General Affairs
Prime Minister Narendra Modi To Leave On Four-Nation Tour To Africa
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NEW DELHI: Prime Minister Narendra Modi will leave on a four-nation tour of Africa around on Wednesday with the issues of energy, food security, trade, maritime cooperation and diaspora interactions high on his agenda.
PM Modi will visit Mozambique, South Africa, Tanzania and Kenya from July 7 to 11 on his first official visit to the African mainland.
In a pre-departure media briefing here on Monday, Amar Sinha, Secretary (Economic Relations) in the Ministry of External Affairs, said Modi's visit will be the third segment of India's high-level engagement with Africa this year after Vice President Hamid Ansari's visits to Morocco and Tunisia and President Pranab Mukherjee's visits to Ghana, Ivory Coast and Namibia.
After arriving in Maputo on July 7 morning, PM Modi will hold bilateral talks with Mozambican President Filipe Nyusi.
This will be the first prime ministerial visit from India to Mozambique after the visit of then Prime Minister Indira Gandhi in 1982.
The issues of energy and food security are expected to figure in the discussions.
Mozambique is the third largest exporter of natural gas after Qatar and Australia.
A memorandum of understanding (MoU) on purchase of pulses from Moazambique for India and another on civil aviation are expected to be signed.
After interacting with members of the Indian community, which numbers around 20,000 in Mozambique, PM Modi will leave for South Africa.
This will be the first prime ministerial visit from India to South after the visit of then Prime Minister Manmohan Singh in 2013 for the BRICS summit in Durban.
On July 8, the Prime Minister's engagements will be in the twin cities of Johannesburg and Pretoria, South Africa's seat of power.
PM Modi will hold bilateral discussions with South African President Jacob Zuma following which agreements will be signed.
According to Mr Sinha, contrary to reports appearing in the media, South Africa has been actively supporting India's bid for membership in the Nuclear Supplier Group (NSG).
PM Modi and Mr Zuma will address a meeting of South African and Indian business leaders.
The Prime Minister will meet with associates of Mahatma Gandhi at the Constitution Hall in Johannesburg.
On July 8 evening, he will address an Indian diaspora rally at the Ticketpro Dome, Johannesburg's entertainment hub.
There are around 1.2 million people of Indian origin in South Africa.
On July 9, PM Modi will travel to Durban which is home to 800,000 people of Indian origin, making it the city with the largest Indian people outside India.
He will undertake a train journey to Pietermaritzburg in memory of the 1893 incident in which Mahatma Gandhi was thrown off a train compartment because of his skin colour.
The Prime Minister will also visit Gandhi's Phoenix Ashram and then meet with leaders of the African National Congress (ANC).
On July 9 evening, he will leave for Tanzania on the first prime ministerial visit from India to that country after the visit of then Prime Minister Manmohan Singh in 2011.
On July 10, PM Modi will hold bilateral discussions with Tanzanian President John Pombe Joseph Magufuli which will be followed by the signing of agreements.
A major highlight of PM Modi's visit to Tanzania will be a meeting with a group of "solar mamas".
"Solar mamas" are women who have been trained in harnessing solar energy at the Barefoot College at Tilonia village in Ajmer, Rajasthan.
According to Mr Sinha, PM Modi will be meeting a group of 40 or so solar mamas from different parts of Africa.
After interacting with members of Indian community, which numbers around 50,000 in Tanzania, PM Modi will leave for Kenya on July 10 evening on the fourth and final leg of his African tour.
This will be the first prime ministerial visit from India to that East African country since the visit of then Prime Minister Indira Gandhi in 1981.
After arriving in Nairobi, that same day PM Modi will address a diaspora rally at the Kasarani Stadium Complex. There are around 80,000 people of Indian origin in Kenya
On July 11, the Prime Minister will visit the United Nations Office in Nairobi, one of the four major UN office sites where several different UN agencies have a joint presence.
He will hold bilateral discussions with Kenyan President Uhuru Kenyatta which will be followed by the signing of agreements.
Air connectivity and sports ties between the two countries are expected to be discussed.
Later, the Prime Minister will visit the University of Nairobi where he will pay homage to a statue of Mahatma Gandhi.
He will also address students of the university, which was originally set up by a group of Indian-origin people.
PM Modi will visit Mozambique, South Africa, Tanzania and Kenya from July 7 to 11 on his first official visit to the African mainland.
In a pre-departure media briefing here on Monday, Amar Sinha, Secretary (Economic Relations) in the Ministry of External Affairs, said Modi's visit will be the third segment of India's high-level engagement with Africa this year after Vice President Hamid Ansari's visits to Morocco and Tunisia and President Pranab Mukherjee's visits to Ghana, Ivory Coast and Namibia.
After arriving in Maputo on July 7 morning, PM Modi will hold bilateral talks with Mozambican President Filipe Nyusi.
This will be the first prime ministerial visit from India to Mozambique after the visit of then Prime Minister Indira Gandhi in 1982.
The issues of energy and food security are expected to figure in the discussions.
Mozambique is the third largest exporter of natural gas after Qatar and Australia.
A memorandum of understanding (MoU) on purchase of pulses from Moazambique for India and another on civil aviation are expected to be signed.
After interacting with members of the Indian community, which numbers around 20,000 in Mozambique, PM Modi will leave for South Africa.
