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Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Sep 14,2016

Net profit of Future Enterprises rose 615.37% to Rs 315.48 crore in the quarter ended June 2016 as against Rs 44.10 crore during the previous quarter ended June 2015. Sales declined 67.64% to Rs 921.19 crore in the quarter ended June 2016 as against Rs 2846.84 crore during the previous quarter ended June 2015.

ParticularsQuarter Ended
n++Jun. 2016Jun. 2015% Var.
Sales921.192846.84-68
OPM %24.969.91-
PBDT295.07184.1360
PBT142.3249.92185
NP315.4844.10615

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Board of VST Industries recommends final dividend
Apr 19,2017

VST Industries announced that the Board of Directors of the Company at its meeting held on 18 April 2017, inter alia, have recommended the final dividend of Rs 75 per equity Share (i.e. 750%) , subject to the approval of the shareholders.

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Harita Seating Systems to hold board meeting
Apr 19,2017

Harita Seating Systems will hold a meeting of the Board of Directors of the Company on 18 May 2017.

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Board of Tata Consultancy Services recommends final dividend
Apr 19,2017

Tata Consultancy Services announced that the Board of Directors of the Company at its meeting held on 18 April 2017, inter alia, have recommended the final dividend of Rs 27.5 per equity Share (i.e. 2750%) , subject to the approval of the shareholders.

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Panasonic Carbon India Company to hold board meeting
Apr 19,2017

Panasonic Carbon India Company will hold a meeting of the Board of Directors of the Company on 10 May 2017.

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Bajaj Corp off 9.5% in three sessions
Apr 19,2017

Meanwhile, the S&P BSE Sensex was down 42.55 points or 0.15% at 29,276.55. The S&P BSE Mid-Cap index was up 45.01 points or 0.31% at 14,341.14.

On the BSE, 4,243 shares were traded on the counter so far as against the average daily volumes of 10,190 shares in the past one quarter. The stock had hit a high of Rs 396.50 and a low of Rs 386 so far during the day.

The stock had hit a 52-week high of Rs 436 on 10 October 2016 and a 52-week low of Rs 340 on 12 December 2016. It had outperformed the market over the past one month till 18 April 2017, advancing 5.03% compared with the Sensexs 1.11% fall. The scrip had, however, underperformed the market over the past one quarter, gaining 0.59% as against the Sensexs 7.56% rise.

The mid-cap company has equity capital of Rs 14.75 crore. Face value per share is Rs 1.

Shares of Bajaj Corp have fallen 9.46% in three trading sessions from its closing of Rs 428.85 on 13 April 2017, after the company at the fag end of trading session on 13 April 2017 reported weak Q4 March 2017 results.

Bajaj Corps net profit fell 2.9% to Rs 52.67 crore on 1.9% decline in net sales to Rs 204.21 crore in Q4 March 2017 over Q4 March 2016.

Bajaj Corp is an FMCG company with major brands in hair care category.

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World growth is projected to rise from 3.1 percent in 2016 to 3.5 percent in 2017 and 3.6 percent in 2018- World Economic Outlook (WEO)
Apr 19,2017

With buoyant financial markets and a long-awaited cyclical recovery in manufacturing and trade under way, world growth is projected to rise from 3.1 percent in 2016 to 3.5 percent in 2017 and 3.6 percent in 2018, slightly above the October 2016 World Economic Outlook (WEO) forecast. But binding structural impediments continue to hold back a stronger recovery, and the balance of risks remains tilted to the downside, especially over the medium term. With persistent structural problemsn++such as low productivity growth and high income inequalityn++pressures for inward-looking policies are increasing in advanced economies. These threaten global economic integration and the cooperative global economic order that has served the world economy, especially emerging market and developing economies, well. Against this backdrop, economic policies have an important role to play in staving off downside risks and securing the recovery.

On the domestic front, policies should aim to support demand and repair balance sheets where necessary and feasible; boost productivity, labor supply, and investment through structural reforms and supply-friendly fiscal measures; upgrade the public infrastructure; and support those displaced by structural transformations such as technological change and globalization. At the same time, credible strategies are needed in many countries to place public debt on a sustainable path. Adjusting to lower commodity revenues and addressing financial vulnerabilities remain key challenges for many emerging market and developing economies. A renewed multilateral effort is also needed to tackle common challenges in an integrated global economy.

