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The International Monetary Fund
(IMF) cuts GDP growth estimate for
2016-17 to 6.6% from its estimate of 7.6% due to demonetisation of high value
currency notes. And the China's GDP growth estimate was raised for 2016-17 to
6.7% from its estimate of 6.5%. If the estimates are perceive then India risks
losing the 'fastest growing major economy' tag. IMF estimates the economy to
recover and grow by 7.2% in 2017-18, inert slower than the earlier forecast of
7.6%. In 2018-19, it’s estimates the Indian economy to grow by 7.7%.
Earlier in this month, the World Bank
cuts the country's economic growth projection to 7% for 2016-17 from its
previous estimate of 7.6%. Reserve Bank of India (RBI) has also lowered its GDP
growth estimate for the current fiscal year to 7.1% from 7.6%. The Central
Statistics Office estimates the economy to growth by
7.1% in 2016-17, lower than the previous estimate of 7.6%, this estimate
does not consider the impact of demonetisation. Global growth for 2016 is now projected at 3.1%, in line with October 2016 estimate. Advanced economies are now projected to grow by 1.9%
in 2017 and 2% in 2018, 0.1 and 0.2% points more respectively
compared to the October estimate.
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Gross of Non-Performing Assets
(NPA's) at State Bank of Hyderabad (SBH) jumped 196.2% to INR 15,306.98 Crores
at the end of the September quarter from INR 5,167.80 Crores a year ago, SBH
reported a second quarter net loss of INR 776.64 Crores due to higher
provisions. The bank has declared a net profit of INR 375.31 Crores in the last
year same quarter. The loss was confined due to tax write-back of INR 197.12
Crores against tax expenses of INR 189.87 Crores.
Net Interest Income (NII) falls
1.38% to INR 1,111.56 Crores in the September quarter from INR 1,127.06 Crores
last year. Other income increased 73.3% to INR 569.59 Crores from INR 328.68 Crores
in the same period last year. Employee cost fell 24.3% from a year ago to INR
261.38 Crores. Gross Non-Performing assets (NPAs) at SBH jumped 196.2% to INR 15,306.98
Crores at the end of the September quarter from INR 5,167.80 Crores a year ago.
As a percentage of total loans, gross NPAs were at 13.66% at the end of the
September quarter as compared to 4.92% in the previous year. Provisions and
contingencies surged 755% to INR 2,074.94 Crores in the quarter from INR 242.70
Crores a year ago. Net NPAs were at 8.64% in the September quarter compared to
2.39% in the last year.
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There are various reasons for investing in India how could boost the Chinese capital's wallop in the Indian
economy, a Chinese specialist says. Investing in India is an assured choice
of capital, which essentially stalk profits, said Ge Cheng (Assistant
Research Fellow at the National Institute of International Strategy of the
Chinese Academy of Social Sciences). The spiral flows of Foreign Direct Investment (FDI) into India don't aim to make contributions to India,
but instead are charm by the promising profit probability accredit by the
economy's growth and an array of favorable policies, Ge Cheng have wrote in the
Global Times. Based on the practical thoughts, India is simply seek to
improve its investment environment and revise its rules and regulations.
Ge Cheng pointed out how the Indian Government had updated FDI rules, raising the foreign investment capital to 49% from 26%, except in state-owned banks and listed companies. The
threshold limit for automatic approval has also been slacken to INR 500 billion ($7.4 billion) from INR 300 billion, Cheng said.
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As the two years were passed of the
NDA Government. There is a appreciable sense of eagerness that a strong
government is in role and there is a growing sense of dissatisfaction that the
common man has not gained much as expected. Through the Make In India,
companion most of the Multi-Nationals were been welcomed and large corporate
world was being tried to create. A Large numbers of youth are searching for the
workforce and the manufacturing sector is unlikely to provide jobs to the
freshers. It is strenuous to secure a huge increase in manufacturing sector in
our country, as we do not have the land, minerals or electricity that are
necessary. The Manufacturing sector is increasingly being undertaken by
automatic machines. Some of the newest plants are crewed entirely by robotics.
And the vision remains to be focus on the Service Sector.
