Indian Economy-News & Updates

[ranjeet]

https://twitter.com/x/status/838969719805849600

 

[Acknowledge]

You think after GST we may achieve 10% for the 2018-19 period? Anything above 9% with jobs growth should give Modi a second term IMO.

He should get a term regardless. Congress has nothing to offer except subsidies and loan waiver to Indian economy.

 

[Śakra]

Do you remember that Forbes article written by Forbes himself? Haha. Even Amartya Sen.

Where are all the Chinese members?

You think after GST we may achieve 10% for the 2018-19 period? Anything above 9% with jobs growth should give Modi a second term IMO.

The cheenai on this forum are saying the data is faked. The gall of some people! Amazing how it they seem to lack individual personalities. It seems like CCP sends down some talking points and they just harp them.

 

[Nilgiri]

Do you remember that Forbes article written by Forbes himself? Haha. Even Amartya Sen.

Where are all the Chinese members?

You think after GST we may achieve 10% for the 2018-19 period? Anything above 9% with jobs growth should give Modi a second term IMO.

I don't mind whatever rate of growth we get as long as its above 7% and creates (and acclererates) number of formal sector jobs. 10% is very much possible if there is solid improvement in NPA, good labour reforms, more tax reforms in addition to GST and continued widening of tax base (i.e greater formal sector % of total economy). But more limited combinations of all these factors is fine as long as there are jobs, jobs and more jobs.....esp in blue collar job intensive sectors in manufacturing.

 

[Sky lord]

The cheenai on this forum are saying the data is faked. The gall of some people! Amazing how it they seem to lack individual personalities. It seems like CCP sends down some talking points and they just harp them.

The Chinese have themselves accepted their own data is fake.

http://fortune.com/2015/12/14/china-fake-economic-data/

I don't think India us purposely falsifying data but china is.

Actually I am really getting fed up of this constNt show off . Like nouveau riche. A generation ago they were starving today they have a little wealth. So constant bragging.

 

[randomradio]

He should get a term regardless. Congress has nothing to offer except subsidies and loan waiver to Indian economy.

Most definitely.

The cheenai on this forum are saying the data is faked. The gall of some people! Amazing how it they seem to lack individual personalities. It seems like CCP sends down some talking points and they just harp them.

Of course, that's the standard reply for anything.

I don't mind whatever rate of growth we get as long as its above 7% and creates (and acclererates) number of formal sector jobs. 10% is very much possible if there is solid improvement in NPA, good labour reforms, more tax reforms in addition to GST and continued widening of tax base (i.e greater formal sector % of total economy). But more limited combinations of all these factors is fine as long as there are jobs, jobs and more jobs.....esp in blue collar job intensive sectors in manufacturing.

We took a hit in December in IIP. The Jan figure may be dismal as well. Hopefully it will normalize before the next FY starts.

 

[Śakra]

The Chinese have themselves accepted their own data is fake.

http://fortune.com/2015/12/14/china-fake-economic-data/

I don't think India us purposely falsifying data but china is.

Actually I am really getting fed up of this constNt show off . Like nouveau riche. A generation ago they were starving today they have a little wealth. So constant bragging.

That's their culture. They have to show a face of wealth, even when they are super poor. Have you ever wondered why they are the centre of fake designer goods and centre of real designer goods? It's because they have an insistent need to show everyone they aren't poor.

 

[Nilgiri]

We took a hit in December in IIP. The Jan figure may be dismal as well. Hopefully it will normalize before the next FY starts.

I wouldn't read too much into IIP (be it good or bad number). It seriously needs a massive reform and overhaul as an index.