The world economy gained speed in the fourth quarter of 2016 and the momentum is expected to persist. Global growth is projected to increase from an estimated 3.1 percent in 2016 to 3.5 percent in 2017 and 3.6 percent in 2018.

Activity is projected to pick up markedly in emerging market and developing economies because conditions in commodity exporters experiencing macroeconomic strains are gradually expected to improve, supported by the partial recovery in commodity prices, while growth is projected to remain strong in China and many other commodity importers. In advanced economies, the pickup is primarily driven by higher projected growth in the United States, where activity was held back in 2016 by inventory adjustment and weak investment.

Although changes to the global growth forecast for 2017 and 2018 since the October 2016 WEO are small, there have been meaningful changes to forecasts for country groups and individual countries. In line with stronger-than-expected momentum in the second half of 2016, the forecast envisages a stronger rebound in advanced economies. And while growth is still expected to pick up notably for the emerging market and developing economies group, weaker than-expected activity in some large countries has led to small downward revisions to the groups growth prospects for 2017.

n++ For advanced economies, projected growth has been revised upward in the United States, reflecting the assumed fiscal policy easing and an uptick in confidence, especially after the November elections, which, if it persists, will reinforce the cyclical momentum. The outlook has also improved for Europe and Japan based on a cyclical recovery in global manufacturing and trade that started in the second half of 2016.

n++ The downward revisions to growth forecasts for emerging market and developing economies result from a weaker outlook in several large economies, especially in Latin America and the Middle East, reflecting continued adjustment to the decline in their terms of trade in recent years, oil production cuts, and idiosyncratic factors. The 2017 and 2018 growth forecasts have been marked up for China, reflecting stronger-than-expected policy support, as well as for Russia, where activity appears to have bottomed out and higher oil prices bolster the recovery.

Since the U.S. election, expectations of looser fiscal policy in the United States have contributed to a stronger dollar and higher U.S. Treasury interest rates, pushing up yields elsewhere as well. Market sentiment has generally been strong, with notable gains in equity markets in both advanced and emerging market economies. Stronger activity and expectations of more robust global demand going forward, coupled with agreed restrictions on oil supply, have helped commodity prices recover from their troughs of early 2016.

Headline inflation has been picking up in advanced economies due to higher commodity prices, but core inflation dynamics remain subdued and heterogeneous (consistent with diversity in output gaps). Core inflation has improved little where it had been the weakest (for instance, in Japan and parts of the euro area). Headline inflation has also picked up in many emerging market and developing economies due to higher commodity prices, but in a number of cases it has receded as pass-through from the sharp currency depreciations in 2015 and early 2016 continues to fade.

Risks remain skewed to the downside, however, especially over the medium term, with pervasive uncertainty surrounding policies. Buoyant market sentiment implies that there is now more tangible upside potential for the near term, but in light of the sources of uncertainties discussed below, a sharp increase in risk aversion is possible. Risks to medium-term growth appear more clearly negative, also because policy support in the United States and China will have to be unwound or reversed down the road to avoid unsustainable fiscal dynamics. More generally, downside risks stem from several potential factors:

n++ An inward shift in policies, including toward protectionism, with lower global growth caused by reduced trade and cross-border investment flows

n++ A faster-than-expected pace of interest rate hikes in the United States, which could trigger a more rapid tightening in global financial conditions and a sharp dollar appreciation, with adverse repercussions for vulnerable economies

n++ An aggressive rollback of financial regulation, which could spur excessive risk taking and increase the likelihood of future financial crises

n++ Financial tightening in emerging market economies, made more likely by mounting vulnerabilities in Chinas financial system associated with fast credit growth and continued balance sheet weaknesses in other emerging market economies

n++ Adverse feedback loops among weak demand, low inflation, weak balance sheets, and anemic productivity growth in some advanced economies operating with high levels of excess capacity

n++ Noneconomic factors, including geopolitical tensions, domestic political discord, risks from weak governance and corruption, extreme weather events, and terrorism and security concerns

These risks are interconnected and can be mutually reinforcing. For example, an inward turn in policies could be associated with increased geopolitical tensions as well as with rising global risk aversion; noneconomic shocks can weigh directly on economic activity as well as harm confidence and market sentiment; and a faster-than-anticipated tightening of global financial conditions or a shift toward protectionism in advanced economies could exacerbate capital outflow pressures in China.

