Showing posts with label NEWS - India. Show all posts
Showing posts with label NEWS - India. Show all posts

Wednesday, July 16, 2014

India's Gold imports were up by 65.13 percent to USD 3.12 billion, exports up 10.22 percent to USD 26.4 billion in June.

India's Gold imports were up by 65.13 percent to USD 3.12 billion, exports up 10.22 percent to USD 26.4 billion in June.
The country’s exports grew by 10.22 percent to USD 26.4 billion in June while imports stood at USD 38.24 billion, up by 8.33 percent, leaving a trade deficit of USD 11.76 billion, according to the Ministry of Commerce and Industry's data. 
Country's exports stood at USD 24 billion in June last year while imports were at USD 35.3 billion, the data showed.
Exports in May rose by 12.4 percent to USD 28 billion over the same month a year ago, while imports fell by 11.4 percent to USD 39.23 billion.
In the April-June period, exports grew by 9.31 percent to USD 80.11 billion.
Imports, however, dipped by 6.92 percent to USD 113.19 billion during the first three months of this financial year. Trade deficit during the period stood at USD 33.08 billion.
Oil imports increased by 10.9 percent in June to USD 13.34 billion. Non-oil imports during the month under review were up by 7 percent to USD 24.9 billion.
Country's gold imports were up by 65.13 percent to USD 3.12 billion in June this year from USD 1.88 billion in the same month last year.

Tuesday, July 8, 2014

Railway Budget 2014-15: Highlights

Union Railway Minister D.V. Sadananda Gowda presented his maiden Railway Budget in Parliament on Tuesday. Here are the highlights of this Budget.

Railway Budget 2014-15: Highlights* No new increase in passenger fares and freight charges
* Bullet train in Mumbai-Ahmedabad sector
* Diamond quadrilateral for high speed trains
* Plan to hike speed of trains to 160-200 km/hr in 9 sectors
* Online booking to support 7,200 tickets per minute; to allow 1.2 lakh users log in simultaneously
* Reservation system to be revamped, ticket-booking through mobile phones, post offices to be popularised
* Online platform for unreserved tickets
* Combo parking-platform tickets at stations
* Women RPF Constables to escort ladies coaches; 4,000 women constables to be inducted
* Retiring room facility to be extended to all stations
* Battery operated cars for differently-abled and senior citizens at major stations
* Feedback services through IVRS on quality of food
* Food can be ordered through SMS, phone; Food courts at major stations
* Cleanliness budget up by 40 per cent over last year
* CCTVs to be used at stations for monitoring cleanliness
* Setting up of corpus fund for stations’ upkeep; RO drinking water in some stations and trains
* Automatic door closing in mainline and sub-urban coaches
* 58 new trains and extension of 11; 864 additional EMUs to be introduced in Mumbai over 2 years
* FDI in railway projects, except in operations
* FDI, domestic investments in rail infrastructure
* Office-on-Wheels: Internet & workstation facilities on select trains
* WiFi in A1, A category stations and in select trains
* Railways university for technical and non-technical subjects
* Some stations to be developed to international standards through PPP model
* Parcel traffic to be segregated to separate terminals to make passenger traffic unhindered
* Loss per passenger per kilometre up from 10 per cent in 2000-01 to 23 per cent in 2012-13
* Solar energy to be tapped at major stations
* Highest ever plan outlay of Rs. 65,455 crore for 2014-15
* Expenditure in 2014-15 pegged at Rs. 149,176 crore.

Monday, June 2, 2014

Strong Rumours P-Notes from Mauritius will be TAXED in India

Strong Rumours P-Notes from Mauritius will be TAXED in India
Strong Rumours P-Notes from Mauritius will be TAXED in India
Hearing from Mumbai & Calcutta :

P-Notes from Mauritius will be TAXED in India to Stop Black Money Circulation !

Some Top People saying P-Notes will be banned Completely 
Can See this Announcement in coming Budget !
Watch : Wednesday or Thursday … Nifty Will Hit TOP and Slide will start !

