My Application Form Status

Check the status of your application form with Angel Broking.
Arq - The Hyper Intelligent Investment Engine By Angel Broking
Competition Commission of India Imposes Penalty on Karnataka Chemists & Druggist Association and pharmaceutical company Lupin
Aug 02,2016

The Competition Commission of India (Commission) has found the Karnataka Chemists and Druggist Association (KCDA) and Lupin (Lupin) to be in contravention of the provisions of the Competition Act, 2002 (the Act). In a case filed by M/s Maruti & Co., it was brought to the notice of the Commission that KCDA restraints pharmaceutical companies from appointing new stockists in the State of Karnataka unless a No Objection Certificate (NOC) is obtained from it. It was alleged that Lupin refused to supply drugs to M/s Maruti & Co. on account of not having obtained NOC from KCDA.

Following a detailed investigation by the Director General (DG), the Commission has found that KCDA was indulging in the anti-competitive practice of mandating NOC prior to the appointment of new stockists by pharmaceutical companies. This case highlights the obstinacy of chemists & druggist associations who, despite various orders by the Commission in similar cases in other parts of India with respect to this NOC practice, have not abstained from indulging in such anti-competitive conduct. Instead of desisting from such activity, these associations are mandating the NOC requirement, either verbally (in order to avoid any documentary evidence/proof) or under camouflaged congratulatory/intimation letters, with a view to hide their apparent anti-competitive behaviour behind these benign nomenclatures. The Commission has unambiguously clarified that the use of benign nomenclatures by these associations will not absolve them of the legal consequences of their anti-competitive conduct. Based on the evidence collected by the DG during investigation, the Commission concluded that KCDA has been indulging in the practice of NOC prior to the appointment of stockists by pharmaceutical companies, which has the effect of limiting and controlling of the supply of drugs in the market, in violation of the provisions of Section 3(1) read with 3(3)(b) of the Act. KCDA was thus found to have contravened the provisions of Section 3(1) read with Section 3(3)(b) of the Act.

The Commission also observed that the pharmaceutical companies, without any resistance, cooperate with such associations to implement their anti-competitive decisions, thereby becoming equally complicit in the anti-competitive effect of such practice. Instead of approaching the Commission, these pharmaceutical companies cooperate with the NOC requirement of the associations, thus becoming perpetrators of such anti-competitive practice.

The Commission has thus held the pharmaceutical company, Lupin, to be in contravention of the provisions of Section 3(1) of the Act for its anti-competitive arrangement/understanding with KCDA, which led to a refusal to supply of drugs to M/s Maruti & Co.

Further, the Commission has also found three office bearers of KCDA, namely Mr. K.E. Prakash, Mr. D.S. Guddodgi and Mr. A.K. Jeevan, responsible under Section 48 of the Act, for their active involvement in the anti-competitive practice of KCDA and also on account of the positions of responsibility held by them in KCDA during the period of contravention. Two of the officials of Lupin, namely Mr. Amit Kumar Dhiman and Mr. Nishant Ajmera, were found to be actively involved in the anti-competitive arrangement/understanding of Lupin with KCDA during the relevant period.

Accordingly, KCDA, Lupin and their office bearers/officials have been directed to cease and desist from indulging in the practice of mandating NOC prior to stockist appointment. The Commission imposed a monetary penalty of Rs. 8, 60,321/-, calculated at the rate of 10 % of the average income of KCDA, under the provisions of Section 27 of the Act. While imposing penalty on Lupin, the Commission observed that the refusal to supply by it was for a brief period, after which Lupin resumed supplies to M/s Maruti & Co. Considering this as a mitigating factor, the Commission imposed a penalty at the rate of 1% of Lupins average turnover, amounting to Rs. 72.96 crores. In addition, monetary penalties were imposed on the office bearers of KCDA and officials of Lupin at the rate of 10% and 1% of their incomes, respectively.

Powered by Capital Market - Live News

Eight core infra sector output rises 5.2% in June 2016
Aug 01,2016

The Eight Core Industries comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) increased 5.2% in June 2016 over June 2015. Its cumulative growth during April to June 2016-17 was 5.4%.

Coal production (weight: 4.38%) increased by 12.0% in June 2016 over June 2015. Its cumulative index during April to June 2016-17 increased by 5.4% over corresponding period of previous year.

Crude Oil production (weight: 5.22%) decreased by 4.3% in June 2016 over June 2015. Its cumulative index during April to June 2016-17 declined 3.3% over the corresponding period of previous year.

The Natural Gas production (weight: 1.71%) fell 4.5% in June 2016 over June 2015. Its cumulative index during April to June 2016-17 declined 6.1% over the corresponding period of previous year.

Petroleum Refinery production (weight: 5.94%) increased 3.5% in June 2016 over June 2015. Its cumulative index during April to June 2016-17 moved up 7.1% over the corresponding period of previous year.

