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India's Analytics, BI software market to reach $304 million in 2018: Gartner
The revenue of India's analytics and business intelligence (BI) software market will reach $304 million in 2018, an 18.1 per cent increase over the past year, according to a Gartner forecast on Tuesday.
The growth in this market is due largely to more and more Indian organisations moving from traditional enterprise reporting to augmented analytics tools that accelerate data preparation and data cleansing, the market research firm said in a statement.
"Indian organisations are shifting from traditional, tactical and tool-centric data and analytics projects to strategic, modern and architecture-centric data and analytics programmes," said Ehtisham Zaidi, Principal Research Analyst at Gartner.
"The 'fast followers' are even looking to make heavy investments in advanced analytics solutions driven by Artificial Intelligence (AI) and Machine Learning," Zaidi added.
The data management software market revenue in India is on pace to total $950 million in 2018, a 13.2 per cent increase year over year, Gartner said.
"We are witnessing a rapid shift to the Cloud and hybrid data management through focused data management offerings, including integration platform as a service (iPaaS) tools for Cloud integration and data preparation tools for self-service integration," Zaidi said.
"We are also seeing the emergence of data lakes and data hubs, as a new way to ingest and manage multistructured data. However, unavailability of talent will continue to be a major inhibitor toward their adoption," Zaidi added.
India's Analytics, BI software market to reach $304 million in 2018: Gartner
The revenue of India's analytics and business intelligence (BI) software market will reach $304 million in 2018, an 18.1 per cent increase over the past year, according to a Gartner forecast on Tuesday.
The growth in this market is due largely to more and more Indian organisations moving from traditional enterprise reporting to augmented analytics tools that accelerate data preparation and data cleansing, the market research firm said in a statement.
"Indian organisations are shifting from traditional, tactical and tool-centric data and analytics projects to strategic, modern and architecture-centric data and analytics programmes," said Ehtisham Zaidi, Principal Research Analyst at Gartner.
"The 'fast followers' are even looking to make heavy investments in advanced analytics solutions driven by Artificial Intelligence (AI) and Machine Learning," Zaidi added.
The data management software market revenue in India is on pace to total $950 million in 2018, a 13.2 per cent increase year over year, Gartner said.
"We are witnessing a rapid shift to the Cloud and hybrid data management through focused data management offerings, including integration platform as a service (iPaaS) tools for Cloud integration and data preparation tools for self-service integration," Zaidi said.
"We are also seeing the emergence of data lakes and data hubs, as a new way to ingest and manage multistructured data. However, unavailability of talent will continue to be a major inhibitor toward their adoption," Zaidi added.
India's Analytics, BI software market to reach $304 million in 2018: Gartner
India vows to eliminate single-use plastics by 2022
India, the lobal host of World Environment Day this year, went big in its commitment to Beat Plastic Pollution with an announcement yesterday to eliminate all single-use plastic in the country in the next four years.
The move, described as unprecedented and ambitious, is expected to drastically stem the flow of plastics from 1.3 billion people and business in the fastest growing economy in the world.
Prime Minister Narendra Modi hailed World Environment Day as the start of a global movement to defeat single-use plastics, highlighting India's rapid economic development can be done in a way that is sustainable and green.
“It is the duty of each one of us to ensure that the quest for material prosperity does not compromise our environment,” Modi said. “The choices that we make today will define our collective future. The choices may not be easy. But through awareness, technology, and a genuine global partnership, I am sure we can make the right choices. Let us all join together to beat plastic pollution and make this planet a better place to live.”
Solidifying India's leadership on global sustainability, Minister of Environment, Forest and Climate Change Dr Harsh Vardhan pledged to “achieve the India of our dreams”, announcing that single-use plastics would be banned in all Indian states by 2022.
“This has been the biggest, most resonant World Environment Day ever, thanks to the leadership of our global host India,” Erik Solheim, head of UN Environment, said. “India has made a phenomenal commitment and displayed clear, decisive and global environmental leadership. This will inspire the world and ignite real change.”
The announcement was a powerful finale after weeks of activities around the country, seeing millions of Indians – policymakers, celebrities, business moguls and small entrepreneurs, innovators, environmentalists, and activists – come together to collectively take action on plastic pollution.
Among the highlights from the national celebrations was Modi's commitment to join UN Environment's Clean Seas campaign, which seeks to turn the tide on marine litter. India has 7,500 km of coastline – the seventh longest in Asia. As part of this commitment, the Government will establish a national and regional marine litter action campaign as well as a programme to measure the total marine plastic footprint in India's coastal waters.
As part of the official ceremony in Delhi, the Indian Government, in collaboration with UN Environment also launched a joint World Environment Day Report: Single-use Plastics: A roadmap for Sustainability. Presenting case studies from more than 60 countries, the report analyses the complex relationships in our plastics economy and offers an approach to rethink how the world produces, uses and manages single-use plastics.
India vows to eliminate single-use plastics by 2022
India, the lobal host of World Environment Day this year, went big in its commitment to Beat Plastic Pollution with an announcement yesterday to eliminate all single-use plastic in the country in the next four years.
