Economy Round Up – July 21 to 25, 2014

India Infoline News Service | Mumbai |

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Top Stories

FM assures investors of stable tax regime

Replying to Finance Bill on a debate for Lok Sabha, FM Arun Jaitley stated that it is planning to list Rashtriya Ispat in FY15. FM said that it has allowed PSUs with surplus cash. We have added Rs5,000 crore more for main Budget in defense, added Jaitley. The Budget talks about 1 rank, 1 pension scheme in Defense. FM said that it has has assured investors for stable tax regime. "We intend to spend time on GAAR issue, ", added Jaitley. Jaitley also said that Inflation can't be tackled only by raising interest rates. Finance Minister Arun Jaitley said, "We need to increase economic and manufacturing activity." Jaitley however said, "This is a slowdown which we need to fight. My entire effort has been through the various proposals in the finance bill that we must be able to generate more economic, industrial and manufacturing activity,". Jaitley expressed confidence in the implementation of the Goods and Services Tax (GST). Jaitley defended budget proposal to impose higher capital gains tax and will give a boost to the manufacturing sector, added FM.

FM stresses on capital Increase and need for Voice Reforms in World Bank

Currently 79 PSUs are making losses: FM

GDP growth to improve this fiscal: FM

Cabinet approves 49% FDI in insurance biz

The government said that the Cabinet has approved 49% FDI (foreign direct investment) in insurance industry. The Cabinet approved amendments to the Insurance Bill. The move is expected to pave way for inflow of about Rs. 25,000 crore in foreign funds in the sector, market reports said. The proposal for FDI in insurance sector has been pending since 2008 and once into force it will help attracting long term capital apart from improving the overall investment climate of the country. The industry has been demanding a raise in the FDI limit for a long time so as to attract adequate funds for the expansion of the sector. Allowing 49% FDI in the sector would apart from initiating new insurance products in the markets will also help the sector attract global standards and practices, and lead to product innovation.

Rather than dollars, we are more interested in knowledge: PM

The President of the World Bank, Dr. Jim Yong Kim called on the Prime Minister, Narendra Modi. Later, the Prime Minister described the meeting as "very fruitful." "We discussed several ways of working together in the times to come," he said.

On Twitter, the Prime Minister also said:

"We talked about the importance of scale and the need to work on a scale that inspires people and positively transforms their lives. We live in a world where speed matters. Quick execution is essential. Speeding up World Bank projects will surely increase the impact. Rather than dollars, we are more interested in knowledge and expertise of World Bank. Dr. Kim agreed and said World Bank can be our information bank. We want ideas from the World Bank not only on mass production but also on production by masses, which will benefit our workforce. Today the world focuses on trade in goods but in future the core issue will be how to get skilled people. We need to work in this direction. I also suggested to Dr. Jim Yong Kim that the cleaning of the Ganga would be a very inspiring project for the World Bank."

IMF retains India's growth target at 5.4%

The IMF’s latest World Economic Outlook (WEO) Update says that global recovery continues but at an uneven pace, and that downside risks remain. Continued policy efforts are needed to secure a more robust recovery. Global growth decelerated more than expected in the first quarter of 2014, largely because of temporary setbacks, including a sharp correction to an earlier inventory buildup and the effects of a harsh winter on domestic demand in the United States. Growth also disappointed in China as policies were tightened to dampen credit growth and housing market activity. Growth moderated in other emerging markets due to softer external demand and also because of slower-than-expected investment growth. The WEO Update projects that global growth will rebound as the temporary constraints recede and recent policy actions to support expansion gain ground. For example, in China, limited stimulus measures have been deployed to support demand. Global growth is projected to rise from 3.2% in 2013 to 3.4% in 2014 and 4.0% in 2015. The forecast is 0.3% weaker for 2014 relative to the April 2014 WEO (see table), reflecting actual first-quarter outcomes and a slower domestic demand path in emerging markets. For 2015, the forecast is unchanged from the April WEO, as stronger growth in some advanced economies is expected to offset weaker growth in emerging markets...Read More

Air Algerie flight crashes in Niger: reports

The Air Algerie flight AH5017 has crashed in Niger after flying through violent storms, stated reports. Report stated that Algerian television station Elnahar confirmed the plane went down due to bad weather.

The plane was rerouted while it was flying over Mali. The plane crashed after passing the capital of Niger and it is presumed all 116 people on board have been killed, says report.

Earlier there were reports that the airline lost contact with one of its passenger aircraft.