This will be the first prime ministerial visit from India to South after the visit of then Prime Minister Manmohan Singh in 2013 for the BRICS summit in Durban.
On July 8, the Prime Minister's engagements will be in the twin cities of Johannesburg and Pretoria, South Africa's seat of power.
PM Modi will hold bilateral discussions with South African President Jacob Zuma following which agreements will be signed.
According to Mr Sinha, contrary to reports appearing in the media, South Africa has been actively supporting India's bid for membership in the Nuclear Supplier Group (NSG).
PM Modi and Mr Zuma will address a meeting of South African and Indian business leaders.
The Prime Minister will meet with associates of Mahatma Gandhi at the Constitution Hall in Johannesburg.
On July 8 evening, he will address an Indian diaspora rally at the Ticketpro Dome, Johannesburg's entertainment hub.
There are around 1.2 million people of Indian origin in South Africa.
On July 9, PM Modi will travel to Durban which is home to 800,000 people of Indian origin, making it the city with the largest Indian people outside India.
He will undertake a train journey to Pietermaritzburg in memory of the 1893 incident in which Mahatma Gandhi was thrown off a train compartment because of his skin colour.
The Prime Minister will also visit Gandhi's Phoenix Ashram and then meet with leaders of the African National Congress (ANC).
On July 9 evening, he will leave for Tanzania on the first prime ministerial visit from India to that country after the visit of then Prime Minister Manmohan Singh in 2011.
On July 10, PM Modi will hold bilateral discussions with Tanzanian President John Pombe Joseph Magufuli which will be followed by the signing of agreements.
A major highlight of PM Modi's visit to Tanzania will be a meeting with a group of "solar mamas".
"Solar mamas" are women who have been trained in harnessing solar energy at the Barefoot College at Tilonia village in Ajmer, Rajasthan.
According to Mr Sinha, PM Modi will be meeting a group of 40 or so solar mamas from different parts of Africa.
After interacting with members of Indian community, which numbers around 50,000 in Tanzania, PM Modi will leave for Kenya on July 10 evening on the fourth and final leg of his African tour.
This will be the first prime ministerial visit from India to that East African country since the visit of then Prime Minister Indira Gandhi in 1981.
After arriving in Nairobi, that same day PM Modi will address a diaspora rally at the Kasarani Stadium Complex. There are around 80,000 people of Indian origin in Kenya
On July 11, the Prime Minister will visit the United Nations Office in Nairobi, one of the four major UN office sites where several different UN agencies have a joint presence.
He will hold bilateral discussions with Kenyan President Uhuru Kenyatta which will be followed by the signing of agreements.
Air connectivity and sports ties between the two countries are expected to be discussed.
Later, the Prime Minister will visit the University of Nairobi where he will pay homage to a statue of Mahatma Gandhi.
He will also address students of the university, which was originally set up by a group of Indian-origin people.
Supreme Court Dismisses Plea Of AAP Activist Against PM Modi On Poll Code
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NEW DELHI: The Supreme Court today dismissed a plea of Aam Aadmi Party (AAP) worker accusing Prime Minister Narendra Modi of breaching the poll code during 2014 Lok Sabha elections by clicking a selfie with BJP symbol 'lotus' on the social media soon after casting his vote.
A bench of Justices Dipak Misra and R Banumathi dismissed the petition of AAP worker Nishant Deshdipak Varma whose plea was also dismissed by the trial court and the High Court.
Mr Varma, a resident of Ahmedabad, had challenged the Gujarat High Court order and said in his plea that no investigation was made by the BJP government in Gujarat into the FIRs lodged against the then Chief Minister in the matter on the direction of the Election Commission.
He had contended that the High Court was "erroneous" and the Gujarat Police had acted in a mala fide manner to protect PM Modi by filing a closure report in the case.
"Investigation agency involved in the present case has acted in a mala fide manner in order to protect the Respondent (Modi) from lawful prosecution for having committed various offences under the Representation of Peoples Act, 1951 and the Indian Penal Code," he had said in his plea.
Mr Varma had earlier filed a complaint before a magisterial court alleging violation of the model code by PM Modi, but the police had filed a closure report saying no offence was committed by him.
The magistrate, while accepting the closure report in August 2014, had dropped the proceedings against PM Modi who had by then become the Prime Minister. This order was later upheld by the high court.
Seeking action against PM Modi, he had said, "Before accepting the closure report, the metropolitan magistrate did not give any opportunity to the petitioner or the Election Commission of India to assail the report."
The Election Commission had on April 30, 2014 directed that FIRs be registered against PM Modi for violation of model code of conduct.
A bench of Justices Dipak Misra and R Banumathi dismissed the petition of AAP worker Nishant Deshdipak Varma whose plea was also dismissed by the trial court and the High Court.
Mr Varma, a resident of Ahmedabad, had challenged the Gujarat High Court order and said in his plea that no investigation was made by the BJP government in Gujarat into the FIRs lodged against the then Chief Minister in the matter on the direction of the Election Commission.
He had contended that the High Court was "erroneous" and the Gujarat Police had acted in a mala fide manner to protect PM Modi by filing a closure report in the case.
"Investigation agency involved in the present case has acted in a mala fide manner in order to protect the Respondent (Modi) from lawful prosecution for having committed various offences under the Representation of Peoples Act, 1951 and the Indian Penal Code," he had said in his plea.
Mr Varma had earlier filed a complaint before a magisterial court alleging violation of the model code by PM Modi, but the police had filed a closure report saying no offence was committed by him.