Sunday, June 1, 2014

Big Positive News Flow for Stock Market in Next 90 DAYS - Finance Ministry Source

* ECBs: Foreign borrowing norms likely to be liberalised
* PERMANENT ESTABLISHMENTS: Global income of India-based establishments might not be taxed
* DEPOSITORY RECEIPTS: Unlisted companies’ sale of receipts against debt could be allowed
* CAPITAL CONTROLS: Outward remittance limit might be restored to $200,000 from $75,000 at present
* EUROCLEAR: To enable cross-border settlement of locally-issued government bonds
* ROAD SHOWS: Finance Minister Arun Jaitley to sell the India story in London, Tokyo, Hong Kong, Singapore, New York
Big Positive News Flow for Stock Market in Next 90 DAYS - Finance Ministry Source* RETAIL PARTICIPATION: Tax sops to encourage retail investors’ participation in equityThe finance ministry is set to push through major reforms in equity and debt markets to be implemented in the next three months. According to the plan, the foreign borrowing norms are to be liberalised and the capital controls imposed by the Reserve Bank of India last year rolled back. The ministry is also considering replacing short-term capital gains tax with a higher securities transaction tax (STT).
While tax incentives are being considered for retail investors and permanent establishments managing global funds in India, measures are in the offing to deepen corporate bond markets, strengthen retail participation in equities, comprehensively revamp depository receipts and join Euroclear, the world’s largest securities settlement system.
To sell the Indian reform story to foreign investors, Finance Minister Arun Jaitley is planning to go to London, Tokyo, Hong Kong, Singapore and New York for road shows.
“We are looking at a three-month time-frame to roll out many of these measures. Some that require legislative amendment might come in the Union Budget. The restrictions imposed by RBI in July last year will also be lifted,” a finance ministry official, asking not to be named
Budget measures might include abolishing short-term capital gains tax and, instead, levying a higher securities transaction tax (as suggested by the Parthasarathi Shome committee), exempting global income of India-based permanent establishments from tax, and offering tax sops to encourage retail investors’ participation in equity markets.
The finance ministry wants to take measures to boost investments by domestic players, especially the retail ones, as the market rally in recent times has mainly been driven by inflows from foreign investors. “Participation of retail investors is a big concern. We have to push this in a big way,” another official said.
The ministry will also try to widen the scope of both American and global depository receipts (DRs). Currently, only listed companies are allowed to sell DRs (that too only against underlying equity shares). The M S Sahoo committee had proposed DRs for debt and unlisted companies as well. These would give easy access to foreign investors who don’t wish to invest directly in Indian companies.
The finance ministry also wants to relax the external commercial borrowing (ECB) norms and enable companies to fully hedge against foreign currencies. “We want to let borrowers decide how much they want to raise. If you hedge it, the cost of borrowing goes up. So, naturally, they will be cautious,” said the second official quoted earlier.
Experts said ECBs should, in fact, be liberalised generally, with control only for certain sectors. “Refinancing of ECBs should be allowed on a wholesale basis. They should ease end-use of ECBs because international markets provide cheaper funds. Its use should be expanded significantly, while there should be control for certain sectors,” said Abizer Diwanji, partner and national leader (financial services), EY.
In a step towards internationalising debt, the government is also planning to join Brussels-based Euroclear bank.
This will facilitate cross-border settlement of locally-issued government bonds. Officials said this would bring down borrowing cost for Indian companies. The ministry is getting legal opinion on whether this would require amendment to the Sebi Act. It is awaiting a formal view from RBI on the issue.
The government is also trying to liberalise the rupee-denominated corporate bond market. So far, its efforts to deepen this have yielded little result.
“If banks are ready to lend at cheaper rates, who would go for corporate bonds? Unlike the US, our economy is dependent on bank debt,” the official explained.