Fertilizer production (weight: 1.25%) surged 9.8% in June 2016 over June 2015. Its cumulative index during April to June 2016-17 galloped 11.0% over the corresponding period of previous year.

Steel production (weight: 6.68%) rose 2.4% in June 2016 over June 2015. Its cumulative index during April to June 2016-17 increased 3.8% over the corresponding period of previous year.

Cement production (weight: 2.41%) increased by 10.3% in June 2016 over June 2015. Its cumulative index during April to June 2016-17 increased by 5.7% over the corresponding period of previous year.

Electricity generation (weight: 10.32%) increased by 8.1% in June 2016 over June 2015. Its cumulative index during April to June 2016-17 increased by 9.0% over the corresponding period of previous year.

Powered by Capital Market - Live News

Issue of fisheries subsidies in WTO
Aug 01,2016

India alongwith other WTO members such as South Africa and other African, Caribbean and Pacific group of countries have been seeking effective Special and Differential (S&D) treatment for developing countries and LDCs, keeping in view their developmental needs, poverty reduction, livelihood and food security concerns. India and some of the WTO member countries have earlier submitted papers before the Negotiating Group detailing the need and importance of S&D provisions particularly for the small, marginal and artisanal fisheries in the developing countries and LDCs. Capacity building assistance would be a part of the S&D provisions. Negotiations on fishery subsidies discipline, which was on hold since 2011, restarted just prior to Nairobi Ministerial Meeting held in December, 2015. Since then, members have been showing interest for recommencing negotiations on fishery subsidy discipline. In these negotiations, India and some of the WTO member countries have reiterated the need for S&D provisions, as an integral part of fishery subsidy discipline.

Powered by Capital Market - Live News

Modernisation and Increasing Capacity of Major Ports a continuous process
Aug 01,2016

Modernisation and increasing the capacity of Major Ports is a continuous process. Government is regularly monitoring the Port projects to modernise/upgrade to increase capacity of the ports and also to bring them to the international standards through construction & modernisation of berths, installation of state of art equipment & mechanisation of cargo handling system at ports including the dredging projects to accommodate large vessels at major ports. With the increasing capacity of Major Ports the traffic will also gradually increase.

To enhance the port-connectivity (for both major and non-major ports) to countrys production and consumption centers, more than 80 connectivity projects have been identified under the Sagarmala Programme at an estimated infrastructure investment of more than Rs. 2 Lac Crore. This includes last mile road and rail connectivity infrastructure to the ports, freight expressways, heavy haul rail project to transport coal, new pipelines for transporting crude and petroleum products, development of prioritized inland waterways and new multi-modal logistics hubs.

Powered by Capital Market - Live News

India Manufacturing Purchasing Managers Index (PMI) at a four-month high of 51.8 in July
Aug 01,2016

The performance of Indias manufacturing economy continued to improve in July, with a stronger expansion in new business contributing to faster increases in output and buying levels. Although some firms added to their workforces, overall job creation was negligible. Meanwhile, input cost inflation softened and while output prices were raised at the quickest pace in three months, the rate of charge inflation was only slight.

Posting a four-month high of 51.8 in July (June: 51.7), the seasonally adjusted Nikkei India Manufacturing Purchasing Managers Index (PMI) -indicated a further improvement in overall business conditions across the sector. The upward movement in the headline index came from stronger contributions from four of its five components, the exception being suppliers delivery times.

Supported by greater demand from both the domestic and external markets, total new business rose at the fastest pace since March. The expansion in order books was led by consumer goods producers. Growth of new export orders climbed to a six-month high, with increases seen in the consumer and capital goods categories.

Indian manufacturers stepped up production, with Julys upturn being the most pronounced since March. The overall increase in output was led by consumer goods producers, although growth was also recorded in the intermediate goods category.

July data highlighted ongoing pressure on the capacity of Indian manufacturers, as outstanding business rose for the second month in succession. Furthermore, the rate of backlog accumulation was the fastest in one-and-a-half years.

Despite this, hiring trends remained relatively muted. Only 1% of surveyed companies took on additional workers in July, while almost all the remaining respondents signalled no change in payroll numbers. Underpinned by stronger growth of new orders, businesses purchased additional inputs for use in the production process. The rate of expansion climbed to an 11-month high. Subsequently, stocks of raw materials and semi-finished goods rose.

Conversely, holdings of finished goods declined in July, but to the least extent in six months. Some respondents commented on the fulfilment of orders from stocks.

On the price front, July saw input costs rise at the slowest pace in five months. Although charge inflation accelerated, the rate of increase was only slight and remained below its long-run average. Finally, supplier performance improved for the first time since February, albeit marginally.

Powered by Capital Market - Live News

Information of Weather Condition to Tourists
Aug 01,2016

The Indian Meteorological Department (IMD), Ministry of Earth Sciences has informed that it provides weather forecast on its website for 325 cities. These cities include 106 tourist destinations across the country for which 7-day forecast is being issued twice a day. In addition, the weather forecasts to tourists, is also provided on toll free number 1800 180 1717 through Interactive Voice Response System (IVRS).