Policy choices will therefore be crucial in shaping the outlook and reducing risks. Priorities for macroeconomic demand management are increasingly differentiated, given the diversity in cyclical positions. In economies with slack and persistently weak core inflation, cyclical demand support remains necessary, including to stave off pernicious hysteresis effects. In economies where output is close to or above potential, fiscal policy should aim at strengthening safety nets and increasing potential output. At the same time, credible strategies are needed in many countries to place public debt on a sustainable path.

Omax Autos declines after reverse turnaround in Q4
Apr 19,2017

The result was announced after market hours yesterday, 18 April 2017.

Meanwhile, the S&P BSE Sensex was up 24.64 points, or 0.08% at 29,343.74. The S&P BSE Small-cap index was up 70.04 points, 0.47% at 14,914.15.

On the BSE, 6,615 shares were traded on the counter so far as against the average daily volumes of 6,782 shares in the past one quarter. The stock had hit a high of Rs 84.95 and a low of Rs 81.10 so far during the day.

The stock had hit a 52-week high of Rs 103.40 on 21 October 2016 and a 52-week low of Rs 57.25 on 6 June 2016. The stock had outperformed the market over the past one month till 18 April 2017, advancing 11.23% compared with the Sensexs 1.11% decline. The scrip had also outperformed the market over the past one quarter advancing 13.91% as against the Sensexs 7.56% rise.

The small-cap company has equity capital of Rs 21.39 crore. Face value per share is Rs 10.

Omax Autos total revenue fell 0.94% to Rs 259.76 crore in Q4 March 2017 over Q4 March 2016.

Omax Autos is one of the leading manufacturers of auto and non-auto components in India. The company specializes in sheet metal components, tubular components and machined components.

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Alembic Pharma gains after getting USFDA tentative approval for MDD drug
Apr 19,2017

The announcement was made during trading hours today, 19 April 2017.

Meanwhile, the S&P BSE Sensex was up 31.41 points, or 0.11% to 29,350.51.

On the BSE, 8,115 shares were traded in the counter so far, compared with average daily volumes of 55,339 shares in the past one quarter. The stock had hit a high of Rs 629 and a low of Rs 616 so far during the day.

The stock hit a 52-week high of Rs 709.30 on 23 March 2017. The stock hit a 52-week low of Rs 517.90 on 24 June 2016.

Alembic Pharmaceuticals announced that it received tentative approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for vilazodone hydrochloride tablets, 10mg, 20mg and 40mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Viibryd Tablets, 10 mg, 20mg and 40mg, of Forest Labs LLC. Vilazodone Hydrochloride Tablets are indicated for the treatment of Major Depressive Disorder (MDD). Alembic is currently in litigation with Forest Labs LLC in District Court of Delaware and has stipulated to stay the case in view of the ongoing settlement discussions.

Vilazodone Hydrochloride Tablets have an estimated market size of $340 million for twelve months ending December 2016 according to IMS. Alembic now has a total of 54 ANDA approvals (47 final approvals and 7 tentative approvals) from the USFDA.

On a consolidated basis, net profit of Alembic Pharmaceuticals declined 67.81% to Rs 86.55 crore on 15.9% decline in net sales to Rs 769.86 crore in Q3 December 2016 over Q3 December 2015.

Alembic Pharmaceuticals, a vertically integrated research and development pharmaceutical company, manufactures and markets generic pharmaceutical products all over the world.

