Indian Economy : News,Discussions & Updates
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I don't know how many people have seen customer order sheet of LPG distributors but I have seen some. All of them abuse this system of subsidy to extent unimaginable.
After registering online I saw 20 cylinder ordered in my name last year, I ordered barely 8, so 12 cylinders and subsidy of atleast 4 was taken away by LPG distributor. After that I saw the sheet where customers and their refill history was listed. Thousands of them ordered 20, I complained to Indane, they stopped ordering fake refills under my connection but nothing changed. This is after aadhar and dbt, I don't know how they pull this off but they do, similarly subsidy under my name show dispatched but I have not received any and I am not alone will this complain I know over 5 families having same issue.
Just imagine what would have happened before aadhaar.
Second case, IDBI bank example, 7 years back, got a close relative working there, in NCR whenever a builder want to get his project approved for loan he has to give a penthouse free to manager and other goodies to people down the chain and above the chain. You think Nirav Modi is biggest problem, wait and see how they slowly slowly report these NPA. Some of these housing societies are banned for loan by private banks due to illegalities but public sector banks continue their dealing after appropriate compensation.
Builder at fault? Welcome to govt clearances and acquisition, they squeeze builder hard, but builders almost always end up in profit, so how come? It's the end user that remain ignorant and think it's a matter for governance pays.
After having some first hand info about these practices when some Nirav Modi scam come I am not surprised, I said this after Nirav Modi and it's been proving correct that it's not even tip of the iceberg there are far too many scams that will washed slowly and alot of it happened under Raghuram Rajan. If he was actually keeping an eye on banks instead of living in fools paradise of praises and parties of NDTV type ecosystem he would have done something about it.
It's a joke that such an incompetent person is celebrated in India, sycophancy up to the extent that one of NDTV cousin fabricated a story that he is being nominated for NOBEL! Later others picked it knowingly it was false, they can always blame it on expendables.
That ecosystem ruled this country under congress, they created opinion, made deals with local feudals and the election was about caste and this and that. Now out of power that ecosystem is trying hard, manufacturing stories and what not. It makes me smile when people fall for those stories or half truth and exaggerate them.
Now try explaining this template of the Congress of patronage , feudalism , corruption , etc which every political party particularly the regional casteist groupings have replicated and perfected in dummy terms to @Guynextdoor & read his extremely laconic response .
Why to explain him? Few people are born to be ruled, not everyone want to know reality or curious about it, alot of us want simple system where we can blame someone, like hindutva or bla bla bla.
Don't think bjp is away from this practice but only good thing is they still have left few good people that resist these abuses, benifit of open to all I guess, other parties are closed system, if you enter take the oath to serve the supremo not the country, if you want money serve the supremo harder and he will throw bone at you but this will divert the topic from economy, so let's keep this to it.
India's 7% projected growth rate 'amazingly fast', can double economy in 10 years: ADB
India's projected GDP growth of over 7% for the current fiscal is "amazingly fast" and if this momentum is maintained the size of the economy can double within a decade, Asian Development Bank (ADB) chief economist Yasuyuki Sawada has said.
The country shouldn't worry about not achieving 8% growth but focus on increasing domestic demand by reducing the income inequality, he said.
Growth is driven more by domestic consumption than exports, he added.
The bank has projected India to remain the fastest growing Asian nation with 7.3% growth in 2018-19, and 7.6% in 2019-20.
The Indian economy is forecast to grow at 6.6% in the 2017-18 fiscal ended March 31, slower than 7.1% in 2016-17.
"7% growth is amazingly fast. If a 7% growth continues for 10 years, then that economy's size doubles," Sawada said in an interview with PTI.
"So that's super fast growing growth rate. And being one of the largest economies in the region, achieving this 7.3% this fiscal and next year, 7.6%, is really amazing," he added.
The size of India's economy is about $2.5 trillion currently, making it the sixth largest in the world. Economic Affairs Secretary Subhash Chandra Garg had said recently that the country is on track to doubling the size of its economy to $5 trillion by 2025.
Sawada said however that clocking 8% growth is a "big challenge" for India as of now. "7% growth is a very good number and India should not worry about not achieving 8% growth."
Asked whether export revival would be important for driving the economic growth, he said that half of India's growth is driven by private consumption followed by investment and hence domestic market seems to play a major role in growth.
"Export is not a necessary reading for India growth. Rather domestic market seems to be very important...to support growth rate. Of course, export is one part of growth driver, but Indian growth is driven more by domestic market," he said.
Sawada said inequality and poverty reduction would play a "very important role" in achieving higher growth because consumption can stimulate more production and that can absorb more employment.
He said that poor people, if their livelihood goes up, can be good consumers.
"Tapping the broadening market will be important to achieve higher growth," he said, adding that the services sector too would play a role in pushing up economic growth.
India's 7% projected growth rate 'amazingly fast', can double economy in 10 years: ADB - Times of India
India's projected GDP growth of over 7% for the current fiscal is "amazingly fast" and if this momentum is maintained the size of the economy can double within a decade, Asian Development Bank (ADB) chief economist Yasuyuki Sawada has said.
The country shouldn't worry about not achieving 8% growth but focus on increasing domestic demand by reducing the income inequality, he said.
Growth is driven more by domestic consumption than exports, he added.
The bank has projected India to remain the fastest growing Asian nation with 7.3% growth in 2018-19, and 7.6% in 2019-20.
The Indian economy is forecast to grow at 6.6% in the 2017-18 fiscal ended March 31, slower than 7.1% in 2016-17.
"7% growth is amazingly fast. If a 7% growth continues for 10 years, then that economy's size doubles," Sawada said in an interview with PTI.
"So that's super fast growing growth rate. And being one of the largest economies in the region, achieving this 7.3% this fiscal and next year, 7.6%, is really amazing," he added.