IMD has also developed a mobile App called n++Indian Weathern++ by which initially, current weather and 4-days forecast for app 300 cities is being provided.

IMD also issues special forecasts for pilgrim/tourist destinations across the country with a focused effort for Himalayan region and Severe Weather Warnings through various schemes. Highway forecasts have also been started by IMD in the states of Jammu & Kashmir, Himachal Pradesh, Punjab, Haryana, Delhi, Rajasthan, Uttar Pradesh, Gujarat, Karnataka, Tamil Nadu and Puducherry.

Powered by Capital Market - Live News

IMF Cuts Global Growth Forecasts on Brexit, Warns of Risks to Outlook
Aug 01,2016

The International Monetary Fund cut its forecasts for global economic growth this year and next as the unexpected U.K. vote to leave the European Union creates a wave of uncertainty amid already-fragile business and consumer confidence.

n++The Brexit vote implies a substantial increase in economic, political, and institutional uncertainty, which is projected to have negative macroeconomic consequences, especially in advanced European economies,n++ according to the IMFs World Economic Outlook.

n++Brexit has thrown a spanner in the works,n++ said Maurice Obstfeld, IMF Chief Economist and Economic Counsellor. And with the event still unfolding, the report says that it is still very difficult to quantify potential repercussions.

The economies of the United Kingdom (U.K.) and Europe will be hit the hardest by fallout from the June 23 referendum, which prompted a change of government in Britain. Global growth, already sluggish, will suffer as a result, putting the onus on policy makers to strengthen banking systems and deliver on plans to carry out much-needed structural reforms.

In particular, policymakers in the U.K. and the European Union (EU) will play a key role in tempering uncertainty that could further damage growth in Europe and elsewhere, the IMF said. It called on them to engineer a n++smooth and predictable transition to a new set of post-Brexit trading and financial relationships that as much as possible preserves gains from trade between the U.K. and the EU.n++

Global growth remains muted, blow to UK growth

The global economy is projected to expand 3.1 percent this year and 3.4 percent in 2017, according to the IMF (see table). Those forecasts represent a 0.1 percentage point reduction for both years relative to the IMFs April World Economic Outlook.

The U.K. economy will expand 1.7 percent this year, the IMF said, 0.2 percentage point less than forecast in April. Next year, the nations growth will slow to 1.3 percent, down 0.9 point from the April estimate and the biggest reduction among advanced economies. For the euro area, the Fund raised its forecast by 0.1 point this year, to 1.6 percent, and lowered it by 0.2 point in 2017, to 1.4 percent.

Had it not been for Brexit, the IMF was prepared to leave its outlook for this year broadly unchanged as better-than-expected euro area performance offset disappointing U.S. first-quarter growth. The IMF also had been prepared to raise its outlook for 2017 slightly, by 0.1 percentage point, on the back of improved performance in a few big emerging markets, in particular Brazil and Russia.

The IMF said its forecasts were contingent on the n++benignn++ assumptions that uncertainty following the U.K. referendum would gradually wane, the EU and U.K. would manage to avoid a large increase in economic barriers, and that financial market fallout would be limited.

Likelihood of negative outcomes: two scenarios

Even so, the IMF warned that n++more negative outcomes are a distinct possibility.n++ n++The real effects of Brexit will play out gradually over time, adding elements of economic and political uncertainty,n++ said Obstfeld. n++This overlay of extra uncertainty, in turn, may open the door to an amplified response of financial markets to negative shocks.n++

Because the future effects of Brexit are exceptionally uncertain, the report outlined two scenarios that would reduce world growth to less than 3 percent this year and next.

In the first, n++downsiden++ scenario, financial conditions are tighter and consumer confidence weaker than currently assumed, both in the U.K. and the rest of the world, until the first half of 2017, and a portion of U.K. financial services gradually migrates to the euro area. The result would be a further slowdown of global growth this year and next.

The second, n++severen++ scenario, envisages intensified financial stress, particularly in Europe, a sharper tightening of financial conditions and a bigger blow to confidence. Trade arrangements between the U.K. and the EU would revert to World Trade Organization norms. In this scenario, n++the global economy would experience a more significant slowdownn++ through 2017 that would be more pronounced in advanced economies.

Outlook in other advanced, emerging markets

Brexits fallout is likely to be felt in Japan, where a stronger yen will limit growth. The IMF cut its 2016 growth forecast by 0.2 percentage point, to 0.3 percent. Next year, Japans economy, the worlds third-largest, is expected to expand 0.1 percent, 0.2 percentage point more than predicted in April, due to postponement of the consumption tax increase.

In the U.S., weaker-than-expected growth in the first quarter prompted the IMF to reduce its 2016 forecast to a gain of 2.2 percent, 0.2 percentage points less than the April outlook. The IMF left its 2017 forecast for U.S. growth unchanged at 2.5 percent.

