Govt to stick with austerity despite looming election: Chidambaram

Last Updated: Tuesday, October 8, 2013, 18:46

The govt will have to rein in spending and cut subsidies to meet its fiscal deficit target, the finance minister said, underlining that an austerity drive will not be blown off course by an election due next year.

Stick to austerity steps while seeking additional funds: FinMin

Last Updated: Monday, October 7, 2013, 19:21

"Steps/measures to be taken for better fiscal and expenditure management for 2013-14...May kindly be followed strictly," the Finance Ministry said in a communication to all the financial advisors.

Govt launches austerity measures; no new jobs for a year

Last Updated: Wednesday, September 18, 2013, 20:00

Aiming to restrict the fiscal deficit to 4.8 percent of GDP in 2013-14, the Finance Ministry has ordered all ministries and departments not to buy new vehicles, create new jobs or fill posts lying vacant for over one year.

Govt announces austerity measures; to cut non-plan expenditure by 10%: FinMin

Last Updated: Wednesday, September 18, 2013, 19:30

The Finance Ministry on Wednesday announced a small-bore austerity measures to boost the economy without hampering the operational efficiency of the government which included a cut in non-plan expenditure by 10 percent.

Millions more Europeans at risk of poverty if austerity drags on: Oxfam

Last Updated: Thursday, September 12, 2013, 10:23

Up to 25 million more Europeans are at risk of sinking into poverty by 2025 if governments push on with austerity measures, international aid agency Oxfam warned Wednesday, calling such policies "moral and economic nonsense".

Petrol pump `curfew`: Congress says austerity necessary; BJP calls it economic emergency

Last Updated: Monday, September 2, 2013, 11:24

The Petroleum Ministry`s proposal to do away with 24-hour petrol pumps in cities has not gone down well with the BJP and CPI.

Communist Party official sacked for daughter`s lavish wedding

Last Updated: Thursday, July 18, 2013, 21:24

Communist Party of China official heading a poverty-stricken township was sacked for holding his daughter`s wedding in extravagant manner, violating austerity measures backed by President Xi Jinping.

Greece approves scheme to fire thousands of public workers

Last Updated: Thursday, July 18, 2013, 10:49

Greece's shaky coalition government scraped through a vote on Wednesday on a bill to sack public sector workers as thousands chanting anti-austerity slogans protested outside parliament.

Greek PM faces week of protests over new austerity bill

Last Updated: Monday, July 15, 2013, 08:53

Greece`s prime minister faces protests this week over a bill that must pass for the country to receive a fresh tranche of EU-IMF aid.

Chinese govt issues directives to departments on public spending

Last Updated: Wednesday, July 10, 2013, 13:06

The Chinese government has issued a deadline to its departments to disclose spending on parties, vehicles and overseas trips to ensure compliance with an austerity drive launched by the new President Xi Jinping.

Greece shuts public broadcaster ERT, 2700 jobs affected

Last Updated: Wednesday, June 12, 2013, 09:41

Shortly after the announcement, thousands rushed to the main ERT headquarters in a northern Athens suburb to show their support.

Portugal lawmakers clear new austerity budget

Last Updated: Friday, June 7, 2013, 20:00

Portugal`s parliament adopted Friday a revised budget aiming to keep its finances on track as part of its international bailout after country`s top court rejected several measures in the initial plan.