The magistrate, while accepting the closure report in August 2014, had dropped the proceedings against PM Modi who had by then become the Prime Minister. This order was later upheld by the high court.
Seeking action against PM Modi, he had said, "Before accepting the closure report, the metropolitan magistrate did not give any opportunity to the petitioner or the Election Commission of India to assail the report."
The Election Commission had on April 30, 2014 directed that FIRs be registered against PM Modi for violation of model code of conduct.
India's 7.5 Per Cent Growth Rate May Be Overstated, Says US
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India's 7.5 per cent growth rate may be "overstated", the US has said, adding that the Narendra Modi government has been "slow" to match its rhetoric in economic reforms even though it appreciated measures taken in areas like bureaucracy and easing foreign investment restrictions.
Appreciating the series of economic reforms, in particular streamlining bureaucratic decision making and raising foreign direct investment (FDI) limits in certain sectors, US State Department in a report said yesterday, the Modi government has been slow to propose other economic reforms that would match its rhetoric.
Noting that many of the reforms it did propose have struggled to pass through Parliament, the report said that this has resulted in many investors retreating slightly from their once forward-leaning support of the BJP-led government.
For example, the government failed to muster sufficient political support on a land acquisition bill in Parliament-all but ending its chance of passage in the near term-and is still negotiating with Opposition parties the details of a Goods and Services Tax Bill, which if not watered down in negotiations, could streamline India's convoluted tax structure and provide an immediate boost to GDP, it said.
"Ostensibly, India is one of the fastest growing countries in the world, but this depressed investor sentiment suggests the approximately 7.5 per cent growth rate may be overstated," said the report produced by the Bureau of Economic and Business Affairs of the State Department.
There are few quick fixes to the structural impediments, poor regulatory environment, tax and policy uncertainty, infrastructure bottlenecks, localization requirements, restrictions in many services sectors, and massive shortages of electricity that hinder India's economic growth potential, it said.
The State Department said the 2014 election marked a turning point in investor sentiment, as a fractured minority government, seemingly unable to advance essential economic reforms, was displaced in favour of a government that had won on a platform of economic growth.
"Additionally, the monetary stewardship of Raghuram Rajan, the respected Governor General of the Reserve Bank of India, further boosted investor sentiment," the report said.
Appreciating the series of economic reforms, in particular streamlining bureaucratic decision making and raising foreign direct investment (FDI) limits in certain sectors, US State Department in a report said yesterday, the Modi government has been slow to propose other economic reforms that would match its rhetoric.
For example, the government failed to muster sufficient political support on a land acquisition bill in Parliament-all but ending its chance of passage in the near term-and is still negotiating with Opposition parties the details of a Goods and Services Tax Bill, which if not watered down in negotiations, could streamline India's convoluted tax structure and provide an immediate boost to GDP, it said.
"Ostensibly, India is one of the fastest growing countries in the world, but this depressed investor sentiment suggests the approximately 7.5 per cent growth rate may be overstated," said the report produced by the Bureau of Economic and Business Affairs of the State Department.
There are few quick fixes to the structural impediments, poor regulatory environment, tax and policy uncertainty, infrastructure bottlenecks, localization requirements, restrictions in many services sectors, and massive shortages of electricity that hinder India's economic growth potential, it said.
The State Department said the 2014 election marked a turning point in investor sentiment, as a fractured minority government, seemingly unable to advance essential economic reforms, was displaced in favour of a government that had won on a platform of economic growth.
"Additionally, the monetary stewardship of Raghuram Rajan, the respected Governor General of the Reserve Bank of India, further boosted investor sentiment," the report said.
Cabinet Expansion: Dropped Ministers Hope To Serve In Party Organisation
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NEW DELHI: Of the five Union Ministers of State dropped by Prime Minister Narendra Modi in his reshuffle today, at least two -- Ram Shankar Katheria and Mohanbhai Kundariya -- seemed to have reconciled to their fate and reposed trust in the party leadership.
Besides Mr Katheria and Mr Kundariya, the other three dropped were: Sanwar Lal Jat (Water Resources), Nihal Chand (Panchayati Raj) and Mansukh Bhai Vasava (Tribal Affairs).
Mr Katheria told news agency IANS that his exit from the union council of ministers has nothing to do with the controversial statements he made, which he continues to stand by.
He told IANS that perhaps the changes in the ministry were necessitated and the party will enlist his services on organisational assignments mainly in view of the upcoming elections in Uttar Pradesh.
"Mujhe lagta hai ki hum log sangathan mein kaam karenge, chunav hai to hum log jyada kaam karenge (I think we will work in the organisation, we will work more in view of the polls)," Mr Katheria told IANS.
"It was necessary. What kind of reshuffle was needed in the government, I think, honourable Prime Minister did it."
Mr Katheria, who was minister of state for HRD, also said that he was being dropped from the council as "my party would need my services in the organisation. I will abide by the decision of the party leadership".
Asked if he may be required to play a role in the Uttar Pradesh Assembly elections, which are scheduled next year, the Agra lawmaker said that nothing specific has been conveyed to him.
Mr Katheria further said that BJP chief Amit Shah did not say anything particular about his role in Uttar Pradesh Assembly elections. "Whatever BJP chief and the party would decide, I would go by it."
He maintained that it is wrong to say that he was dropped because of his controversial remarks.