The size of India's economy is about $2.5 trillion currently, making it the sixth largest in the world. Economic Affairs Secretary Subhash Chandra Garg had said recently that the country is on track to doubling the size of its economy to $5 trillion by 2025.
Sawada said however that clocking 8% growth is a "big challenge" for India as of now. "7% growth is a very good number and India should not worry about not achieving 8% growth."
Asked whether export revival would be important for driving the economic growth, he said that half of India's growth is driven by private consumption followed by investment and hence domestic market seems to play a major role in growth.
"Export is not a necessary reading for India growth. Rather domestic market seems to be very important...to support growth rate. Of course, export is one part of growth driver, but Indian growth is driven more by domestic market," he said.
Sawada said inequality and poverty reduction would play a "very important role" in achieving higher growth because consumption can stimulate more production and that can absorb more employment.
He said that poor people, if their livelihood goes up, can be good consumers.
"Tapping the broadening market will be important to achieve higher growth," he said, adding that the services sector too would play a role in pushing up economic growth.
India's 7% projected growth rate 'amazingly fast', can double economy in 10 years: ADB - Times of India
India only major economy with talent surplus by 2030: Study
As increasing global talent crisis is likely to cost different countries $8.5 trillion by 2030. India is the only major world economy with a potential for talent surplus, as per a study by a global executive search firm.
India may even challenge America's position in technology, media and telecommunications (TMT) sector, said the 'Global Talent Crunch' study by Korn Ferry International Inc.
"Left unchecked, the financial impact of this talent shortage amounts to $8.5 trillion in unrealised annual revenue globally over the next 12 years," it pointed out.
"Interestingly, the country that's at the other end of the spectrum is India. The world's sixth largest economy is the only one in the study which will have a talent surplus by 2030, with 245 million more workers in the next 12 years," it said.
The study covered 20 major developed and developing economies in three regions -- the Americas (Brazil, Mexico, the US), EMEA (France, Germany, the Netherlands, Russia, Saudi Arabia, South Africa, the UAE, the UK) and Asia Pacific (Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore and Thailand).
The model focuses on three knowledge-intensive sectors within each market that act as critical drivers of global economic growth: financial and business services; TMT; and manufacturing. It also examines the remainder of each economy, said Korn Ferry.
The imminent skilled labour shortage could ultimately shift the global balance of economic power by 2030, if left unaddressed, the study said, and added that technological advancement could be hindered by an acute global labour shortage of 4.3 million TMT workers by 2030.
"India will see a Level A (highly skilled) TMT surplus of 1.3 million workers by 2030, offering yet more opportunities for the nation. India could challenge America's position well before 2030 in the TMT sector," said the firm.
The study forecasts a talent deficit of 85 million workers by 2030 across the economies analysed and the largest threat in the near term is faced by the US, Japan, France, Germany and Australia with a combined opportunity cost of $1.87 trillion by 2020.
However, the 245 million talent surplus in India poses twin challenge of employability and job creation, the study noted. "If let unchecked, the talent surplus will add to our woes of jobless growth and unemployment," said Bhavna Sud, Client Partner, Korn Ferry India.
Sud said the companies across the world need to re-think their hiring and talent management processes.
"Hire for fit and culture rather than skills because skills come with a shelf life now. Hire people high on agility and make continuous learning a part of your life. Retain your best and show them a growth path," she said, sharing some of the study's suggestions.
India only major economy with talent surplus by 2030: Study
As increasing global talent crisis is likely to cost different countries $8.5 trillion by 2030. India is the only major world economy with a potential for talent surplus, as per a study by a global executive search firm.
India may even challenge America's position in technology, media and telecommunications (TMT) sector, said the 'Global Talent Crunch' study by Korn Ferry International Inc.
"Left unchecked, the financial impact of this talent shortage amounts to $8.5 trillion in unrealised annual revenue globally over the next 12 years," it pointed out.
"Interestingly, the country that's at the other end of the spectrum is India. The world's sixth largest economy is the only one in the study which will have a talent surplus by 2030, with 245 million more workers in the next 12 years," it said.
The study covered 20 major developed and developing economies in three regions -- the Americas (Brazil, Mexico, the US), EMEA (France, Germany, the Netherlands, Russia, Saudi Arabia, South Africa, the UAE, the UK) and Asia Pacific (Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore and Thailand).
The model focuses on three knowledge-intensive sectors within each market that act as critical drivers of global economic growth: financial and business services; TMT; and manufacturing. It also examines the remainder of each economy, said Korn Ferry.
The imminent skilled labour shortage could ultimately shift the global balance of economic power by 2030, if left unaddressed, the study said, and added that technological advancement could be hindered by an acute global labour shortage of 4.3 million TMT workers by 2030.
"India will see a Level A (highly skilled) TMT surplus of 1.3 million workers by 2030, offering yet more opportunities for the nation. India could challenge America's position well before 2030 in the TMT sector," said the firm.
The study forecasts a talent deficit of 85 million workers by 2030 across the economies analysed and the largest threat in the near term is faced by the US, Japan, France, Germany and Australia with a combined opportunity cost of $1.87 trillion by 2020.
However, the 245 million talent surplus in India poses twin challenge of employability and job creation, the study noted. "If let unchecked, the talent surplus will add to our woes of jobless growth and unemployment," said Bhavna Sud, Client Partner, Korn Ferry India.
Sud said the companies across the world need to re-think their hiring and talent management processes.
"Hire for fit and culture rather than skills because skills come with a shelf life now. Hire people high on agility and make continuous learning a part of your life. Retain your best and show them a growth path," she said, sharing some of the study's suggestions.
India only major economy with talent surplus by 2030: Study
India opens biggest city gas licensing round
India today opened for bidding the biggest city gas distribution licensing round, offering 86 permits for selling CNG and piped cooking gas in 174 districts in 22 states and union territories.
