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Moodys: Fintech to drive transformation rather than disruption for banks
May 19,2016

While the rise of fintech firms highlights the shift to digital in financial services, banks will retain a place at the center of the industry and continue to work both alongside and in competition with new entrants, said Moodys Investors Service.

Estimates for the number of fintech-related startups range as high as 4,000 companies, globally, with total estimated venture capital investment rising from about $2.4 billion in 2011 to more than $19 billion in 2015. Along with the high growth rate of investment, the sector has shown signs of maturation -- with later stage investments accounting for a rising share of the total and the number of exits via acquisitions and (a still small number of) IPOs also increasing.

In a new report, Moodys said it anticipates an evolutionary path for banks, as the traditional players take advantage of new technologies and approaches to improve the consumer experience in order to maintain competitiveness. While the Millennial cohort -- who are typically more open to, and often expect, technology-enabled services and interfaces -- are behind much of the impetus for fintechs rise, Moodys analysts said it will likely be a few years before this large group predominates in terms of consumption of financial services.

Millennials lag prior generations along a number of indicators important to financial services firms, including lower household formation and home buying rates, higher student loan burdens, lower earnings and higher debt-to-income ratios, said Moodys Senior Vice President Robard Williams. Banks will certainly need to transform to appeal to this generation and counter fintechs rise, but many incumbents have made significant steps towards implementing their own digital strategies and they have some time before the full transformation is complete.

The ratings agency noted that much of the focus of fintechs has been on retail banking services, largely lending and financing along with payments-related products and services. While the new entrants have shown growth in these areas -- in some cases filling space vacated by the banks due to post-crisis regulation -- Moodys said banks have a number of competitive advantages that place them in good stead as the industry evolves including large customer bases, deep client relationships, long lending histories and experience navigating regulatory bodies.

For banks, being traditional players in the space remains a significant competitive advantage, but it also means they have the resources to build internally or acquire to establish a presence on new platforms, said Williams.

Though a major competitive reversal for banks is unlikely, Moodys noted that several forces could shift the scales or accelerate the transformation of the industry including greater movement toward open data, a more defined regulatory stance would crystalize, and perhaps change, the rules of engagement, the introduction of a killer app or the entrance of one or more bigger technology companies into the fintech space.

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250 manual scavengers and their family members empowered for self employment
May 18,2016

Under the ambitious scheme of Ministry of Social Justice and Empowerment for rehabilitation of manual scavengers and their family members, Shri Thaawarchand Gehlot, Union Minister for Social Justice & Empowerment distributed course completion certificates, Driving Licenses and Employment Letters to the 250 successful trainees here today.

Training was given in various trades under self employment scheme for rehabilitation of manual scavengers. Most of the Commercial Motor Driving Trainees have been employed by various online cab services and NGOs. Financial Assistance for purchase of commercial vehicles has also been arranged in collaboration with Delhi SC, ST, OBC, Minorities, Physically Handicapped Finance and Development Corporation (DSFDC).

Shri Gehlot also distributed loan sanction letters to the beneficiaries for E-rickshaw which have been financed through DSFDC. He said that his Ministry has trained 200 women for commercial motor driving skills along with self defense in Delhi alone. This unique initiative will meet the objective of social & economic empowerment of women by creating job/self employment opportunities for them.

The Minister also said that the self defense skills taught to the trainees will not only provide self confidence for the women drivers but also give a sense of security to the women passengers, particularly those who travel in odd hours.

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Gartner Says Worldwide Server Virtualization Market Is Reaching Its Peak
May 18,2016

The worldwide x86 server virtualization market is expected to reach $5.6 billion in 2016, an increase of 5.7 percent from 2015, according to Gartner, Inc. Despite the overall market increase, new software licenses have declined for the first time since this market became mainstream more than a decade ago. Growth is now being driven by maintenance revenue, which indicates a rapidly maturing software market segment.

Michael Warrilow, research director at Gartner, said: The market has matured rapidly over the last few years, with many organizations having server virtualization rates that exceed 75 percent, illustrating the high level of penetration.

The market remains dominated by VMware, however, Microsoft has worked its way in as a mainstream contender for enterprise use. There are also several niche players including Citrix, Oracle and Red Hat, in addition to an explosion of vendors in the domestic China market.

