Tuesday 8 May 2012

current topics


SBI rolls out one-time settlement scheme for small units


State Bank of India has launched a one-time settlement (OTS) scheme for recovering bad loans in its micro, small and medium enterprises (MSME) portfolio. India’s largest bank has seen a net increase of Rs 3,902 crore in bad loans in its MSME portfolio in the first nine months of the current financial year.


Tax information exchange pact signed with Argentina

India has signed a tax information exchange agreement with Argentina. This is the tenth such pact in the past three years. This pact with Argentina would enable Indian tax authorities to obtain specific information, including banking related, on tax evasion cases. The other such pacts signed by India are with the Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Isle of Man, Guernsey, Liberia and Macau.


Interest rate of small saving schemes increased


The Finance Ministry has increased the rates of small saving schemes such as Post office time deposits, National Saving Certificates (NSC) or Public Provident Fund (PPF) by up to half a percentage point for 2012-13.

Strong growth in India despite global slowdown: IMF


India along with Indonesia showed strong growth despite a global economic slowdown in the financial quarter of 2011, according to the International Monetary Fund (IMF).



World Bank’s financial sector report likely by April


The World Bank is likely to complete by the end of March, a full fledged assessment of India’s financial sector. India had in May 2010 requested the World Bank/IMF to conduct a full fledged Financial Sector Assessment Program (FSAP).


Economic survey 2011-12 in brief


·         GDP growth rate pegged at 6.9% this fiscal; forecasts for 2012-13 is 7.6% and for 2013-14 is 8.6%.
·         Agriculture forecast at 2.5%. services sector grows by 9.4%; its share in GDP rises to 59%.
·         Industrial growth pegged at 4-5%, expected to improve.
·         Inflation to tone down by year end.
·         Fiscal consolidation on track – savings and capital formation expected to rise.
·         Exports grew at 40.5% in the first half of current fiscal and imports grew 30.4%. Forex reserves rise to nearly cover the entire external debt stock.
·         Central spending on social services hiked to 18.5% this fiscal.
·         MNREGA coverage rises to 5.49 crore households in 2010-11.
Sustainable development and climate change concerns high on priority.

The chief author of the survey – Mr. Kaushik Basu, Government’s Chief Economic Advisor.

Asia overtakes Europe in defence spending


Asian defence spending is set to exceed that of Europe as economic woes force EU to slash military budgets, while China plans to boost spending by 11% in 2012, pushing it above $100 billion for the first time.


Mukesh Ambani is the richest Indian

Business tycoon Mukesh Ambani has retained his title of being the world’s richest Indian despite an erosion of $4.7 billion in his wealth in the past year as he beat 47 billionaires from Indian in Forbes magazine’s annual list of the world’s richest people. Mexican tycoon Carlos Slim retains his position as the world’s richest person.

DII – Domestic Institutional Investors
ETF – Exchange Trade Fund
CII – Confederation of Indian Industry
CII President – B Muthuraman
HRW – Human Rights Watch
NIMZ – National Investment and Manufacturing Zone. 
NIMZs are a key tool for the growth of manufacturing sector by facilitating the availability of land for industrial and infrastructural use.
NBC – Net Bank Credit
FSAP- Financial Sector Assessment Program
NSC- National Saving Certificates
PPF- Public Provident Fund
NPCI- National Payment Corporation of India
MTFP – Medium Term Fiscal Plan 


RuPay: India's answer to Visa and Mastercard



The National Payment Corporation of India (NPCI) has charted out a three year growth plan to expand base of its newly launched first-ever indigenous payment gateway - Rupay. This in turn, is likely to give a good run for money to the multinational biggies like Visa or MasterCard. It now plans to use its just-launched debit cards for online transactions.
"RuPay market share is currently not so significant. However, our growth plan will make it a major rival force to other two existing players in next three-five years," A P Hota, Chief Executive Officer told.



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