"Whatever I said, I said in the nation's interest and I stand by it," Mr Katheria said.
About a fortnight ago, while addressing a gathering at the Lucknow University, Mr Katheria had said there would be "saffronisation of education and the country" which, he suggested, was being done because it was "beneficial" for the country.
"Whatever is good for the country will be done, be it saffronisation or Sanghwaad (propagation of RSS ideology)," the minister had said.
Lok Sabha member from Gujarat's Rajkot Mohanbhai Kundariya, who was Minister of State for Agriculture, said that he accepted the party's decision.
"I accept the party's decision. I am a soldier of the party which gave me several opportunities. I was five-time MLA in Gujarat and two-time MP. I was also made the party's district president. The party's decision is right," he told IANS.
Besides Mr Katheria and Mr Kundariya, the other three dropped were: Sanwar Lal Jat (Water Resources), Nihal Chand (Panchayati Raj) and Mansukh Bhai Vasava (Tribal Affairs).
Mr Katheria told news agency IANS that his exit from the union council of ministers has nothing to do with the controversial statements he made, which he continues to stand by.
He told IANS that perhaps the changes in the ministry were necessitated and the party will enlist his services on organisational assignments mainly in view of the upcoming elections in Uttar Pradesh.
"Mujhe lagta hai ki hum log sangathan mein kaam karenge, chunav hai to hum log jyada kaam karenge (I think we will work in the organisation, we will work more in view of the polls)," Mr Katheria told IANS.
"It was necessary. What kind of reshuffle was needed in the government, I think, honourable Prime Minister did it."
Mr Katheria, who was minister of state for HRD, also said that he was being dropped from the council as "my party would need my services in the organisation. I will abide by the decision of the party leadership".
Asked if he may be required to play a role in the Uttar Pradesh Assembly elections, which are scheduled next year, the Agra lawmaker said that nothing specific has been conveyed to him.
Mr Katheria further said that BJP chief Amit Shah did not say anything particular about his role in Uttar Pradesh Assembly elections. "Whatever BJP chief and the party would decide, I would go by it."
He maintained that it is wrong to say that he was dropped because of his controversial remarks.
"Whatever I said, I said in the nation's interest and I stand by it," Mr Katheria said.
About a fortnight ago, while addressing a gathering at the Lucknow University, Mr Katheria had said there would be "saffronisation of education and the country" which, he suggested, was being done because it was "beneficial" for the country.
"Whatever is good for the country will be done, be it saffronisation or Sanghwaad (propagation of RSS ideology)," the minister had said.
Lok Sabha member from Gujarat's Rajkot Mohanbhai Kundariya, who was Minister of State for Agriculture, said that he accepted the party's decision.
"I accept the party's decision. I am a soldier of the party which gave me several opportunities. I was five-time MLA in Gujarat and two-time MP. I was also made the party's district president. The party's decision is right," he told IANS.
State Government Putting In Place New Economic Structure: Mehbooba Mufti
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SRINAGAR: The Jammu and Kashmir government is working to put in place a new and modern economic and financial structure, Chief Minister Mehbooba Mufti said today and asked the people to become active stakeholders in effective implementation of developmental programmes.
Terming public cooperation critical for good governance, she said, "government cannot achieve much unless people become equal partners in effective implementation of developmental programmes."
She said the government is working towards putting in place a new and modern economic and financial structure that would constitute the state's backbone.
The people should become active stakeholders in effective implementation of developmental programmes and also keep a close watch on the quality of works being executed in their respective areas, said the Chief Minister who inaugurated three community centres in different parts of Srinagar.
Talking about development priorities with regard to Srinagar which is the summer capital of the state, she said immediate concerns include flood protection, rapid transport, scientific waste management, urban amenities, housing and environment conservation.
Mehbooba said her late father and former Chief Minister Mufti Mohammad Sayeed had envisioned restoration of historic richness of Srinagar city and worked tirelessly till his last days towards achieving this objective.
"During his brief stint in government between March 2015 and January 2016, Mufti Sahib extensively toured the Srinagar city around half a dozen times to personally monitor the progress of developmental initiatives in the summer capital," she said.
She said with a view to decongest the downtown areas of the city, the government would offer land as equity to develop new housing colonies and townships in private-public partnership mode, especially for urban poor and those belonging to very low-income groups.
"I feel the pain confronting people and understand hardship facing them on the housing front. We will overcome the acute shortage of affordable housing colonies in downtown city which is bursting at its seam," she said.
Mehbooba said the government would not hesitate in spending money for creating modern infrastructure in cities and towns and provide best possible facilities to the citizens.
"Processes, institutions and resources have been put in place to promote and achieve holistic development of the cities and towns," she said.
Terming public cooperation critical for good governance, she said, "government cannot achieve much unless people become equal partners in effective implementation of developmental programmes."
She said the government is working towards putting in place a new and modern economic and financial structure that would constitute the state's backbone.
The people should become active stakeholders in effective implementation of developmental programmes and also keep a close watch on the quality of works being executed in their respective areas, said the Chief Minister who inaugurated three community centres in different parts of Srinagar.
Mehbooba said her late father and former Chief Minister Mufti Mohammad Sayeed had envisioned restoration of historic richness of Srinagar city and worked tirelessly till his last days towards achieving this objective.