The move, described as unprecedented and ambitious, is expected to drastically stem the flow of plastics from 1.3 billion people and business in the fastest growing economy in the world.
Prime Minister Narendra Modi hailed World Environment Day as the start of a global movement to defeat single-use plastics, highlighting India's rapid economic development can be done in a way that is sustainable and green.
“It is the duty of each one of us to ensure that the quest for material prosperity does not compromise our environment,” Modi said. “The choices that we make today will define our collective future. The choices may not be easy. But through awareness, technology, and a genuine global partnership, I am sure we can make the right choices. Let us all join together to beat plastic pollution and make this planet a better place to live.”
Solidifying India's leadership on global sustainability, Minister of Environment, Forest and Climate Change Dr Harsh Vardhan pledged to “achieve the India of our dreams”, announcing that single-use plastics would be banned in all Indian states by 2022.
“This has been the biggest, most resonant World Environment Day ever, thanks to the leadership of our global host India,” Erik Solheim, head of UN Environment, said. “India has made a phenomenal commitment and displayed clear, decisive and global environmental leadership. This will inspire the world and ignite real change.”
The announcement was a powerful finale after weeks of activities around the country, seeing millions of Indians – policymakers, celebrities, business moguls and small entrepreneurs, innovators, environmentalists, and activists – come together to collectively take action on plastic pollution.
Among the highlights from the national celebrations was Modi's commitment to join UN Environment's Clean Seas campaign, which seeks to turn the tide on marine litter. India has 7,500 km of coastline – the seventh longest in Asia. As part of this commitment, the Government will establish a national and regional marine litter action campaign as well as a programme to measure the total marine plastic footprint in India's coastal waters.
As part of the official ceremony in Delhi, the Indian Government, in collaboration with UN Environment also launched a joint World Environment Day Report: Single-use Plastics: A roadmap for Sustainability. Presenting case studies from more than 60 countries, the report analyses the complex relationships in our plastics economy and offers an approach to rethink how the world produces, uses and manages single-use plastics.
India vows to eliminate single-use plastics by 2022
Actually we need a dedicated sticky for environmental topics - national & international , sustainable development & Indian agriculture.
Make in India game-changer! Soon, Indigenous Lithium Ion battery production to end dependence on China, Japan
India will soon start producing first indigenous Lithium Ion batteries. A memorandum of understanding for transfer of technology for India’s first Lithium Ion (Li-ion) Battery project was signed today between CSIR’s Central Electro Chemical Research Institute (CECRI), Karaikudi, Tamil Nadu and RAASI Solar Power Pvt Ltd.
According to the Ministry of Science and Technology, the indigenous technology of Lithium-ion cells has been developed by a group of CSIR-CECRI headed by Dr Gopu Kumar in partnership with CSIR-National Physical Laboratory (CSIR-NPL) New Delhi, CSIR- Central Glass and Ceramic Research Institute (CSIR-CGCRI) Kolkata and Indian Institute of Chemical Technology (CSIR-IICT) Hyderabad.
“CSIR-CECRI has set up a demo facility in Chennai to manufacture prototype Lithium-Ion cells. It has secured global IPRs with potential to enable cost reduction, coupled with appropriate supply chain and manufacturing technology for mass production,” a Science and Technology Ministry release said today.
At present India depends on countries like China, Japan and South Korea for import of Lithium Ion batteries. India imported Li-Ion batteries worth $150 million in 2017 and is one of its largest importers in the world.
Speaking after the signing of MoUs, Union Science and technology minister Harsh Vardhan said: “Today’s development is a validation of the capabilities of CSIR and its laboratories to meet technology in critical areas to support our industry, besides other sectors.”
The indigenous production of Li-Ion batteries is expected to boost Prime Minister Modi flagship programmes like generating 175 Giga Watts of clean energy by 2022 and National Electric Mobility Mission.
“It will give tremendous boost to two flagship programmes of Prime Minister Narendra Modi – increasing the share of Clean Energy in the energy basket by generating 175 Giga Watts by 2022, of which 100 Giga Watts will be Solar and the second, National Electric Mobility Mission, to switch completely to electric vehicles by 2030,” said Harsh Vardhan.
The project, the minister said, is also in tune with PM Modi’s vision of “Make in India” to turn the country into ” a manufacturing hub and to cut down outflow of foreign exchange.”
As per the MoU, Raasi Group will set up Li-Ion manufacturing facility in Tamil Nadu’s Krishnagiri district, which is close to Bengaluru. The company aims to bring down the cost of cell manufacturing below Rs 15,000 per KW to replace the Lead Acid batter. The company also plans to manufacture Li-Ion battery for solar rooftop with life span of 25 years.
“We want to bring down the cost of cell manufacturing below Rs. 15,000/- per KW to replace Lead Acid Battery…“We also have plans to make Lithium Ion battery for solar roof top with life span of 25 years to make it affordable enough to drive the Photo Voltaic segment,” Raasi Group Chairman-cum-Managing Director C Narsimhan said.