TRAI recommends sharing of all telecom spectrum

Telecom regulator TRAI recommended allowing sharing of all categories of airwaves held by operators including spectrum. Allocated at old price of Rs 1,658 crore or assigned without auction. Report stated that all access spectrum in the bands of 800/900/1800/2100/ 2300/2500 MHz will be sharable provided that both the licensees are having spectrum in the same band. At present, telecom operators have been allocated airwaves frequency in 800 megahertz (CDMA), 900 Mhz, 1800 Mhz, 2100 Mhz (3G), 2300 Mhz and 2500 Mhz (4G) for wireless telecom services. "If any one or both of the licensees, sharing their spectrum, have administratively assigned spectrum (allocated without auction) in that band, then, after sharing, they will be permitted to provide only those services which can be provided through the administratively held spectrum," TRAI recommended. Earlier this month, Economic Survey had recommended the government to come out with better spectrum management through measures like trading and sharing of spectrum. The price of spectrum in last auction was about five times more compared to price of spectrum allocated under old licencing regime.

News In Focus

Financial services sector is most prone to cybercrime

Over the past few years, the global cybercrime landscape has changed dramatically, with criminals employing more sophisticated technology and greater knowledge of cyber security. India has also been a target of such cyber-attacks, to understand the nature and complexity of this crime KPMG in India has conducted the ‘Cybercrime Survey 2014’ and released the results in Mumbai. Cybercrime continues to remain a tough challenge for organisations. Over the years there has been a significant increase in the number of cybercrime attacks prompting organisations to stay alert, seek means to fight cybercrime threats. As cyber criminals continue to develop and advance their techniques, they are also shifting their targets focussing less on theft of financial information and more on business espionage and accessing government information. The Cybercrime Survey 2014’ had over 170 participants from the likes of CIOs, CISOs and related professionals from across India. Cybercrime has emerged as a major threat as acknowledged by an overwhelming 89 per cent of the survey respondents. Distinctly, about 51 per cent perceive themselves to be an easy target for cyber-attacks due to the nature of their business. Out of these 51 per cent, about 68 per cent respondents claim that they monitor their cybercrime threats on a daily basis. Although 37 per cent of the respondents feel risk of cyber-attacks comes from an external source, it is imperative that organisations keep a track of insiders with malicious intent or professional intruders constantly seeking access to sensitive information...Read More

Televisions are fast getting replaced with mobile phones and laptops

Indians admit they spend most of their time in front of Laptops and PCs as compared to TV, mobile and smartphones, according to a new survey conducted by Titan’s Eyewear Division. The ‘Screen Junkie Poll’ was conducted online amongst members of the Encircle database – Titan’s customer loyalty program, to understand the screen viewing habits of individuals and their family members across the country. Individuals who spent most of their time in front of a digital screen were identified as‘Screen Junkies’ and the device they spent most time with was called ‘Screen Mates’. S. Ravi Kant, CEO, Eyewear Division,Titan Company Ltd said, "At Titan Eyeplus it’s our constant endeavor to stay abreast with changes in consumer behavior"...Read More

How to care newborn babies during monsoon seasons

The Monsoon season provides some cool relaxation after a hot summer. Rain also brings humid weather, flooded roads, mosquito’s diseases etc. You can help your baby to enjoy the Monsoon season with all precautions.

Health Tips: Forskin infections during the monsoon in New born

Give homoeopathy with these protections to make sure health of your child. They are as follows:

  • Don't overdress your baby. Loose fitting, light cotton clothes are the best. If it gets cold, then a light jacket with some pants or leggings should be just enough to keep him warm. Keep a thin blanket handy.
  • Keep your baby away from people who have skin infections.
  • Trim your baby's nails to prevent him scratching and spreading the infection.
  • Keep your baby clean to prevent the buildup of sweat, dirt and grime on his skin. Give him regular baths or wipe him often with a clean wet cloth.
  • Keep your baby dry. Ensure that you dry your baby thoroughly after a bath, especially in the areas where the skin folds.
  • Keep your surroundings clean and insect-free. Insect bites, like wasp stings or spider bites, can cause serious allergies or worsen an infection. If this happens, consult your doctor immediately...Read More

Keep a check on Diabetes mellitus with Homoeopathy

Homoeopathy is branch of medicine remains doubtful in respect of its efficacy, its scientificity in general and in various diseases in particular. Homoeopathy is a holistic way of treatment whatever may be the name of disease. This system understands each disease holistically (mind-body-spirit) and tailors the treatment for each individual having disease. So, homoeopathy treats the patient who has disease instead disease the patient has. This actually reflects lots of wisdom in the field of Medicine. It implies that any individual gets a disease according to his personality—which means traits and characters achieved from heredity and environment (psychobiological and psychosocial). Homoeopathic doctor has to understand each disease in which kind of personality it will appear. This is the reason why some are susceptible to one disease and others are for some other disease. In my experience I understood about Diabetes Mellitus (type 2), DM2, specially the personality inclined to have this disease. DM2 is a somatic disease which has psychobiological and psychosocial dimensions. The recent concept of PNI (PSYCHO-NEURO-IMMUNOLOGY) has proved how it all happens in humans. The relationship between psychiatric and endocrinological illnesses is important because of shared biological background. Blood glucose level and its regulation directly affect brain and mental functions and conversely blood glucose is affected from mental and emotional changes. Many researchers have shown the relation of personality and glucose regulation...Read More

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