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Jain Irrigation Systems to make strategic investment in US entities
Apr 19,2017

Jain Irrigation Systems through its multi generation wholly owned subsidiary in US agreed to acquire 80% stake in 2 US entities. Two of the USs largest micro irrigation dealers - Agri Valley Irrigation Inc. and Irrigation Design and Construction Inc. have entered into agreement to merge ownership of their businesses into a newly formed distribution company. The new organisation is an unparalleled leader in design, construction, service and innovation Ag Technology. This entity will provide a unique platform to help growers implement state of the art irrigation technology and achieve More Crop Per Drop.

The transaction is expected to be completed in the next few weeks. The consideration for transaction will be paid in cash not exceeding USD 48.50 million and subject to net working capital adjustments at the time of closing. Transaction is expected to be closed in the next few weeks.

This is a strategic investment by Jain Irrigations Systems into one of the largest irrigations markets in the world. The company already has presence in US micro irrigation market through its subsidiary, Jain Irrigation Inc. which is headquartered in California.

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VST Inds drops after poor Q4 results
Apr 19,2017

The result was announced after market hours yesterday, 18 April 2017.

Meanwhile, the S&P BSE Sensex was up 25.41 points or 0.09% at 29,344.51. The S&P BSE Mid-Cap index was up 63.89 points or 0.45% at 14,360.02.

On the BSE, 145 shares were traded on the counter so far as against the average daily volumes of 535 shares in the past one quarter. The stock had hit a high of Rs 3,095.20 and a low of Rs 3,005 so far during the day.

The stock had hit a record high of Rs 3,216.45 on 18 April 2017 and a 52-week low of Rs 1,595 on 26 April 2016. It had outperformed the market over the past one month till 18 April 2017, surging 9.25% compared with the Sensexs 1.11% fall. The scrip had also outperformed the market over the past one quarter, advancing 27.31% as against the Sensexs 7.56% rise.

The mid-cap company has equity capital of Rs 15.44 crore. Face value per share is Rs 10.

VST Industries board recommended a final dividend of Rs 75 per share for FY 2017.

VST Industries principal activities are manufacturing and selling cigarettes and unmanufactured tobacco.

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HOEC gains after turnaround Q4 results
Apr 19,2017

The result was announced after market hours yesterday, 18 April 2017.

Meanwhile, the S&P BSE Sensex was up 11.40 points, or 0.04% to 29,330.50.

On the BSE, 2.59 lakh shares were traded in the counter so far, compared with average daily volumes of 3.55 lakh shares in the past one quarter. The stock had hit a high of Rs 88 and a low of Rs 84.50 so far during the day. The stock hit a 52-week high of Rs 89.30 on 13 April 2017. The stock hit a 52-week low of Rs 32.35 on 24 May 2016.

The stock had outperformed the market over the past one month till 18 April 2017, rising 18.35% compared with 0.68% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 25.13% as against Sensexs 7.56% rise.

The small-cap company has equity capital of Rs 130.49 crore. Face value per share is Rs 10.

Hindustan Oil Exploration Company (HOEC)s net sales rose 37.41% to Rs 7.97 crore in Q4 March 2017 over Q4 March 2016.

HOECs net profit surged 942.41% to Rs 36.38 crore on 11.71% decline in net sales to Rs 25.02 crore in the year ended March 2017 over the year ended March 2016.

Hindustan Oil Exploration Company (HOEC) is an oil and gas company.

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Global Economy Gaining Momentum-IMF
Apr 19,2017

Momentum in the global economy has been building since the middle of last year, allowing us to reaffirm our earlier forecasts of higher global growth this year and next, says International Monetary Fund (IMF). We project the world economy to grow at a pace of 3.5 percent in 2017, up from 3.1 percent last year, and 3.6 percent in 2018. Acceleration will be broad based across advanced, emerging, and low-income economies, building on gains we have seen in both manufacturing and trade.

Our new projection for 2017 in the April World Economic Outlook is marginally higher than what we expected in our last update. This improvement comes primarily from good economic news for Europe and Asia, as well as our continuing expectation for higher growth this year in the United States.