Why Lithium-Ion batteries:
Li-Ion batteries have applications in Energy Storage System – from hearing aid to container sized batteries to power a cluster of villages, Electric Vehicles (2-wheeler, 3-wheeler, 4-wheeler and Bus), portable electronic sector, Grid Storage, Telecom and Telecommunication Towers, Medical Devices, Household and Office Power Back (UPS), Powering Robots in Processing Industry.
Lithium-ion batteries can power any electrical application without the need of physical wires-means wireless.
Make in India game-changer! Soon, Indigenous Lithium Ion battery production to end dependence on China, Japan
India will soon start producing first indigenous Lithium Ion batteries. A memorandum of understanding for transfer of technology for India’s first Lithium Ion (Li-ion) Battery project was signed today between CSIR’s Central Electro Chemical Research Institute (CECRI), Karaikudi, Tamil Nadu and RAASI Solar Power Pvt Ltd.
According to the Ministry of Science and Technology, the indigenous technology of Lithium-ion cells has been developed by a group of CSIR-CECRI headed by Dr Gopu Kumar in partnership with CSIR-National Physical Laboratory (CSIR-NPL) New Delhi, CSIR- Central Glass and Ceramic Research Institute (CSIR-CGCRI) Kolkata and Indian Institute of Chemical Technology (CSIR-IICT) Hyderabad.
“CSIR-CECRI has set up a demo facility in Chennai to manufacture prototype Lithium-Ion cells. It has secured global IPRs with potential to enable cost reduction, coupled with appropriate supply chain and manufacturing technology for mass production,” a Science and Technology Ministry release said today.
At present India depends on countries like China, Japan and South Korea for import of Lithium Ion batteries. India imported Li-Ion batteries worth $150 million in 2017 and is one of its largest importers in the world.
Speaking after the signing of MoUs, Union Science and technology minister Harsh Vardhan said: “Today’s development is a validation of the capabilities of CSIR and its laboratories to meet technology in critical areas to support our industry, besides other sectors.”
The indigenous production of Li-Ion batteries is expected to boost Prime Minister Modi flagship programmes like generating 175 Giga Watts of clean energy by 2022 and National Electric Mobility Mission.
“It will give tremendous boost to two flagship programmes of Prime Minister Narendra Modi – increasing the share of Clean Energy in the energy basket by generating 175 Giga Watts by 2022, of which 100 Giga Watts will be Solar and the second, National Electric Mobility Mission, to switch completely to electric vehicles by 2030,” said Harsh Vardhan.
The project, the minister said, is also in tune with PM Modi’s vision of “Make in India” to turn the country into ” a manufacturing hub and to cut down outflow of foreign exchange.”
As per the MoU, Raasi Group will set up Li-Ion manufacturing facility in Tamil Nadu’s Krishnagiri district, which is close to Bengaluru. The company aims to bring down the cost of cell manufacturing below Rs 15,000 per KW to replace the Lead Acid batter. The company also plans to manufacture Li-Ion battery for solar rooftop with life span of 25 years.
“We want to bring down the cost of cell manufacturing below Rs. 15,000/- per KW to replace Lead Acid Battery…“We also have plans to make Lithium Ion battery for solar roof top with life span of 25 years to make it affordable enough to drive the Photo Voltaic segment,” Raasi Group Chairman-cum-Managing Director C Narsimhan said.
Why Lithium-Ion batteries:
Li-Ion batteries have applications in Energy Storage System – from hearing aid to container sized batteries to power a cluster of villages, Electric Vehicles (2-wheeler, 3-wheeler, 4-wheeler and Bus), portable electronic sector, Grid Storage, Telecom and Telecommunication Towers, Medical Devices, Household and Office Power Back (UPS), Powering Robots in Processing Industry.
Lithium-ion batteries can power any electrical application without the need of physical wires-means wireless.
Make in India game-changer! Soon, Indigenous Lithium Ion battery production to end dependence on China, Japan
India Inc raises Rs 67,200 crore via QIP in FY18
Indian firms mobilised Rs 67,200 crore by issuing shares to institutional investors during 2017-18, registering nearly eight-fold rise over the previous fiscal. The firms had mopped up Rs 8,464 crore in 2016-17.
As per the latest data available with the Securities and Exchange Board of India (Sebi), the capital garnered by the listed companies through the Qualified Institutional Placement (QIP) route stood at Rs 67,257 crore in FY18.
During 2017-18, June was the busiest month, with the firms raising Rs 15,000 crore, followed by December (Rs 11,037 crore), May (Rs 7,298 crore), October (Rs 7,280 crore), February (Rs 5,604 crore) and September (Rs 5,500 crore).
The funds were mobilised for business expansion, refinancing of debt, working capital requirements and other general corporate purposes.
QIP is an alternative mode of resource raising available for listed companies to raise funds from the domestic market.
In terms of numbers, 53 issues appeared in the financial year 2017-18 as compared to 20 in the previous fiscal.