Chinas growth forecast for 2016 is up 0.1 percentage point, to 6.6 percent, and is unchanged for 2017 at 6.2 percent. Brexit fallout is likely to be muted for China, the worlds second-largest economy, because of its limited trade and financial links with the U.K.

n++However, should growth in the European Union be affected significantly, the adverse effect on China could be material,n++ the IMF said.

The outlook for other emerging and developing economies remains diverse and broadly unchanged relative to April. That said, gains in the emerging group are matched by losses in low-income economies. Indeed, low-income countries saw a large downward revision in 2016, in large part driven by the economic contraction in Nigeria, and also worsened outlook in South Africa, Angola, and Gabon.

Risks across the world

The IMF cited other risks to its outlook, which could be further exacerbated by Brexit. It cited n++unresolved legacy issues in the European banking system, in particular in Italian and Portuguese banks.n++

n++Protracted financial market turbulence and rising global risk aversion could have severe macroeconomic repercussions, including through the intensification of bank distress, particularly in vulnerable economies.n++

The Fund also warned that n++political divisions within advanced economies may hamper efforts to tackle long-standing structural challenges and the refugee problemn++ and that n++a shift toward protectionist policies is a distinct threat.n++

Geopolitical tensions and terrorism are also taking a heavy toll on the outlook in several economies, especially in the Middle East, with further cross border ramifications.

Policy implications: more growth and stability needed

Turning to policy implications, the IMF said a n++combination of near-term demand support and structural reforms to reinvigorate medium-term growth remain essentialn++ in advanced economies, which continue to suffer from n++significant economic slack and a weak inflation outlook.n++

The IMF urged advanced nations to avoid relying too heavily on monetary policy to spur their economies and to exploit synergies among a range of policy tools.

n++Stronger reliance on measures to support domestic demand, especially in creditor countries with policy space, would help reduce global imbalances while contributing to stronger world growth,n++ it said.

Powered by Capital Market - Live News

Grid Curtailment Contagion Puts Pressure on Credit Profiles of Renewable Energy Projects
Aug 01,2016

The spread of grid curtailment is starting to threaten the credit worthiness of renewable energy projects and has the potential to impede capacity addition, says India Ratings and Research (Ind-Ra). The non-availability of the grid has majorly impaired the operational strength of some wind projects, given the sizable installed capacities. The failure to address grid issues can gradually destabilise the solar projects in the ensuing years. Grid curtailment is unpredictable, thus the ill-equipped developers have been grappling to manage their finances, barring the large ones. The uncertain source supply (uncontrollable) and grid non-availability (controllable), despite its must run status, is slowly shaking the fledgling renewable energy sector.

The front runner in renewable energy Tamil nadu widely curtailed the grid availability in the last three years; the phenomenon appears to have spread to Rajasthan in FY17 and FY16. Ind-Ra believes that inadequate forecasting systems have compelled the utilities to curtail the grid. In the agencys view, due to the relative source certainty in solar projects, generation in solar is more predictable than in wind projects. Anecdotal evidence suggests that solar capacities in Tamil nadu have also encountered grid issues in FY17.

The average annual grid availability for wind assets in Tamil nadu from FY14 - FY16 stood at less than 80%, while the average annual grid availability from FY11 - FY13 was around 95%. The drastic reduction in availability from FY14 onwards didnt coincide with any major capacity addition, since total capacity of merely 604MW was added in the period FY14 to FY16 compared to the overall installed capacity of around 7600MW. Grid availability and increased wind supply in 1QFY17 has significantly improved the wind energy generation (94% increase over 1QFY16, source: Southern Region Load Despatch Centre). Providing certainty in grid availability can make Tamil nadu attractive for repowering of old wind turbines (1900 MW installed till 2003).

There is large solar capacity additions envisaged to come on track in Rajasthan in 2016; however the lack of assurance on the evacuation infrastructure and the grid availability can affect the credit profile of the upcoming projects. Forecasting and scheduling regulations have been notified, wherein the generator will be penalised in case of inaccurate forecasts. On the other hand, there is no mandate on the transmission and distribution utilities to manage the grid to ensure the must run status which is conferred on renewable energy projects is adhered to.

Ind-Ra notes that there is no provision for compensation in case a renewable energy project is unable to supply power in the event of grid curtailment. The lack of this provision, leaves the renewable energy project stranded whenever there is curtailment and they appeal to the regulators over the non-compliance of the must run status.

In other parts of the world namely Germany and Belgium have exhibited integration of a large quantum of renewable energy. Technical and commercial challenges are emerging for the distribution utilities because of changes in the energy mix. Efforts to address these challenges are trailing behind the envisaged pace of capacity addition. The effect of forecasting and scheduling regulations notified by Central Electricity Regulatory Commission in facilitating the utilities to balance the load and demand hasnt yet show on ground improvement. All state electricity regulatory commissions are yet to notify the same, with an exception of Karnataka. Although, Ind-Ra through its interactions with issuers notes that the joint effort of large developers, industry associations, specialised institutes (National Institute of Wind Energy) and state utilities has given some respite, concerted measures are pivotal for the sustenance of the renewable energy sector.