As many as 86 geographical areas (GAs), made by clubbing adjacent districts, are on offer in the 9th city gas distribution (CGD) bidding round, according to oil regulator Petroleum and Natural Gas Regulatory Board (PNGRB).
The GAs cover 24 percent of the country's area and 29 percent of its population, Oil Minister Dharmendra Pradhan said at a roadshow organised here to promote the round.
The round is likely to attract an investment of Rs 70,000 crore, a PNGRB presentation made at the roadshow said.
The last day for bidding is July 10.
Pradhan said the government is targeting to raise share of natural gas in the primary energy basket to 15 percent from current 6 percent, in next few years.
The bid round is also aimed at meeting Prime Minister Narendra Modi's target of giving piped cooking gas connection to 1 crore households, roughly triple the current size, by 2020.
?CGD licences for Bhopal in Madhya Pradesh, Ahmednagar in Maharashtra, Ludhiana and Jalandhar in Punjab, Barmer, Alwar and Kota in Rajasthan, Coimbatore and Salem in Tamil Nadu, Allahabad, Faizabad, Amethi and Rai Bareli in Uttar Pradesh, Dehradun in Uttarakhand and Burdwan in West Bengal are on offer.
Prior to the 9th round, 91 GAs were awarded to firms like Indraprastha Gas Ltd and GAIL Gas Ltd, which are serving 240 million population, 42 lakh domestic consumers and 31 lakh CNG vehicles.
Of these, 56 GAs were awarded through bidding rounds and the rest on government nomination.
The bid round is being held on changed parameters after 'one paisa' bids spoilt the initial auction rounds.
Bidders have been asked to quote the number of CNG stations to be set up and number of domestic cooking gas connections to be given in the first eight years of operation.
In the previous eight bid rounds, bidders were asked to quote only the tariff for the pipeline that carries gas within the city limits. These bidding criteria did not include the rate at which an entity would sell CNG to automobiles or piped natural gas to households using the same pipeline network, leading to companies offering one paisa as the tariff to win licences.
In the new guidelines, maximum weightage of 50 percent has been given to the number of piped gas connections proposed in eight years from the date of authorisation, as compared to 30 percent earlier.
The number of CNG dispensing stations proposed to be set up has been assigned 20 percent weightage. Length of the pipeline to be laid in the GA and the tariff proposed for city gas and Compressed Natural Gas (CNG) have been assigned 10 percent weightage each.
Also, a floor tariff of Rs 30 for city gas and Rs 2 per kg for CNG has been put in order to deter bidders from quoting unviable tariff of 1 paisa per unit.
Companies having a net worth of not less than Rs 150 crore can bid for cities with a population of 50 lakh and more while the same for cities with population of 20 lakh to 50 lakh has been proposed at Rs 100 crore.
The net worth eligibility goes down with population, with a Rs 5 crore net worth firm being eligible to bid for cities that have less than 10 lakh population.
PNGRB said any entity security CGD licence would have to enter into a firm natural gas supply agreement with a natural gas producer or marketer in a transparent manner on the principle of 'at an arm's length' within 180 days of winning a licence.
The authorised entity has to achieve financial closure within 270 days from date of grant of licence.
The winning company would have 8 years of marketing exclusivity in the given city. Current licences provide for 5 years of exclusivity.
Last few rounds of CGD have evoked a lukewarm response. The fourth round was altogether cancelled, while the fifth saw a sparse response.
The sixth round of bidding for 34 cities in 2015 got bids for only 20. The seventh round of bidding done to set up CGD infrastructure in 11 smart cities under smart city mission received only 1 bid.
Seven cities were offered in the 8th round last year but not all cities have been awarded so far.
India opens biggest city gas licensing round
India today opened for bidding the biggest city gas distribution licensing round, offering 86 permits for selling CNG and piped cooking gas in 174 districts in 22 states and union territories.
As many as 86 geographical areas (GAs), made by clubbing adjacent districts, are on offer in the 9th city gas distribution (CGD) bidding round, according to oil regulator Petroleum and Natural Gas Regulatory Board (PNGRB).
The GAs cover 24 percent of the country's area and 29 percent of its population, Oil Minister Dharmendra Pradhan said at a roadshow organised here to promote the round.
The round is likely to attract an investment of Rs 70,000 crore, a PNGRB presentation made at the roadshow said.
The last day for bidding is July 10.
Pradhan said the government is targeting to raise share of natural gas in the primary energy basket to 15 percent from current 6 percent, in next few years.
The bid round is also aimed at meeting Prime Minister Narendra Modi's target of giving piped cooking gas connection to 1 crore households, roughly triple the current size, by 2020.
?CGD licences for Bhopal in Madhya Pradesh, Ahmednagar in Maharashtra, Ludhiana and Jalandhar in Punjab, Barmer, Alwar and Kota in Rajasthan, Coimbatore and Salem in Tamil Nadu, Allahabad, Faizabad, Amethi and Rai Bareli in Uttar Pradesh, Dehradun in Uttarakhand and Burdwan in West Bengal are on offer.
Prior to the 9th round, 91 GAs were awarded to firms like Indraprastha Gas Ltd and GAIL Gas Ltd, which are serving 240 million population, 42 lakh domestic consumers and 31 lakh CNG vehicles.
Of these, 56 GAs were awarded through bidding rounds and the rest on government nomination.
The bid round is being held on changed parameters after 'one paisa' bids spoilt the initial auction rounds.
Bidders have been asked to quote the number of CNG stations to be set up and number of domestic cooking gas connections to be given in the first eight years of operation.
In the previous eight bid rounds, bidders were asked to quote only the tariff for the pipeline that carries gas within the city limits. These bidding criteria did not include the rate at which an entity would sell CNG to automobiles or piped natural gas to households using the same pipeline network, leading to companies offering one paisa as the tariff to win licences.
