India Positive - July 22, 2016
- November 30, -0001
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Fitch Ratings Inc has affirmed India’s sovereign ratings at BBB- with a stable outlook and projected the economic growth rate to accelerate to 7.7 per cent in FY 2016-17, based on strong medium-term growth outlook and favorable external balances.
The Union Cabinet has approved a memorandum of understanding (MoU) between India and the State Secretariat for Education, Research and Innovation of the Swiss Confederation, aimed at establishing a framework for bilateral cooperation between the two countries in the area of skill development.
The Union Cabinet has approved 259 proposals for setting up of Special Economic Zones (SEZs) relating to information technology/information technology enabled services (IT/ITeS) and electronic hardware sectors in various parts of the country.
India and the United States have agreed to deepen the scope of cooperation in port-led development, especially the Sagarmala programme, which will likely mobilise US$ 50-60 billion of infrastructure investment and US$ 100 billion of investment for promoting industrial growth.
India's foreign debt-to-Gross Domestic Product (GDP) ratio stood at 23 per cent in 2015, which was the lowest among 83 emerging market countries, according to an analysis by global ratings major Moody's Investors Service.
The National Skills Development Corporation (NSDC) plans to set up and launch 50 India International Skill Centres in the country by the end of 2016, which will impart training to domestic workers, healthcare workers, retail, security, capital goods, auto, construction tourism and hospitality.
The National Institution for Transforming India (NITI Aayog) is working on a framework to operationalise 500 Atal Tinkering Labs (ATL) in schools, aimed at creating an innovation ecosystem in the country.
The Government of India plans to create 10 solar zones across the country by 2021, which will enable states to attract investments, fulfil solar renewable purchase obligation (RPO) mandate and provide employment opportunities to local populations.
The Government of India has allocated Rs 22,915 crore (US$ 3.41 billion) as capital infusion in 13 public sector banks, which is expected to improve their liquidity and lending operations, and shore up economic growth in the country.
The Ministry of Commerce and Industry plans to develop a rating system and database for accommodations such as bed-and-breakfasts, guest houses, and paying guest, which will enable intermediaries offer standardised accommodation and boost e-tourism in the country.
The Central Board of Excise and Customs (CBEC) is planning to bring in more government agencies under the single-window interface and make the entire system paperless, which is expected to reduce the time taken for imported cargo to secure clearances from various departments.
The assets under management (AUM) of equity mutual funds (MF) in India grew by 7.6 per cent quarter-on-quarter to Rs 474,000 crore (US$ 70.57 billion) during April to June 2016, according to data from the Association of Mutual Funds in India (AMFI).
Fitch expects India’s GDP to grow at 7.7%; affirms ratings
Fitch Ratings Inc has affirmed India’s sovereign ratings at BBB- with a stable outlook and projected the economic growth rate to accelerate to 7.7 per cent in FY 2016-17, based on strong medium-term growth outlook and favorable external balances.
Cabinet approves a MoU signed between India and the Swiss Confederation for cooperation in skill development
The Union Cabinet has approved a memorandum of understanding (MoU) between India and the State Secretariat for Education, Research and Innovation of the Swiss Confederation, aimed at establishing a framework for bilateral cooperation between the two countries in the area of skill development.
Approval for setting up of IT/ITES SEZs
The Union Cabinet has approved 259 proposals for setting up of Special Economic Zones (SEZs) relating to information technology/information technology enabled services (IT/ITeS) and electronic hardware sectors in various parts of the country.
India and US to enhance cooperation in maritime sector
India and the United States have agreed to deepen the scope of cooperation in port-led development, especially the Sagarmala programme, which will likely mobilise US$ 50-60 billion of infrastructure investment and US$ 100 billion of investment for promoting industrial growth.
India debt-GDP ratio one of the lowest among emerging markets: Moody’s
India's foreign debt-to-Gross Domestic Product (GDP) ratio stood at 23 per cent in 2015, which was the lowest among 83 emerging market countries, according to an analysis by global ratings major Moody's Investors Service.
NSDC to open 50 India International Skill Centres across the country
The National Skills Development Corporation (NSDC) plans to set up and launch 50 India International Skill Centres in the country by the end of 2016, which will impart training to domestic workers, healthcare workers, retail, security, capital goods, auto, construction tourism and hospitality.
NITI Aayog’s Initiative to Create a Framework for Operating 500 Tinkering Labs Across India
The National Institution for Transforming India (NITI Aayog) is working on a framework to operationalise 500 Atal Tinkering Labs (ATL) in schools, aimed at creating an innovation ecosystem in the country.
Govt plans to create 10 solar zones across India by 2021
The Government of India plans to create 10 solar zones across the country by 2021, which will enable states to attract investments, fulfil solar renewable purchase obligation (RPO) mandate and provide employment opportunities to local populations.
To boost lending, Government pumps Rs 22,915 crore into PSU banks
The Government of India has allocated Rs 22,915 crore (US$ 3.41 billion) as capital infusion in 13 public sector banks, which is expected to improve their liquidity and lending operations, and shore up economic growth in the country.
Govt planning rating system for homestays, guest houses
The Ministry of Commerce and Industry plans to develop a rating system and database for accommodations such as bed-and-breakfasts, guest houses, and paying guest, which will enable intermediaries offer standardised accommodation and boost e-tourism in the country.
CBEC plans to speed up cargo clearances
The Central Board of Excise and Customs (CBEC) is planning to bring in more government agencies under the single-window interface and make the entire system paperless, which is expected to reduce the time taken for imported cargo to secure clearances from various departments.
Equity MF assets at record high in April-June
The assets under management (AUM) of equity mutual funds (MF) in India grew by 7.6 per cent quarter-on-quarter to Rs 474,000 crore (US$ 70.57 billion) during April to June 2016, according to data from the Association of Mutual Funds in India (AMFI).
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