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PM Modi may order cut in spending again

India`s bloated public sector is a legacy of its Soviet-style planned economy but, despite Modi`s pro-business platform, it avoids even using the word "privatisation".

Austerity drive, spending cuts risk fickle growth: Nomura

"On our estimates this would amount to a saving of Rs 35,000 to Rs 40,000 crore or 0.3 per cent of the GDP," it said in a note issued here on Thursday.

Italy Cabinet moves to trim perks, help low earners

Italian Prime Minister Matteo Renzi on Friday hailed a "structural revolution" after his cabinet approved a round of tax and spending cuts including a limit of five chauffeured cars per government ministry.

Spending cuts to hit US economy, weaken global economy: Obama

US President Barack Obama has cautioned that the looming automatic spending cuts or sequestration beginning March 1 will badly hit the country's economy and weaken the global economy.

Obama uses autopen to sign the fiscal cliff bill

US President Barack Obama on Wednesday signed into law the fiscal cliff bill that extends lower tax rates permanently on annual household income under USD 4,50,000 and postpones automatic spending cuts for two months.

Government may announce spending cuts today

Manmohan Singh will discuss India's five-year economic strategy and look at trimming expenditure in the light of an economic slowdown.