In the new guidelines, maximum weightage of 50 percent has been given to the number of piped gas connections proposed in eight years from the date of authorisation, as compared to 30 percent earlier.
The number of CNG dispensing stations proposed to be set up has been assigned 20 percent weightage. Length of the pipeline to be laid in the GA and the tariff proposed for city gas and Compressed Natural Gas (CNG) have been assigned 10 percent weightage each.
Also, a floor tariff of Rs 30 for city gas and Rs 2 per kg for CNG has been put in order to deter bidders from quoting unviable tariff of 1 paisa per unit.
Companies having a net worth of not less than Rs 150 crore can bid for cities with a population of 50 lakh and more while the same for cities with population of 20 lakh to 50 lakh has been proposed at Rs 100 crore.
The net worth eligibility goes down with population, with a Rs 5 crore net worth firm being eligible to bid for cities that have less than 10 lakh population.
PNGRB said any entity security CGD licence would have to enter into a firm natural gas supply agreement with a natural gas producer or marketer in a transparent manner on the principle of 'at an arm's length' within 180 days of winning a licence.
The authorised entity has to achieve financial closure within 270 days from date of grant of licence.
The winning company would have 8 years of marketing exclusivity in the given city. Current licences provide for 5 years of exclusivity.
Last few rounds of CGD have evoked a lukewarm response. The fourth round was altogether cancelled, while the fifth saw a sparse response.
The sixth round of bidding for 34 cities in 2015 got bids for only 20. The seventh round of bidding done to set up CGD infrastructure in 11 smart cities under smart city mission received only 1 bid.
Seven cities were offered in the 8th round last year but not all cities have been awarded so far.
India opens biggest city gas licensing round
The emancipatory power of caste politics
Lessons on stressing on Evaluations more than bottom line . But , trust a Marwari not to laugh all the way to the bank , even then .
Lessons on stressing on Evaluations more than bottom line . But , trust a Marwari not to laugh all the way to the bank , even then .
Mumbai Resettles Slum-dwellers on an Unprecedented Scale to Improve Transport Infrastructure
Jyothi Pujari will never forget what life was like in her one-room shack a hair’s breadth away from the railway tracks in the teeming city of Mumbai. She recalls the open drains, the stench of the common toilets, the endless bickering of neighbors, and the constant battle for water - all the wretchedness of the life at the bottom of the social and economic heap. But most of all she remembers the trains thundering by, their colossal wheels gnashing dangerously close, and her dread of an accident, of which she saw many.
Now, sitting in her new 225 square foot apartment in Mankhurd in the eastern suburb of the city, 37 year-old Jyothi recounts how the Mumbai Urban Transport Project (MUTP) resettled her family and neighbors to safe permanent dwellings, dramatically changing their lives. “We feel much more secure, and can now sleep peacefully at night,” said Jyothi, with visible relief.
Resettlement on an unprecedented scale
To widen Mumbai’s roads and introduce faster trains, the project resettled over 100,000 people - including thousands of squatter families who lived in shacks along the roads and railway tracks.
“This was the World Bank’s first attempt to resettle some of the world’s poorest people in such unprecedented numbers,” said Atul Agarwal, who led the project on the World Bank’s behalf. “While resettling people anywhere is a difficult exercise, it was almost intractable in complex socio-political environment of Mumbai, one of the world’s most densely populated cities, where land is scarce and almost 95 percent of those affected did not have legal title to the land they occupied.”
Today, this massive resettlement exercise has not only improved Mumbai’s suburban rail services - which cater to seven million passengers a day - and eased road congestion, but the process itself has become a worldwide example of improving the lives of the urban poor.
Lessons learnt have been incorporated by implementing agencies in Maharashtra state, changing the way they will undertake resettlement to make way for future infrastructure.
"While resettling people anywhere is a difficult exercise, it was almost intractable in complex socio-political environment of Mumbai, one of the world’s most densely populated cities, where land is scarce and almost 95 percent of those affected did not have legal title to the land they occupied."
Atul Agarwal
Senior Transport Specialist
With the help of the World Bank, Mumbai is revamping its transportation systems, embarking on one of the most ambitious infrastructure projects in the world, resettling 100,000 residents, and building new roads and train tracks.
World Bank Group
Children now study and sleep better, and many are doing well at school
After decades of living in constant fear of eviction, the resettled slum-dwellers now legally own their own homes for the first time in their lives. What’s more, the brick and mortar apartments are a huge improvement from the makeshift shacks the people lived in before, especially during the fierce monsoon rains.
Running water and indoor plumbing are a new benefit. “One of the best things is that each family now has a toilet and bathroom of their own,” says Jyothi, emphasizing the difference the new apartments have made to the lives of women and girls.
With clean water, jaundice, typhoid, and gastrointestinal infections have reduced. “In the slum, the children used to fall ill frequently and missed school often,” she adds. “Now, they study and sleep better, and many are doing well at school. School buses also come to the neighborhood – unlike in the slum that was always forsaken.”
Importantly, the easy availability of water has brought a new sense of harmony to the community. “Earlier, people were always fighting - over water, over the toilets, over everything. Thankfully, that’s now a thing of the past.”
New livelihood opportunities have led to higher living standards
The project has also fostered a better living environment for the resettled slum-dwellers. Schools, day-care centers, and women’s centers have been established, and livelihood options expanded through skills training for the youth, and micro-credit for women. Many women have opened small shops, set up beauty parlors, or started other businesses.
“In the slum, women never ventured too far from home. But, after moving here, girls and women have started going out to work,” says Madhavi Shinde who has begun to cater hot lunches for office-goers from her new home in the Majaz resettlement colony.
In Mankhurd, Nirmala Ninave has set up a successful beauty parlor. “Now that I have earned a name, I want to take a bank loan to expand my business,” the young woman says.
