Investors have a liking for Palaniappan Chidambaram, India’s finance minister, and his pro-investment reforms that have pulled India’s stockmarkets higher. But they didn’t much like the disappointing federal budget he laid out on Thursday for the year beginning in April.
The benchmark S&P Nifty Index closed down 1.8 per cent after his speech, while the Sensex was down 1.5 per cent. Continue reading »
By Varun Bhandari
Election results in Uttar Pradesh, the crucial north west state, have proved a disappointment for the ruling Congress Party. The Mulayam Singh Yadav-led Samajwadi Party is set to return to power after routing Kumari Mayawati, the incumbent lower caste leader of the Bahujan Samaj Party. The Congress, despite bringing out its lead campaigner and scion of the Gandhi family, Rahul Gandhi, has performed poorly and is likely to end up at the bottom in final count.
To get a pulse of the post-election mood, beyondbrics headed to Noida – the urban sprawl next to Delhi. Continue reading »
It was a bad blow for India’s ruling Congress Party and its ruling Gandhi family – and for the chances of much-needed national reforms. That was the verdict as the results of elections in Uttar Pradesh, India’s biggest and most politically important state rolled in on Tuesday. Continue reading »