India Inc raises Rs 67,200 crore via QIP in FY18
Indian firms mobilised Rs 67,200 crore by issuing shares to institutional investors during 2017-18, registering nearly eight-fold rise over the previous fiscal. The firms had mopped up Rs 8,464 crore in 2016-17.
As per the latest data available with the Securities and Exchange Board of India (Sebi), the capital garnered by the listed companies through the Qualified Institutional Placement (QIP) route stood at Rs 67,257 crore in FY18.
During 2017-18, June was the busiest month, with the firms raising Rs 15,000 crore, followed by December (Rs 11,037 crore), May (Rs 7,298 crore), October (Rs 7,280 crore), February (Rs 5,604 crore) and September (Rs 5,500 crore).
The funds were mobilised for business expansion, refinancing of debt, working capital requirements and other general corporate purposes.
QIP is an alternative mode of resource raising available for listed companies to raise funds from the domestic market.
In terms of numbers, 53 issues appeared in the financial year 2017-18 as compared to 20 in the previous fiscal.
India Inc raises Rs 67,200 crore via QIP in FY18
Videocon blames PM Modi, Supreme Court and Brazil for Rs 39,000 crore debt - Times of India
What's this , velutha ? Videocon - a staunch Ally of BJP cursing Modi ! What's the world coming to Esthappan ? @Guynextdoor
What's this , velutha ? Videocon - a staunch Ally of BJP cursing Modi ! What's the world coming to Esthappan ? @Guynextdoor
That belongs to the Political section . But does it come as a surprise ? Bengalore has always yo-yoed between the BJP & Congress with select pockets of JD - S.
That's how history is normally created . Everybody has to start somewhere
Rosy Indian economy will soften the blow of Fed rate hikes
Acche Din for the US? Well, Fed Chairman Jerome Powell has said as much. He made it clear that the US economy is "doing very well" soon after the Fed raised interest rates by a quarter percentage point to a range of 1.75 per cent to 2 per cent for the second time this year. The increase does not come as a surprise to markets, but the slightly more aggressive pace does point to greater urgency to tighten the policy.
What does the data say? Unemployment fell in May to the level the Fed had forecast for year-end. US growth is also getting a boost from the huge tax cuts and rise in federal spending. And inflation is close to the goal. The dot plot –a statistical chart with data points plotted on a fairly simple scale -- showed eight Fed policy makers expected four or more quarter-point rate increases for the full year, compared with seven officials during the previous forecast round in March.
Should India and other emerging markets worry, given that these economies could face stress as they cope with a stronger dollar and rising interest and capital outflow? Borrowing overseas will become expensive too. The RBI has partly factored in risks the external sector presents to inflation in India while raising the policy rate earlier this month.
More tightening (read policy hikes) cannot be ruled out if the Centre and the states slip up on their fiscal deficit targets to appease voters ahead of the polls. So, adhering to fiscal discipline is paramount to keep inflation under check at a time when investment is picking up.
In a recent article written in the financial times, RBI Governor Urjit Patel had urged the Fed to reduce the pace of unwinding of its balance sheet to limit the impact of shortage of dollars in emerging markets. His predecessor Raghuram Rajan, though, reckoned that emerging markets are in a stronger position to absorb hikes compared to the so-called taper tantrum in 2013.
A depreciating rupee should be no cause for panic. The real effective exchange rate has risen and must come down, for exports to grow. That said, ensuring strong macro- economic fundamentals is India's insurance cover, should there be any accident.
Rosy Indian economy will soften the blow of Fed rate hikes
Acche Din for the US? Well, Fed Chairman Jerome Powell has said as much. He made it clear that the US economy is "doing very well" soon after the Fed raised interest rates by a quarter percentage point to a range of 1.75 per cent to 2 per cent for the second time this year. The increase does not come as a surprise to markets, but the slightly more aggressive pace does point to greater urgency to tighten the policy.
What does the data say? Unemployment fell in May to the level the Fed had forecast for year-end. US growth is also getting a boost from the huge tax cuts and rise in federal spending. And inflation is close to the goal. The dot plot –a statistical chart with data points plotted on a fairly simple scale -- showed eight Fed policy makers expected four or more quarter-point rate increases for the full year, compared with seven officials during the previous forecast round in March.
Should India and other emerging markets worry, given that these economies could face stress as they cope with a stronger dollar and rising interest and capital outflow? Borrowing overseas will become expensive too. The RBI has partly factored in risks the external sector presents to inflation in India while raising the policy rate earlier this month.
More tightening (read policy hikes) cannot be ruled out if the Centre and the states slip up on their fiscal deficit targets to appease voters ahead of the polls. So, adhering to fiscal discipline is paramount to keep inflation under check at a time when investment is picking up.
In a recent article written in the financial times, RBI Governor Urjit Patel had urged the Fed to reduce the pace of unwinding of its balance sheet to limit the impact of shortage of dollars in emerging markets. His predecessor Raghuram Rajan, though, reckoned that emerging markets are in a stronger position to absorb hikes compared to the so-called taper tantrum in 2013.
