working," Vaishnaw said.

Persons: Pradeep Jena, Ashwini Vaishnaw, Narendra Modi, stringently, Modi, Jaya Varma Sinha, Stringer, Sinha, Vaishnaw, Kanchan Choudhury, Jatindra Dash, Rajesh, Jayshree Upadhyay, Ira Dugal, Robert Birsel, Sonali Paul, William Mallard, Nick Macfie Organizations: Railways, India's Railway Board, Central Bureau of Investigation, Railway, Express, Railway Ministry, Twitter, Wednesday, Thomson Locations: BAHANAGA, India, Odisha, Balasore, Chennai, Kolkata, du, Inde, Howrah

☆ Families, rescuers search for victims of India's worst train crash in decades
▼ + stars: | 2023-06-04 | by ( Jatindra Dash | ) www.reuters.com time to read: +3 min

[1/4] A drone view shows derailed coaches after trains collided in Balasore district in the eastern state of Odisha, India, June 3, 2023. REUTERS/StringerBAHANAGA, India, June 4 (Reuters) - Rescuers and families searched through mangled train carriages on Sunday for more victims of India's worst rail crash in more than two decades with signal failure emerging as the likely cause. At least 288 people were killed on Friday when a passenger train went off the tracks and hit another one near the district of Balasore in the eastern state of Odisha. The South Eastern Railway has said a preliminary report indicated that the accident was the result of signal failure. "The target is by Wednesday morning the entire restoration work is complete and tracks should be working," said Railway Minister Ashwini Vaishnaw.

Persons: Stringer BAHANAGA, Narendra Modi, Baisakhi Dhar, Nikhil Dhar, Ashwini Vaishnaw, Kanchan Choudhury, Vaishnaw, Joe Biden, Justin Trudeau, Rishi Sunak, Emmanuel Macron, Jathindra Dash, Jayshree Upadhyay, Ira Dugal, Robert Birsel, Sonali Paul Organizations: REUTERS, Railways, Eastern Railway, Workers, Railway Ministry, Twitter, Wednesday, Reuters, . U.S, Canadian, British, Thomson Locations: Balasore district, Odisha, India, Balasore, West Bengal, .

☆ Despite world-beating growth, India's lack of jobs threatens its young
▼ + stars: | 2023-05-30 | by ( Ira Dugal | ) www.reuters.com time to read: +6 min

India's urban unemployment soared during the COVID-19 pandemic, reaching a high of 20.9% in the April-June 2020 quarter, while wages fell. Falling employment and earnings undermine India’s chances to fuel the economic growth needed to create jobs for its young and growing population. This means that of the estimated urban workforce of about 150 million, only 73 million have full-time jobs. But only 24 million will likely be created, leaving behind "46 million missing jobs." "From that lens, a growth rate of 6.5% will solve a third of India’s jobs problem," Bhandari wrote.

☆ Explainer: What India's decision to scrap its 2000-rupee note means for its economy
▼ + stars: | 2023-05-20 | by ( Ira Dugal | ) www.reuters.com time to read: +3 min

MUMBAI, May 20 (Reuters) - India will withdraw its highest denomination currency note from circulation, the central bank said on Friday. WHY DID THE GOVERNMENT WITHDRAW 2000-RUPEE NOTES? When 2000-rupee notes were introduced in 2016 they were intended to replenish the Indian economy's currency in circulation quickly after demonetisation. However, the central bank has frequently said that it wants to reduce high value notes in circulation and had stopped printing 2000-rupee notes over the past four years. The value of 2000-rupee notes in circulation is 3.62 trillion Indian rupees ($44.27 billion).

☆ India to withdraw 2,000-rupee notes from circulation
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, May 19 (Reuters) - India will start withdrawing 2,000-rupee ($24.5) notes from circulation, its central bank said on Friday, adding that evidence showed the denomination was not being commonly used for transactions. The 2,000 rupee note was introduced in 2016 after the Narendra Modi-led government abruptly withdrew 500 and 1000 rupee notes to clamp down on forgeries. The government began issuing new 500 rupee notes days later, and added the 2,000 to replenish currency in circulation at a faster pace. However, since then, the central bank has focused on printing notes of 500 rupees and below and has printed no new 2,000-rupee notes in the last four years. "Withdrawal of a currency note is demonetisation and this is a sensible form of demonetisation," said Pronab Sen, economist and former chief statistician of India.

MUMBAI, May 9 (Reuters) - India's national pension scheme offers "exceedingly good" returns of 9-12%, compared to most benchmarks, a top official at the pension fund regulator said on Tuesday. The National Pension Scheme, adopted in 2004, has recently come under criticism for inadequate returns, leading to a few state governments reverting to an earlier pension plan considered fiscally unviable. States that have decided to move back to a so-called old pension scheme include Rajasthan, Jharkhand, Chattisgarh, Himachal Pradesh and Punjab. The old pension scheme offered assured returns to pensioners without any contribution from the employees, which made it fiscally unsustainable for the government. Economists warned that the return to a scheme with assured returns could hurt India's attempts to improve government finances and reduce debt.

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