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Source: CSO, CCIL, SBI

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  • 27 May, 2016

    Government asks LIC to contribute 10% to NIIF

    The government said it would invest half the corpus (Rs20,000 crore) and seek participation from domestic and global long-term investors. NIFF operations will be supervised by a governing council headed by the finance minister including the Eco Affairs Secretary, Arundhati Bhattacharya, SBI Chairperson, Hemendra Kothari, an invest­ment bankerand V. Mohandas Pai, chairman of Manipal Global Education.

  • Modi govt's reforms may make India island of stability: Rajan

    RBI Governor Raghuram Rajan has said that while the eyes of the world have be­en on the Goods and Services Tax (GST) bill, a host of other significant reforms have be­en taking place in India that have led to macro economic stability. They have also rai­sed hopes of India being an is­land of stability in this turbu­lent world, he said....

  • Why India's GDP shift deserves respect, not suspicion

    IN SYNC: The correlation between the old GDP series and the new GVA series is stronger; the new GVA figures can be patched more seamlessly into the RBI's existing models....

  • What Modi's WSJ interview tells us about his economics

    Economic reforms are on course and the government will secure Parliament's approval for the implementation of the single goods and services tax by 1 April next year, Prime Minister Narendra Modi said in an inter­view published in the Wall Street Journal on Thursday. . Here's what it says about Modi's economics and politics.

  • Gender diversity key factor in stock return

    In September, a study by the Peterson Institute for International Econom¬ics and EY showed companies with at least 30 per cent of women in leader¬ship roles may boost profit margins by about 15 per cent compared to these with no female leaders. "Gender diversity in the workforce and in lead¬ership roles or on boards, is like a lot of other governance and social factors in business - done well, it is usually a good sign of good management and leadership," said Michelle Edkins, global head of corporate governance at BlackRock.

  • Markets on the cusp of bull run

    With Sensex galloping a thousand points in just two days, market participants say India is at the threshold of the next bull run....

  • Stake sale via buy backs: Centre set to rake in Rs 10,000 crore

    The Centre is hoping to raise at least Rs 10,000 crore from share buybacks by cash-rich public sec­tor units this fiscal. PSUs engaged in the metal and mining sector may be given a push for this as they are seen to be cash-rich with little or no expansion plans....

  • Wilful defaulters won't be allowed to raise public funds now: Sebi

    SEBI has notified new guidelines barring wilful defaulters from tapping the securities markets to raise funds and holding board posi­tions in listed companies. The regulator has also re­strained such entities from set­ting up market intermediaries like mutual funds and brokerage firms and taking control of any other listed company.

  • Mock trading to test bourses' systems

    The BSE and the NSE will conduct mock trading sessions on May 28 and June 4, respectively, to test system performance. The BSE will conduct a mock trading session from its disaster recovery site in Hyderabad.

  • Road Ministry Releases Note on Incentives to Junk Polluting Vehicles

    The road transport and highways ministry has released the concept paper for its proposed voluntary vehicle fleet modernisa­tion policy that aims to take off the old pollu­ting vehicles (vehicles older than 11 years) off road.

  • CII CEO delegation to accompany Jaitley to Japan

    Jaitley will embark on an offi­cial tour to Japan to attract more Japanese investments in India. The CII CEO delegation is being led by CII President Naushad Forbes.

  • 26 May, 2016

    Stage set, it will be all action for NDA govt in the next 3 years

    The Modi go­vernment is looking to utilise the next three years to conso­lidate its gains and has exten­sive plans to revamp gover­nance and boost economic growth after having spent the initial years tackling inheri­ted challenges of high infla­tion and low growth.

  • Dynamic reforms pave way for greater investment flows

    "We are moving in the right direction... what we need now is implementation of these schemes," said Rajiv Kumar, a senior fellow at the Centre for Policy Research. In November, the government eased foreign direct investment norms for 15 sectors, including defence, broadcasting, construction and retail trade.

  • Jan Dhan scorecard: 22 crore bank accounts opened, average balance of Rs.1,725 in each

    The Modi government has been praised all ro­und for getting nearly 22 crore bank accounts ope­ned in roughly one-and-a-half years. The account hol­ders are poor and most of them live in far-flung rural areas. The idea behind ope­ning bank accounts was that it would empower them fi­nancially by encouraging sa­vings, easing loan delivery and direct cash transfers. So how are these account hol­ders doing? And how is the scheme, dubbed Pradhan Mantri Jan Dhan Yojana (PMJDY), doing?

