BSE Sensex gains 33 points in early trade
India's finance minister is planning to cut the public spending target for fiscal 2013/14 by up to 10 percent from this year's original target, in what would be the most austere budget unveiled in recent history as he tries to avert a sovereign credit downgrade.
Investors are betting Indian bonds are set for their biggest rally since the global financial crisis, wagering that a government at risk of losing its investment-grade rating will put fiscal discipline ahead of election largesse.
India is aggressively pursuing tax claims against multinational firms operating in the country as the government seeks to rein in its budget deficit, taking particular aim at IT and back-office functions, tax officials say.
India's gold imports in January surged 23 percent from a year ago to their highest in 18 months as traders snapped up supplies ahead of a hike in duty, undermining the government's efforts to control a ballooning current account deficit.
Faced with stiff opposition from power utilities over the Centre's move to introduce coal price pooling, the coal ministry may restrict the mechanism only to power projects getting commissioned after March 2009, The Financial Express reported citing unidentified sources.
Indian customs authorities have started denying coal importers a duty concession they were granted in last year's budget and have issued notices to them, said several
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