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Jaitley is due to address parliament at 11 a.m.
Prime Minister NarendraModi faces the first major test of his reform credentials on Thursday, when his fresh-faced government presents its maiden budget amid early doubts about his willingness to make unpopular decision.
Finance Minister Arun Jaitley's promises of bold budget decisions and broadsides against the "mindless populism" of his left-of-centre predecessors have proved a hit with investors, helping the benchmark BSE stock index to a record high last week
Federal Reserve officials indicated at their June meeting that the monthly bond-buying program could end sooner rather than later—with an October exit growing increasingly likely.
"Participants generally agreed that if incoming information continued to support its expectation of improvement in labor market conditions and a return of inflation toward its longer-run objective, it would be appropriate to complete asset purchases with a $15 billion reduction in the pace of purchases in order to avoid having the small, remaining level of purchases receive undue focus among investors," the minutes stated.
"If the economy progresses about as the Committee expects, warranting reductions in the pace of purchases at each upcoming meeting, this final reduction would occur following the October meeting."
That puts the end to quantitative easing at the front end of market expectations. This is the third QE cycle in a program that has stretched the central bank's balance sheet to $4.4 trillion.
India is set to become the third largest economy in the world by 2030, according to latest estimates by a PricewaterhouseCoopers (PwC) report. The London-based accountancy giant said the rapid rise of the Indian economy with its young workforce would push it up from being the 10th largest economy in 2013 to the third-largest by 2030, pushing the UK into the sixth place
"In the longer run, other emerging markets may overtake the UK, but only India looks set to do so before 2030 according to our latest projections," PwC said in its latest economic outlook. China, the world's second largest economy, is expected to close the gap with America by 2030, while Mexico is predicted to be the 10th largest economy by 2030, above Canada and Italy, both G7 nations
Only a couple of years ago there were forecasts that Britain would rapidly become a second-class economic power and would need to defer to the BRIC countries of Brazil, Russia, India and China in the near future
China has ranked above Japan for a decade as the world's second-biggest economy. By some calculations Brazil leapfrogged the UK in 2012, with Russia and India close behind.
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