  • FM ratifies FIPB's move on Apple retail stores

    The finance ministry decid­ed to support the decision by FIPB that Apple will have to pro­cure 30 percent of components locally if it wants to sell through its own retail stores, said the peo­ple, asking not to be identified because the matter is private....

  • RBI may cut rates in August: BofA

    According to global financial services major, Bank of America Merrill Lynch (BofA-ML), if rains arrive on time, it would result in a pickup in rural demand, and in turn a consumption driven economy. Moreover, the global brokerage firm said that since the Australian Weather Bureau has de­clared that the El Nino is fad­ing after two years, it augurs well for India's June- Sep­tember monsoon that waters the kharif sowing.

  • Ahead of monetary policy, Rajan meets FM

    Amid speculation over whether the government will give him a second term, Reserve Bank of In­dia Governor Raghuram Rajan met Finance Minister Arun Jaitley on Wednesday....

  • Jaitley to meet PSB heads on June 6

    The meeting will review the annual performance of PSBs as well as financial insti­tutions and deliberate on cap­ital requirement of these enti­ties. The meeting comes against the backdrop of state-owned banks posting more than Rs 20,000 crore losses in the fourth quarter of the 2015-16 fiscal alone. Few more banks, including SBI and Canara Bank, are yet to announce their an­nual numbers.

  • Clean-up drive: SEBI to cull 4,200 illiquid stocks, tighten algo norms

    In a bid to rid the stock market of misuse and manipulative practic­es, Securities and Exchange Board of India (SEBI) Chairman UK Sinha on Wednesday outlined seven key focus areas, including forcing nearly 4,200 companies to delist from stock exchanges....

  • Rupee breaks longest losing streak since '07

    Rupee climbed the most in more than two months as local stocks ral­lied and amid optimism strong monsoon rains will help boost crop output and growth in Asia's third-largest economy

  • Morgan Stanley upgrades India to 'overweight' on stable macros

    Morgan Stanley has upgraded its rating for India to "overweight" from "equal weight" citing the country's relative valuation to emerg­ing markets (EMs). India, the brokerage points out, is still trading at a 36% premium versus MSCI EM, which it be­lieves is fair given its macro-economic stability and likely earnings trajectory gap ver­sus the rest of EM....

  • A Small Step Towards a Unified Regulator

    The merger of FMC with Sebi restored confidence on regulatory oversight of commodities....

  • 25 May, 2016

    Demand-driven boost to economy rides on rains, rural income, Pay Commission's hike

    A filip to the economy this year will come mostly from a con­sumption-led demand boost driven largely by easing liquid­ity conditions, lower interest rates, better rural incomes fol­lowing normal rains and higher disposable incomes with the kicking in of the Seventh Pay Commission award.

  • If Legitimate Money Comes in, it Increases Size of Economy

    India will grow at a much quicker pace than predicted if the global economy starts to look up and monsoon is good, Finance Minister Arun Jaitley says. Edited excerpts of an interview:

  • Govt Plans to Hike EPFO Investments in Equity

    "Equity investment is a long-term process and there is going to be an up­ward trend in investment in equity," labour minister Bandaru Dattatreya said on Tuesday while outlining his ministry's achievements in last two years of Narendra Modi govern­ment. "A complete report will be pre­sented in the CBT (central board of trustees) meeting of EPFO (Employ­ees Provident Fund Organisation) soon and a final decision will be ta­ken," he said.

  • Jaitley to meet public sector bank chiefs on June 6

    This year's meeting assumes significance as it comes at a time when a massive bad loan clean-up — prompted by RBI's diktat on asset quality re­view — has left several big banks deep in the red....

  • India is going to be an overwhelmingly domestic story

    India has the potential to grow at around 8% in the medium term and it will remain relatively insulated from the volatile global economy, said Paul Gruenwald, chief Asia-Pa­cific economist at S&P Global Ratings. In an interview, Gruen­wald said that the Narendra Modi government needs to pass the constitutional amendment required for the implementation of the goods and services tax (GST) and continue with struc­tural reforms. Edited excerpts:

  • India Inc bats for Raghuram Rajan's second innings at Reserve Bank

    Leading entrepreneurs are of the opinion that Rajan did a good job in checking rising prices, helped rebuild the banking system in the country and stabilised the rupee in the last three years. Some of the voices:

  • Normal monsoon can boost farm sector growth to 6%

    "This year if the monsoon is normal in terms of quantity and distribution, my own esti­mate is agriculture growth will be more than six per cent," said Ramesh Chand, agriculture ex­pert and Member, NITI Aayog. This will be a significant fil­lip from the projected gross value addition of 1.1 per cent in the agriculture sector in 2015-16.