Friday, May 30, 2014

It's Morning in India: Narendra Modi's Pro-Business Policies Point to Strong Sectors Growth

As some of you might recall, Ronald Reagan's now-famous 1984 presidential campaign, "Morning in America," renewed many Americans' confidence in this country's financial future. Likewise, the May 16 election of Narendra Modi--whose campaign slogan, "Good times ahead," taps into the same sense of optimism--couldn't come at a better time for India and the surrounding region.
Sworn in on Tuesday, Modi's pro-business, small-government policies have already prompted many citizens of the world to liken him to such transformative leaders as Reagan and Margaret Thatcher. Because he has vowed to widen India's doors to foreign investment, rehabilitate its crumbling--or, in many regions, nonexistent--infrastructure, deregulate the retail industry and loosen the red tape that has halted domestic coal production, investor confidence in the South Asian country has surged like never before.
For the past six months, foreign investors have bought up more than $16 billion in Indian stocks and bonds in anticipation of Modi's win and hold approximately 22 percent of Mumbai-listed equities, valued at nearly $280 billion. Since the election, the Indian markets have been bullish, with the rupee crossing 59 levels against the dollar. These activities have made the world's largest democracy the top performer this year among the four BRIC economies.
"We want more strength for the wellbeing of the country," Modi said after declaring victory. "I see a glorious and prosperous India."

Modi has a proven track record of turning economies around.

As head of the state of Gujarat, a position he held prior to being elected prime minister, he oversaw annual economic growth of 10 percent. He is also credited for bringing electricity to all 60.4 million Gujarat residents--a first for India.
One of his loftier goals is to do the same for all 1.2 billion Indians using clean power generation such as wind and solar. Currently, 400 million citizens--more than the combined populations of the U.S. and Canada--are without power. The plan is that by 2019, every home will be able to run at least two light bulbs, a cooker and a television.
Such a colossal undertaking as bringing power to every home will require the import and production of untold amounts of metals such as copper and steel, not to mention the construction and rehabilitation of the nation's poor infrastructure, which is decades behind China's.
According to Ajay Piramal, Chairman of the Piramal Group, one of the roads to India's prosperity is "infrastructure development. Reviving infrastructure projects by streamlining approval and decision-making processes will be critical. By 2019, the structural growth rate of India should be at 8 percent or higher."
It's Morning in India: Narendra Modi's Pro-Business Policies Point to Strong Sectors Growth

Under the new prime minister's watch, the growth of industrials and materials is very promising.

India is already the fourth-largest steelmaker in the world, having produced 7.25 million tonnesin March alone. But with the implementation of new infrastructure and energy projects, steel production has the potential to explode.
The same can be said of coal. Even though India, the world's second-most populous country, is rich in coal, mining has historically been stymied as a result of tortuous bureaucracy and stateism. To facilitate foreign investment in the resource and boost product output, Modi is considering breaking up Coal India Ltd., India's state-controlled mining company.
With more jobs up for grabs, more Indians will be able to afford the sort of lifestyle and consumption habits that many Americans enjoy. As I've previously discussed, gold is a prime gift to give and receive in India during religious holidays and celebrations. A robust working class will ensure that gold continues its trend as a desired and accessible commodity.
It's too early to tell if morning has indeed arrived in India. To be sure, the nation faces many challenges that block its path to prosperity, including debilitating bureaucracy, an inefficient agricultural sector, low literacy rate and widespread poverty. But as I often say, government policy is a precursor to change, and with Modi at the helm, "good times ahead" sounds like more than an empty promise. Provided his administration can make good on his many ambitious plans, investment in the energy, industrials, materials and utilities sectors could conceivably see fair returns.
It's Morning in India: Narendra Modi's Pro-Business Policies Point to Strong Sectors Growth

Saturday, May 17, 2014

The Indian Election Is Over, The Full Summary.