While server virtualization remains the most common infrastructure platform for x86 server OS workloads in on-premises data centers, Gartner analysts believe that the impact of new computing styles and approaches will be increasingly significant for this market. This includes OS container-based virtualization and cloud computing.

The trends are varying by organization size more than ever before. According to Gartner, usage of server virtualization among organizations with larger IT budgets remained stable during 2014 and 2015. It continues to be an important and heavily used technology for these businesses, but this market segment is approaching saturation. In contrast, organizations with smaller IT budgets expect a further decline in usage through to at least 2017. This is causing an overall decline in new spending for on-premises server virtualization.

Gartner believes that organizations are increasing their usage of physicalization, choosing to run servers without virtualization software. More than 20 percent of these organizations expect to have less than one-third of their x86 server OSs virtualized by 2017 n++ twice the amount reported for 2015. However, the underlying rationales remain varied.

The rise of software-defined infrastructure (SDI) and hyperconverged integrated systems (HCIS) are providing new options. It has put pressure on best-of-breed virtualization vendors to add more out-of-the-box functionality and provide a better experience and faster time-to-value.

What was considered as the best approach to greater infrastructure agility only a few years ago, is becoming challenged by an array of newer infrastructure choices, said Mr. Warrilow.

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Gartner Says Profit Opportunities Exist for PC Vendors
May 18,2016

The worldwide PC market registered one of its lowest quarterly growth rates in the first quarter 2016, but Gartner, Inc. said several profit opportunities exist for PC vendors.

PCs are no longer the first or only devices users are choosing for internet access, said Meike Escherich, principal research analyst at Gartner. Over the last five years, global shipments of traditional PCs (desktops and notebooks) have fallen from 343 million units in 2012 to an estimated 232 million units in 2016. In terms of revenue, the global PC market has contracted from $219 million in 2012 to an expected $137 million in 2016.

Many vendors in the mid-tier of the PC ecosystem are struggling. They are severely reducing their regional and country-level presence, or leaving the PC market altogether, said Ms. Escherich. Between them, Acer, Fujitsu, Samsung, Sony and Toshiba have lost 10.5 percent market share since 2011. In the first quarter of 2016, Dell, HP Inc. and Lenovo gained market share but recorded year-over-year declines.

Regional markets are also changing. Low oil prices and political uncertainties are driving economic tightening in Brazil and Russia, changing these countries from drivers of growth to market laggards. In terms of volume, the U.S., China, Germany, the U.K. and Japan remain the top five, but consumers in these markets have also been cutting their number of PCs per household.

Nevertheless, PCs are still able to deliver in areas that smartphones and tablets cannot, with larger screens, ergonomic keyboards, greater storage and more powerful computer processors, said Tracy Tsai, research vice president at Gartner. With an oversaturated market and falling average selling prices (ASPs), PC vendors must focus on optimizing profitability to sustain growth.

Capture Growing Demand for Ultramobile Premium

Despite a declining PC market, the ultramobile premium segment is on pace to achieve revenue growth this year n++ the only segment set to do so. It is estimated to reach $34.5 million, an increase of 16 percent from 2015. In 2019, Gartner forecasts that the ultramobile premium segment will become the largest segment of the PC market in revenue terms, at $57.6 million.

The ultramobile premium market is also more profitable in comparison with the low-end segment, where PCs priced at $500 or less have 5 percent gross margins, said Ms. Tsai. The gross margin can reach up to 25 per cent for high-end ultramobile premium PCs priced at $1,000 or more.

The segment will continue to grow thanks to replacement demand for traditional PCs and the touch experience that the two-in-one market (tablets and hybrids) provides. While the ASP for the ultramobile premium segment is not expected to fall rapidly, it will eventually move toward $600 in constant-currency terms. This situation, together with innovative two-in-one products, will entice users to not only replace their PC, but also look to upgrade to a device with more functionality and flexibility.

PC vendors need to adjust their portfolio of ultramobile premiums in markets such as North America, Western Europe, Greater China, Mature Asia/Pacific and Japan, where the ultramobile premium segment continues to grow.

Capitalize on Long-Term Profitability of Gaming PC Market

While the gaming PC market is a very small market with only a few million units sold a year, the ASP of a gaming PC is significantly higher than that of a nongaming PC. ASPs range from $850 for an entry-level gaming PC notebook to $1,500 for a premium model.