  • The big bang reforms are here

    Incremental and continuous changes to give the effect of big bang reforms and take the Indian economy to the next level is the main theme of two years of economic policy. The Modi government continued to focus on ease of doing business, bringing cre­dibility to governance through auc­tions of natural resources, reviving stalled projects in road and other infra sectors and going back to fiscal prudence....

  • Centre may merge 27 PSU banks into six

    Vinod Rai, the veteran bureaucrat appointed this year to run the new Banks Board Bureau, says merger process already began with SBI; mega banks will lead to better funding....

  • Don't panic about news of impending Fed rate hike

    After minutes of the US Federal Reserve's April meeting, where a rate hike was debated, were published, and in the wake of recent statements by Fed officials, experts within the Indian financial sector expect at least one rate hike in 2016. They advise that retail investors should not react to this event in panic, but should stick to the long-term asset allocation within their portfolios....

  • MFs put Rs85,330cr in bank stocks in April

    "Most of the PSUs and private sector banks are now available at cheaper valuation, which has prob­ably resulted in MF in­creasing their exposure to the banking sector. We are in the early stages of the next Indian growth story and banking as a sector will definitely benefit from the same," Wealth-force.Com founder Sid-dhant Jain said.

  • Tech Mahindra also drops payments banks plan

    Jagdish Mitra, who heads strategy for Tech Mahindra and is responsible for new growth businesses, said the business model that it had for payments bank, does not 'stack up' anymore....

  • Railways seeks over Rs1 trillion

    With an aim to achieve zero accidents, Indian Railways has sought more than Rs1 trillion from the finance ministry to strengthen tracks and upgrade signalling systems. Railway minister Suresh Prabhu has written a letter to finance minister Arun Jaitley seeking Rs1,19,183 crore to create a separate safety fund for undertaking safety projects, including track works and elimination of level crossings by construction of rail overbridge and rail underbridge, a senior railway ministry official said.

  • 33% of ATMs not working:RBI

    RBI Deputy Governor S S Mundra has raised concerns over one-third of ATMs being non­functional and warned the banks of penal action if the compliance levels are not met. Mundra quoted a survey of 4,000 ATMs conducted by a Reserve Bank team re­cently wherein it has found that almost one-third of these machines are not in working conditions.

  • Civil society members write to Jaitley seeking Rs17,000 cr as first tranche for rural job scheme

    The letter also urged the Centre to issue a notification for 150 days work in drought-affected States and also a fresh notification that en­sures that workers in all States are paid no less than the State minimum wage.

  • Anonymous and controversial

    Market regulator Sebi tweaked norms for participatory notes last week, briefly spooking the markets. HT decodes the financial instrument and its effect on foreign investments....

  • APPLE CAN OPEN STORES, BUT HAS TO SOURCE 30% LOCALLY

    FIPB — the nodal agency for clearing investment proposals by overseas companies—has cleared Apple Inc's plans to set up retail outlets in the country, but said the iPhone maker must comply with 30% local sourcing rules. The move comes a week after Apple CEO Tim Cook made his first visit to the country, to capital­ise on its growth prospects.

  • 24 May, 2016

    DSP BlackRock MF record date

    DSP BlackRock MF has announced May 27 as the record date for declaration of dividend under regular plan-dividend option of DSP BlackRock balanced fund.

  • 'Equity MFs' AUM climbs 16% in April'

    Asset base of equity mutual funds (MFs) surged 16% to Rs 3.57 lakh crore in April as retail investors poured money into these schemes, according to the latest data available with Association of Mutual Funds in India (AMFI).

  • RBI to conduct Rs 15,000-cr OMO buys tomorrow

    The Reserve Bank of India (RBI) has announced an open market operations (OMO) purchase of government securities (GS) worth rs 15,000 crore on Wednesday, according to a release.

  • RBI to put cap on customer liability

    There has been a rise in complaints related to frauds in electronic banking transactions & unauthorised fund transfers....

  • Focus on political consensus for GST Industry tells Govt

    In a statement, industry body CII President Naushad Forbes said: "Indian economy is definitely much improved and more stable than it was two years ago. This reflects sound and strategic macro-economic management to tackle inflation, keep the fis­cal deficit on the target path, and curb volatility."

  • Investment push: Sitharaman kicks off talks with biz heads

    The government is rop­ing in corporate India to increase domestic private investment. Commerce minister Nirmala Sitharaman met Aditya Birla Group chairman Kumar Mangalam Birla on Monday, and talked about the group's expan­sion plans for the textile sector.