Didn't follow tonight's historic election in India (which caused the local market to surge as much as 6.2% at one time hitting an all time high) which has left the nation with a "general feeling of euphoria"? Then this full recap of what just happened, courtesy of Bloomberg, is for you.
  • Congress party President Sonia Gandhi concedes defeat after coalition led by Narendra Modi’s opposition Bharatiya Janata Party sweeps Indian election.
  • BJP bloc leads in 335 seats and Congress-led bloc in 59, according to NDTV tally of count as of 4:39 p.m. in Mumbai.
  • BJP alone set to cross majority mark of 272 seats from 543 up for grabs: Election Commission data
  • “India has won,” Modi says on Twitter
  • BJP poised for biggest victory for any single Indian party in 30 years on pledge to revive growth, improve governance
  • Congress heading for wost-ever performance after graft scandals, economic slowdown, elevated inflation
The Indian Election Is Over, The Full Summary.TALLY
  • BJP, allies leading in 335 seats
  • Congress, allies: 59
  • BJP alone: 285
  • Congress alone: 46
  • Modi wins Vadodara, Varanasi seats: NDTV
  • Congress party VP Rahul Gandhi in close contest in Amethi
  • Rupee strengthens 0.5% to 58.975 per dollar as of 4:40 p.m. in Mumbai after rising to 11-month high; Sensex closes up 0.9% at record, paring earlier surge of 6.2%, which was most in five yrs; 10-year govt bond yield rises to 8.83% from 8.78% yday
  • RBI is in the market to check the rupee’s gains, according to four dealers who declined to be identified because the information isn’t public
  • “Will be selective about what to buy, given the excitement we have in Indian markets,” Adrian Lim, senior investment manager at Aberdeen Asset Management Asia, says in interview to Bloomberg TV India
  • “General feeling of euphoria” on hopes of foreign inflows, says Killol Pandya, Mumbai-based senior debt fund manager at LIC Nomura Mutual Fund, adding “issues such as inflation remain”
  • Pandya says breach of 8.735% for the 10-year yield is critical based on technical patterns, and that “yield trajectory may see a steep fall if 8.65% is breached”
  • NDTV-Hansa Research: BJP, allies to win 279 seats; Congress bloc 103; others 161
  • India Today-Cicero: BJP bloc to get 261-283 seats; Congress bloc to get 110-120 seats; other parties to win 150-162
  • Bloomberg TV India-CVoter: BJP bloc to get 289 seats;  Congress bloc to get 101 seats; other parties to win 153
  • Today’s Chanakya: BJP bloc to win 340 seats; Congress-led alliance seen winning 70; other parties 133
  • ABP News-Nielsen: BJP grouping to win 281 seats; Congress alliance seen getting 97 seats; others 161; Aam Aadmi Party to win 4 seats; surveyed 183,623 voters
  • CNN-IBN-Lokniti-CSDS: BJP alliance to win 274 to 286 seats; Congress and allies may get 92 to 102 seats
Goldman Sachs
  • Simple majority would ensure stable govt over 5-yr term with room for “meaningful” economic policy overhaul; 3-mo. USD/INR target 58.5 per dollar; long-tenor bonds to rally
  • If BJP bloc wins less than 200 seats: unclear mandate would cause “knee-jerk” rupee drop to 63.31 per dollar; 10-yr govt bond yield may rise to 9.10%