 

[Hindustani78]

Ministry of Steel
07-March, 2017 18:48 IST
Indian Steel Industry Needs To Become Highly Competitive and Develop Benchmark Parameters as World-Class Steel Producer

Steel Minister Chaudhary Birender Singh Addresses Second Regional Conference on ‘Make in India-Make in Steel’ in Ludhiana Punjab



The Union Steel Minister Shri Chaudhary Birender Singh inaugurated the second regional conference on ‘Make in India-Make in Steel ’and‘ Doubling per capita Steel Consumption’ in Ludhiana Punjab today. The north region conference organized by Ministry of Steel was held in the presence of the Minister of State for Steel Shri Vishnu Deo Sai, Dr. Aruna Sharma, Secretary Steel, Shri P.K. Singh, Chairman SAIL and dignitaries from Indian Steel Association and representatives from private steel sector. Considering the presence of industrial hub in North India including two-wheelers & cycle manufacturing, pipes and tubes, re-rolling mills, engineering goods & equipments, strong farm based economy and hilly terrains; northern region assumes importance for steel industry in terms of both production and consumption. Addressing the conference Steel Minister Chaudhary Birender Singh said, “Northern region accounts for 40% of steel consumption and more ideas on steel demand enhancement will be generated at the Ludhiana Conference. Domestic steel industry, which contributes 2% to the GDP, has huge potential, but there is need for diversification and innovation to generate demand in the steel industry. The Indian steel industry has to become highly competitive and it has to benchmark the parameters for becoming a world-class steel producer.”


The Minister added that steel industry needs to compete and fight with other industries supplying substitution materials for steel. Shri Birender Singh while outlining the unique qualities of steel including life cycle cost, recyclability, reusability, strength and durability said that, “Steel structures have a longer life span, are low on maintenance and provide smart solutions as well. Steel can be used for making bailey bridges; steel reinforced pavements, Pre-fab structures, furniture etc. and it can also find usage in making food-storing silos, water pipes for transporting drinking water and tanks for storing it. These are safer options and will last longer.” He said that FCI has plans to construct 100 lakh tonne steel silos by 2020 and northern states can contribute largely to it. Shri Singh praised the secondary steel industry in Northern states which use scrap intensive steel making thus reducing coking coal dependence and is also cost effective. He added that, “Steel industry’s landscape has undergone wide changes and more plants using melt and manufacture technologies should come up.”


Speaking on the occasion, the Minister of State, Shri Vishnu Deo Sai said, “While the ministry targets to escalate production to 300 million tonnes, the demand creation for this volume and marketing it, is the biggest challenge.” The Secretary Steel, Dr. Aruna Sharma said that, “The target is to substantially increase the per-capita steel consumption from the current 60 kg. The 2017-18 Central budget has given boost to steel consumption in various infrastructure sectors specially Railways, Defence and highways.” The delegates in the conference explored various modern options like use of Light weight high performance steel, pre-fab steel structures, steel use in ROBs, flyovers, crash barriers on Highways, silos, water pipes, agro tools etc. at a time which is most appropriate to showcase the immense advantages of use of steel in various applications. During the conference, various initiatives taken by the Ministry of Steel for steel promotion in Northern India were showcased. Low cost housing projects, steel-based sports stadia, other infrastructure for hilly terrains/ seismic zones, development of low cost steel frame houses and pre-fab steel intensive dwelling units suiting the needs of the terrain of eastern India are some of them.


Addressing the conference, Chairman SAIL, Shri. P.K. Singh said that, “steel consumption in India will increase as a result of ‘Make in India-Make in Steel’ initiative. Both urban and rural consumption is bound to increase due to various government initiatives. SAIL with its efforts in the direction of offering more value added and ready to use products is supporting this move.” The conference was attended by representatives from several other decision makers in projects in central and state Governments, architects, structural designers and consultants, project financers, contractors, fabricators, erectors, Faculties from Metallurgy, Mechanical and Civil Engineering departments, representatives from large infrastructure industry, steel engineers/ architects associations.

 

[Hindustani78]

The Prime Minister, Shri Narendra Modi watching the model of the 4-Lane Extradosed Bridge over river Narmada, in Bharuch, Gujarat on March 07, 2017. The Union Minister for Road Transport & Highways and Shipping, Shri Nitin Gadkari, the Chief Minister of Gujarat, Shri Vijay Rupani and the Minister of State for Road Transport & Highways, Shipping and Chemicals & Fertilizers, Shri Mansukh L. Mandaviya are also seen.