"During his brief stint in government between March 2015 and January 2016, Mufti Sahib extensively toured the Srinagar city around half a dozen times to personally monitor the progress of developmental initiatives in the summer capital," she said.
She said with a view to decongest the downtown areas of the city, the government would offer land as equity to develop new housing colonies and townships in private-public partnership mode, especially for urban poor and those belonging to very low-income groups.
"I feel the pain confronting people and understand hardship facing them on the housing front. We will overcome the acute shortage of affordable housing colonies in downtown city which is bursting at its seam," she said.
Mehbooba said the government would not hesitate in spending money for creating modern infrastructure in cities and towns and provide best possible facilities to the citizens.
"Processes, institutions and resources have been put in place to promote and achieve holistic development of the cities and towns," she said.
Business Affairs
Sensex ends 111 points lower, Nifty below 8,350 on negative global cues; PowerGrid top loser
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Snapping six-session long gaining spree, the S&P BSE Sensex on Tuesday settled the day 112 points lower, while the broader Nifty50 closed below its key 8,350-mark.
The headline indices slipped as investors paused ahead of major central banks announcements this week, including the minutes of the US Federal Reserve meeting in June.
The 30-share index ended the day at 27,166, down 111.89 points, while broad-based 50-share index quoted 8,335, down 34.75 points at close.
Market had rallied despite the Brexit vote given the optimism about the domestic economy and expectations that central banks, including the European Central Bank and Bank of Japan, will expand their monetary easing.
Still, India won't be entirely immune, an analyst warned, pointing to higher downside risks to earnings in the technology sector and to broader exports.
"For six days, we had a bull run so there has to be a breather after that," said UR Bhat, managing director of Dalton Capital, a unit of UK investment management firm Dalton Strategic Partnership.
Tata Motors dropped as much as 2.11 per cent after Monday's near 3 per cent gain while state-owned gas producer GAIL fell as much as 2.28 per cent after hitting a one-year high in the previous session.
Meanwhile, fertilizer makers such as Coromandel International and Zuari Agro Chemicals fell 10 per cent and 2.6 per cent respectively, following the government's decision on Monday to cut retail prices of non-urea fertilisers.
Among the gainers, infrastructure company Jaiprakash Associates surged as much as 26.37 percent after its board approved a deal to sell cement plants to UltraTech at a slightly higher value.
Shares of microfinance lender Ujjivan Financial Services gained as much as 2.31 per cent after rating agencies CARE and ICRA upgraded their credit ratings for various instruments of the company.
Snapping six-session long gaining spree, the S&P BSE Sensex on Tuesday settled the day 112 points lower, while the broader Nifty50 closed below its key 8,350-mark.
The headline indices slipped as investors paused ahead of major central banks announcements this week, including the minutes of the US Federal Reserve meeting in June.
The 30-share index ended the day at 27,166, down 111.89 points, while broad-based 50-share index quoted 8,335, down 34.75 points at close.
Still, India won't be entirely immune, an analyst warned, pointing to higher downside risks to earnings in the technology sector and to broader exports.
"For six days, we had a bull run so there has to be a breather after that," said UR Bhat, managing director of Dalton Capital, a unit of UK investment management firm Dalton Strategic Partnership.
Tata Motors dropped as much as 2.11 per cent after Monday's near 3 per cent gain while state-owned gas producer GAIL fell as much as 2.28 per cent after hitting a one-year high in the previous session.
Meanwhile, fertilizer makers such as Coromandel International and Zuari Agro Chemicals fell 10 per cent and 2.6 per cent respectively, following the government's decision on Monday to cut retail prices of non-urea fertilisers.
Among the gainers, infrastructure company Jaiprakash Associates surged as much as 26.37 percent after its board approved a deal to sell cement plants to UltraTech at a slightly higher value.
Shares of microfinance lender Ujjivan Financial Services gained as much as 2.31 per cent after rating agencies CARE and ICRA upgraded their credit ratings for various instruments of the company.
HSBC cuts global GDP growth forecast to 2.2 per cent
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Following the Brexit vote, HSBC's global economics research team has lowered its global GDP growth forecast to 2.2 per cent in 2016. Earlier, it has forecast a growth of 2.3 per cent. For 2017, the forecast is grimmer, as HSBC cut down its projected global GDP growth from 2.6 per cent to 2.3 per cent.
Pointing out that the Brexit vote proves populism has the ability to trigger big political and economic change, the report says that Brexit was the last thing the global economy needed at this critical juncture. The report states: "With this shock, not only is there less scope for quick monetary fixes, there is a clear political dimension, particularly in Europe, but also across the developed world. Even in economies where unemployment is now back close to pre-crisis rates, much of the population feel that they are not benefitting from the post-crisis recovery."
Going ahead, the report says that fiscal policy is likely to have a larger role to play, but not just any fiscal stimulus: "If looser fiscal policy does not feed through into higher private sector investment and productivity growth, it will simply leave countries with higher debt-to-GDP ratios and persistently higher taxation, which can be a permanent drag on growth."
The company's prognosis for the near future overall is rather dim, and it feels that central banks will have to soften the blows from confidence shocks. Significantly, the report indicates it does not expect any rate rise from the US Fed this year.
Following the Brexit vote, HSBC's global economics research team has lowered its global GDP growth forecast to 2.2 per cent in 2016. Earlier, it has forecast a growth of 2.3 per cent. For 2017, the forecast is grimmer, as HSBC cut down its projected global GDP growth from 2.6 per cent to 2.3 per cent.