  • BJP bloc wins 200-230 seats: uncertain mandate would  cause rupee drop past 61; 10-yr govt bond yield rises to 8.80%-9.10%
  • BJP bloc wins 230-255 seats: probability that this alliance would form govt would cause “modest” rupee appreciation; 10-yr govt bond yield to stay between 8.60%-8.75%
  • BJP bloc wins 255-280 seats: comfortable mandate would cause rupee gain toward 59, USD/INR risk reversals to drop; 10-yr govt bond yield falls toward 8.55%; high probability that S&P will raise outlook on India sovereign rating to ‘stable’ from ‘negative’
  • BJP bloc wins more than 280 seats: Very strong mandate would cause rupee gain toward 58; 10-yr govt bond yield falls toward 8.55%; High probability that S&P will raise outlook on India sovereign rating to ‘stable’ from ‘negative’
Espirito Santo
  • “Cautiously optimistic” on post-exit poll exuberance; positive election outcome could further spur business confidence and market “ahead of fundamentals”
  • Base scenario: 5.4% FY15 GDP growth, a “mild” rupee appreciation to 58.00 per dollar in 3-6 mo., higher interest rates “for longer”
  • In “extremely positive” scenario: 10% rupee appreciation in 12 mo.
  • Modi Set to Rule as BJP Bet on One-Man Campaign Pays Off
  • Indians Expect Modi to Be an Economic Superman
  • Meet the Man Who Has the Hardest Job in Economics
  • Modi Calls for India Unity as Exit Polls Signal He’ll Win
  • Stocks Rise to Record as Polls Show Modi Win; Rupee Gains
  • Wives Revolt as Free Election Booze Leaves Trail of Widows
  • Escalating Reliance, Vodafone Spats Await Next Government
  • Torched India Shop Shows Riot Risk as Muslims Wary of Modi
  • Is India’s E-Voting a Turn for the Better?
  • Modi In-Laws Laud Acceptance of Teen Bride After Decades
  • Modi Says His Economic Priority Would Be Job Creation
  • Bridge Unbuilt Shows Gandhi Family’s Fading Promise
  • Adani’s $4.1 Billion Wealth Surge Fuels Modi Attacks
  • Indian Women Ignoring Their Husbands as Voting Power Rises
  • Rajan Must Be Respected by Incoming Government: Chidambaram
  • Modi Mutiny Risk Looms as Top BJP Woman Muted in India Vote
  • Next Govt Will Need Credible Deficit-Cut Plan: RBI Adviser
  • Lawyer Seen as India Finance Chief Woos Punjab in First Poll
  • Rajan Job Safe If Modi Wins India Polls, BJP Treasurer Says
  • Indians Abroad Eye Election Role as Rape Hits Nation’s Image
  • Modi Targets Urban Voters Who Stayed Home in India Poll Push
  • Trader Abandons Congress for BJP as Modi Spurs Sensex Gain
  • Goats-for-Votes Pose India Deficit Risk as Poor Lack Toilets
  • Gandhi Says He’s Ready to Be India Prime Minister: CNBC
  • Three Female Kingmakers Hold Key to Modi’s India Power Bid
  • Election Panel Asks Media to Stop Publishing Opinion Polls
  • Deadly Squalor May Spell Victory for Hindu Nationalists
  • Modi’s 72-Hour Tata Coup Shows States Key to India Revival
  • Modi Doesn’t Need to Apologize for Anti-Muslim Riots: BJP
  • India Upstart Tries to Destroy Modi Momentum in Ganges Clash
  • Hindu Campaigners Backing Modi Risk Spooking India Allies
  • Rupee Gains of 35% Seen in Decisive Victory for Modi