 

[RISING SUN]

India, ADB ink $375 million loan pact for industrial corridor
India and ADB have signed USD 375 million pact for loans and grants to develop 800-km Visakhapatnam-Chennai Industrial Corridor, which is the first phase of a planned 2,500-km East Coast Economic Corridor.ADB had last September approved USD 631 million in loans and grants for the industrial corridor.Deputy Country Director of ADB's India Resident Mission L B Sondjaja said: "We estimate that by 2025, annual industrial output along the corridor will increase fourfold to USD 64 billion from about USD 16 billion in 2015 if investment opportunities are maximized over the next few years."
http://economictimes.indiatimes.com...al-corridor/articleshow/57330488.cms?from=mdr

India and ADB sign $375 million in loans and grants for first phase of 2,500–kilometer long East Coast Economic Corridor
The Asian Development Bank (ADB) and the Government of India signed here $375 million in loans and grants to develop 800-kilometer Visakhapatnam-Chennai Industrial Corridor, which is the First Phase of a planned 2,500–kilometer long East Coast Economic Corridor (ECEC). The Corridor is expected to spur development on India’s eastern coast in line with the Government of India’s Make in India policy to stimulate manufacturing, and Act East policy to integrate the Indian economy with Asia’s dynamic global production networks.

The signing event was held on 23.02.2017 followed the ADB approval of $631 million in loans and grants in September 2016 to develop the Visakhapatnam-Chennai Industrial Corridor. ADB’s approved loans comprise a $500 million multi-tranche facility to build key infrastructure in the four main centers along the corridor – Visakhapatnam, Kakinada, Amaravati, and Yerpedu-Srikalahasti in the State of Andhra Pradesh. The First Tranche of $245 million was signed today that will finance sub-projects to develop high-quality internal infrastructure in 2 of the 4 nodes of the corridor–Visakhapatnam and Yerpedu-Srikalahasti.

Another component of the approved ADB funds signed on 23.02.2017 was a $125 million policy-based loan that will be used for capacity development of institutions engaged in corridor management, provide support to enhance ease of doing business and for supporting industrial and sector policies to stimulate industrial development.

“ADB is supporting an industrial corridor development approach that involves creation of efficient transport, and reliable water and power supplies in the industrial clusters along with a skilled workforce, to be backed by industry-friendly policies that improve ease of doing business for integration of local economy with global production networks,” said L. B. Sondjaja, Deputy Country Director of ADB’s India Resident Mission who signed the loan agreement on behalf of ADB. “We estimate that by 2025, annual industrial output along the corridor will increase fourfold to $64 billion from about $16 billion in 2015 if investment opportunities are maximized over the next few years.”

The project is an important milestone in the process of developing the corridor and realizing the objectives of Make in India. We sincerely hope that the project will complement the ongoing efforts of the Government of Andhra Pradesh to enhance industrial growth and create high-quality jobs,” said Raj Kumar, Joint Secretary (Multilateral Institutions), in the Ministry of Finance, who signed the loan agreement for Government of India. The project agreement was signed by Hema Munivenkatappa, Special Secretary to Government (Finance) on behalf of the Government of Andhra Pradesh.

Along with the ADB loans, agreement was also signed for a $5 million grant from the multi-donor Urban Climate Change Resilience Trust Fund that is managed by ADB to build climate change resilient infrastructure. The Government of India will provide extra funding of $215 million to the $846 million project.

Among the outputs envisaged under the $245 million tranche 1 loan include strengthening and widening of a 29.6-kilometer section of state highway to four lanes to improve connectivity from Kakinada Port to National Highway 16, investments in smart water management in Visakhapatnam to reduce nonrevenue water and provide continuous water supply, upgrading 7 power substations to supply high-quality and reliable power supply to Visakhapatnam, Naidupeta, and Yerpedu-Srikalahasti industrial clusters, and effluent treatment facility in Atchutapuram and Naidupeta clusters.