The monopoly in distribution infrastructure and lack of technology aids - to predict the source risk, tests the endurance of renewable projects and consequently renewable energy remains hostage to state utilities. There is also a need to address the costs of integration of renewable energy in the grid in an equitable manner.

Powered by Capital Market - Live News

Indian Leather Development Programme is under implementation with an approved outlay of Rs. 990.36 crore
Aug 01,2016

The Indian Leather Development Programme (ILDP) a central sector scheme, is under implementation with an approved outlay of Rs. 990.36 crore, during 12th Plan period with the following six sub-schemes:

1) Integrated Development of Leather Sector (IDLS) - Assistance is provided for technology up-gradation/modernization of leather units as investment grant @30% to small & micro units and @20% to other units through nationalized banks with maximum assistance of Rs.2 crore for each product line.

2) Human Resource Development (HRD) - Assistance is provided for placement linked skill development training to unemployed persons @ Rs. 15,000 per person and for skill up-gradation training to employed workers @ Rs. 5,000 per employee. For training of trainers assistance@ Rs. 2 lakh per trainer is provided. The placement of 75% of trained persons is mandatory for availing assistance related to skill development training component.

3) Mega Leather Cluster scheme - The sub-scheme aims at providing infrastructure support to the Leather Industry by establishment of Mega Leather Cluster. The minimum land area required for Mega Leather Cluster is 25 acres to be set up without tanneries and 40 acres with tanneries. Assistance upto 50% of the project cost is provided by the Government of India under the scheme, excluding cost of land and with maximum assistance limited to Rs. 125 crore.

4) Support to Artisan scheme - Assistance is provided for Support to Artisans for formation of Self-help groups (SHGs), product development, capacity building, providing centralized common facilities centers and marketing linkages.

5) Leather Technology, Innovation & Environmental Issues - Assistance is provided for up-gradation/installation of Common Effluent Treatment Plants (CETPs) @ 50% of the project cost. Pilot Projects under Technology Benchmarking for leather units, organizing Environment Related Workshops and Pilot projects for Solid Waste Management are also eligible for assistance under the scheme.

6) Establishment of Institutional Facilities - Providing infrastructure by way of establishment of two new branches of Footwear Design and Development Institute (FDDI), with assistance of Rs. 100 crore for each branch, in the States of Punjab and Gujrat.

Leather industry and tanning activity in particular, all over the World is linked to environmental concerns. Footwear and Leather products sector has high employment potential and there is a demand for skilled and trained workforce in the footwear manufacturing, design, marketing and retails sector.

To address the human resource constraint and environmental concerns being faced by Indian Leather Industry, two sub-schemes of the Indian Leather Development Programme (ILDP), namely Human Resource Development and Leather Technology, Innovation and Environmental Issues, respectively, are under implementation, during the 12th plan period, the details of which are as under:

(i) Human Resource Development (HRD) - During 12th Five Year Plan, total 3,73,916 unemployed persons have been trained and 3,00,113 trainees have been given placement in leather and footwear industry, so far. Further, under Placement Linked Skill Development Training, a target of 1,44,000 unemployed persons has been set for 2016-17. In addition 6000 workers have been provided skill up-gradation training. The total funds released under HRD sub-scheme of ILDP during 12th Five year Plan is Rs. 542.56 crore.

(ii) Leather Technology, Innovation & Environmental Issues - During 12th Five Year Plan, assistance has been provided to 2 CETP projects having Zero Liquid Discharge (ZLD) technology at SIDCO-II and Dindigul (Tamil Nadu) out of 6 the CETPs approved during 11th Five Year Plan. Rs. 2.27 crore and Rs. 12.53 crore have been released for these projects respectively. One Project of Solid Waste Management in Calcutta Leather Complex has been completed with GOI assistance of Rs. 95.12 lakh under ILDP.

Powered by Capital Market - Live News

Feds Accommodative Stance Ensures High Yielding Indian Assets Stay Attractive
Aug 01,2016

The Feds move to leave rates unchanged is expected to keep the Indian bond and currency markets buoyant in the near term, as high yielding Indian assets retain their attractiveness, says India Ratings and Research (Ind-Ra). Ind-Ra expects major global central banks to stay on the accommodative course, fueling appetite and risk preferences across markets. The agency believes that the US Fed however has left the door open for one rate hike in the remainder of 2016 - contingent upon growth recovery and inflation moving closer to the Feds 2% target.

The US Federal Reserve kept its interest rate target in the 0.25% to 0.5% range, while reiterating its accommodative stance on monetary policy. The Fed assessed that while economic activity is likely to pick-up as headwinds to the US recovery prospects get alleviated, inflation continues to remain low. The agency opines that the Fed will be cautious before proceeding with the first rate hike in 2016, even as it leaves the door open to normalise rates before the end of 2016.