A depreciating rupee should be no cause for panic. The real effective exchange rate has risen and must come down, for exports to grow. That said, ensuring strong macro- economic fundamentals is India's insurance cover, should there be any accident.
Rosy Indian economy will soften the blow of Fed rate hikes
Modi’s PMAY impact! 1st time ever, home loans in India as percentage of GDP hit double digits
Modi’s PMAY impact! For the first time, India’s home loans touched double-digit mark as a percentage of GDP in the financial year 2018, thanks to Prime Minister Narendra Modi’s flagship Pradhan Mantri Awas Yojana, a report has shown. Housing credit grew 16% in FY18, taking the mortgage penetration (housing credit as a percentage of GDP) to a double-digit mark of 10% for the first time in FY18, up from 9.5% in FY17, an ICRA report said.
In the financial year 2018-19, the home loan growth is going to accelerate further. “Growing affordability for the first-time home buyers, supported by government incentives like the PM’s Awas Yojana are expected to result in a rise in primary home purchases, especially in the affordable housing segment, which will help segmental loan growth to 17-19%,” the ICRA report said.
The overall house loan in the year 2017-18 was 39% pushed by new mortgage players in the affordable housing segment. In fact, in the five years, the mortgage penetration level could to go up by 300-500 basis points, the report added. Under the Pradhan Mantri Awas Yojana, Narendra Modi has set the target of building 20 million affordable houses for urban poor.
Recently, to give a further push to the plan, the government increased the carpet area for houses eligible for subsidy under the Credit-Linked Subsidy Scheme (CLSS) for the middle-income group (MIG). This will particularly help those living in Tier II and Tier III cities.
As per the revised norms, MIG-I category home buyers with household income between Rs 6 lakh and Rs 12 lakh are now eligible for a subsidy for homes up to carpet area of 160 sq. m. from the earlier 120 sq. m. Similarly, MIG-II category home buyers with household income between Rs 12 lakh and Rs 18 lakh are also eligible for a subsidy for homes with a carpet area of up to 200 sq. m. from the earlier 150 sq. m.
Modi’s PMAY impact! 1st time ever, home loans in India as percentage of GDP hit double digits
Modi’s PMAY impact! For the first time, India’s home loans touched double-digit mark as a percentage of GDP in the financial year 2018, thanks to Prime Minister Narendra Modi’s flagship Pradhan Mantri Awas Yojana, a report has shown. Housing credit grew 16% in FY18, taking the mortgage penetration (housing credit as a percentage of GDP) to a double-digit mark of 10% for the first time in FY18, up from 9.5% in FY17, an ICRA report said.
In the financial year 2018-19, the home loan growth is going to accelerate further. “Growing affordability for the first-time home buyers, supported by government incentives like the PM’s Awas Yojana are expected to result in a rise in primary home purchases, especially in the affordable housing segment, which will help segmental loan growth to 17-19%,” the ICRA report said.
The overall house loan in the year 2017-18 was 39% pushed by new mortgage players in the affordable housing segment. In fact, in the five years, the mortgage penetration level could to go up by 300-500 basis points, the report added. Under the Pradhan Mantri Awas Yojana, Narendra Modi has set the target of building 20 million affordable houses for urban poor.
Recently, to give a further push to the plan, the government increased the carpet area for houses eligible for subsidy under the Credit-Linked Subsidy Scheme (CLSS) for the middle-income group (MIG). This will particularly help those living in Tier II and Tier III cities.
As per the revised norms, MIG-I category home buyers with household income between Rs 6 lakh and Rs 12 lakh are now eligible for a subsidy for homes up to carpet area of 160 sq. m. from the earlier 120 sq. m. Similarly, MIG-II category home buyers with household income between Rs 12 lakh and Rs 18 lakh are also eligible for a subsidy for homes with a carpet area of up to 200 sq. m. from the earlier 150 sq. m.
Modi’s PMAY impact! 1st time ever, home loans in India as percentage of GDP hit double digits
India’s FY18 current account deficit grows 42% to $160 billion
A surging import bill, which included crude oil, has resulted in widening of the current account deficit (CAD) — the gap between imports and exports of goods & services — to 1.9 per cent of the gross domestic product (GDP) in FY18 from 0.6 per cent in FY17.
Oil imports resulted in net outflows of $71 billion in FY18, up from $55 billion in FY17. However, oil was not the only culprit with non-oil imports too up 18 per cent to $361 billion from $305 billion in FY17 (see net difference in graphic). Also contributing to the increase in the import bill was the rise in gold purchases. The net outgo due to gold rose 22 per cent to $33.5 billion from $27 billion a year ago. While the current account deficit is higher than last year, it is still within manageable limits.
On the positive side, worker remittances in FY18 improved to $40.3 billion from $35.3 billion in FY17. IT companies also increased their earnings with exports of computers services earning $72.2 billion, up from $70.1 billion in FY18.