Pointing out that the Brexit vote proves populism has the ability to trigger big political and economic change, the report says that Brexit was the last thing the global economy needed at this critical juncture. The report states: "With this shock, not only is there less scope for quick monetary fixes, there is a clear political dimension, particularly in Europe, but also across the developed world. Even in economies where unemployment is now back close to pre-crisis rates, much of the population feel that they are not benefitting from the post-crisis recovery."
Going ahead, the report says that fiscal policy is likely to have a larger role to play, but not just any fiscal stimulus: "If looser fiscal policy does not feed through into higher private sector investment and productivity growth, it will simply leave countries with higher debt-to-GDP ratios and persistently higher taxation, which can be a permanent drag on growth."
The company's prognosis for the near future overall is rather dim, and it feels that central banks will have to soften the blows from confidence shocks. Significantly, the report indicates it does not expect any rate rise from the US Fed this year.
Govt bonds oversubscribed; FPIs bid for Rs 8,419 cr
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Government debt securities attracted bids worth a staggering Rs 8,419 crore from foreign investors as against Rs 8,114 crore on offer in an online auction today.
In an auction conducted on June 24, bids worth Rs 9,348 crore came in as against securities worth Rs 6,949 crore on offer in an online auction.
Government securities had evoked lesser subscriptions from foreign investors in the earlier two auctions.
Before that, the bonds were subscribed multiple times, given the huge interest among foreign investors.
Today's auction was conducted on BSE's e-bidexchange platform from 1530 hours to 1730 hours after the close of market hours. At the end of the auction, 25 bids were declared successful.
Foreign portfolio investors (FPIs) have bid for investment limits in government debt securities worth Rs 8,419 crore as against Rs 8,114 crore on offer, exchange data showed.
In an auction conducted on June 6, bids worth Rs 4,011 crore came in as against Rs 4,046 crore on offer during an online bidding.
Prior to that, it had attracted bids to the tune of Rs 2,957 crore as against securities worth Rs 3,340 crore put on offer in the auction conducted on May 16.
The debt auction quota gives overseas investors the right to invest in bonds, up to the limit purchased.
A mock bidding session was conducted on Monday to check the system's performance.
According to the data with depositories, total investment in government debt had reached Rs 1,33,051 crore till June 23, which is 95.04 per cent of total permitted limit of Rs 1,40,000 crore.
The limit for overseas investors in central government securities was increased to Rs 1.44 lakh crore from yesterday.
This limit was hiked to Rs 1.4 lakh crore from April 4. Prior to that, the limit was Rs 1.35 lakh crore.
Government debt securities attracted bids worth a staggering Rs 8,419 crore from foreign investors as against Rs 8,114 crore on offer in an online auction today.
In an auction conducted on June 24, bids worth Rs 9,348 crore came in as against securities worth Rs 6,949 crore on offer in an online auction.
Government securities had evoked lesser subscriptions from foreign investors in the earlier two auctions.
Before that, the bonds were subscribed multiple times, given the huge interest among foreign investors.
Today's auction was conducted on BSE's e-bidexchange platform from 1530 hours to 1730 hours after the close of market hours. At the end of the auction, 25 bids were declared successful.
Foreign portfolio investors (FPIs) have bid for investment limits in government debt securities worth Rs 8,419 crore as against Rs 8,114 crore on offer, exchange data showed.
In an auction conducted on June 6, bids worth Rs 4,011 crore came in as against Rs 4,046 crore on offer during an online bidding.
Prior to that, it had attracted bids to the tune of Rs 2,957 crore as against securities worth Rs 3,340 crore put on offer in the auction conducted on May 16.
The debt auction quota gives overseas investors the right to invest in bonds, up to the limit purchased.
A mock bidding session was conducted on Monday to check the system's performance.
According to the data with depositories, total investment in government debt had reached Rs 1,33,051 crore till June 23, which is 95.04 per cent of total permitted limit of Rs 1,40,000 crore.
The limit for overseas investors in central government securities was increased to Rs 1.44 lakh crore from yesterday.
This limit was hiked to Rs 1.4 lakh crore from April 4. Prior to that, the limit was Rs 1.35 lakh crore.
Trai proposes 1 year validity for mobile internet schemes
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Telecom regulator Trai today proposed to increase validity of mobile recharge voucher for internet services from maximum of 90 days to 365 days to enhance usage by marginal consumers.
"After examination of various aspects of the issue, the Authority feels a longer validity of 365 days instead of the current 90 days could be beneficial for marginal consumers, first-time users and price-sensitive consumers," Telecom Regulatory Authority of India said in a statement.
At present a company can issue recharge voucher which can be valid for maximum of 90 days. If a consumer has failed to consume mobile internet data quantity purchased through the voucher then the unused data lapses.
The regulator said that it has received requests seeking longer validity for data-packs primarily to address the concern of marginal consumers of wireless Internet who prefer lower denomination data packs with longer validity.
The regulator has sought comments from public on the proposal by July 26 on proposed amendment in existing rules.
Telecom regulator Trai today proposed to increase validity of mobile recharge voucher for internet services from maximum of 90 days to 365 days to enhance usage by marginal consumers.
"After examination of various aspects of the issue, the Authority feels a longer validity of 365 days instead of the current 90 days could be beneficial for marginal consumers, first-time users and price-sensitive consumers," Telecom Regulatory Authority of India said in a statement.