The Challenge to the new services
is virtually unlimited view. The government must take the initiative to capture
new emerging opportunities from the youth. And the primary level of education
of the children needs to be changed as the present education system is mainly
considering on creating good grades rather then practical knowledge, sports,
innovation, thinking etc to the children. As the Production of services
requires large numbers of educated, knowledgeable, capable man-force and does
not require huge amounts of natural resources like iron or electricity. Mainly
the government should conduct the initiative programmers among the students to
make them capable to create new innovations. The wages in the country have come
under pressure due to the import of cheap products from China. The Indian toy
makers are being forced to pay lesser wages due to the competition from
imports. The only way to increase the wages of our workforce is to plumb a wall
against these cheap imports. We should practice a shielding country's domestic
industries from the foreign competition by taxing imports (protectionism) and
clutch globalisation for the world economy. Concurrently, the government must
provide export subsidies to enable our manufacturers to compete in the global
markets despite paying high wages. The government
must find out ways of implementing within the existing World Trade Organization
(WTO) Treaty. The Main focus of our government is to secure the welfare of our
people.
Another one mainly we must focus on
sources of energy that suits for our natural resource inauguration. And needs
to protect from the green house effects. The Nuclear power generated from
imported uranium makes us depend on the antics of powers of foreign just as
China has blocked our entry into the Nuclear Suppliers Group (NSG), though we
have abundant resources of thorium. The government is moving fast to develop
our solar energy resources, this step is towards the right direction. It must
be pushed with full radiance. The hard eliment is we must free our people from
the darbies of the welfare. Most of the State Governments are using all the
receipts from sales taxes only for paying the salaries of government teachers. And
the teaching faculty are been paid about triple the salary of faculties working
in the private sector, even the teaching level of govt teachers is poor.
''Lastly the people should change
and act proactively for the changes in the society''
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As expected there was hike in Petrol
and diesel price as Petrol hiked by INR 1.34 Per litre and diesel rate hiked by
INR 2.37 Per litre. The Revised rates will apply from midnight. After the price
revision petrol in Delhi will now costs INR 66.45 Per litre and diesel will
cost INR 55.38 Per litre. The Present level of international product prices of
petrol, diesel and INR-USD exchange rate warrant increases in selling price of
petrol and diesel, the impact was being passed on to the consumers, Indian Oil
Corp (IOC) said in a statement. The Petrol and diesel prices are deregulated in
India, which means they are directly linked to market rates. Prices were revised
last on October 4th. The prices were increased following increase in
commission paid to dealers.
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AP CM N.Chandrababu Naidu declared that
out of the INR 13,000 Crores of black money declared in Hyderabad under a
recent income disclosure scheme INR 10,000 Crores belonged to a single
individual, this is apparent hint towards his political rivals. Chief Minister
also demanded immediate repeal of currency notes of INR 1,000 and INR 500
denominations to control black money. Total amount of INR 65,000 Crores
disclosed across the country, INR 13,000 Crores was declared from Hyderabad and
out of it INR 10,000 Crores by a single individual. As per law we can't know
the person.
Noting that politics has become a 'shelter' for corrupt people and black money earners, some people who are in politics are
misusing the people's mandate, chief minister said. The chief minister said
once these currency notes are repealed, it would also put an end to buying of
votes.
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The Nation's huge lender State Bank Of India (SBI) on said it has consistently passed on RBI's rate cuts to
borrowers and in further reduce the lending rate in the near term,
benefiting auto and home loan seekers. State Bank of India (SBI) Chairperson
Arundhati Bhattacharya has said that out of the 1.75 % rate cut by the
RBI since January 2015, it has already passed on up to 0.95% to the
borrowers. Of the 175 bps (1.75%) cut that the Reserve Bank (RBI) has
done we as a bank have passed on 95 bps (0.95%). More will get passed
on in the near term rather than in the longer term, Bhattacharya said in an
interview to TV Channel. SBI might not have cut
the interest rate by big dollops of 0.25%, she said, but the bank has
been cutting the rate consistently on a month-on-month basis and has passed on
up to 0.95% so far.
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Andhra Pradesh Government has distinct
to implement Real Time Governance (RTG) in a full fledged manner all over the
state, to make administration more responsive and effective. Chief Minister
Chandra Babu is well known for his tech savviness also directed the officials
to plan a platform that will bring all the departments under e-Pragati, a
holistic and cogent structure designed to move the state into a developed
state by 2029 and the nation's first state wide enterprise architecture
capability. Chief Minister also instructed
the officials to complete all the 72 projects taken up under e-pragati at the
earliest possible. Chandrababu also suggested that to bring in fresh and
innovative ideas, students must be made a part of e-pragati.