The better address, together with the trappings of a more middle-class existence, has boosted the residents’ self-esteem. “When we lived in the slum no one respected us. Now, I proudly tell people where I live and they treat us differently,” says Uday Kumar, Jyothi’s auto-rickshaw driver husband. “It’s also easier to get a job. What’s more, families are getting better marriage proposals for their sons and daughters,” a sure sign of upward mobility among the communities.
With new economic opportunities, living standards have improved. “Most people now own a TV and fridge and sleep on beds instead of on the ground. And they work hard to keep up with their neighbors,” Kumar says.
Rekindling old community bonds
To ensure that the new high-rise complexes don’t turn into vertical slums, women’s groups have been established to manage the shared environment. Unschooled Jyothi - once a domestic help – leads one such group, helping people adjust to their new surroundings, encouraging women to save, and counseling wayward children. “People here have only known life in the slums. We have to work hard to make them change their ways,” she says.
To prevent the area from turning into an anonymous den of crime, alienation, and decay, the strong community bonds that existed in the slums are being rekindled. “We keep the community spirit alive by celebrating all festivals, be it Onam, Pongal, Eid, Christmas or Diwali,” explains Jyothi. The string of festivals reflects the melting pot of communities that flock to the great economic hub of Mumbai from all parts of the country to earn a living. It’s no surprise then that government schools in the area teach in 7 different languages.
The women’s groups also keep the peace by taking on drunken husbands, arbitrating in disputes, and tackling community problems. “Although adolescents are generally better behaved here than they were in the slum, I make it a point to keep a check on the neighborhood boys,” explains Jyothi.
An independent study has confirmed that the provision of formal housing to resettled families has raised their social status and improved their employability and creditworthiness. It has also given them, especially the women, a greater sense of security.
“Although this was one of the most complex urban environments in the world, the project’s resettlement process has proved to be a landmark exercise in radically improving the lives of the poor,” concluded Agarwal.
Mumbai Resettles Slum-dwellers on an Unprecedented Scale to Improve Transport Infrastructure
Jyothi Pujari will never forget what life was like in her one-room shack a hair’s breadth away from the railway tracks in the teeming city of Mumbai. She recalls the open drains, the stench of the common toilets, the endless bickering of neighbors, and the constant battle for water - all the wretchedness of the life at the bottom of the social and economic heap. But most of all she remembers the trains thundering by, their colossal wheels gnashing dangerously close, and her dread of an accident, of which she saw many.
Now, sitting in her new 225 square foot apartment in Mankhurd in the eastern suburb of the city, 37 year-old Jyothi recounts how the Mumbai Urban Transport Project (MUTP) resettled her family and neighbors to safe permanent dwellings, dramatically changing their lives. “We feel much more secure, and can now sleep peacefully at night,” said Jyothi, with visible relief.
Resettlement on an unprecedented scale
To widen Mumbai’s roads and introduce faster trains, the project resettled over 100,000 people - including thousands of squatter families who lived in shacks along the roads and railway tracks.
“This was the World Bank’s first attempt to resettle some of the world’s poorest people in such unprecedented numbers,” said Atul Agarwal, who led the project on the World Bank’s behalf. “While resettling people anywhere is a difficult exercise, it was almost intractable in complex socio-political environment of Mumbai, one of the world’s most densely populated cities, where land is scarce and almost 95 percent of those affected did not have legal title to the land they occupied.”
Today, this massive resettlement exercise has not only improved Mumbai’s suburban rail services - which cater to seven million passengers a day - and eased road congestion, but the process itself has become a worldwide example of improving the lives of the urban poor.
Lessons learnt have been incorporated by implementing agencies in Maharashtra state, changing the way they will undertake resettlement to make way for future infrastructure.
"While resettling people anywhere is a difficult exercise, it was almost intractable in complex socio-political environment of Mumbai, one of the world’s most densely populated cities, where land is scarce and almost 95 percent of those affected did not have legal title to the land they occupied."
Atul Agarwal
Senior Transport Specialist
With the help of the World Bank, Mumbai is revamping its transportation systems, embarking on one of the most ambitious infrastructure projects in the world, resettling 100,000 residents, and building new roads and train tracks.
World Bank Group
Children now study and sleep better, and many are doing well at school
After decades of living in constant fear of eviction, the resettled slum-dwellers now legally own their own homes for the first time in their lives. What’s more, the brick and mortar apartments are a huge improvement from the makeshift shacks the people lived in before, especially during the fierce monsoon rains.
Running water and indoor plumbing are a new benefit. “One of the best things is that each family now has a toilet and bathroom of their own,” says Jyothi, emphasizing the difference the new apartments have made to the lives of women and girls.
With clean water, jaundice, typhoid, and gastrointestinal infections have reduced. “In the slum, the children used to fall ill frequently and missed school often,” she adds. “Now, they study and sleep better, and many are doing well at school. School buses also come to the neighborhood – unlike in the slum that was always forsaken.”
Importantly, the easy availability of water has brought a new sense of harmony to the community. “Earlier, people were always fighting - over water, over the toilets, over everything. Thankfully, that’s now a thing of the past.”
New livelihood opportunities have led to higher living standards
The project has also fostered a better living environment for the resettled slum-dwellers. Schools, day-care centers, and women’s centers have been established, and livelihood options expanded through skills training for the youth, and micro-credit for women. Many women have opened small shops, set up beauty parlors, or started other businesses.
“In the slum, women never ventured too far from home. But, after moving here, girls and women have started going out to work,” says Madhavi Shinde who has begun to cater hot lunches for office-goers from her new home in the Majaz resettlement colony.
In Mankhurd, Nirmala Ninave has set up a successful beauty parlor. “Now that I have earned a name, I want to take a bank loan to expand my business,” the young woman says.