  • L&T Infotech gets SEBI clearance for initial public offering

    L&T Infotech, an arm of engineering giant Larsen and Toubro (L&T), has received capital markets regulator the Securities and Exchange Board of India's (SEBI) approval for its proposed initial public offering (IPO). The company had filed its draft red herring prospectus (DRHP) with SEBI in April.

  • India should not remain too muchabout growth: Rajan

    RBI Governor Raghurani Rajan has said India should restrain itself from being "too ambitious" at a time when the world is full of uncertainties and instead focus on sensible policies to ensure a sustainable economic growth.

  • Investor Sentiment Improving, Catalysts Needed For Fresh Flows

    Investor sentiment towards the Indian economy is improving but markets are now looking at the passage of key reform bills like the Goods and Services Tax (GST) to act as "new catalysts", says a Citi­group report. Expectations on structural reforms however remain low and "could be a positive cata­lyst if GST gets passed", it said. Ac­cording to the global financial services major, both equity and fixed income (FI) investors are portraying a constructive outlook for India, but are waiting for the next 'catalyst' for fresh inflows.

  • EPFO keeps the faith in stocks, set to invest Rs10,000 cr in FY17

    Notwithstanding the negative return it earned on its equity investment in the first year, the Employees' Provident Fund Organization (EPFO) is set to channel more than 5% of its incremental corpus to the stock market this financial year.

  • PM Scheme on Anvil to Make Roads Safer; to have Rs.2,000cr Initial Fund

    India's roads — no­torious for being the world's de­adliest — will soon become safer with the launch of the Pradhan Mantri Surakshit Sadak Yojana. The scheme, with initial fun­ding of about Rs2,000 crore, will eliminate dangerous spots on highways that are the sites of fre­quent accidents through better design and road engineering and will set up railings on hill roads running along deep gorges.

  • Committee to examine offshore funds' requests to set up India office

    The commit­tee will examine the application of overseas fund managers and submit its recom­mendations to the Central Board of Direct Taxes (CBDT) regarding grant of approval or otherwise....

  • Commerce ministry, RBI to review regulatory norms for Exim Bank

    RBI and the commerce min­istry will next week review reg­ulatory norms for the Export Import Bank of India (Exim Bank) to enhance capital base, leverage and cap on single bor­rower exposure. This is part of efforts to push project exports....

  • We are focusing on long-term steps to increase power demand

    Piyush Goyal, Union minis­ter for power, coal and renewable energy speaks on the rollout of Ujjwal Discom Assurance Yojna, progress in states, performance of Coal India Ltd and the government's renewable energy initiatives. Edited excerpts :

  • Ahead of stake sale, IDBI Bank looks at ways to boost valuation

    IDBI hires PwC to help with stake sale process; sale of non-core assets, separate entity for bad loans being discussed....

  • 23 May, 2016

    Small-cap, IT funds outshine markets

    Small-cap equity schemes, in particular, have done quite well with investors making returns of 30 per cent CAGR - schemes in this category include DSP BlackRock Micro Cap fund

  • Not P-Notes, fisc deficit and NPAs to trigger mkt moves

    Veteran investment banker Hemendra Kothari said the mar­ket is looking for the next stage of action from the government. "Issues like GST will be the focus, while US interest rates and UK's referendum on euro will be vital."

  • Sumitomo Likely to Pick Up 44% in Excel Crop

    Among the institutional shareholders of Excel Crop Care are Life Insurance Corporation (6.58 %) and DSP Blackrock (1.92 %).

  • Higher FDI cap for single investor in exchanges at 15%

    The Cabinet will soon approve a proposal to raise the individual cap on foreign investment, in both stock as well as com­modity exchanges, from 5% to 15 %, sources toldFE.

  • Centre looking at more resources for recapitalisation of PSBs

    With several public sector banks reporting huge losses in the fourth quarter, the gov­ernment is considering vari­ous options to enhance re­sources for equity infusion in the lenders this fiscal....

  • SETTING THE STAGE FOR A START-UP NATION

    Realizing that it's tough to create enough jobs in established manufactur­ing sectors, the National Demo­cratic Alliance (NDA) govern­ment over the past two years seems to have adopted a more pragmatic path—promote new-age businesses so that the Gen-X becomes job creators than seekers....

  • India Inc is now creditworthy

    India Inc has turned the corner of distress with their debt securities rece iving positive ratings ov erall. According to Sebi, as many as 852 of 952 long-term corporate debt securities were rated to be investment grade....

  • Politically tough to speed up reforms: Rajan

    It is 'politically difficult' to speed up structural reforms in India, RBI governor Raghuram Rajan said, even as he stres­sed on the need for cleansing banks and checking infla­tion to ensure faster growth....