Following the extended period of low economic activity and the possible geopolitical risks post Brexit, global central banks have stayed circumspect of the ongoing fragile recovery and demonstrated their readiness to use the available means to boost the economy. Last week, the European Central Bank indicated that it is ready to take fresh action in order to stimulate the economy, if needed. Additionally, yesterday, Japanese policymakers renewed their efforts to revive the faltering domestic economy- announcing a stimulus package of USD265bn.

On the domestic front, the 10-year benchmark G-sec yield dropped to 7.21% in early trade today- lowest in over three years, on the back of strong foreign portfolio investor interest. Since the start of July 2016, post the increase in the debt investment limits, foreign portfolio investors have bought G-sec worth net INR81bn. On the other hand, the reined in volatility in the rupee also enhances the attractiveness of Indian assets among other emerging markets.

The yields on G-sec are likely to stay soft in the near term; even as the agency believes a major chunk of the rally is already underway. The three key factors which are likely to boost the ongoing positive momentum in domestic debt markets and lead to a flattening of the curve are (1) high spread differential (between major global yields and domestic G-sec yields, as also between domestic overnight rates and longer tenor yields) (2) Reserve Bank of Indias endeavor to keep liquidity close to the neutral zone- ensuring adequate systemic liquidity (3) reserve money accretion through incremental open market operation purchases of G-sec. The Reserve Bank of India has already conducted open market purchase operations worth INR800bn since April 2016- negating part of INR1.56trn net G-sec supply till date.

Accommodative central banks and ensuring risk preference will augur well for the Indian currency in the near term. Barring the US Fed, most major central banks have exhibited their preference to stay on the easing course- thus ensuring the rupee stays anchored. The agency believes that, in the near term, the rupee is likely to trade with an overall stable bias as investors focus on the ongoing monsoon session of parliament to discern signs of the meaningful progress on key reforms along-with the corporate earnings season.

Powered by Capital Market - Live News

Government of India brought out the National Manufacturing Policy (NMP) to bring quantitative and qualitative change in the manufacturing sector
Aug 01,2016

Government of India brought out the National Manufacturing Policy (NMP) to bring quantitative and qualitative change in the manufacturing sector with the aim to increase the manufacturing sector growth to 12-14% over the medium term to enable manufacturing sector to contribute at least 25% of the National GDP by 2022 and also by creation of 100 million additional jobs by 2022.The manufacturing sector grew by 3.3% during April-December 2015 as compared to 1.8% during the corresponding period in 2014. As per CSO, the share of manufacturing in GDP at current prices is 14.69% during 2015-16.

Various policy measures taken by the Government for creating enabling environment for industrial growth have started showing its impact on increased FDI inflows and creation of state-of-art infrastructure. The landmark initiatives like Make in India, Ease of Doing Business, Start Up India, Digital India, and Smart Cities, etc. will provide further impetus to industries and the manufacturing sector is expected to be the key driver of economic growth in the country. Presently, there is no proposal to amend the NMP under consideration of the Government.

Powered by Capital Market - Live News

Internet is not confined to boundary: Kiren Rijiju
Aug 01,2016

Cyber world is real and need to understand the real internet, the more we are getting inside, the more challenges we are bound to face it, said Mr Kiren Rijiju, Minister of State for Home Affairs at The Associated Chambers of Commerce and Industry of India (ASSOCHAM) event.

Internet is not confined to the boundary, it is virtual internet world and we are internet connected, said Mr Rijiju.

He stressed upon the important aspect of cyber security cooperation. Mr. Rijiju said Yesterday we had a long discussion with team of Bangladesh led by their home minister and the entire team of their security experts and forces. So, again we have stressed that we really need to work closely to deal with this cyber security problems.

I am going to Indonesia and Bali to attend the world conference on How to tackle terror threats?. So, the whole world is coming together, there is closer coordination between the world community to deal with this challenges which we faced today, highlighted Mr. Rijiju.

n++Within the government, we always find there is a gap between the state intelligence agency and central intelligence agency. The sharing of information has to be seamless. If we have a gap, even a small gap it can become a huge gap. So, we have stressed the multi agency centre which we have created and local level also shouldnt have any gap because when it come to the national security we all are one so whatever happens in a political level or official level we cant afford to have a gap,n++ said Mr. Rijiju.

n++We realised over the year that the coordination which we have put in place is working very well but we really need to upgrade it. The home ministry has been given the mandate of National Security Policy and guidelines, we are updating ourselves and we know in the home ministry needs to do much more what we are doing because the involving situations needs equally responsive attitude from the government and realise that,n++ he said.

The objective of the cyber security creating a secure eco-system and creating a assured framework and encouraging open standards and strengthening the regulatory framework that will ease the situation because we really need to enhance a seamless coordination amongst government agency at various levels, private sectors, government and some more importantly we have to make sure the general people of the state, of country and of the society need to be updated.

n++If the government has to succeed in the securing society within us because the adverse public mind set will create big hurdle which is difficult to take care of. In Kashmir some of the places, we have realised it some areas with people are highly motivated and totally out of the national mainstream talk. So, the situation is very adverse and we face hostile attitude and in those kind of situation it is very difficult to really get into the bottom,n++ said Mr. Rijiju.