At present a company can issue recharge voucher which can be valid for maximum of 90 days. If a consumer has failed to consume mobile internet data quantity purchased through the voucher then the unused data lapses.
The regulator said that it has received requests seeking longer validity for data-packs primarily to address the concern of marginal consumers of wireless Internet who prefer lower denomination data packs with longer validity.
The regulator has sought comments from public on the proposal by July 26 on proposed amendment in existing rules.
Better monsoon to ease price situation: FM Arun Jaitley
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Better monsoon and foodgrain output will help ease the price situation, Finance Minister Arun Jaitley said on Tuesday even as he listed performance of PSU banks, stalled projects and private sector investments as challenges.
The meeting of the Financial Stability Development Council (FSDC), chaired by Jaitley, also decided that India will not let guards down on preparedness to deal with external sector vulnerabilities including those arising from Brexit.
Financial sector regulators, including RBI Governor Raghuram Rajan and Sebi Chairman U K Sinha, also deliberated on the macro-economic situation and financial developments globally.
Jaitley said the major challenges before the government include strategy to improve the overall performance of public sector banks, to make stalled projects functional and economically viable and to increase private sector investment.
"Due to better spread of monsoon, we are expecting higher production of pulses this year compared to previous years which in turn will substantially ease their prices in the market," Jaitley said as per an official statement issued after the FSDC meeting.
The Council also reviewed the measures taken by the government and the central bank for handling stressed assets and discussed ways to manage the situation.
It called for continuous monitoring of the situation developing from Britain's exit from the European Union as it would take long time for the full scenario to unfold, official sources said.
There should be no complacency on Brexit situation, said the FSDC, which met for the 15th time on Tuesday since its formation in December 2010.
"The Council also discussed issues relating to developing a comprehensive framework for identification of Systematically Important Financial Institutions (SIFIs) across all sub-sectors of financial sector," the statement said.
On the issue of maturity of concessional swaps of 2013 against FCNR deposits during September-December 2016, FSDC noted the steps taken by RBI to suitably address the issue and its consequences.
Better monsoon and foodgrain output will help ease the price situation, Finance Minister Arun Jaitley said on Tuesday even as he listed performance of PSU banks, stalled projects and private sector investments as challenges.
The meeting of the Financial Stability Development Council (FSDC), chaired by Jaitley, also decided that India will not let guards down on preparedness to deal with external sector vulnerabilities including those arising from Brexit.
Financial sector regulators, including RBI Governor Raghuram Rajan and Sebi Chairman U K Sinha, also deliberated on the macro-economic situation and financial developments globally.
Jaitley said the major challenges before the government include strategy to improve the overall performance of public sector banks, to make stalled projects functional and economically viable and to increase private sector investment.
"Due to better spread of monsoon, we are expecting higher production of pulses this year compared to previous years which in turn will substantially ease their prices in the market," Jaitley said as per an official statement issued after the FSDC meeting.
The Council also reviewed the measures taken by the government and the central bank for handling stressed assets and discussed ways to manage the situation.
It called for continuous monitoring of the situation developing from Britain's exit from the European Union as it would take long time for the full scenario to unfold, official sources said.
There should be no complacency on Brexit situation, said the FSDC, which met for the 15th time on Tuesday since its formation in December 2010.
"The Council also discussed issues relating to developing a comprehensive framework for identification of Systematically Important Financial Institutions (SIFIs) across all sub-sectors of financial sector," the statement said.
On the issue of maturity of concessional swaps of 2013 against FCNR deposits during September-December 2016, FSDC noted the steps taken by RBI to suitably address the issue and its consequences.
General Awareness
19 New Ministers inducted in the expansion of the council of Ministers – A Consummate List
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For the second time the Narendra Modi lead NDA government expanded its council of ministers by inducting 19 new Minister of State (MOS) in order to exercise the various schemes and services promised through the Union Budget 2016.
- Honorable President Pranab Mukherjee administered the new ministers’ oath of office and secrecy at Rashtrapathi Bhavan on July 5th
- Among these 19 all are new faces. 17 members are from BJP party and one each from RPI & Apna dal party.
- Apart from this, Prakash Javdekar, Honorable Minister of State foresty, environment and climate change (independent charge) has been escalated from MOS into Cabinet rank.
- According to the Article 75, the number of Council of Ministers should not exceed 82. But after this ministerial expansion the number of union ministers surpassed to 83 breaking the constitutional sealing limits.
Highlights:
- Prakash Javadekar Promoted to HRD Minister, Replaces Smriti Irani
- Smriti Irani – Textiles
- Arun Jaitley loses Information & Broadcasting retains Finance Ministry, Corporate Affairs
- Sadananda Gowda – Statistics and Programme implementation
- SS Ahluwalia Appointed MoS Agriculture and Farmers Welfare, Parliamentary Affairs
- Vijay Goel – MoS Youth Affairs, Sports
- Ramdas Athawale – Social Justice and Empowerment Ministry
- M J Akbar Congress MP to MoS External Affairs
- Ananth Kumar – Parliamentary Affairs Minister
- Venkaiah Naidu – I&B Minister
- Ravi Shankar Prasad – Law Minister
- Anil Madhav Dave – Environment Minister
- Babul Supriyo – Urban Development Minister
- Krishna Raj an MP from Shahjahanpur. With her, the number of women in PM Modi’s cabinet is seven
- 5 – Ministers, Nihal Chand, Ram Shankar Katheria, Sanwar Lal Jat, Manuskhbhai D Vasva and M K Kundariya – dropped from PM Narendra Modi’s council of Ministers.