Despite these signs of strength, many other countries will continue to struggle this year with growth rates significantly below past readings. Commodity prices have firmed since early 2016, but at low levels, and many commodity exporters remain challenged - notably in the Middle East, Africa, and Latin America. At the same time, a combination of adverse weather conditions and civil unrest threaten several low-income countries with mass starvation. In Sub-Saharan Africa, income growth could fall slightly short of population growth, but not by nearly as much as last year.

Policy uncertainties and politics

Whether the current momentum will be sustained remains a question mark. There are clearly upside possibilities. Consumer and business confidence in advanced economies could rise further - though confidence indicators are already at relatively elevated levels. On the other hand, the world economy still faces headwinds. For one thing, trend productivity growth remains subdued across the world economy, for complex reasons that we have explored in a recent paper, and that seem likely to persist for some time. In addition, several prominent downside risks threaten our baseline forecast.

One set of uncertainties stems from macroeconomic policies in the two largest economies. The U.S. Federal Reserve has embarked on monetary normalization and may soon begin to scale back the size of its balance sheet. Given the faster U.S. recovery, we could see more upward pressure on the dollar, as interest-rate hikes are not yet imminent for the Bank of Japan and the European Central Bank. At the same time, however, U.S. fiscal policy still seems likely to turn more expansionary over the next couple of years. If the slack remaining in the U.S. economy is small, the result could be inflation and a faster than expected pace of interest rate rises, reinforcing dollar strength and possibly causing difficulties for emerging and some developing economiesn++especially those with dollar pegs or extensive dollar-denominated liabilities. Chinas desirable rebalancing process continues, as seen in a declining current account surplus and an increased GDP share of services, yet growth has remained reliant on domestic credit growth so rapid that it may cause financial stability problems down the road. These problems could, in turn, spill over to other countries.

Aside from the conjunctural policy uncertainties, a distinct set of threats comes from the growth in advanced economies of domestic political movements skeptical of international economic integrationn++no matter if integration is promoted through multilateral rules-based systems for the governance of trade, more ambitious regional arrangements such as the euro area and European Union, or globally agreed standards for financial regulation. A broad withdrawal from multilateralism could lead to such self-inflicted wounds as widespread protectionism or a competitive race to the bottom in financial oversight - a struggle of each against all that would leave all countries worse off.

There is no universal policy prescription for diverse economies at different conjunctural stages. Deflationary pressures have generally receded, but monetary accommodation should continue where inflation remains stubbornly below target levels. Growth-friendly fiscal measures, especially where there is fiscal space, can support demand where that is still needed and contribute to expanding supply and reducing external imbalances. All countries have opportunities for structural reforms that can raise potential output as well as resilience to shocks, although specific reform priorities differ across economies.

Avoiding the damage from protectionist measures will require a renewed multilateral commitment to support trade, paired with national initiatives that can help workers adversely affected by a range of structural economic transformations including those due to trade. Trade has been an engine of growth, promoting impressive per capita income gains and declines in poverty throughout the world, especially in poorer countries. But its benefits have not always been equally shared within countries, and political support for trade will continue to erode unless governments step up to invest in their workforces and aid the adjustment to dislocations. Another recent paper of ours, co-authored with the World Bank and the World Trade Organization, surveys possible policy approaches. Importantly, such measures not only support trade, they aid adjustment to a range of structural changesn++including those from rapid technology change. They can also raise potential output.

International cooperation key

International growth and stability rely on multilateral collaboration across a range of problems that spill over national borders--not just trade. The challenges include financial oversight, tax avoidance, climate, disease, refugee policy, and famine relief. Historically, inclusive cooperative approaches to interdependence have worked best. National policymakers, however, must do the hard work to ensure that the gains from harnessing interdependence, which are substantial, are broadly shared.

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Polaris Consulting declines on profit booking
Apr 19,2017

Meanwhile, the S&P BSE Sensex was up 7.84 points, or 0.03% at 29,326.94. The S&P BSE Small-cap index was up 34.27 points, 0.23% at 14,878.38.

On the BSE, 37,000 shares were traded on the counter so far as against the average daily volumes of 74,881 shares in the past one quarter. The stock had hit a high of Rs 226.05 and a low of Rs 216.35 so far during the day.