The better address, together with the trappings of a more middle-class existence, has boosted the residents’ self-esteem. “When we lived in the slum no one respected us. Now, I proudly tell people where I live and they treat us differently,” says Uday Kumar, Jyothi’s auto-rickshaw driver husband. “It’s also easier to get a job. What’s more, families are getting better marriage proposals for their sons and daughters,” a sure sign of upward mobility among the communities.
With new economic opportunities, living standards have improved. “Most people now own a TV and fridge and sleep on beds instead of on the ground. And they work hard to keep up with their neighbors,” Kumar says.
Rekindling old community bonds
To ensure that the new high-rise complexes don’t turn into vertical slums, women’s groups have been established to manage the shared environment. Unschooled Jyothi - once a domestic help – leads one such group, helping people adjust to their new surroundings, encouraging women to save, and counseling wayward children. “People here have only known life in the slums. We have to work hard to make them change their ways,” she says.
To prevent the area from turning into an anonymous den of crime, alienation, and decay, the strong community bonds that existed in the slums are being rekindled. “We keep the community spirit alive by celebrating all festivals, be it Onam, Pongal, Eid, Christmas or Diwali,” explains Jyothi. The string of festivals reflects the melting pot of communities that flock to the great economic hub of Mumbai from all parts of the country to earn a living. It’s no surprise then that government schools in the area teach in 7 different languages.
The women’s groups also keep the peace by taking on drunken husbands, arbitrating in disputes, and tackling community problems. “Although adolescents are generally better behaved here than they were in the slum, I make it a point to keep a check on the neighborhood boys,” explains Jyothi.
An independent study has confirmed that the provision of formal housing to resettled families has raised their social status and improved their employability and creditworthiness. It has also given them, especially the women, a greater sense of security.
“Although this was one of the most complex urban environments in the world, the project’s resettlement process has proved to be a landmark exercise in radically improving the lives of the poor,” concluded Agarwal.
Mumbai Resettles Slum-dwellers on an Unprecedented Scale to Improve Transport Infrastructure
China launches first India-dedicated investment fund
The Industrial and Commercial Bank of China, a top state-run Chinese bank has launched China's first India-dedicated publicly offered investment fund, urging the Chinese to invest heavily stating that the Indian economy is entering the "golden age of economic take-off".
The move, regarded as significant by observers to boost investments in India, comes just about a fortnight after the first ever informal summit between Prime Minister Narendra Modi and Chinese President Xi Jinping at Wuhan, where the two leaders sought to give a new direction to the bilateral ties to tap their economic potential.
The fund, named as the Industrial and Commercial Bank Credit Suisse India Market Fund, will "invest in exchange-traded funds listed on more than 20 exchanges in Europe and the US that are based on the Indian market."
It is China's first publicly offered fund for investing in India, state-run Global Times reported.
The fund will invest in the future of the Indian economy and track the distribution of the industrial structure across the Indian market, the report quoted a fund manager as saying.
The bank listed sectors for investments specifically, in terms of the major industries weighted distribution of the index.
The financial industry will account for the highest proportion, followed by information technology, alternative consumption, energy, essential consumption, raw materials, medicine, healthcare and other industries, it said.
The ICBC bank, the largest in the world with over $3.6 trillion in assets, has given an upbeat picture of India's economic growth path, while launching the fund.
According to the announcement of the offering, the ICBC Credit Suisse Indian Market Fund (LOF) will be available for sale at both the on-site and off-site markets from May 7 to May 25.
"Across the overseas market, India, as the second largest emerging market economy, is entering the golden age of economic take-off, and has become an area where international and domestic capitals are competing to pursue," a write-up on the ICBC's website said.
The fund opened the way for domestic investors and "provided a good tool for low-threshold investment in India," it said.
"Since 2017, the global economy has entered a recovery, and the relative advantages of emerging markets have gradually expanded, with India showing remarkable performance," it said.
India has become the second largest economy in emerging markets, ranking seventh in the GDP world, ranking second only to China and the US in purchasing power parity, and third in the world, it said.
The report said in the context of the ageing population of the world's major economies, India's low labour costs and abundant labour supply have attracted much attention, and the capital market has given high expectations for its economic growth, it said.
"The larger marginal improvement formed by various structural reforms led by Modi government is expected to unleash India's abundant demographic dividend," it said.
Quoting IMF projections stating that India's economy will continue to lead the global economy for a long time to come, it said "at the same time, the Indian rupee value stability, guarantee the security of the investment in India, India's stock markets risk/reward ratio is high and a low correlation with the A-shares," it said.
A write-up in the Global Times by the fund manager said "as the most important emerging market overseas, the Indian stock market's long-term trend must be positive. For Chinese investors, the current moment offers the best opportunity to get started in Indian stocks."
"The certainty of India's growth is very clear. But considering the continuous acceleration of urbanisation and the expansion of the middle class, India's future value will be large," it said.
If estimated by purchasing power parity, India's GDP is already close to seven per cent of the world. The situation is similar to China when it started to rise a decade ago, it said.
"Now, investing in the Indian market means an investor can enjoy double-digit economic growth," it said and added that the Indian stock market underwent a correction in the first quarter, which means it offers a good opportunity for opening positions.
Recent research indicates that the Indian market has gradually become one of the best-performing markets in the world due to ongoing reforms, macroeconomic improvement and enhanced profitability, it said.
"Take March as an example. Due to trade friction between China and the US, foreign capital showed mostly net outflows from other Asian stock markets. However, India's capital inflows reached $2.1 billion, which was in sharp contrast to other markets in the region," it said.
"This shows that foreign investors recognise India's economic strength," it said.
Meanwhile, India is not affected by the trade friction between China and the US, and it has become a safe haven for funds. Chinese investors should pay close attention to the Indian stock market and seize new opportunities, it said.