The tranche 1 loan will have a 25-year term, including a grace period of 5 years, a 20-year straight line repayment method at an annual interest rate determined in accordance with ADB’s LIBOR-based lending facility.

http://www.indiainfoline.com/articl...t-coast-economic-corridor-117022800450_1.html

ADB extends $375 mn loan for India's East Coast Economic Corridor
The Asian Development Bank (ADB) has sanctioned $375 million in loans and grants to develop the 800-km Visakhapatnam-Chennai Industrial Corridor, which is the first phase of a planned 2,500–km-long East Coast Economic Corridor (ECEC).

The corridor is expected to spur development on India's eastern coast in line with the government of India's 'Make in India' policy to stimulate manufacturing, and 'Act East' policy to integrate the Indian economy with Asia's dynamic global production networks.

ADB and the Indian government had signed an agreement to this effect on 23 February after the ADB board approved $631 million in loans and grants in September 2016 to develop the Visakhapatnam-Chennai Industrial Corridor.

ADB's approved loans include a $500-million multi-tranche facility to build key infrastructure in the four main centers along the corridor – Visakhapatnam, Kakinada, Amaravati, and Yerpedu-Srikalahasti - in Andhra Pradesh. The first tranche of $245 million will finance sub-projects to develop high-quality internal infrastructure in 2 of the 4 nodes of the corridor – Visakhapatnam and Yerpedu-Srikalahasti.

The approved ADB funds include a $125 million policy-based loan that will be used for capacity development of institutions engaged in corridor management, provide support to enhance ease of doing business and for supporting industrial and sector policies to stimulate industrial development.

Along with the ADB loans, agreement was also signed for a $5-million grant from the multi-donor Urban Climate Change Resilience Trust Fund that is managed by ADB to build climate change resilient infrastructure.

The government of India will provide extra funding of $215 million to the $846 million project.

''ADB is supporting an industrial corridor development approach that involves creation of efficient transport, and reliable water and power supplies in the industrial clusters along with a skilled workforce, to be backed by industry-friendly policies that improve ease of doing business for integration of local economy with global production networks,'' said L B Sondjaja, deputy country director of ADB's India Resident Mission who signed the loan agreement on behalf of ADB. ''We estimate that by 2025, annual industrial output along the corridor will increase four fold to $64 billion from about $16 billion in 2015 if investment opportunities are maximised over the next few years,'' he added.

''The project is an important milestone in the process of developing the corridor and realising the objectives of `Make in India'. We sincerely hope that the project will complement the ongoing efforts of the government of Andhra Pradesh to enhance industrial growth and create high-quality jobs,'' said Raj Kumar, joint secretary in the finance ministry who signed the loan agreement for government of India.

The project agreement was signed by Hema Munivenkatappa, special secretary to government (finance) on behalf of the government of Andhra Pradesh.

Among the projects envisaged under the $245-million tranche 1 loan include strengthening and widening of a 29.6-km section of state highway to four lanes to improve connectivity from Kakinada Port to National Highway 16, investments in smart water management in Visakhapatnam to reduce non-revenue water and provide continuous water supply, upgrading 7 power substations to supply high-quality and reliable power supply to Visakhapatnam, Naidupeta, and Yerpedu-Srikalahasti industrial clusters, and effluent treatment facility in Atchutapuram and Naidupeta clusters.

The tranche 1 loan will have a 25-year term, including a grace period of 5 years, a 20-year straight line repayment method at an annual interest rate determined in accordance with ADB's LIBOR-based lending facility.
http://www.domain-b.com/finance/banks/Asian_Development_Bank/20170301_corridor.html

http://www.navhindtimes.in/adb-india-sign-375-mn-in-loans-grants-for-ecec/

 

[ranjeet]

I-T department lens on petrol pumps complicit in converting black money post demonetisation

http://www.financialexpress.com/eco...t-demonetisation/578357/#.WMAJ6oqRAxo.twitter

 

[Hindustani78]

Ministry of Railways
09-March, 2017 18:48 IST
Ministry of Railways and United Nations Environment Programme (UNEP) signed Letters of Intent(LOI) on Environment Initiatives