Couple of years back, our army captured a terrorist alive and he gave us some vital information and through that we laid our ambush and could utilise four of them and then how we used the technology and got the information in details.

We really need to get the common people into the whole process. Thats why we stressed that not only government people but also have to ensure that we integrate the community people into the process and all the stakeholders into one platform.

n++So, virtually we all are connected and no more isolated previous experts who are into the domain no more,n++ said Mr Rijiju.

n++The business community especially directly involved, the challenges are becoming more acute. It is difficult to figure out the quantum of the losses but the effect because of which the businesses have to suffer is huge,n++ Mr. Rijiju said.

n++The Prime Minister is very clear that we must have a secure society no matter we talk about the smart cities. If the cities are not secure it cant be smart. In a smart city meeting, I told all committee members that you have integrate the security system in a very initial stage so that you can really talk about the smart city and completely secure,n++ said the minister.

n++Most of places in NCR, we have found some pockets not very safe for the businessman and for the business itself. We realise that we must not compromise even an inch when it comes to security,n++ he added.

Powered by Capital Market - Live News

192 Villages Electrified Last Week; 9,326 Villages Electrified till date under DDUGJY
Aug 01,2016

192 villages have been electrified across the country during last week (from 25th to 31st July 2016) under Deen Dayal Upadhyaya Gram Jyoti Yojna (DDUGJY). Out of these electrified villages, 10 villages belong to Assam, 2 in Bihar, 24 in Jharkhand, 2 in Madhya Pradesh, 123 in Meghalaya, 3 in Nagaland, 15 in Odisha, 7 in Rajasthan, 5 in Uttar Pradesh and 1 in Uttarakhand.

Powered by Capital Market - Live News

Time to scale up cyber security preparedness to meet emerging threats: Deputy Governor, RBI
Aug 01,2016

Banks need to put in place preventive measures such as appropriate controls framework around the systems, reconciliation of transactions in on real / near real time basis, controls over the message creation and transmission, applying timely security patches to the interfaces, if any, close monitoring of transactions and disabling USB, and Internet access on the connected nodes, said Mr R Gandhi, Deputy Governor RBI at an ASSOCHAM event.

Equally important is the timely detective measures. It is pertinent to prepare ourselves to face such incidents, by having a robust crisis management plan. I am sure the banks are taking earnest steps to comply with the provisions of the circular as soon as possible, said Mr Gandhi while inaugurating 9th annual summit on cyber & network security, organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

n++Information dissemination is a key facilitator in combating the menace of cyber related incidents. While the Reserve Bank obtains information from banks on cyber incidents, including those which did not fructify into loss of money or information, such information is also shared amongst the banks along with suggestions aimed at best practicesn++.

The Institute for Development and Research in Banking Technology (IDRBT) also has a system to collate such information and share the generic aspects amongst the CISOs of banks. All these, I am sure will help the banks in further enhancing their cyber security related capabilities, said RBI Deputy Governor.

n++The banking sector - similar to other sectors of the Indian economy has always been very responsive to change and has adapted itself very well to meet the challenges which keep emerging frequently. It has also proved that it cannot only adapt well but also quickly so that response times are fast to prevent recurrence of negative incidents. The same fervour, I am sure, will be witnessed in the area of cyber security as well and will leave a mark of confidence in the minds of the customers of banks.n++

This will ensure that banks provide for a safe and secure processing environment when the depositors money is safe and where all other customers can conduct their banking transactions safely and securely, added Deputy Governor RBI.

n++The recent developments in banking as also payment and settlement systems have resulted in enhanced customer comfort and flexibility in terms of timing, location and choice of channels. These, however, also expose the customers as well as banks to risk of cyber-attacks. While the banks have better resilience in terms of risk mitigation structures and ability to absorb the losses and expenses, the customers may not be so privilegedn++, said Deputy Governor RBI.

A relatively small value fraud of a few thousands of rupees may endanger the purchase of basic needs and most customer may be ill-equipped to effectively handle the security features provided with the service. We have also heard of instances, elsewhere in the world, of even as small a value of one penny being robbed off every transaction, misusing the ICT capabilities, which have also resulted in loss of enormous amount of money. While it is recognised that the customer has to protect himself against disclosure of sensitive passwords, PINs etc., they may only have limited ability to distinguish between the genuine customer service calls and fraudulent operators.

Cyber criminals and the attacks they launch on financial sector and its users come with different faces. There are organised criminals who are looking to attack the financial institutions, with a view to siphon away funds, illegally. Then there are those who steal confidential data from financial institutions which may also include customer related information. The latter are more interested in ex-filtration of data, though no loss happens immediately. These stolen data then land in the hands of petty criminals, who defraud the banks directly or by enticing the customers to share more information such as passwords and pins where after actual loss takes place, said Mr. Gandhi.