According to data released by the Reserve Bank of India, for the full year, India’s trade deficit increased 42 per cent to $160 billion in FY18 from $112.4 billion in FY17. The higher imports were partly offset by an increase in net invisible receipts, which were higher in FY18, mainly due to increase in net services earnings and private transfer receipts.
On the capital account front, gross foreign direct investment inflows to India increased to $61 billion in FY18 from $60.2 billion in FY17. However, with investors cashing out, net FDI inflows in FY18 moderated to $30.3 billion from $35.6 billion in FY17.
The capital account was gained by a net inflow of $22.1 billion under foreign portfolio investments — almost thrice the inflow of $7.6 billion seen a year ago. This resulted in a net accretion of $43.6 billion to the foreign exchange reserves on a balance of payment basis, which is the sum of current account and capital account.
For the quarter ended March 2018, the current account deficit stood at $13 billion (1.9 per cent of GDP), up from $2.6 billion (0.4 per cent of GDP) in Q4 of 2016-17, but moderated marginally from $13.7 billion (2.1 per cent of GDP) in the preceding quarter.
The widening of the CAD on a year-on-year (y-o-y) basis was primarily because of a higher trade deficit ($41.6 billion) brought about by a larger increase in merchandise imports relative to exports. Net services receipts increased by 8.8 per cent on a y-o-y basis, mainly on the back of a rise in net earnings from software services and other business services.
During the quarter, private transfer receipts — mainly representing remittances by Indians employed overseas — amounted to $18.1 billion, increasing by 15.1 per cent from their level a year ago. The net FDI for the quarter at $6.4 billion was higher than $5 billion in the corresponding quarter last year. However, portfolio investment recorded net inflow of $2.3 billion in Q4FY18, as compared with an inflow of $10.8 billion last year. In Q4 of 2017-18, there was an accretion of $3.2 billion to the foreign exchange reserves as compared with an accretion of $7.3 billion in Q4 of 2016-17.
India’s FY18 current account deficit grows 42% to $160 billion - Times of India
A surging import bill, which included crude oil, has resulted in widening of the current account deficit (CAD) — the gap between imports and exports of goods & services — to 1.9 per cent of the gross domestic product (GDP) in FY18 from 0.6 per cent in FY17.
Oil imports resulted in net outflows of $71 billion in FY18, up from $55 billion in FY17. However, oil was not the only culprit with non-oil imports too up 18 per cent to $361 billion from $305 billion in FY17 (see net difference in graphic). Also contributing to the increase in the import bill was the rise in gold purchases. The net outgo due to gold rose 22 per cent to $33.5 billion from $27 billion a year ago. While the current account deficit is higher than last year, it is still within manageable limits.
On the positive side, worker remittances in FY18 improved to $40.3 billion from $35.3 billion in FY17. IT companies also increased their earnings with exports of computers services earning $72.2 billion, up from $70.1 billion in FY18.
According to data released by the Reserve Bank of India, for the full year, India’s trade deficit increased 42 per cent to $160 billion in FY18 from $112.4 billion in FY17. The higher imports were partly offset by an increase in net invisible receipts, which were higher in FY18, mainly due to increase in net services earnings and private transfer receipts.
On the capital account front, gross foreign direct investment inflows to India increased to $61 billion in FY18 from $60.2 billion in FY17. However, with investors cashing out, net FDI inflows in FY18 moderated to $30.3 billion from $35.6 billion in FY17.
The capital account was gained by a net inflow of $22.1 billion under foreign portfolio investments — almost thrice the inflow of $7.6 billion seen a year ago. This resulted in a net accretion of $43.6 billion to the foreign exchange reserves on a balance of payment basis, which is the sum of current account and capital account.
For the quarter ended March 2018, the current account deficit stood at $13 billion (1.9 per cent of GDP), up from $2.6 billion (0.4 per cent of GDP) in Q4 of 2016-17, but moderated marginally from $13.7 billion (2.1 per cent of GDP) in the preceding quarter.
The widening of the CAD on a year-on-year (y-o-y) basis was primarily because of a higher trade deficit ($41.6 billion) brought about by a larger increase in merchandise imports relative to exports. Net services receipts increased by 8.8 per cent on a y-o-y basis, mainly on the back of a rise in net earnings from software services and other business services.
During the quarter, private transfer receipts — mainly representing remittances by Indians employed overseas — amounted to $18.1 billion, increasing by 15.1 per cent from their level a year ago. The net FDI for the quarter at $6.4 billion was higher than $5 billion in the corresponding quarter last year. However, portfolio investment recorded net inflow of $2.3 billion in Q4FY18, as compared with an inflow of $10.8 billion last year. In Q4 of 2017-18, there was an accretion of $3.2 billion to the foreign exchange reserves as compared with an accretion of $7.3 billion in Q4 of 2016-17.
India’s FY18 current account deficit grows 42% to $160 billion - Times of India
China curbs, PM Modi's policies make Indian industrial firms world beaters
Indian companies are dominating the ranks of the world’s best-performing industrial firms as they benefit from neighboring China’s pollution crackdown + and billions in domestic infrastructure spending.