The high-end, purpose-built gaming PC segment (for example, $1,000 or more) is where PC vendors should focus for long-term profitability, despite this segments competitiveness, said Ms. Tsai.

The Internet of Things Is Ripe With Opportunity

PC vendors also need to turn to the Internet of Things (IoT) market and identify which of its areas have most potential for profit. For example, PC vendors can use the IoT to improve customer service and product improvement.

Vendors could detect with sensors if a battery is getting too hot or a hard-disk drive is being overworked, and they could send an alert to customers to get PCs checked before they suddenly go down, said Ms. Tsai. This would save vendors operating costs and also helps users with better service.

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Government approves 03 proposals of FDI amounting to Rs. 60.73 crore approximately
May 18,2016

Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its 234th meeting held on 29th April 2016, the Government has approved three FDI proposals involving FDI of Rs. 60.73 crore (which includes post facto amount of Rs. 0.25 crore), and recommended one proposal involving FDI of Rs. 12,973.14 crore for approval of Cabinet Committee on Economic Affairs (CCEA).

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India Will Take 3-5 Years To Develop Software In Local Language- ICT Additional Secretary
May 18,2016

Additional Secretary Department of Telecommunications, Ministry of Communications and IT Mr N Sivasailam on Tuesday indicated that it would take India close to 3 to 5 years to develop software in local languages for mass communication and application, given the size of the country and its intricacies though internet penetration has been growing.

Speaking on the occasion of World Telecommunication Day -ICT Entrepreneurship for Social Impact under aegis of the PHD Chamber of Commerce and Industry, Mr Sivasailam hoped that sufficient and skillful entrepreneurship would emerge in India in due course of time to undertake the job of software development in multiple local languages.

According to him, a lot has happened in the Indias telecom sector in the last couple of years which need to be appreciated widely including availability of the mobile phones at large scale but the internet penetration has yet to happen at intended peace for which efforts are being intensified.

Application of it and telecommunication services in Indias education and health sector also need drastic improvement and with the help of Industry, the government would make it visible and more pronounced, pointed out the additional secretary.

Principal integrated Financial Advisor Ministry of Defence Mr. Savitur Prasad in his remarks felt that India needed work at war footing to give results for Make In India project of the Prime Minister and gradually with a faster pace shed its dependence on equipment imported from various countries.

According to him, Indias manufacturing of most of ICT components and equipment even for Defence Sector is still largerly import driven and if India has to progress at a speed on par with economies of scale, it has to move accordingly.

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Site for construction of National War Memorial and National War Museum
May 18,2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, was apprised of the decision taken by the Empowered Apex Steering Committee (EASC) that Princess Park Complex would be the suitable site for construction of the National War Museum.

As regards the National War Memorial the same would be constructed at C Hexagon of India Gate as approved by the Cabinet in its meeting held in October, 2015.

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Joint issue between Department of Posts and United Nations Postal Administration on UN Women HeForShe postage stamp
May 18,2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, was apprised of the joint issue of UN Women HeForShe postage stamp. A Memorandum of Understanding (MoU) has been signed between Department of Posts and United Nations Postal Administration (UNPA) in February, 2016 for this purpose.

In this Joint issue, the stamps were printed in the form of sheetlet of 20 se-tenants and Miniature Sheet of two stamps on the occasion of International Womens Day.

UN Women HeForShe campaign is a solidarity movement for gender equality that brings together one half of humanity in support of the other half of humanity for the benefit of all in social terms. This Joint issue is dedicated for the empowerment of women around the world. This would promote great cause of gender equality which the Indian government has been championing in the recent times. Thus, Department of Posts and UNPA have arrived an agreement to celebrate and to commemorate International Womens day on 8th of March, 2016 by releasing a joint stamp.

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Leasing out of AAI land measuring 1500 sqm. To M.P. Warehousing Logistics Corporation for establishing Centre for Perishable Cargo at Indore airport
May 18,2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for leasing out of Airports Authority of India (AAI) land measuring 1500 sqm. to M/s. M.P. Warehousing Logistics Corporation (MPWLC) for establishing the Centre for Perishable Cargo (CPC) at Indore airport, Indore as per the resolution made by AAI Board.

This Centre will be a state of art facility exit point for perishables from the State of transit airports. It will provide a world class facility under one roof to cater to all requirements of the traders and maintain the quality of produce. This facility is to be created by MPWLC under PPP mode.

