ECONOMY - 2017 MAY

May 1

SEBI finalises norms for listing of green bonds.
Regulator SEBI has finalised norms for issuance and listing of green bonds, which will help in raising funds from capital markets for investment in the renewable energy space.
The rules have been finalised by the Securities and Exchange Board of India (SEBI) after taking into account inputs from the finance and environment ministries, as also from the Ministry of New and Renewable Energy (MNRE).
A green bond is like any other debt instrument issued by an entity for raising funds from investors. However, what differentiates it from other bonds is that the proceeds are ear-marked for use towards financing green projects.
The new norms would also help the investors take informed investment decisions and bring in uniformity in the disclosure requirements.

India's Forex reserves surge by $1.25 billion.
India's foreign exchange (Forex) reserves rose by $1.25 billion as on April 21, 2017.
According to the Reserve Bank of India's weekly statistical supplement, the overall Forex reserves increased to $371.13 billion from $369.88 billion reported for the week ended April 14.
India's Forex reserves comprise of foreign currency assets (FCAs), gold, special drawing rights (SDRs) and the RBI's position with the International Monetary Fund (IMF).
Segment-wise, FCAs - the largest component of the Forex reserves - augmented by $1.23 billion to $347.48 billion during the week under review.

Google introduces 'Solve for India' campaign: Aims to empower developers from Tier-II cities.
Google has announced the new "Solve for India" initiative, especially for tier-2 cities such as Pune, Jaipur, Hyderabad, Kolkata, Kochi, Indore, Nagpur, Nashik, Madurai, Kanpur, and Chennai.
This program will aim to support entrepreneurs and developers of the country. The program will provide a platform for developers, entrepreneurs in tier 2 cities to hear from experts and learn about the latest Google technologies and get access to direct mentoring and support from Google.
Entrepreneurs will now have the opportunity to learn directly from Google engineers who will share product usage insights, how to develop mobile first solutions with strong offline and language capabilities and help them to build solutions in many sectors.
Some of the areas will include agri-tech, healthcare, transportation, education, sanitation and more.

May 2

India to clock 7.1 per cent GDP this year, 7.5 per cent in 2018: UN.
India is expected to clock 7.1 per cent growth this year before edging up to 7.5 per cent in 2018, according to a UN report, which warned that the country faces heightened risks related to the concentration of bad loans in the public sector banks.
The UN Economic and Social Commission for Asia and the Pacific (ESCAP) in its annual flagship report 'The Economic and Social Survey of Asia and the Pacific 2017' launched that the economic growth for India is projected to be stable at 7.1 per cent in 2017 before edging up to 7.5 per cent in 2018, underpinned by higher private and public consumption and increased infrastructure spending.
Growth in India is forecast at 7.1 per cent this year as “re-monetisation restores consumption, and infrastructure spending increases. Inflation is projected to reach 5.3-5.5 per cent in 2017 and 2018.

Wipro gets a new brand identity.
Wipro has unveiled its new brand identity. It ''signifies a higher level of engagement and brand permission that helps clients leverage Wipro's expertise to address their business requirements and drive future opportunities in this digital era''.
Wipro has also unveiled a new logo. It represents the way the company ''connects the dots'' for its clients, its technology heritage and capabilities for the future. The individual elements in the logo represent ideas, technologies, industries and geographies, and the expanding pattern symbolises a boundless Wipro.
The four circles represent the Wipro Values, Employees, Clients & partners, and Communities. The blue of the word mark creates a sense of reliability and authority.
Wipro has also re-articulated the Spirit of Wipro, its core values: Be passionate about clients success, Treat each person with respect, be global and responsible, and unyielding integrity in everything.

May 3

Fitch affirms India's sovereign rating at 'BBB'.
Global rating agency Fitch Ratings has affirmed India's long-term foreign- and local-currency rating at 'BBB'. The Outlook on ratings is stable.
India's sovereign ratings balance a strong medium-term growth outlook and favorable external balances with a weak fiscal position and difficult business environment.
The business environment is likely to gradually improve with the implementation and continued broadening of the government's structural reform agenda.
Fitch forecasts India's real GDP growth to accelerate to 7.7 per cent in FY17 and FY18, from 7.1 per cent in FY16.

$770 billion black money entered India in 10 yrs, $101 billion of that in 2014 alone.
A report by Global Financial Integrity (GFI) documenting illicit financial flows across the world has pegged the total illicit inflows in India between 2005 to 2014 at $770 billion.
The yearly report titled 'Illicit Financial Flows from Developing Countries' also pegs the illicit money inflows in 2014 at $101 billion in the report.
On the other hand, an illicit outflow from India was pegged at $165 billion between 2005 and 2014. In 2014, the illicit money flowing outside India stood at $21 billion – a fifth of the outflows during the year.
The report notes that most of the illicit inflows and outflows in India happened due to mis invoicing of exports and imports.

CCEA approved Central Sector Scheme SAMPADA.
The Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister Narendra Modi, approval the re-structuring the schemes of Union Ministry of Food Processing Industries (MoFPI) under Central Sector Scheme SAMPADA.
The scheme was approved for the period 2016 - 2020.
SAMPADA, with an allocation of Rs. 6000 crore, is expected to leverage investment of Rs. 31400 crore and will handle 334 lakh MT agro-produce valuing Rs. 104125 crore.
It will benefit 20 lakh farmers and will generate 530500 direct/ indirect employment in the country by the year 2019-20.
It will also help in reducing wastage of agricultural produce, increasing the processing level, availability of safe and convenient processed foods at affordable price to consumers.


<--Back