A variation of these attacks is to masquerade as bank officials and extract information from customers, based on random calls to phone numbers obtained from various sources, or even by blind trials which result in at least a few attempts resulting in success.

There are other cyber criminals who steal money by putting through fraudulent transactions, or changing the particulars, so that they are able to take large sums away and vanish. In such cases, customer may not be directly contacted, but his particulars are taken through malware or other means. Recent incidents of this type have set the alarm bells ringing. I would like to draw your attention to the recent cyber incident reported by one of our banks, which I am sure all of you would have seen, particularly when similar incident at a central bank in the neighbourhood is still fresh in our memory.

n++Yet another vicious cyber-attack, which we really tread is what is categorised as cyber warfare; this is expected to be of organised attacks, sometimes by backing of large terrorist organisations and often with covert state sponsorship, made against enemy country information assetsn++.

The strategy to build preventive and detective defences depends on the specific link in the asset that one is trying to protect. The ecosystem for financial transaction not only includes banks and their customers, but also network service providers, IT infrastructure providers, providers of managed services such as data centres, software developers, providers of security solutions and providers of the end-point device which is used for accessing the financial service, including the ATMs which may or may not be bank-owned / managed devices.

The devices which are used to provide the entire ecosystem produce huge quantity of information and activity logs, which contain crucial information which can throw light on potential attacks, even before the attack takes place. However, the humungous quantity of log data renders it impossible to analyse using conventional outlier detections. Conventional techniques result in considerable false alarms and restrict genuine activity, causing inconvenience and also creating mistrust among the users about the security products and techniques, highlighted Mr. Gandhi.

Therefore, the focus has now been shifting to techniques which are not rule based, but having ability to identify the normal activity patterns and detect the anomalous and potentially harmful activity. Needless to say, these involve machine learning and soft computing techniques. Application of these techniques is expected to generate better hit-rate in terms of identifying threats, without generating high level of false alarms. As each alarm requires response and is resource intensive in terms of time, money and manpower, the ability of the expert systems to distinguish the malicious behaviour from and casual digressions from the normal activity pattern will determine the value of these tools in the security infrastructure, mentioned Mr. Gandhi.

In addition to the tools, the most important component of the critical infrastructure protection is the skills, experience and alertness of the manpower deployed in this activity. The skill sets required for security are getting diversified from conventional IT 6 skills to investigative skills of criminal investigator, data scientists having ability to deal with huge data requirements and with innovative minds to stay one step ahead of the cyber-criminal. As the strength of overall security is only as much as the strength of its individual components, it is necessary that all the stakeholders have to work hand in hand to address the threat to the information systems.

The forums such as this provide great opportunity to interact and understand the role that each one of us has to

Industry expects uptick by December, says ASSOCHAM Bizcon Survey
Aug 01,2016

India Inc expects better days ahead six months from now in terms of growth in sales, profitability in sync with an uptick in the big macro picture, though fresh investment by the private sector is still far off thanks to continuous under-utilisation of capacities, the latest round of ASSOCHAM Bizcon Survey has pointed out.

As many as 65.5 per cent of the companies covered under the June series of the prestigious ASSOCHAM Bizcon said they expect the macroeconomic parameters to look up by December,2016.

Along with it, an equal percentage of the firms across different sectors said the performance at the industry level would also pick up with a consequence that there would be better sales realization and improvement in the profitability.

n++Net-net, the latest Bizcon Survey tells us how things would look up in the next six months, mainly on the back of uptick in consumer demand helped by good Monsoon. If consumer prices ease after the Monsoon play out, we can even hope for the interest rates to moderate. Fortunately, crude oil prices continue to remain muted despite threats of a rebound earlier,n++ ASSOCHAM Secretary General Mr D.S. Rawat said.

According to the survey, there was a shared optimism by 69 per cent of the respondents about better prospects even at the individual firms level, translating into the overall corporate earnings in the coming two quarters.

Though fresh employment generation has so far remained a challenge, about 41 per cent of the corporate respondents expect pick up in the job creation. In terms of the wage costs scenario majority of the industry respondents (65.5 per cent) feel that the wage costs will increase in future also.

The survey seems to reflect that in terms of the domestic investments there has been no change in the firm investment plans in the April to June 2016 quarter.

The survey indicates that industry is not confident about own investment plan as 37.9 per cent of respondents believe that domestic investment may increase or there will be no change in the shorter horizon. n++Thus there seems to be a continuing lack of appetite for new investment in the private sector,n++ it said.

The problem of high debt in certain key infrastructure and commodity sectors continues to stay there.

The survey results showed that the industry feels that the top five most important actions needed to accelerate economic activities are: Infrastructure development, considered to be the most important measure that shall help revive industrial growth; effective policy reforms; reducing cost of borrowing; clearance of stalled projects; and inflation stability.

Powered by Capital Market - Live News