The creation of Centre for Perishable Cargo is expected to cater to the employment needs of the local population and has significant employment potential. A total number of 113 persons will be required to manage the CPC.


The State Government of Madhya Pradesh has brought out that the CPC is proposed to be set up at Devi Ahilya Bai Airport, Indore. The move comes in the backdrop of huge demand of export of pharmaceuticals, poultry products and horticulture products in Malwa region of Madhya Pradesh.

The leasing out of the land will enable State Government of Madhya Pradesh to promote its agriculture and Horticulture sector by establishment of Centre for Perishable Cargo at Indore airport.

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Improved voluntary retirement scheme package for employees of Hindustan Vegetable Oils Corporation
May 18,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval to the proposal for offering an improved Voluntary Retirement Scheme (VRS) package based on 2007 notional pay scales for the employees of Hindustan Vegetable Oils Corporation (HVOC). The Government assistance will be in the form of non-plan grant of approximately Rs.27.56 crore to the company. HVOC is a Central Public Sector Enterprise (CPSE) under the Department of Food and Public Distribution, Ministry of Consumer Affairs, Food and Public Distribution.

The employees of HVOC have been adversely impacted due to sickness of the company. They are in very old pay scales of 1992. The improved VRS package will give fair amounts of compensation to the employees and help them in their post retirement rehabilitation.

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10.7% growth in Foreign Tourist Arrivals in april 2016 over the same period
May 18,2016

10.7% growth in Foreign Tourist Arrivals (FTAs) in April 2016 over the same period in 2015. Bangladesh accounts for highest share of tourist arrivals followed by USA and UK in April 2016. Rs. 11, 637 crores Foreign Exchange earned through tourism in April 2016.

Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) on the basis of Nationality-wise, Port-wise data received from Bureau of Immigration (BOI) and Foreign Exchange Earnings (FEEs) from tourism on the basis of data available from Reserve Bank of India. The following are the important highlights regarding FTAs and FEEs from tourism during the month of April, 2016.

Foreign Tourist Arrivals (FTAs):

n++ FTAs during the Month of April, 2016 were 5.99 lakh as compared to FTAs of 5.42 lakh during the month of April, 2015 and 5.35 lakh in April, 2014. There has been a growth of 10.7% in April, 2016 over April, 2015.

n++ FTAs during the period January- April, 2016 were 31.08 lakh with a growth of 10.1% as compared to the FTAs of 28.23 lakh with a growth of 3.0% in January- April, 2015 over January- April, 2014.

n++ The Percentage share of Foreign Tourist Arrivals (FTAs) in India during April, 2016 among the top 15 source countries was highest from Bangladesh (18.09%) followed by USA (12.24%), UK (9.58%), Sri Lanka (3.71%), Malaysia (3.23%), China (3.14%), Australia (3.05%), Germany (3.02%), France (2.86%), Canada (2.83%), Russian Federation (2.81%), Japan (2.50%), Nepal (2.07%), Singapore (1.85%) and Thailand (1.61%).

n++ The Percentage share of Foreign Tourist Arrivals (FTAs) in India during April 2016 among the top 15 ports was highest at Delhi Airport (29.12%) followed by Mumbai Airport (16.85%), Haridaspur Land check post (9.77%),Chennai Airport (7.82%), Bengaluru Airport (6.66%), Kolkata Airport (4.16%), Cochin Airport (3.51%), Hyderabad Airport (3.07%), Goa Airport (2.84%), Gede Rail (2.31%), Trivendrum Airport (1.54%), Ahmadabad Airport (1.44%), Tiruchirapalli Airport (1.31%) Attari-Wagah (1.13%), and Ghojadanga land check post (0.96%).