  • Indian economy has macro stability'

    RBI Gov­ernor Raghuram Rajan on Saturday said despite two droughts and a weak inter­national market scenario, the Indian economyhas re­corded 7.5 percent growth. He said India is largely protected from global vola­tility....

  • Modi Govt 'work in progress'; tax, NPAs to be fixed: Assocham

    On the country's macro-economic picture, Assocham said it has "certainly been steadied while some bold moves have been made in roads, highways, railways and energy sectors". However, it called for an "aggressive" approach to tack­le problems faced by the agri­culture sector and uplift the country's vast rural popula­tion".

  • Support 2nd term for Rajan: Godrej

    "I would not like to com­ment on what other people want to say," Godrej said when asked about Swamy's state­ment. "I think he has done a good job. He is very well respected across the world. He is a very capable person, very well respected person and I think if his term is extended then its a good thing for India," leading industrialist Godrej said.

  • Scrapping policy to boost auto industry: Gadkari

    Ready with a new scrapping policy that will provide incentives for surrendering old polluting vehicles, Union Minister Nitin Gadkari on Sunday said it would boost the automobile industry turnover about four-times to Rs2O lakh crore in the next five years.

  • HOW TO LEAVE A LASTING ECONOMIC LEGACY

    India had flirted with an incipient economic crisis a few months before Narendra Modi was swept to power two years ago. Its weak public finances made it one of the most fragile economies in the world...Much has changed since then. India is now a far more stable economy. The fiscal deficit is down...The Modi government has done credible work in the past two years in terms of building a new framework of rules for the con­duct of macroeconomic policy. That is one way it can cement a lasting legacy on Indian economic policy.

  • Markets May Remain Cautious in Absence of Major News Triggers

    Wait, watch and play it by ear, analysts have been advising investors this week, which is the final lap of the results season. In the absence of any major news trig gers, renewed worried about a Fed rate hike in June, the movement of the dollar and the performance of commodities will keep investors edgy Slowing foreign institutional inflows are likely to cap upsides in the days ahead.

  • Taking the Long Road

    One of its most outspoken members, BlackRock CEO Laurence Fink, sent a letter to U.S. and European corporations in February urging them to spell out their long-term growth plans. Michelle Edkins, global head of BlackRock's investment stewardship team, leads 22 specialists around the world in researching and engaging with companies on environmental, social and governance issues

  • 22 May, 2016

    The policy balancing act

    India is doing well compared to most coun­tries, but industry and the investment cli­mate is still weak, so low global demand is a risk. Macroeconomic policy, therefore, needs to deliver a demand stimulus....

  • Housing all set to ACCELERATE

    India's residential sector is poised for faster growth by Q4 2016 as indicators are towards a convincing revival by the end of the year....

  • Six convocation speeches that will inspire you

    Speaking to graduating students in Delhi, Raghuram Rajan joked that most convocation speeches are quickly forgotten. But here are some lectures that stayed with us long after they were delivered....

  • G7 warns on growth outlook as Japan bristles over yen

    Finance chiefs from the world's biggest developed economies meeting in Japan under­scored concerns that global growth is flagging and reaffirmed a pledge notto deliberately weaken their cur­rencies, even as Japan again warned on the yen's surge....

  • "Our Ministry will Contribute 2-3% to GDP Growth"

    One of the favourite lines of Nitin Gadkari union minister of road transport, highways and shipping, is "American roads are not good because America is rich, but America is rich because America has good roads". That explains why he is fixated on building new roads at record pace - think 24 km roads per day - besides cutting down on red-tapism. In an interview, the arguably best performing minister in the Modi Cabinet speaks about his targets for five years for infrastructure creation. Edited excerpts:

Industry Data (As on 30th April 2016) in Crores
Industry AUM 1,421,952
Industry Equity AUM 468,172
Industry Equity Gross Sales (for the month) 13,576
Industry Equity Net Sales (for the month) 4,743
Industry Fixed Income AUM 953,780
Industry Fixed Income Gross Sales (for the month) 1,113,636
Industry Fixed Income Net sales (for the month) 165,418
Source: AMFI

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Name- Mr. Sandeep Indrakant Gandhi
City - Rajkot

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Term of the Month

Inflation Targeting: Implications for Growth and Stability

The Indian economy adopted an inflation targeting framework in 2015. This requires RBI to publicly announce a medium term inflation target and to achieve it within specified time lines. The initial target of bringing CPI inflation to 6% by January 2016 has already been achieved; now the task is to maintain inflation at 4% (plus or minus 2%) from 2016-17 onwards.

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