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India will give formal consent to the Paris climate
change pact at the United Nations (UN), according to sources. Prime Minister Narendra
Modi's cabinet had given its approval on Wednesday to give consent to the Paris
agreement on Sunday, on the occasion of the birth anniversary of Mahatma Gandhi. Himank Kothiyal (Environment Ministry Representative) said Indian officials would hand
over the ratification utensil to UN officials in New York on Sunday. India
accounts for about 4.5% of global greenhouse gas release. The Paris pact will come into force when 55 countries contributing to at least 55% of total
global release treaty the deal. So far 61 countries have deposited their
instruments of approval accounting for 47.8% of
global ejection an Indian government statement said.
India has enacted that by 2030 that at-least 40% of its electricity will
be generated from non-fossil sources. This includes 175GW Renewable energy
capacity by 2022. Money is the strong challenge for India, which requires over $2.5tn to meet all its targets. Which will achieve
the targets only if other countries give it money and discounts on new
technology.
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This is the highest ever black
money disclosure that at least INR 65,250 Crores ($9.8 Billion) of undisclosed
assets were declared under the Govt Income disclosure scheme by more than 64K declarations,
yielding the government INR 29,362 Crores ($4.41 Billion) in tax revenues. While
the black money declarations will be more once all the manual and online filings
of undisclosed incomes and assets are promptly filed at the end of the fourth month window on
September 30th are compiled, the Government will get around INR 14,700 Crores
or half of the due taxes, this fiscal year.
Government had proffered a one time feasibility to holders of income and assets
that had been illegally unpaid taxes, to disclose their unpaid taxes with penalty of 45%. (Also Read about India's largest spectrum auction worth INR 5.63 lakh Crores) Previous year under a similar
scheme for 644 foreign black money holders declared undisclosed foreign income
and assets, INR 2,428 Crores was collected as taxes. The
average declaration per individual or entity comes to INR 1 Crore.
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By the year 2020, nearly $500
billion (33622500 Crores) worth of transactions in India will happen digitally,
using online wallets and other digital payment systems which is 10 times the
level currently, according to the reports of Google India and The Boston
Consulting Group. The people in India traditionally prefer to save and spend in
cash, more than 1.2 billion population doesn’t have a bank account. Previous
Year nearly 78% of all consumer payments in India were made by cash whereas in
developed countries like the United States and United Kingdom only 20% to 25%
of such payments were made, the report said. But the reliance on notes and
coins in India is likely to shrink as spending habits changes and financial
services reaches more people, said the Google BCG report. It expects cash based
consumer payments to fall 40% to 45% by
2025. A keen increase in the use of mobile phones with internet connectivity
will help drive the move to digital payments, said the report.
The Nation has more than 1 billion
mobile subscribers. By the year 2020 the number of smartphone users in the country
would likely be 520 million and the number of internet users is 650 million
which is twice the number currently, according to the reports. Personal
internet banking has become more popular in the country over the past few years
along with digital payment options that allows the users to settle electricity
bills, telephone bills and even taxi bills. The next level of growth will come
when local mom and pop grocery stores start accepting digital payments, said
the report. However, there are plenty of consumers and merchants who still feel
sceptical of digital payments or find them too complicated, said the report.
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Deutsche Bank sees India's gross
domestic product growth at 7.8 % in 2017, up from this year's 7.5 % noting that the economy seems to have bottomed out. Michael Spencer (German bank's chief economist-Asia Pacific) said we see the economy that looks
like it has bottomed out some gauge have been improving in the last 18
months may be it has reached the bottom. But for this year the growth is
flattish forecast at 7.5% which is same as last year. India's economic challenges include
the building of judicial and legal systems, especially to reconcile commercial
disputes for businesses.
India is the world's
fastest growing economy, ahead of China's 6.7 % forecast for 2016 and
2017 as reduced from 6.9 % in 2015, as per the data of Deutsche
Bank. The bank glimpse world economy
stem at 3.6 % in 2017 as it was 3.1 % in 2015 and 3.0 % current year.
