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Indian Economy News

January 25, 2017


Every day we compile the latest news on the Indian economy to keep you abreast and updated on
the current state of commercial affairs. So that Indian economy news stays fresh and crisp as your
daily newspaper, with inputs from the best resources. Our compilations bring business news reports
that are relevant today and tomorrow, giving vital inputs on the various sectors of the Indian Industry
and trade. The news gathered from across the financial and political hubs of India so that you know
the shape of things to come in the Indian economy.
India's smartphone user base topped 300 million in 2016
India's smartphone user base grew by 18 per cent year-on-year to touch 300 million in
2016: Counterpoint Research
Cabinet approves bill to make IIMs autonomous
New Delhi: The Union Cabinet has cleared the Indian Institute of Management (IIM) bill,
2017, which will grant statutory powers and autonomy to 20 IIMs across India in terms of
administration, recruitment and daily functioning, as well as enable them to award
degrees instead of diplomas, as is the case now.
Madhya Pradesh woos global investors with mega solar project
New Delhi: A total of 20 international and national firms have submitted their bids for
developing the world's largest 750 megawatt (MW) solar power plant in Rewa district,
Madhya Pradesh, that will be developed in three segments of 250 MW each.
Cabinet approves a New Scheme for promotion of Rural Housing in
the country
New Delhi: The Union Cabinet has approved a new scheme to provide interest subsidy
to every rural household who is not covered under the Pradhan Mantri Aawas Yojana
(Grameen), for loan amount upto Rs 200,000 (US$ 2,934), in a bid to improve housing
stock and create employment opportunities in rural housing sector.
Railways to have improved Operating ratio of 89-90% by 2021: CRISIL
research
New Delhi: The operating ratio of Indian Railways is expected to improve to 89-90 per
cent by 2021, from the current operating ratio of 94 per cent, which indicates lower
expenditure to earn same amount of revenue, as per a report by Crisil.
GroupM acquires majority stake in MediaCom India
New Delhi: GroupM, the US-based advertising media company, has acquired a majority
stake in MediaCom India, a joint venture between GroupM India and Madison Media
group's principal shareholder Sam Balsara.
Nearly 70% Political Funding Comes From Unknown Sources, Says ADR
Report: 10 Facts

NEW DELHI: Nearly 70 per cent of the income of political parties in


India comes from unknown sources between 2004 and 2015. Among
the national parties, the Congress tops the list with incomes with 83
per cent income from unknown sources, followed by the BJP with 65
per cent. Under the Income Tax Act, political parties do not have to
pay tax provided they accept all donations above Rs. 20,000 in
cheque. While they are required to keep details of donations
below Rs. 20,000, it has been pointed out that the option of cash
donations leaves room for turning black money to white.

Government Estimates Per Capita Income To Cross Rs. 1 Lakh In FY17

New Delhi: India's per capita income, a gauge for


measuring living standard, is estimated to cross Rs.
1 lakh in 2016-17, up from Rs. 93,293 in the
previous fiscal year.

As per the 'First Advance Estimates of National


Income, 2016-17' released by the Central Statistics
Office (CSO), the per capita net national income
during 2016-17 is "estimated to be Rs. 103,007" at
current prices.

This is higher by 10.4 per cent compared to Rs.


93,293 during 2015-16.

"The per capita income in real terms (at 2011-12


prices) during 2016-17 is likely to attain a level of
Rs. 81,805 as compared to Rs. 77,435 for the year
2015-16," the estimates said.

At constant prices, the growth rate in per capita


income is estimated at 5.6 per cent during 2016-
17, as against 6.2 per cent in the previous year.

The Central Statistics Office said India's GDP is


expected to slowdown to 7.1 per cent during 2016-
17 from 7.6 per cent in the previous fiscal year
mainly due to slump in manufacturing, mining and
construction activities.

The CSO did not figure in the impact of


demonetisation, effected on November 9 and the
estimates are based on sectoral data available till
October.

The CSO projections on national income are in line


with the Reserve Bank of India's estimates, which
too had lowered the GDP growth prospects to 7.1
per cent.

ECONOMIC NEWS | Wed Jan 25, 2017 | 2:35pm IST

India trade body cuts sugar output estimate by 9 percent as


drought hits

India is likely to produce 21.3 million tonnes sugar in


2016/17, down 9 percent from an earlier forecast of
23.4 million tonnes, as drought curtailed cane supplies
in key producing states, a trade body said on
Wednesday.

A drop in production could lift local


prices and prompt the world's biggest
consumer to allow duty-free imports of the
sweetener, supporting global prices that
are trading near their highest level in one-
and-a-half months.

Sugar mills in top producing western state


of Maharashtra and third biggest producing
southern state of Karnataka are closing
earlier than initial expectations, Indian
Sugar Mills Association said in a
statement.

ECONOMIC NEWS | Tue Jan 24, 2017 | 5:01pm IST

Most Indian firms under-hedged, vulnerable to FX risk - India


Ratings

Most Indian companies with overseas debt have not


hedged enough of their foreign currency risk, making
them vulnerable to any sharp movements in the rupee,
according to a study by credit ratings agency India
Ratings.

The study of 100 companies holding 19.5


trillion rupees ($286.30 billion) of debt
abroad as of March 2016, showed 54 of
them, with 14.5 trillion exposure, were
vulnerable given only 35 percent of their
balance sheets were hedged, India
Ratings, a unit of Fitch, said on Tuesday.

Of those 54 companies, 42 holding 8.9


trillion rupees in foreign currency debt
could see their credit profiles "weaken
substantially" should the rupee weaken by
10 percent, the rating agency said.

The high cost of hedging and the range-


bound movement in the rupee over the last
three years is deterring companies, said
Rakesh Valecha, head of credit and market
research at India Ratings.

"It is important that corporates don't get


complacent with rupee moving in a narrow
band because if the rupee weakens
sharply then corporates can see their
margins hit, borrowing cost rise and even
credit matrices moving down," Valecha
said in a briefing with reporters.
The rupee has been relatively range-bound
since 2013, when it suffered its worst crisis
in more than two decades, though it hit a
record low of 68.865 to the dollar in
November.

The relative stability of the rupee and


cheaper overseas rates have led to more
Indian companies raising debt abroad,
increasing concerns over whether they are
prepared to deal with a sudden plunge in
the currency or falls in global markets.

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