Foreign Exchange Earnings (FEEs) from Tourism in India in Rs. terms and in US$ terms

n++ FEEs during the month of April, 2016 were Rs. 11,637 crore as compared to Rs. 10,091 crore in April, 2015 and Rs. 9,179 crore in April, 2014.

n++ The growth rate in FEEs in rupee terms during April, 2016 over April, 2015 was 15.3% as compared to the growth of 9.9% in April, 2015 over April, 2014.

n++ FEEs from tourism in rupee terms during January- April, 2016 were Rs. 52,048 crore with a growth of 15.7% as compared to the FEE of Rs. 44,966 crore with a growth of 5.0% during January- April, 2015 over January- April, 2014.

n++ FEEs in US$ terms during the month of April, 2016 were US$ 1.747 billion as compared to FEEs of US$ 1.609 billion during the month of April, 2015 and US$ 1.520 billion in April, 2014.

n++ The growth rate in FEEs in US$ terms in April, 2016 over April, 2015 was 8.6% compared to the growth of 5.9% in April, 2015 over April, 2014.

n++ FEE from tourism in US$ terms during January- April, 2016 were US$ 7.733 billion with a growth of 7.2% as compared to the US$ 7.214 billion with a growth 3.6% during January- April, 2015 over January- April, 2014.

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ASSOCHAM seeks government taking bank loan repayments of rural borrowers in drought hit areas
May 18,2016

As part of an immediate relief kit to the farmers and rural population suffering an oppressive drought, the government should take the load of their bank loan repayments upon itself, besides reaching food grains to the affected areas at highly subsidized rates, ASSOCHAM President, Mr Sunil Kanoria said today.

Expressing a grave concern over a widespread rural crisis, the ASSOCHAM President said, n++No meaningful gains can be accrued from over seven per cent GDP growth, if a large part of our population is pushed to live on the margins of distress and poverty. We in the ASSOCHAM believe in a holistic economic development which alone can help the trade, business and the industry. No one sector is isolated from the other. So, if one sector suffers, others must chip in.n++

He said the chamber is not making a demand outright on the banks to take the load of loan waiver or moratorium on agriculture loans since the banks themselves are going through an unprecedented challenging times in terms of the non-performing assets.

However, the government should commit the maximum resources to the rural sector, as the fiscal burden on it has been considerably reduced thanks to ultra low prices of crude oil for about 18 months now.

Mr Kanoria said, as estimated by the ASSOCHAM, the economy has taken a jolt of Rs 6.50 lakh crore because of drought in 265 districts in 11 states affecting 33 crore people.

Though the credit growth to the agriculture has been the maximum among all the sectors, the base for the agriculture loans has been low. n++We are not suggesting populist measures like loan waiver as election freebie, but in case of natural distress like the drought, the affected people have to be helped. So, in the given circumstances, there is absolutely no rationale that can point towards a bad economic in providing relief to the needy. In fact, helping the poor and feeding them in times of distress should make an excellent economic proposition. It is only then, that a broad based confidence can be brought back into the economy.n++

The ASSOCHAM President was hopeful that situation would surely improve with regular onset of the Monsoon. n++Hopefully, some relief would be forthcoming from the Rain Gods in the next few weeks, helping the agriculture and the entire allied sectors like milk production, meat and live stock.n++

He said while the overall economy has managed to withstand the pressure of two successive droughts, specific sectors have come under severe stress requiring effective intervention.

The ASSOCHAM President also called for long-term solutions and increased spending in building rural infrastructure like village and semi urban roads, water sheds, small irrigation projects.

n++The Centre and the states should form joint teams for implementation of the relief measures to reach the same in days and not in weeks or months,n++ Mr Kanoria added.

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Rehabilitation of Bonded Labourer Scheme - 2016 to be Made Central Sector Scheme
May 18,2016

The Government is revising the rehabilitation of bonded labour scheme and increasing the quantum of financial assistance from Rs 20 thousand to one lakh rupees. The Scheme proposes to increase the budget provision from Rs 5 crores to about Rs 47 crores per annum. This was stated by Shri Bandaru Dattatreya ,the Minister of State (IC) labour and Employment here today while announcing the proposed scheme. While the most deprived and marginalised like the disabled, female and children rescued from trafficking, sexual exploitation and transgender will get Rs 3 lakhs, the next in order is the special category comprising of females and the minors who will now get Rs 2 lakhs. A normal adult male bonded labour will get Rs. 1 lakh, the Minister added.

The Minister said under this new package the money will remain in an annuity account, controlled by the District Magistrate and a monthly earning will flow to the beneficiary account for his/her comfortable living. The corpus remains untouched until decided by the DM.

One of the special features of the new scheme is that it aims to address new forms of bondage such as organised begging rings, forced prostitution and child labour for which females, disabled and trans-genders are mercilessly used by the powerful elements.