The stock had hit a 52-week high of Rs 231.70 on 18 April 2017 and a 52-week low of Rs 141.10 on 9 November 2016. The stock had outperformed the market over the past one month till 18 April 2017, advancing 26.4% compared with the Sensexs 1.11% decline. The scrip had also outperformed the market over the past one quarter advancing 37.53% as against the Sensexs 7.56% rise.

The small-cap company has equity capital of Rs 51.06 crore. Face value per share is Rs 5.

Polaris Consulting & Services had rallied 26.55% in the preceding four trading sessions to settle at Rs 225 yesterday, 18 April 2017, from its closing of Rs 177.80 on 11 April 2017.

Polaris Consulting & Services consolidated net profit rose 15.82% to Rs 47.65 crore on 1.72% increase in net sales to Rs 515.45 crore in Q3 December 2016 over Q2 September 2016.

Polaris Consulting & Services is a leader in solutions and services that enable operational productivity for the global financial services industry.

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SPML Infra jumps after substantially completing Gujarat irrigation project
Apr 19,2017

The announcement was made after market hours yesterday, 18 April 2017.

Meanwhile, the S&P BSE Sensex was down 46.03 points, or 0.16% to 29,273.07.

On the BSE, 22,000 shares were traded in the counter so far, compared with average daily volumes of 25,400 shares in the past one quarter. The stock had hit a high of Rs 93.80 and a low of Rs 89.60 so far during the day. The stock hit a 52-week high of Rs 108.80 on 13 July 2016. The stock hit a 52-week low of Rs 48.70 on 22 November 2016.

The stock had outperformed the market over the past one month till 18 April 2017, rising 48.50% compared with 0.68% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 59.93% as against Sensexs 7.56% rise.

The small-cap company has equity capital of Rs 7.33 crore. Face value per share is Rs 2.

Prime Minister Narendra Modi along with Vijay Rupani, chief minister of Gujarat inaugurated the completion of Phase-I of Saurashtra Narmada Avtran Irrigation (SAUNI) Yojana project in Botad, Gujarat by formally releasing Narmada water in Krushna Sagar dam.

The project envisage to divert one million acre feet (1 MAF) water of Narmada Dam to Saurashtra to distribute it to 115 reservoirs through 1115 kilometer long network of giant pipelines to irrigate 1.8 million hectare of land, mainly in Saurashtra, Kutch and north Gujarat regions, benefiting millions of farmers. It will also supply irrigation water to 2.46 lakh hectares in drought-prone Barmer and Jalore districts in Rajasthan and some parts of Maharashtra apart from generating hydropower. This project has also solved the drinking water scarcity of 132 towns and 11,456 villages in the Saurashtra, Kutch, North Gujarat, Panchmahal and Ahmedabad regions. About 1,650 MLD of potable water is supplied to 39 million people across these regions and along with good agriculture produce; it is boosting the economy of the state.

SPML Infras net profit rose 388.5% to Rs 1.27 crore on 90.1% growth in net sales to Rs 426.40 in Q3 December 2016 over Q3 December 2015.

SPML Infra is an infrastructure development company.

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Uttrakhand needs 4 lakh skilled workers in next five years: study
Apr 19,2017

Industries in Uttrakhand are grappling with huge shortage of skilled manpower and to meet the requirement ASSOCHAM-TARI study has recommended urgently a comprehensive training centres equipped with better infrastructure facilities for training so that in 5 years about 4 lakh workers are trained to give thrust to the industrialisation.

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and Thought Arbitrage Research Institute (TARI) have jointly brought a Sustainable Action Plan for the new government.

During 2012-22, about 2.06 million jobs will be created whereas 2.53 million additional people will be added to the labour force. The paper further suggests the comprehensive training to youths for the primary sector like irrigation management, rainwater harvesting needed, noted the study.

The report further stressed that the skilling centres should be set up, like food processing in Rishikesh, handloom in Almora and tourism in Uttarkashi. n++Management Information System (MIS) should be designed to capture the requirement of skilled personnel at various levels in various districts in line with NSDC study/ recommendationsn++.

