GST is the biggest revenue shake-up since independence
Modi's'Make in India' drive launched last September included laying out a model of "port-led" development that would support industrial growth.
Finance Minister Arun Jaitley sought parliament's approval on Friday to increase the spending budget for this fiscal year by $4 billion, with almost half to be used to inject extra capital into state banks struggling with bad loans.
Economists and investors want RBI to retain independence in setting rates
Modi placed a $12.6 billion bet in this year's budget on road building
The government freed diesel pricing last October, providing a level playing field to private companies like Reliance and Essar Oil.
India plans to phase in cash transfers of food and kerosene subsidies from September, saving 10-15 per cent of the $21 billion in annual outlays on the benefits by eliminating fraud, a senior finance ministry official said on Thursday.
India's existing web of federal and state sales taxes is levied at different stages of the supply chain and often results in double taxation, while forcing trucks to spend nearly a quarter of their road time in border checks or other inspections.
India has asked refiners that owe about $6.5 billion to Iran for oil imports to build up dollar and euro balances to avoid downward pressure on the rupee if six world powers and Tehran reach a final nuclear deal.
Worries over Greece sparked a sell-off in emerging markets on Monday
The shift comes as the gap between the international benchmark Brent and the Middle East price marker narrows
Retail food inflation eased to 4.80% last May.
The government plans to transfer all subsidies including food, fertiliser and kerosene, potentially taking direct payments to more than $60 billion.
New Delhi says existing food stocks will be sufficient to contain any food price shock.
Overhauling India's bloated and often sluggish state banks is critical for the government
He assured fears of food shortages were far-fetched.
To cover most of the gap, the road ministry plans to raise $7 billion.
Modi's government plans to support domestic demand
The government had no option but to cut spending to meet its borrowing targets.
Officials said the government had no option but to cut spending.
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