India Positive - 11 November, 2016
- November 30, -0001
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The Government of India has announced demonetisation of high denomination bank notes of Rs 1000 and Rs 500, with effect from November 08, 2016, in order to eliminate black money and the growing menace of fake Indian currency notes, thereby creating opportunities for improvement in economic growth.
Mr Gerry Rice, Director of Communications Department, International Monetary Fund (IMF), has expressed confidence and support towards Government of India's efforts to fight corruption and illicit financial flows into the country through the demonetisation of Rs 500 and Rs 1,000 currency notes.
India has moved up by one spot to be ranked second in a global index of business optimism, during the third quarter (July-September 2016), according to the latest Grant Thornton International Business Report.
India has emerged as the third largest technology startup hub in the world in terms of number of tech-startups, just behind the US and the UK, according to a joint report by Assocham and Thought Arbitrage Research Institute.
India and Japan are seeking to put in place a network to connect the Pacific and the Indian Ocean, aimed at contributing to Asian stability by utilising India's political network in Africa and Japanese funds to finance and develop a variety of projects across the African continent.
The Reserve Bank of India (RBI) has modified norms under the new scheme for sustainable structuring of stressed assets (S4A), which will allow banks to classify at least half the debt involved as standard assets after keeping aside provisions equal to at least 50 per cent of the debt classified as unsustainable or 20 per cent of aggregate debt, whichever is higher.
The Ministry of Urban Development plans to introduce a new policy framework for resource mobilisation through Value Capture Financing (VCF), which would enable state and city governments to raise funds by tapping a share of increase in value of land and other properties, to finance ongoing urban infrastructure expansion.
The Taiwan Futures Exchange (TAIFEX) has launched the TAIFEX Nifty 50, a new Taiwan dollar denominated futures contract that will track the National Stock Exchange's (NSE) Nifty 50 index, thereby providing international investors with more efficient access to the Indian capital market.
The Ministry of Skill Development and Entrepreneurship has launched the Pradhan Mantri Yuva Yojana, which will provide entrepreneurship education and training to over 700,000 students in 5 years through 3,050 institutes.
The Department of Telecommunications (DoT) plans to introduce new rules to enable faster acquisition of land for installation of towers and fibre, which is expected to improve ease of doing business in terms of receiving permission from government authorities.
The Government of India has signed a US$ 48 million loan agreement with the Asian Development Bank (ADB) for the Assam Power Sector Investment Program, which would be used to strengthen the power distribution system, improve energy efficiency and reduce technical and commercial losses in Assam.
The Government of India plans to introduce a new Green Urban Transport Scheme with a central assistance of about Rs 25,000 crore (US$ 3.74 billion), aimed at boosting the growth of urban transport along low carbon path for substantial reduction in pollution, and providing a framework for funding urban mobility projects at National, State and City level with minimum recourse to budgetary support by encouraging innovative financing of projects.
Government decides to cancel the legal tender character of the High Denomination bank notes of Rs.500 and Rs.1000 from the expiry of the 8th November, 2016.
The Government of India has announced demonetisation of high denomination bank notes of Rs 1000 and Rs 500, with effect from November 08, 2016, in order to eliminate black money and the growing menace of fake Indian currency notes, thereby creating opportunities for improvement in economic growth.
IMF appreciates Government of India over demonetisation move
Mr Gerry Rice, Director of Communications Department, International Monetary Fund (IMF), has expressed confidence and support towards Government of India's efforts to fight corruption and illicit financial flows into the country through the demonetisation of Rs 500 and Rs 1,000 currency notes.
India rises to second spot on global biz optimism index
India has moved up by one spot to be ranked second in a global index of business optimism, during the third quarter (July-September 2016), according to the latest Grant Thornton International Business Report.
India emerges a hub for start-ups
India has emerged as the third largest technology startup hub in the world in terms of number of tech-startups, just behind the US and the UK, according to a joint report by Assocham and Thought Arbitrage Research Institute.
India, Japan plan to develop 'Pacific, Indian Ocean' corridor
India and Japan are seeking to put in place a network to connect the Pacific and the Indian Ocean, aimed at contributing to Asian stability by utilising India's political network in Africa and Japanese funds to finance and develop a variety of projects across the African continent.
RBI tweaks S4A debt restructuring norms
The Reserve Bank of India (RBI) has modified norms under the new scheme for sustainable structuring of stressed assets (S4A), which will allow banks to classify at least half the debt involved as standard assets after keeping aside provisions equal to at least 50 per cent of the debt classified as unsustainable or 20 per cent of aggregate debt, whichever is higher.
Tapping value added to finance urban infra projects through innovative Value Capture Financing
The Ministry of Urban Development plans to introduce a new policy framework for resource mobilisation through Value Capture Financing (VCF), which would enable state and city governments to raise funds by tapping a share of increase in value of land and other properties, to finance ongoing urban infrastructure expansion.
Taiwan bourse launches Nifty 50 futures contracts
The Taiwan Futures Exchange (TAIFEX) has launched the TAIFEX Nifty 50, a new Taiwan dollar denominated futures contract that will track the National Stock Exchange's (NSE) Nifty 50 index, thereby providing international investors with more efficient access to the Indian capital market.
MSDE Announces Launch Of Pradhan Mantri Yuva Yojana To Scale Up An Ecosystem Of Entrepreneurship For Youngsters
The Ministry of Skill Development and Entrepreneurship has launched the Pradhan Mantri Yuva Yojana, which will provide entrepreneurship education and training to over 700,000 students in 5 years through 3,050 institutes.
DoT frames policy for smooth setting up of telecom infrastructure
The Department of Telecommunications (DoT) plans to introduce new rules to enable faster acquisition of land for installation of towers and fibre, which is expected to improve ease of doing business in terms of receiving permission from government authorities.
Government of India and Asian Development Bank (ADB) sign $48 Million Loan to improve Assam’s Power Distribution System
The Government of India has signed a US$ 48 million loan agreement with the Asian Development Bank (ADB) for the Assam Power Sector Investment Program, which would be used to strengthen the power distribution system, improve energy efficiency and reduce technical and commercial losses in Assam.
New Green Urban Transport Scheme on the anvil with Central assistance of Rs.25,000 cr
The Government of India plans to introduce a new Green Urban Transport Scheme with a central assistance of about Rs 25,000 crore (US$ 3.74 billion), aimed at boosting the growth of urban transport along low carbon path for substantial reduction in pollution, and providing a framework for funding urban mobility projects at National, State and City level with minimum recourse to budgetary support by encouraging innovative financing of projects.
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