China launches first India-dedicated investment fund - Times of India
The Industrial and Commercial Bank of China, a top state-run Chinese bank has launched China's first India-dedicated publicly offered investment fund, urging the Chinese to invest heavily stating that the Indian economy is entering the "golden age of economic take-off".
The move, regarded as significant by observers to boost investments in India, comes just about a fortnight after the first ever informal summit between Prime Minister Narendra Modi and Chinese President Xi Jinping at Wuhan, where the two leaders sought to give a new direction to the bilateral ties to tap their economic potential.
The fund, named as the Industrial and Commercial Bank Credit Suisse India Market Fund, will "invest in exchange-traded funds listed on more than 20 exchanges in Europe and the US that are based on the Indian market."
It is China's first publicly offered fund for investing in India, state-run Global Times reported.
The fund will invest in the future of the Indian economy and track the distribution of the industrial structure across the Indian market, the report quoted a fund manager as saying.
The bank listed sectors for investments specifically, in terms of the major industries weighted distribution of the index.
The financial industry will account for the highest proportion, followed by information technology, alternative consumption, energy, essential consumption, raw materials, medicine, healthcare and other industries, it said.
The ICBC bank, the largest in the world with over $3.6 trillion in assets, has given an upbeat picture of India's economic growth path, while launching the fund.
According to the announcement of the offering, the ICBC Credit Suisse Indian Market Fund (LOF) will be available for sale at both the on-site and off-site markets from May 7 to May 25.
"Across the overseas market, India, as the second largest emerging market economy, is entering the golden age of economic take-off, and has become an area where international and domestic capitals are competing to pursue," a write-up on the ICBC's website said.
The fund opened the way for domestic investors and "provided a good tool for low-threshold investment in India," it said.
"Since 2017, the global economy has entered a recovery, and the relative advantages of emerging markets have gradually expanded, with India showing remarkable performance," it said.
India has become the second largest economy in emerging markets, ranking seventh in the GDP world, ranking second only to China and the US in purchasing power parity, and third in the world, it said.
The report said in the context of the ageing population of the world's major economies, India's low labour costs and abundant labour supply have attracted much attention, and the capital market has given high expectations for its economic growth, it said.
"The larger marginal improvement formed by various structural reforms led by Modi government is expected to unleash India's abundant demographic dividend," it said.
Quoting IMF projections stating that India's economy will continue to lead the global economy for a long time to come, it said "at the same time, the Indian rupee value stability, guarantee the security of the investment in India, India's stock markets risk/reward ratio is high and a low correlation with the A-shares," it said.
A write-up in the Global Times by the fund manager said "as the most important emerging market overseas, the Indian stock market's long-term trend must be positive. For Chinese investors, the current moment offers the best opportunity to get started in Indian stocks."
"The certainty of India's growth is very clear. But considering the continuous acceleration of urbanisation and the expansion of the middle class, India's future value will be large," it said.
If estimated by purchasing power parity, India's GDP is already close to seven per cent of the world. The situation is similar to China when it started to rise a decade ago, it said.
"Now, investing in the Indian market means an investor can enjoy double-digit economic growth," it said and added that the Indian stock market underwent a correction in the first quarter, which means it offers a good opportunity for opening positions.
Recent research indicates that the Indian market has gradually become one of the best-performing markets in the world due to ongoing reforms, macroeconomic improvement and enhanced profitability, it said.
"Take March as an example. Due to trade friction between China and the US, foreign capital showed mostly net outflows from other Asian stock markets. However, India's capital inflows reached $2.1 billion, which was in sharp contrast to other markets in the region," it said.
"This shows that foreign investors recognise India's economic strength," it said.
Meanwhile, India is not affected by the trade friction between China and the US, and it has become a safe haven for funds. Chinese investors should pay close attention to the Indian stock market and seize new opportunities, it said.
China launches first India-dedicated investment fund - Times of India
North Korea! Nuclear war. when was the last time you heard?
"Veera Bhogya Vasundhara"
Glory comes to those who seek "WAR" rE
"Veera Bhogya Vasundhara"
Glory comes to those who seek "WAR" rE
It's ok. Rupee is over valued and hurting the export as well as software services sector pretty bad. Some devaluation is required.
India to clock GDP growth of 7.7% in January-March:Nomura
Despite moderation in factory output growth in March, India’s GDP is expected to grow by 7.7% in January-March, up from 7.2% in the preceding quarter, says a Nomura report.
According to the Japanese financial services major, despite the moderation in March, industrial production growth averaged 6.2% in the January-March period, up from 5.9% in Q4 (October-December).
The uptick in average industrial production growth, implies that the overall industrial activity strengthened in Q1 (January-March), “supporting our view of a pick-up in GDP growth to 7.7% year-on-year in Q1 from 7.2% in Q4”, the report said.
The report further noted that India is expected to witness cyclical recovery led by both investment and consumption. However, factors like rising oil prices as well as tighter financial conditions are expected to drag down growth rates.
“While we remain optimistic on the near-term growth outlook, we expect the adverse impacts of rising oil prices and tighter financial conditions to slow growth further out,” Nomura said.
According to official data, industrial output growth fell to a five-month low of 4.4% in March due to decline in capital goods production and deceleration in mining activity and power generation.
Industrial growth as measured by the Index of Industrial Production (IIP) in 2017-18 too decelerated to 4.3% from 4.6% in the previous fiscal.
India to clock GDP growth of 7.7% in January-March:Nomura
Despite moderation in factory output growth in March, India’s GDP is expected to grow by 7.7% in January-March, up from 7.2% in the preceding quarter, says a Nomura report.
According to the Japanese financial services major, despite the moderation in March, industrial production growth averaged 6.2% in the January-March period, up from 5.9% in Q4 (October-December).