The entire list of the newly appointed ministers is listed below:-
S NO. MINISTER’S NAME STATE CONSTITUENCY 1 Mr. Ajay Tamta Uttarakhand Almora 2 Mr. Anil Madhav Dave Madhya Pradesh Rajya Shaba MP 3 Mr. Arjun Ram Meghwal Rajasthan Bikaner 4 Mr. Chottu Ram Chaudry Rajasthan Nagaur 5 Dr. Subhash Bhamre Maharashtra Dhule 6 Mr. Faggan Singh Kulaste Madhya Pradesh Mandla 7 Mr. Jasvantsinh Sumanbhai Bhabhor Gujarat Dahod 8 Mrs. Krishna Raj Uttar Pradesh Shajahanpur 9 Mr. Mahendra nath pandey Uttar Pradesh Chanduali 10 Mr. Manshuk L MMandaviya Gujarat Rajya Shaba 11 Mr. MJ Akbar Madhya Pradesh Rajya Shaba 12 Mr. PP Choudhary Rajasthan Pali 13 Mr. Parshottam Rupala Gujarat BJP’s Vice President 14 Mr. Rajen Gohain Assam Nowgong 15 Mr. RC Jigajinagi Karnataka Bijapur 16 Mr. SS Ahluwalia West Bengal Darjeeling 17 Mr. Vijay Goel Rajasthan Rajya Shaba 18 Mr. Ramdas Athawale Maharashtra Leader of RPI Party 19 Mrs. Anupriya Patel Uttar Pradesh Leader of Apna Dal
- For the second time the Narendra Modi lead NDA government expanded its council of ministers by inducting 19 new Minister of State (MOS) in order to exercise the various schemes and services promised through the Union Budget 2016.
- Honorable President Pranab Mukherjee administered the new ministers’ oath of office and secrecy at Rashtrapathi Bhavan on July 5th
- Among these 19 all are new faces. 17 members are from BJP party and one each from RPI & Apna dal party.
- Apart from this, Prakash Javdekar, Honorable Minister of State foresty, environment and climate change (independent charge) has been escalated from MOS into Cabinet rank.
- According to the Article 75, the number of Council of Ministers should not exceed 82. But after this ministerial expansion the number of union ministers surpassed to 83 breaking the constitutional sealing limits.
Highlights:- Prakash Javadekar Promoted to HRD Minister, Replaces Smriti Irani
- Smriti Irani – Textiles
- Arun Jaitley loses Information & Broadcasting retains Finance Ministry, Corporate Affairs
- Sadananda Gowda – Statistics and Programme implementation
- SS Ahluwalia Appointed MoS Agriculture and Farmers Welfare, Parliamentary Affairs
- Vijay Goel – MoS Youth Affairs, Sports
- Ramdas Athawale – Social Justice and Empowerment Ministry
- M J Akbar Congress MP to MoS External Affairs
- Ananth Kumar – Parliamentary Affairs Minister
- Venkaiah Naidu – I&B Minister
- Ravi Shankar Prasad – Law Minister
- Anil Madhav Dave – Environment Minister
- Babul Supriyo – Urban Development Minister
- Krishna Raj an MP from Shahjahanpur. With her, the number of women in PM Modi’s cabinet is seven
- 5 – Ministers, Nihal Chand, Ram Shankar Katheria, Sanwar Lal Jat, Manuskhbhai D Vasva and M K Kundariya – dropped from PM Narendra Modi’s council of Ministers.
The entire list of the newly appointed ministers is listed below:-S NO. MINISTER’S NAME STATE CONSTITUENCY 1 Mr. Ajay Tamta Uttarakhand Almora 2 Mr. Anil Madhav Dave Madhya Pradesh Rajya Shaba MP 3 Mr. Arjun Ram Meghwal Rajasthan Bikaner 4 Mr. Chottu Ram Chaudry Rajasthan Nagaur 5 Dr. Subhash Bhamre Maharashtra Dhule 6 Mr. Faggan Singh Kulaste Madhya Pradesh Mandla 7 Mr. Jasvantsinh Sumanbhai Bhabhor Gujarat Dahod 8 Mrs. Krishna Raj Uttar Pradesh Shajahanpur 9 Mr. Mahendra nath pandey Uttar Pradesh Chanduali 10 Mr. Manshuk L MMandaviya Gujarat Rajya Shaba 11 Mr. MJ Akbar Madhya Pradesh Rajya Shaba 12 Mr. PP Choudhary Rajasthan Pali 13 Mr. Parshottam Rupala Gujarat BJP’s Vice President 14 Mr. Rajen Gohain Assam Nowgong 15 Mr. RC Jigajinagi Karnataka Bijapur 16 Mr. SS Ahluwalia West Bengal Darjeeling 17 Mr. Vijay Goel Rajasthan Rajya Shaba 18 Mr. Ramdas Athawale Maharashtra Leader of RPI Party 19 Mrs. Anupriya Patel Uttar Pradesh Leader of Apna Dal - Honorable President Pranab Mukherjee administered the new ministers’ oath of office and secrecy at Rashtrapathi Bhavan on July 5th
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