India taxes these investors higher and is excessively cautious towards derivatives.
New Delhi plans to cut public spending by up to 10 percent in the fiscal year starting in April, officials involved in the budget preparations told Reuters last week, as Finance Minister P Chidambaram struggles to bring down the fiscal deficit to 4.8 percent of gross domestic product and stave off a credit rating downgrade.
Exports were up 0.8 per cent in Jan while imports rose 6 per cent.
India will soon allow corporate houses to open banks despite misgivings within the RBI.
HSBC cut its GDP forecast for the year ending in March to 5.2 per cent from 5.7 per cent, and its forecast for the next fiscal year to 6.2 per cent from 6.9 per cent, according to a report released on Thursday.
Remarks come at a time when he is under pressure from the govt to cut interest rates.
CEO Rana Kapoor said no such discussion or proposition has ever transpired.
An estimated 177 million Muslims in India, the largest Muslim minority population in the world, are unable to use Islamic banks because laws covering the sector require banking to be based on interest, which is forbidden in Islam.
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