In the august presence of Minister of Railways Shri Suresh Prabhakar Prabhu, Ministry of Railways signed a LETTER OF INTENT (LOI) with United Nations Environment Programme (UNEP) to formalise the joint cooperation in the area of environmental conservation today i.e. 9th March 2017 at Rail Bhavan. Minister of State for Railways, Shri Rajen Gohain specially graced the occasion. Chairman, Railway Board, Shri A. K. Mital, Member (Rolling Stock), Railway Board, Shri Ravindra Gupta, other Railway Board Members and senior officials were also present on the occasion. Mr. Erik Solheim, Executive Director UNEP (and Under Secretary General, UN) from Head office, Nairobi, Kenya was also present. Representatives of Indian Railways and UNEP signed and exchanged Letters of Intent for exploring the opportunity and Developing a Joint cooperation mechanism in the field of Environment& Sustainability

The focussed areas identified for joint activities would be to;

a. Collaborate in Formulating Specific Roadmap for achieving 20% reduction in Water consumption at Railway establishments.

b. Collaborate in the development of a Draft action plan for establishing waste management centres at major stations on Indian Railways.

c. Collaborate in the development of a Draft action plan for Indian Railways on sustainable public procurement for green technology.

Speaking on the occasion, Minister of Railways Shri Suresh Prabhakar Prabhu said that Indian Railways welcomes this partnership. The priority in Railways is to reduce the carbon footprints which will help public at large. After this partnership, opportunities are large to work for environment conservation in collaboration with UNEP. Railway is already taking several green initiatives and is going to produce 1000MW solar energy. This joint co-operation will help Indian Railways in its green objectives.

Speaking on the occasion, Mr. Erik Solheim, Executive Director UNEP said that Indian Railways is an iconic organization which provides environment friendly transport. The focus of this partnership is on three main areas: waste management which is important for community, reduction in water consumption which is core of environment issues and sustainable public procurement. Indian Railways is a major procurement agency. The focus should be to move towards a greener state. Indian Railways under the reformist leadership of Minister of Railways will sure move towards greener and efficient transport system.

Backgrounder:-

Indian Railways, the lifeline of the country, with carrying 23 million passengers every day is the largest passenger carrying system in the world. It is also the largest consumer of water as well as electricity and major contributor to green environment due to reduced GHG emissions. Indian Railways have been taking a number of steps towards Water Management, Energy Conservation, Solid Waste Management and Green buildings. United Nations Environment Programme (UNEP), is the leading organization within the United Nations system in the field of environment and has as a major area of focus of its global mandate, the conservation, protection, enhancement and support of nature and natural resources worldwide.

As the UNEP and Ministry of Railways share common objectives with regard to the coherent implementation of the environmental dimensions of sustainable development, and wish to collaborate to further these common goals and objectives within their respective mandates and governing rules and regulations; both organisations today signed and exchanged Letters of Intent for exploring the opportunity and Developing a Joint cooperation mechanism in the field of Environment& Sustainability.

****

 

[Abingdonboy]

 

[ranjeet]

Delhi-Jaipur expressway to cost Rs 18,000 cr: Nitin Gadkari

The Delhi-Jaipur express highway would be built at a cost of Rs 18,000 crore, Union Road Minister Nitin Gadkari said today. The advanced cement-concrete 225-km express highway will be the second in the country after Mumbai-Pune express highway and will pave the way for reaching Delhi from Jaipur in just one-and-a-half hour at 125 km/hour speed, the minister said after laying the foundation of road construction works in Dausa district today.

“Agra-Delhi is also considered express highway but it is not as per the standard. After Mumbai-Pune express highway, Delhi-Jaipur will be the second express highway in the country,” he said. He further said that the Haryana government has given alignment permission and if Rajasthan help in land acquisition and road alignment permission, the work can commence this year itself.

The Union minister said that Mumbai-Baroda express highway is also in the plan. On the long-pending Ring-Road construction work in Jaipur, Gadkari said that a high-level meeting with all the stakeholders was held today and it has been decided that NHAI would complete the work in 15 months.

http://www.financialexpress.com/eco...way-to-cost-rs-18000-cr-nitin-gadkari/582625/

https://twitter.com/x/status/840197937305128961