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.