Narendra Modi - The Good, The Bad, & The Ugly

Given the surge in India's stock market, echoing the reflexive pro-business exuberance of last year's Japanese stock market, the similarities between India's newly-elected PM Narendra Modi and Japan's Shinzo Abe are coming thick and fast... some good (pro-business), some bad (potential dislike of the US) and some potentially ugly (strong nationalist tendencies).

Narendra Modi - The Good, The Bad, & The Ugly

After a prolonged period of political drift and paralysis, India’s new government will be led by a man known for his decisiveness. Just as Japanese Prime Minister Shinzo Abe’s return to power in late 2012, after six years of political instability, reflected Japan’s determination to reinvent itself as a more competitive and confident country, Narendra Modi’s election victory reflects Indians’ desire for a dynamic, assertive leader to help revitalize their country’s economy and security.

Like Abe, Modi is expected to focus on reviving India’s economic fortunes while simultaneously bolstering its defenses and strengthening its strategic partnerships with likeminded states, thereby promoting regional stability and blocking the rise of a Sino-centric Asia. The charismatic Modi – a darling of business leaders at home and abroad – has promised to restore rapid economic growth, saying there should be “no red tape, only red carpet” for investors.

The 63-year-old Modi mirrors Abe’s soft nationalism, market-oriented economics, and new Asianism, seeking close ties with Asian democracies to create a web of interlocking strategic partnerships.

In a country where the gap between the average age of political leaders and citizens is one of the world’s widest, Modi will be the first prime minister born after India gained independence in 1947. This constitutes another parallel with Abe, who is Japan’s first prime minister born after World War II.

There is, however, an important difference in terms of the two leaders’ upbringing: While Modi rose from humble beginnings to lead the world’s largest democracy, Abe – the grandson and grandnephew of two former Japanese prime ministers and the son of a former foreign minister – boasts a distinguished political lineage. In fact, Modi rode to victory by crushing the dynastic aspirations of Rahul Gandhi, whose failure to articulate clear views or demonstrate leadership ran counter to the Indian electorate’s yearning for an era of decisive government.

Modi, like Abe, faces major foreign-policy challenges. India is home to more than one-sixth of the world’s population, yet it punches far below its weight. A 2013 essay in the journal Foreign Affairs, titled “India’s Feeble Foreign Policy,” focused on how the country is resisting its own rise, as if the political miasma in New Delhi had turned the country into its own worst enemy.

Many Indians want Modi to give a new direction to foreign relations at a time when the gap between India and China in terms of international stature has grown significantly.India’s influence in its own backyard – including Nepal, Sri Lanka, and the Maldives – has shrunk. Indeed, Bhutan remains India’s sole pocket of strategic clout in South Asia.

India also confronts the strengthening nexus between its two nuclear-armed regional adversaries, China and Pakistan, both of which have staked claims to substantial swaths of Indian territory and continue to collaborate on weapons of mass destruction. In dealing with these countries, Modi will face the same dilemma that has haunted previous Indian governments: the Chinese and Pakistani foreign ministries are weak actors. The Communist Party and the military shape Chinese foreign policy, while Pakistan relies on its army and intelligence services, which still use terror groups as proxies. The Modi government is unlikely to let another Mumbai-style terrorist attack staged from Pakistan go unpunished, employing at least non-military retaliatory options.

Restoring momentum to the relationship with the United States – damaged recently by grating diplomatic tensions and trade disputes – is another pressing challenge. But Modi’s commitment to pro-market economic policies and defense modernization is likely to yield new opportunities for US businesses and lift the bilateral relationship to a new level of engagement.

America’s strategic interests will be advanced by likely new defense cooperation and trade that boosts U.S. arms sales and creates avenues for joint military coordination.The U.S. already conducts more military exercises with India than with any other country.

Modi is the sort of leader who can help put U.S.-India ties back on track and boost cooperation. Yet there is a risk that his relations with the U.S., at least initially, could be more businesslike than warm, owing to an American slight that is hard for him to forget. In 2005, the US government revoked his visa over unproven allegations that he connived in Hindu-Muslim riots in 2002, when he was Chief Minister of Gujarat. Even after India’s Supreme Court found no evidence to link Modi to the violence, the US continued to ostracize him, reaching out to him only on the eve of the recent election.

With the US having expressed no regret for its revocation of his visa, Modi is unlikely to go out of his way to befriend the U.S. by seeking a White House visit. Instead, he is expected to wait for US officials to come calling.

By contrast, Modi is likely to remember states, such as Japan and Israel, that courted him even as the U.S .targeted him. Modi’s 2007 and 2012 visits to Japan opened new avenues for Japanese investment in business-friendly Gujarat.

Moreover, Modi has forged a special relationship with Japan and built personal rapport with Abe. When Abe returned to power, Modi congratulated him with a telephone call.

Modi’s victory is likely to turn Indo-Japanese ties – Asia’s fastest-developing bilateral relationship – into the main driver of India’s “Look East” strategy, which, with America’s blessing, seeks to strengthen economic and strategic cooperation with US allies and partners in East and Southeast Asia. Abe, who has sought to build security options for Japan beyond the current US-centric framework, has argued that his country’s ties with India hold “the greatest potential of any bilateral relationship anywhere in the world.”

