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  • Modi backed RBI in turf war with finance ministry
    Modi backed RBI in turf war with finance ministry

    By Rajesh Kumar Singh NEW DELHI (Reuters) - Prime Minister Narendra Modi sank his finance minister's plans to strip powers from the Reserve Bank of India (RBI) last week, sources told Reuters, evidence of a new-found respect for the bank's governor and a recognition that Modi needs his calming influence on markets. When Modi came to power just under a year ago, the position of central bank boss Raghuram Rajan, an appointee of the outgoing Congress government, looked precarious. Senior …

  • Modi backed central bank in turf war with finmin
    Modi backed central bank in turf war with finmin

    By Rajesh Kumar Singh NEW DELHI (Reuters) - Prime Minister Narendra Modi sank his finance minister's plans to strip powers from the central bank last week, sources told Reuters, evidence of a new-found respect for the bank's governor and a recognition that Modi needs his calming influence on markets. When Modi came to power just under a year ago, the position of central bank boss Raghuram Rajan, an appointee of the outgoing Congress government, looked precarious. Senior members of Modi's …

  • India and Iran sign port deal despite U.S. warning about haste
    India and Iran sign port deal despite U.S. warning about haste

    India reached a deal on Wednesday to develop a strategic port in southeast Iran despite U.S. pressure not to rush into any such trade agreements before world powers clinch a final nuclear accord with Tehran. Shipping Minister Nitin Gadkari and his Iranian counterpart Abbas Ahmad Akhoundi signed a memorandum of understanding to develop the Chabahar Port on the Gulf of Oman, near Iran's border with India's arch rival Pakistan. India and Iran agreed in 2003 to develop the port, but the venture …

  • Yaks, helicopters race against time to feed Nepal quake survivors
    Yaks, helicopters race against time to feed Nepal quake survivors

    By Chris Arsenault ROME (Thomson Reuters Foundation) - Eleven days after a devastating earthquake rocked Nepal, U.N. officials are scrambling to get aid to remote mountain regions, deploying yaks, goats and old Russian helicopters to carry rice and high-energy biscuits to 1.4 million hungry people. "It's a race against time," Richard Ragan, a senior official with the U.N. World Food Programme, told the Thomson Reuters Foundation on Wednesday. Some of the worst-affected places are …

  • India relaxes rules for foreign investment in real estate
    India relaxes rules for foreign investment in real estate

    NEW DELHI (Reuters) - The cabinet on Wednesday relaxed rules to allow foreign funds to invest in real estate investment trusts (REITs), a move designed to revive the country's capital-starved property sector. The government introduced REITs last year to pool in capital from overseas and help developers reduce their debt. But provisions in the Foreign Exchange Management Act (FEMA) have, thus far, prevented actual investment flows. The FEMA governs cross-border transactions. ... …

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