Old notes will no longer be accepted at petrol pumps and airline ticket counters starting from Saturday, according to sources. So far, petrol pumps and airlines had been given an exemption from demonetization of 500 and 1000 rupee notes. However, in an effort to control the widespread ‘whitening’ of black money, the government is gearing […]
The surge in populism and anti-establishment sentiment witnessed in the Brexit vote and Donald Trump’s victory in the US presidential election seem likely to push structural policies in the direction of economic nationalism, said Fitch Ratings in its latest global economic outlook (GEO). This will result in a reduction in trade openness and international labour […]
The government has banned over-the-counter exchange of old 500- and 1000-rupee notes due to suspected gaming of the system by those with black money. According to banking industry sources, the over-the-counter exchange system was being massively misused by hawala operators and others who had illegal funds to convert their old currency into new notes. “The system […]
Despite a moderation in India’s GDP growth rate in the short term due to cash crunch, the Indian economy will still grow faster than that of China, global ratings agency Fitch said. “We still expect India’s GDP growth to trend higher than China’s in the medium term,” said the agency, whose primary job is to […]
Fitch Ratings said the positive effects are unlikely to be strong and sufficiently enduring “to support credit profiles” and will impact GDP growth in the current quarter. Though the gains will be substantial in the short-term, they may not last as people may still go back to their old ways after a while. It said […]
Hiring activity fell 8% October this year compared to the same month a year ago, according to Naukri.com’s Job Speak Index. This dip was primarily caused by the festive season which saw Dussehra, Durga Pooja and Diwali fall in October, the company said. “Hiring activity generally tends to slow down around these festivals as recruiters […]
ICICI Bank Chief Executive Officer Chanda Kocchar today said the Reserve Bank of India’s currency chests have enough cash and there is no situation of scarcity for banks in securing notes. Kocchar also said that all banks including hers are bringing more and more ATMs into working mode after a change in currency put most […]
Former finance minister P Chidambaram said the previous Congress governments had also considered attacking black money by swapping currency notes, but decided against it as it was considered too costly. Talking to mediapersons, Chidambaram said the cost of swapping the notes would be between Rs 15,000-20,000 cr and the benefit should at least be equal […]
US-based Morgan Stanley has given its thumbs up to Narendra Modi’s bold and unprecedented move to curb illegal funds by swapping currency notes. The government announced on late yesterday night that it will demonetise the high denomination currency — Rs. 500 and Rs. 1000 notes. A new series of the Rs 500 note and a […]
The Reserve Bank of India has released the following question and answers to alleviate citizens’ doubts about the new ban on 500 and 1000 rupee notes.We are reproducing the entire FAQ below for readers’ convenience. Why is this scheme? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the […]
Informal trade or smuggling of goods between India and Pakistan is estimated at over USD five billion, almost double the official two-way commerce between the two neighbours with history of chequered ties, said an ASSOCHAM study. There are more exports from India than imports through the smuggling route. The official Indo-Pak trade is only USD […]
India does have ambitions to reach the level of developed nations in education, but it will take at least six generations or 126 years to scale up to the top standard, if the country continues at its present pace in one of the most vital sectors, an ASSOCHAM Paper has said. “Though India has made […]
While Rs 45 lakh crore would be the total credit demand for the micro, small and medium enterprises sector over the medium term, about Rs 5.15 lakh crore needs to be mobilised to address the near-term requirement, noted an ASSOCHAM-Crisil joint study. “Finance related issues pose the biggest challenge among the host of other factors […]
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the estimates of Gross Domestic Product(GDP) for the first quarter (April-June) Q1, of 2016-17, both at constant (2011-12) and current prices, along with the corresponding quarterly estimates of expenditure components of the GDP. GDP at constant (2011-12) prices in Q1 of 2016-17 […]
India’s industrial production index for core industries rose 3.2% in July compared to a year ago, indicating a slight improvement in economic activities. The eight core industries, that comprise nearly 38% of Index of Industrial Production (IIP), rose to 173.7 in July. Its cumulative growth during April to July, 2016-17 was 4.9 %. Coal Coal […]
An uptick in the job market in the second half of 2016 is the key sentiment that has emerged from Naukri’s Hiring Outlook survey 2016, conducted among 1300 recruiters and consultants representing more than 20 industries. According to the survey, 77% of the recruiters predict that new jobs would be created in the coming months, […]
Sentiment in the Indian private sector remains low, even as individual consumption is starting to pick up, Singapore-based DBS bank said. “Industrial lending slowed to 0.5% year on year in Apr-May in contrast to the personal loans that jumped 19.4%,” the bank said in a note to its clients. DBS said a combination of factors has […]
The Naukri Job Speak Index reported a jump of 27% in hiring activity in May this year compared to last year. “Sustained growth in IT-Software and ITES during the year led to an impressive hiring sentiment for these sectors. On the other hand, Telecom and Real Estate reported a negative sentiment in Y-o-Y index for […]
International financial services firm Morgan Stanley said it expects the formation of bad loans to decline 40% this financial year, based on industry feedback. “Our view is that new NPL (non-performing loans) formation will decline by ~40% YoY in F17. It will still be high, but given the surge in F16, it should decline meaningfully […]
The results of latest round of FICCI’s Economic Outlook Survey puts across a median GDP growth forecast of 7.7% for the fiscal year 2016-17. The growth in 2016-17 is expected to be supported by an improvement in the agricultural and industrial sector performance. Prediction of a good monsoon after two consecutive years of sub-optimal rainfall […]