Of the 15 best-performing stocks over five years, eight are from Asia’s No. 3 economy and range from graphite electrode makers to equipment providers. Companies such as HEG Ltd., Graphite India Ltd. and Finolex Cables Ltd. have benefited from China’s pollution control measures as well as India’s pledge to electrify even the remotest village, said Gopal Agrawal, portfolio manager at Tata Asset Management Ltd., which oversees $3 billion in equity funds.
Prime Minister Narendra Modi’s focus on electrification has buoyed demand for cables and wires used in the power sector. India added 100,000 circuit kilometers of interstate transmission capacity in the last four years, according to a June 5 statement from power ministry. The nation has also pledged to spend $88 billion this fiscal year on roads, railways and other infrastructure.
Its neighbour to the north meanwhile has tightened emission norms that spurred steel production from electric arc furnaces, which use graphite electrodes to process steel from scrap. With supplies also constrained, graphite electrode producer HEG’s stock surged 1,457 per cent last year, outpacing Bitcoin’s gains, and has climbed 45 per cent so far in 2018.
“Graphite is a godsend opportunity from China,” said Agrawal, whose firm has the third-largest equity exposure to the industrial sector. “If China relaxes its environment pollution norms, that could negatively impact the party for India’s industrial firms.”
China curbs, PM Modi's policies make Indian industrial firms world beaters - Times of India
Indian companies are dominating the ranks of the world’s best-performing industrial firms as they benefit from neighboring China’s pollution crackdown + and billions in domestic infrastructure spending.
Of the 15 best-performing stocks over five years, eight are from Asia’s No. 3 economy and range from graphite electrode makers to equipment providers. Companies such as HEG Ltd., Graphite India Ltd. and Finolex Cables Ltd. have benefited from China’s pollution control measures as well as India’s pledge to electrify even the remotest village, said Gopal Agrawal, portfolio manager at Tata Asset Management Ltd., which oversees $3 billion in equity funds.
Prime Minister Narendra Modi’s focus on electrification has buoyed demand for cables and wires used in the power sector. India added 100,000 circuit kilometers of interstate transmission capacity in the last four years, according to a June 5 statement from power ministry. The nation has also pledged to spend $88 billion this fiscal year on roads, railways and other infrastructure.
Its neighbour to the north meanwhile has tightened emission norms that spurred steel production from electric arc furnaces, which use graphite electrodes to process steel from scrap. With supplies also constrained, graphite electrode producer HEG’s stock surged 1,457 per cent last year, outpacing Bitcoin’s gains, and has climbed 45 per cent so far in 2018.
“Graphite is a godsend opportunity from China,” said Agrawal, whose firm has the third-largest equity exposure to the industrial sector. “If China relaxes its environment pollution norms, that could negatively impact the party for India’s industrial firms.”
China curbs, PM Modi's policies make Indian industrial firms world beaters - Times of India
India's exports hit six-month high of $28.86 billion in May
India's exports grew 20.18 percent to USD 28.86 billion in May -- the highest in six months, even though the trade deficit widened to a four month high of USD 14.62 billion. Imports too rose by 14.85 percent to USD 43.48 billion during the month, according to the data released by the commerce ministry.
The previous high growth of exports was recorded at 30.55 percent in November 2017. Similarly, in January this year, the trade deficit was at USD 16.28 billion. Exporting sectors, which helped to push the shipments in May include petroleum products, chemicals, pharmaceuticals and engineering.
However, exports of cashew, iron ore, textiles, gems and jewellery, handicrafts and carpet registered negative growth. Gold imports during the month under review dipped by 29.85 percent to USD 3.48 billion as against USD 4.96 billion in the same period last year.
During April-May 2018-19, exports grew by 12.58 percent to USD 54.77 billion, while imports were up by 9.72 percent to USD 83.11 billion. Trade deficit widened to USD 28.34 billion in the two months of this fiscal as compared to USD 27.09 billion during the same period previous fiscal.
Commerce and Industry Minister Suresh Prabhu said that in May, exports grew by 20.18 percent. Also, in 2017-18, exports of goods and services put together rose by 12.78 percent, which is highest in about 6-7 years. "Exports have increased significantly in 2017-18 despite the fact that we are facing lot of challenges particularly this year," the minister told reporters here. He said that issues such as delay in GST refund is more or less sorted out and "2018-19 fiscal should be better than 2017-18". Payment of GST will help exporters deal with the issue of working capital, he added.
Prabhu said the ministry is working with all the concerned ministries to promote shipments. "We are working on a strategy to involve all the concerned ministries. They have decided to fix targets for themselves for export," he said, adding that in May exports have increased in volume terms.
When asked about the credit issues being faced by the gems and jewellery sector after Nirav Modi bank fraud, he said: "bank finance is one of the challenges for this sector so we have raised this issue with the finance ministry. We told (them) that they should take export as a priority sector lending because that will address many of the issues".
Oil imports were up 49.46 percent to USD 11.5 billion on back of surge in international crude prices. Meanwhile, an official statement said that the Department of Commerce will soon open 10 offices in Indian missions abroad for accelerating export promotion activities.