The Minister said that the rehabilitation work has been made simple for the DM/Collectors. A permanent and renewable district level rehabilitation fund of atleast Rs. 10 Lakh will be available with the DM/Collector which will be used as a stop-gap arrangement before reimbursement by Central Government through the DBT system. The DM/Collector is also empowered to provide several non-cash benefits such as land, house, ration and occupational support through State Programmes. The DMs/Collectors will also have the freedom to extend state care where bondage is not proved but the person is in distress. Minor children and women will remain in State care and educated & skilled as per their needs. Marriage of orphan girls will also be the responsibility of State Government.

Soon after revising the scheme, the 1976 Rules will be amended for effective implementation. The Government will ensure that Bonded Labour cases are tried and judgment pronounced on the same day like other summary trial cases as per Cr.PC. It will also be ensured that such cases are monitored by the Sessions Courts and the State High Courts by way of regular review as per their respective criminal manual apart from the State Home and Revenue Departments. Suitable provisions will be made in the Rules to facilitate institutional involvement of other stakeholders. With combined efforts this stigma from society will be eradicated and India be made a country of Sabka Saath Sabka Vikaas,he said.

Bonded Labour System is a social evil which though has declined over a period, however still exists in India despite constitutional provisions for its total eradication. The BLS(A) Act, 1976 for the last 40 years has not been able to eradicate Bonded Labour System completely. Even the Rehabilitation Scheme of 1978 have been able to free 2.82 lakh Bonded Labourers in 18 States across 172 districts in the country during the past 38 years. There is no correct estimation of the extent of bondage which has also transformed its form under the compulsions of transitional economy.

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The Empowered Institution (EI) approves VGF Support for two PPP Projects of Government of Rajasthan
May 18,2016

The Empowered Institution (EI), under the Government of Indias Scheme for Financial Support to Public Private Partnerships (PPPs) in Infrastructure, met here today for its Seventy-First meeting. The Meeting was chaired by the Additional Secretary (Investment), Department of Economic Affairs, Ministry of Finance and approved Viability Gap Funding (VGF) support to two projects of the Government of Rajasthan. One project, in the Road Sector for Development and Operation of Chomu Chandwaji - Highways Project, was granted in-Principle approval while the other project, in the Power Sector, granted final approval of the VGF support, was for the development of the 400 kV Bikaner-Sikar Transmission Line Project .

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Government constitutes a five Member Committee to comprehensively review and give recommendations on the FRBM roadmap for the future
May 18,2016

In pursuance of the Budget Announcement 2016-17, the Government has constituted a five Member Committee to comprehensively review and give recommendations on the FRBM roadmap for the future.

The composition of the FRBM Review Committee is as follows:

(i)Shri N.K. Singh, Former Revenue Secretary & Expenditure Secretary &Former Member of Parliament(Rajya Sabha) : Chairman

(ii)Shri Sumit Bose, Former Finance & Revenue Secretary: Member

(iii)Dr. Arvind Subramanian, Chief Economic Advised (CEA) : Member

(iv) Shri Urijit Patel,Deputy Governor,RBI: Member

(v) Shri Rathin Roy, Director, NIPFP: Member

The Terms of Reference (ToR) of the Committee are as under:

(i) To review the working of the FRBM Act over last 12 years and to suggest the way forward, keeping in view the broad objective of fiscal consolidation and prudence and the changes required in the context of the uncertainty and volatility in the global economy;

(ii) To look into various aspects, factors, considerations going into determining the FRBM targets

(iii) To examine the need and feasibility of having a fiscal deficit range as the target in place of the existing fixed numbers(percentage of GDP) as fiscal deficit target; if so, the specific recommendations of the Committee thereon; and

(iv) To examine the need and feasibility of aligning the fiscal expansion or contraction with credit contraction or expansion respectively in the economy.

The Committee will make its assessment and provide its views on the expected impact of its recommendations on the General Government deficit and other FRBM parameters. The Committee will also examine and give recommendations on any other aspect considered relevant in relation to the determination and implementation of the FRBM roadmap. The Committee may be entrusted with additional ToR, if considered necessary. In this context, the Committee may consult Departments/Agencies of Government, experts and institutions, as considered necessary, and determine its own procedures.

The Budget Division of Department of Economic Affairs, Ministry of Finance will provide necessary secretarial and logistics support to the Committee.

The Committee shall submit its Report to Government by the 31st October, 2016.

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