A deeper Japan-India entente under Abe and Modi could potentially reshape the Asian strategic landscape. It is no surprise that Abe rooted for a Modi victory.
But it's not all silver linings... (as The Diplomat's Ankit Panda notes)
The BJP’s massive margin of victory might yield a new type of Indian politics, effectively reducing parliamentary barriers to passing new legislation. With 274 seats, the new prime minister and his party will be able to maneuver whatever measures they see fit through parliament without the hassle of having to deal with often-fickle coalition partners or a recalcitrant opposition. It remains to be seen how the BJP will manage its coalition partners within the NDA. The smaller parties within the NDA, including the Shiv Sena and the Telugu Desam Party, might find their influence wane within the coalition given the BJP’s majority. Additionally, the outcome in the next Rajya Sabha (the upper house of India’s bicameral legislature) elections will likely moderate the BJP’s ability to wield power unchecked — the party is expected to be the minority in the Rajya Sabha.

Even before the NDA had conclusively reached a majority in parliament, investors took the took India’s SENSEX Index to an all-time high, bringing the Indian Rupee to a 10-month high against the U.S. dollar as well. Modi and the BJP are widely perceived to be able to succeed economically where the Indian National Congress failed. Although the BJP will not immediately reverse several of the Congress’ populist schemes that have driven the Indian government into fiscal unease, it is expected to address broader economic issues such as inflation and development. Part of Narendra Modi’s popular appeal is also rooted in his image as a politician free of the taint of corruption. During the UPA’s 10 years in power, several high-profile scams exposed corruption at the highest levels of Indian government, jading voters and driving them to the BJP.

Among Modi’s critics, concerns will persist about the future of India’s secularism and the fate of India’s Muslim minority. Modi’s record as the chief minister of Gujarat has come under incessant scrutiny by observers both in India and abroad. Some allege that his complicity in the deadly 2002 Godhra riots that resulted in the deaths of hundreds of Muslims render him unfit to lead a country as pluralistic as India. Despite widespread concern, both in India and abroad, it appears that Indian voters have chosen to elect Modi on the merits of his economic vision rather than whatever his views towards India’s Muslims might be. The BJP as a whole is a Hindu nationalist party, influenced heavily by the often-militant Hindu organization, the Rashtriya Swayamsevak Sangh (RSS).
Overall, these elections demonstrate that Indian democracy is functional where it counts: holding a government accountable for poor political, economic, and social outcomes. It remains to be seen if the BJP will deliver what India’s voters want, but for now, the party seems to have won the broadest mandate of any single party in Indian politics in decades.

And, from Morgan Stanley,
Reforms Are Critical...
The two key variables that will be critical in reviving India’s growth trend are: (a) improvement in the external environment and (b) a pickup in the pace of structural reforms. Our global economics team expects that global growth will improve further to 3.7% in 2015, moving closer to the last 30 years’ average, giving us the confidence that the external environment will be supportive of India’s growth recovery.
Policy reforms at home will be even more critical. Over the past five years, the government’s policy was focused more on redistribution and less on boosting productive income growth. Moreover, bureaucratic hurdles and corruption-related investigations have exacerbated the challenges of weak demand and low corporate confidence. This has held back the much needed capex cycle and has been a drag on economic growth.
And Imperative
Overhauling bureaucratic processes and enacting reforms to lift sustainable growth is imperative. The macro stability risks of higher inflation, a wide current account deficit and asset quality issues in the banking system associated with such a policy approach has forced a recognition among policy makers of the need to pay greater attention to reviving the productive dynamic.
Higher economic growth rates are needed to generate the productive employment opportunities for India’s large and growing working age population. Moreover, India’s literate and well-connected middle class is now reaching critical mass.