The state needs to build up a database for current level of migration, employment, agri processing industries, urban housing, telecom etc. There is a need for fresh policies in the areas of health, education, skilling and water management.

n++Collaboration between the state government and state universities, research institutes and public and private think tanks too is necessary for economic research and reworking of policy frameworksn++.

Higher growth has encouraged private sector participation and higher investment. In 2015-16, it received fresh investment of Rs 1.45 lakh crore with a growth rate of 23.7% over the previous year. Most of the investment has come into infrastructure, construction and real estate. The share of investment in infrastructure has increased from 11.8% in 2004-05 to 27.5% in 2015-16. Construction and real estate investment share increased from negligible in 2004-05 to 3.9% in 2015-16.

The industry sector is dominated by small scale industries (SSIs). During 2011-12 to 2014-15, SSIs grew by 18.5%. The sector comprises of floriculture, horticulture, agri/food processing, biotechnology and tourism and has been showing continuous improvement. However, the full potential of these industries has not been exploited due to various bottlenecks which have been addressed below.

The growth in the services sector is driven by tourism (depicted by trade, hotels and restaurants) which has the highest share in this sector. Its growth, in fact, accelerated during 2004-5 to 2014-15 and its share increased from around 34% in 2004-05 to 51% in 2014-15. Growth rate of this sector has been around 17%.

While addressing the press conference Mr. Jajodia said, n++A comprehensive policy of public private partnership (PPP) needs to be framed along the lines of Kerala, which has brought private investment and done wonders to promote tourismn++.

According to the ASSOCHAM paper, more investment is needed in building warehouses, cold storages and specialized transport vehicles for food processing industries. More private sector participation should be encouraged to build tourist infrastructure.

Lack of modern techniques and technologies, lack of high quality seeds for crops suitable for rain-fed and hill areas, small and fragmented land holdings, high taxes on purchase of food grains and lack of sufficient marketing facilities are hampering growth. The state needs to invest more in research and development of high quality seeds, application of new and innovative technologies and provide training to farmers. Village adoption programme which provides for farmers training and technological assistance in the plains should be expanded to hilly areas, added ASSOCHAM Chief.

The concept of cooperatives, contract farming, self-help groups and farmers organisation are helpful in addressing the problems arising out of small and fragmented land holding, like access to credit and innovative technologies.

The report said the industrial sector has done well, particularly the rural and small industrial units have grown by leaps and bounds and the sector now contributes around 40% to the GSDP - one of the highest in India. However, there is a huge potential for the expansion of agri-based industries which needs to be harnessed by improving marketing facilities and skilling. The ease of doing business ranking has improved but complex documentation, lack of IT-based tracking and monitoring of administrative clearances act as disincentives and need to be addressed.

Micro-credit institutions and SHGs need to be promoted to provide credit to women to set up their own small business in hill areas. To generate more employment in the informal sector, agriculture growth should be supported with storage, warehousing and marketing facilities and more emphasis should be put on vertical integration of labour intensive industries - like apparel industries should be motivated to integrate button and cuff making units etc. to generate employment in such micro sectors.

The state should make efforts to promote other forms like adventure and eco-tourism by setting safety standards for adventure sports and implementing and expanding the scope of Uttarkhand Homestay Agenda for Uttarakhand Government 2017 Policy formulated. The state also needs to provide skilling in foreign languages as the inflow foreign tourists has been steadily going up.

The states Char Dhaam highway connectivity is a good model to follow in the rest of the hill areas. Power supply in hills is particularly worrisome as it is skewed in favour of the plains. AT&C losses are high. Efforts should be made in setting up small, mini and micro hydropower generation plants and revival of 15,000 water mills lying defunct. Besides, electricity generation through pine gasification is still in the pipeline.

Financial inclusion needs to be strengthened to overcome regional disparities and low index of financial inclusion. The state would do well to take advantage of the central government sponsored slum redevelopment and urban renewal programmes to overcome such problems. The state needs to launch a full-fledged programme of training local bodies to make city sanitation and promote MFIs and Business Correspondents (BCs) to take financial inclusion to remote areas.

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