This was informed by the minister during review of the sectoral export promotion plans prepared by ministries and departments here today. A conference of heads of Indian missions has been scheduled in June end, in which trade promotion measures will be discussed.
The minister stressed on the branding of Indian products and export credit as important focus areas for export promotion. He also suggested that each ministry and department should set targets for increasing exports of their product and product groups in 2018-2019.
Commerce Minister emphasised that exports are a national priority and an integrated approach is required to promote exports as a joint mission.
Director General Foreign Trade Alok Chaturvedi informed that the department is preparing a ‘100 Billion Additional Export Strategy' which will be released shortly.
India's exports hit six-month high of $28.86 billion in May
India's exports grew 20.18 percent to USD 28.86 billion in May -- the highest in six months, even though the trade deficit widened to a four month high of USD 14.62 billion. Imports too rose by 14.85 percent to USD 43.48 billion during the month, according to the data released by the commerce ministry.
The previous high growth of exports was recorded at 30.55 percent in November 2017. Similarly, in January this year, the trade deficit was at USD 16.28 billion. Exporting sectors, which helped to push the shipments in May include petroleum products, chemicals, pharmaceuticals and engineering.
However, exports of cashew, iron ore, textiles, gems and jewellery, handicrafts and carpet registered negative growth. Gold imports during the month under review dipped by 29.85 percent to USD 3.48 billion as against USD 4.96 billion in the same period last year.
During April-May 2018-19, exports grew by 12.58 percent to USD 54.77 billion, while imports were up by 9.72 percent to USD 83.11 billion. Trade deficit widened to USD 28.34 billion in the two months of this fiscal as compared to USD 27.09 billion during the same period previous fiscal.
Commerce and Industry Minister Suresh Prabhu said that in May, exports grew by 20.18 percent. Also, in 2017-18, exports of goods and services put together rose by 12.78 percent, which is highest in about 6-7 years. "Exports have increased significantly in 2017-18 despite the fact that we are facing lot of challenges particularly this year," the minister told reporters here. He said that issues such as delay in GST refund is more or less sorted out and "2018-19 fiscal should be better than 2017-18". Payment of GST will help exporters deal with the issue of working capital, he added.
Prabhu said the ministry is working with all the concerned ministries to promote shipments. "We are working on a strategy to involve all the concerned ministries. They have decided to fix targets for themselves for export," he said, adding that in May exports have increased in volume terms.
When asked about the credit issues being faced by the gems and jewellery sector after Nirav Modi bank fraud, he said: "bank finance is one of the challenges for this sector so we have raised this issue with the finance ministry. We told (them) that they should take export as a priority sector lending because that will address many of the issues".
Oil imports were up 49.46 percent to USD 11.5 billion on back of surge in international crude prices. Meanwhile, an official statement said that the Department of Commerce will soon open 10 offices in Indian missions abroad for accelerating export promotion activities.
This was informed by the minister during review of the sectoral export promotion plans prepared by ministries and departments here today. A conference of heads of Indian missions has been scheduled in June end, in which trade promotion measures will be discussed.
The minister stressed on the branding of Indian products and export credit as important focus areas for export promotion. He also suggested that each ministry and department should set targets for increasing exports of their product and product groups in 2018-2019.
Commerce Minister emphasised that exports are a national priority and an integrated approach is required to promote exports as a joint mission.
Director General Foreign Trade Alok Chaturvedi informed that the department is preparing a ‘100 Billion Additional Export Strategy' which will be released shortly.
India's exports hit six-month high of $28.86 billion in May
India has second-largest unbanked population in the world
While India is quite proud about adding more individuals into the formal banking system -- the number of people with bank accounts grew from 53% in 2014 to 80% in 2017 -- it is not enough. As many as 191 million Indians over the age of 15, are still without a bank account. The figure places the country next only to China where roughly 224 million Chinese above the age of 15 do not have a bank account. Here's more...
BANK ACCOUNTS IN THE COUNTRY ARE ON THE RISE...
...BUT A SIZEABLE CHUNK OF POPULATION STILL UNBANKED
HOWEVER, COMPARED TO INDIA, PAKISTAN HAS A HIGHER PERCENTAGE OF UNBANKED ADULTS
Infographic: India has second-largest unbanked population in the world - Times of India
While India is quite proud about adding more individuals into the formal banking system -- the number of people with bank accounts grew from 53% in 2014 to 80% in 2017 -- it is not enough. As many as 191 million Indians over the age of 15, are still without a bank account. The figure places the country next only to China where roughly 224 million Chinese above the age of 15 do not have a bank account. Here's more...
BANK ACCOUNTS IN THE COUNTRY ARE ON THE RISE...
...BUT A SIZEABLE CHUNK OF POPULATION STILL UNBANKED
HOWEVER, COMPARED TO INDIA, PAKISTAN HAS A HIGHER PERCENTAGE OF UNBANKED ADULTS
Infographic: India has second-largest unbanked population in the world - Times of India