President Barack Obama tonight congratulated Narendra Modi for his electoral victory during a telephone call and invited him to visit the US at a mutually agreeable time to further strengthen the bilateral ties.

"The President invited Narendra Modi to visit Washington at a mutually agreeable time to further strengthen our bilateral relationship," the White House said following the maiden telephonic conversation between the two leaders.

The phone call was stated to be brief.

Modi, during his US visit would be eligible for an A-1 visa, State Department Spokesperson Jen Psaki said.

"The Prime Minister of India will be welcomed to the United States. As Head of Government, Modi would be eligible for an A-1 visa," she said.

We assume the US needs all the friends it can right now.

Tuesday, April 8, 2014

BJP Promises Investor-Friendly Regime

BJP Promises Investor-Friendly Regime
India's Bharatiya Janata Party accused its main political rival, Congress, of driving away investors during its decade in power and promised more business-friendly policies if it is elected in national polls that started Monday.
In its election manifesto, released Monday morning in New Delhi, the BJP said: "We will bring back credibility and trust in government, resowing confidence in the India story domestically as well as internationally."
The Hindu nationalist party also attacked the incumbent Congress party-led government for using "tax terrorism" against companies. The BJP said it would provide a nonadversarial administration and simplify the country's complicated tax laws.
The BJP, and its candidate to be prime minister, Narendra Modi, appear to be in the lead as voters began casting their ballots in an election that is to last five weeks. A recent poll by the Pew Research Center found that more than 60% of Indians favor a BJP-led government.
A string of corruption allegations, rising inflation, slow policy-making and huge tax notices to several foreign companies have hurt investor confidence in India, dragging down economic growth to its weakest in several years.
Indian stocks have rallied on investors' belief that the BJP is likely to win and run a government more attuned to business interests.
Election results are to be announced on May 16.

Saturday, March 22, 2014

Congress Last 5 Years, Choose Your PM Gandhi Vs Modi, Congress Or BJP.

Congress Last 5 Years, Choose Your PM Congress Or BJP.

  • » These are just a few of the scams that have rocked India and shamed our nation in the last 5 years
  • » The cumulative loss to the National Exchequer is to the tune of INR 3.74 lac crore +

  • Congress Last 5 Years, Choose Your PM Congress Or BJP.
    • » Sharp drop in agri growth rate is serious cause for concern - since 70% of India´s families are dependent on rural incomes
    • » Agriculture´s share in India´s economy has progressively declined to less than 15% due to the high growth rates of the industrial and service sectors

    Congress Last 5 Years, Choose Your PM Congress Or BJP.
    • » The last five years have seen an unprecedented rise in corruption levels in India - which can be attributed to lack of transparent laws, abuse of discretionary powers and a governance and moral deficit
    • » The Transparency International Index 2013 proves that India – with Rank of 94 and a score of 36 - is perceived to be a highly Corrupt Nation

    Congress Last 5 Years, Choose Your PM Congress Or BJP.

    • » Gender-based violence has been acknowledged as a widespread and persistent challenge in India - so much so that a girl is raped in India every 22 minutes
    • » Its important to note that some states like Gujarat have the lowest RPL ratio (rapes per lakh population) in the country, at 0.8
    Congress Last 5 Years, Choose Your PM Congress Or BJP.

    » BJP led NDA govt had maintained the Inflation rate at a record low of 3.6% - which in the last 10 yrs has spiralled out of control completely
    • » The Govt´s inability to control the prices of essential food products, petrol and diesel etc has disproportionately hurt the living conditions of the poor and the middle class
    Congress Last 5 Years, Choose Your PM Congress Or BJP.

    • » The BJP led NDA govt created 22 TIMES MORE JOBS ( 60.7 mn jobs from 2000-2005) than the Congress led UPA Govt ( 2.7 mn jobs created from 2004-2010)
    • » Gujarat registered the lowest rate of unemployment of 1% in the survey 2011-2012
    Congress Last 5 Years, Choose Your PM Congress Or BJP.