The uptick in average industrial production growth, implies that the overall industrial activity strengthened in Q1 (January-March), “supporting our view of a pick-up in GDP growth to 7.7% year-on-year in Q1 from 7.2% in Q4”, the report said.
The report further noted that India is expected to witness cyclical recovery led by both investment and consumption. However, factors like rising oil prices as well as tighter financial conditions are expected to drag down growth rates.
“While we remain optimistic on the near-term growth outlook, we expect the adverse impacts of rising oil prices and tighter financial conditions to slow growth further out,” Nomura said.
According to official data, industrial output growth fell to a five-month low of 4.4% in March due to decline in capital goods production and deceleration in mining activity and power generation.
Industrial growth as measured by the Index of Industrial Production (IIP) in 2017-18 too decelerated to 4.3% from 4.6% in the previous fiscal.
India to clock GDP growth of 7.7% in January-March:Nomura
India's Infosys sets up blockchain-based trade finance network with seven banks
India’s Infosys Ltd (INFY.NS) has formed a blockchain-based trade finance network with seven private-sector banks, to increase security and efficiency in the banking sector while also broadening its product offering.
FILE PHOTO: The Infosys logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren
India’s second-biggest software services exporter, whose Finacle software powers the core functions of the majority of Indian lenders, is in talks to sign up more domestic and foreign banks to the network, senior company executives told Reuters on Wednesday.
Blockchain technology allows all stages of transactions to be securely shared between network members, as opposed to each bank working independently which is more expensive and increases the chance of error.
Just days earlier, HSBC Holdings PLC (HSBA.L) said it had performed the world’s first trade finance transaction using a shared blockchain platform, in a push to boost efficiency in the multi-trillion-dollar trade finance segment.
Infosys is setting up its trade finance network in a banking sector rattled by an over $2 billion fraud at India’s second-biggest state-run lender, Punjab National Bank (PNB) (PNBK.NS), allegedly by two jeweler groups with help from rogue bank staff.
The jewelers have been accused of raising credit from Indian banks’ overseas branches using fake trade finance guarantees provided by PNB staff in Mumbai who did not enter those guarantees in the bank’s computer system.
Infosys’ network will make transactions transparent for “the buyers, the sellers, the buyer’s bank, the seller’s bank and any regulator who is on this network,” Rajashekara Maiya, Finacle global head of product strategy, said in a telephone interview.
Infosys Ltd1189.95INFY.NSNational Stock Exchange of India-4.60(-0.39%)
In March, India’s central bank barred all lenders from issuing letters of undertaking – a form of credit guarantee at the heart of the PNB fraud.
Banks can continue issuing letters of credit and bank guarantees. The instruments are among the various forms of trade finance that importers use to fund overseas purchases.
Sanat Rao, chief business officer at Finacle, said lenders currently testing its trade finance network are ICICI Bank Ltd (ICBK.NS), Axis Bank Ltd (AXBK.NS), Kotak Mahindra Bank Ltd (KTKM.NS), Yes Bank Ltd (YESB.NS), IndusInd Bank Ltd (INBK.NS), RBL Bank Ltd (RATB.NS) and South Indian Bank Ltd (SIBK.NS).
Rao said Infosys is also in talks with other Indian and overseas lenders.
“We’re in very advanced discussions in Australia with a consortium of banks and I think you’ll see more announcements,” he said.
India's Infosys sets up blockchain-based trade finance network with...
India’s Infosys Ltd (INFY.NS) has formed a blockchain-based trade finance network with seven private-sector banks, to increase security and efficiency in the banking sector while also broadening its product offering.
FILE PHOTO: The Infosys logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren
India’s second-biggest software services exporter, whose Finacle software powers the core functions of the majority of Indian lenders, is in talks to sign up more domestic and foreign banks to the network, senior company executives told Reuters on Wednesday.
Blockchain technology allows all stages of transactions to be securely shared between network members, as opposed to each bank working independently which is more expensive and increases the chance of error.
Just days earlier, HSBC Holdings PLC (HSBA.L) said it had performed the world’s first trade finance transaction using a shared blockchain platform, in a push to boost efficiency in the multi-trillion-dollar trade finance segment.
Infosys is setting up its trade finance network in a banking sector rattled by an over $2 billion fraud at India’s second-biggest state-run lender, Punjab National Bank (PNB) (PNBK.NS), allegedly by two jeweler groups with help from rogue bank staff.
The jewelers have been accused of raising credit from Indian banks’ overseas branches using fake trade finance guarantees provided by PNB staff in Mumbai who did not enter those guarantees in the bank’s computer system.
Infosys’ network will make transactions transparent for “the buyers, the sellers, the buyer’s bank, the seller’s bank and any regulator who is on this network,” Rajashekara Maiya, Finacle global head of product strategy, said in a telephone interview.
Infosys Ltd1189.95INFY.NSNational Stock Exchange of India-4.60(-0.39%)
- INFY.NS
- HSBA.L
- PNBK.NS
- ICBK.NS
- AXBK.NS
In March, India’s central bank barred all lenders from issuing letters of undertaking – a form of credit guarantee at the heart of the PNB fraud.
Banks can continue issuing letters of credit and bank guarantees. The instruments are among the various forms of trade finance that importers use to fund overseas purchases.
Sanat Rao, chief business officer at Finacle, said lenders currently testing its trade finance network are ICICI Bank Ltd (ICBK.NS), Axis Bank Ltd (AXBK.NS), Kotak Mahindra Bank Ltd (KTKM.NS), Yes Bank Ltd (YESB.NS), IndusInd Bank Ltd (INBK.NS), RBL Bank Ltd (RATB.NS) and South Indian Bank Ltd (SIBK.NS).
Rao said Infosys is also in talks with other Indian and overseas lenders.
“We’re in very advanced discussions in Australia with a consortium of banks and I think you’ll see more announcements,” he said.
India's Infosys sets up blockchain-based trade finance network with...