India Positive - 02 December, 2016
- November 30, -0001
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India's gross domestic product (GDP) grew by 7.3 per cent year-on-year to Rs 29.63 trillion (US$ 432.4 billion) in July-September 2016 quarter, led by healthy growth in agriculture and construction, according to data from the Central Statistics Office (CSO).
Morgan Stanley has increased its exposure to India by 250 basis points (bps), thereby making India the largest overweight in its 27-nation Asia-Pacific excluding Japan/emerging market portfolio, owing to better equity valuations, bottoming of the growth cycle, and higher correlations with world equities.
India's core sector growth rose to a six-month high of 6.6 per cent in October 2016, on the back of robust steel and refinery output, which recorded a year-on-year growth of 16.9 per cent and 15.1 per cent respectively, according to data from the Ministry of Commerce & Industry.
The Government of India has announced the removal of 12.5 per cent excise duty and 4 per cent special additional duty (SAD) on the manufacturing of point-of-sale (PoS) machines till March 31, 2017, which is expected to give a boost to the cashless economy as more PoS machines will be deployed in the future.
The Ministry of Finance has launched a campaign to open bank accounts for all the unbanked workers in the organised and unorganised sectors by November 30, 2016, in order to facilitate financial inclusion and timely payment of wages.
The Government of India plans to introduce a single online platform for issuance of certificate of origin to exporters, which will facilitate quick process and issuance of certificates, reduce costs, and thereby improve ease of doing business in the country.
The Ministry of Petroleum & Natural Gas (MoPNG) has signed a memorandum of understanding (MoU) with the Ministry of Skill Development & Entrepreneurship (MSDE), aimed at increasing skill development initiatives in the Hydrocarbon and allied sectors among other areas of cooperation.
The Government of India plans to work on increasing India’s weight in the MSCI Emerging Markets Index, in order to boost foreign portfolio investors (FPIs) inflow into the economy, as most large passive global funds apportion money to emerging markets depending on the index weight of key global indices such as the MSCI EM or the FTSE Emerging Markets Index.
The Indian luxury market is expected to grow at a compounded annual growth rate (CAGR) of 25 per cent to US$ 18.5 billion in 2016, according to Mr Amitabh Kant, Chief Executive Officer, NITI Aayog.
India's textile machinery industry is expected to reach a size of Rs 32,000-35,000 crore (US$ 4.7-5.1 billion) in the next five years, according to data from India ITME Society.
Real estate investment trust (REIT)-eligible commercial office and retail properties are estimated to offer investment opportunity worth US$ 77 billion by 2020, according to a report by Cushman & Wakefield.
Several European countries, including Greece, Netherlands, Georgia and Sweden, have shown interest in signing an open sky agreement with India, following the change of rules in India's National Civil Aviation Policy (NCAP), which is expected to significantly enhance the country's international connectivity.
Estimates of Gross Domestic Product for the Second Quarter (July-September) of 2016-17
India's gross domestic product (GDP) grew by 7.3 per cent year-on-year to Rs 29.63 trillion (US$ 432.4 billion) in July-September 2016 quarter, led by healthy growth in agriculture and construction, according to data from the Central Statistics Office (CSO).
India becomes Morgan Stanley’s biggest overweight
Morgan Stanley has increased its exposure to India by 250 basis points (bps), thereby making India the largest overweight in its 27-nation Asia-Pacific excluding Japan/emerging market portfolio, owing to better equity valuations, bottoming of the growth cycle, and higher correlations with world equities.
Index of Eight Core Industries (Base: 2004-05=100) October, 2016 was 6.6 per cent higher on year-on-year basis
India's core sector growth rose to a six-month high of 6.6 per cent in October 2016, on the back of robust steel and refinery output, which recorded a year-on-year growth of 16.9 per cent and 15.1 per cent respectively, according to data from the Ministry of Commerce & Industry.
Government removes excise duty on PoS machine manufacturing to ease cash flow
The Government of India has announced the removal of 12.5 per cent excise duty and 4 per cent special additional duty (SAD) on the manufacturing of point-of-sale (PoS) machines till March 31, 2017, which is expected to give a boost to the cashless economy as more PoS machines will be deployed in the future.
Govt tells banks to open accounts for the unbanked by month-end
The Ministry of Finance has launched a campaign to open bank accounts for all the unbanked workers in the organised and unorganised sectors by November 30, 2016, in order to facilitate financial inclusion and timely payment of wages.
Government plans to bring common Portal to certify exporters
The Government of India plans to introduce a single online platform for issuance of certificate of origin to exporters, which will facilitate quick process and issuance of certificates, reduce costs, and thereby improve ease of doing business in the country.
Ministry of Petroleum and Natural Gas and Ministry of Skill Development and Entrepreneurship sign MoU to boost to skill initiatives in the Hydrocarbon sector
The Ministry of Petroleum & Natural Gas (MoPNG) has signed a memorandum of understanding (MoU) with the Ministry of Skill Development & Entrepreneurship (MSDE), aimed at increasing skill development initiatives in the Hydrocarbon and allied sectors among other areas of cooperation.
Govt aims to up India’s weight on global index
The Government of India plans to work on increasing India’s weight in the MSCI Emerging Markets Index, in order to boost foreign portfolio investors (FPIs) inflow into the economy, as most large passive global funds apportion money to emerging markets depending on the index weight of key global indices such as the MSCI EM or the FTSE Emerging Markets Index.
Indian luxury market likely to touch $18.5 billion in 2016, says NITI Aayog chief
The Indian luxury market is expected to grow at a compounded annual growth rate (CAGR) of 25 per cent to US$ 18.5 billion in 2016, according to Mr Amitabh Kant, Chief Executive Officer, NITI Aayog.
Textile machinery industry to touch Rs 35,000 crore in 5 years
India's textile machinery industry is expected to reach a size of Rs 32,000-35,000 crore (US$ 4.7-5.1 billion) in the next five years, according to data from India ITME Society.
Realty investment trusts have $77bn opportunity in India
Real estate investment trust (REIT)-eligible commercial office and retail properties are estimated to offer investment opportunity worth US$ 77 billion by 2020, according to a report by Cushman & Wakefield.
European countries make a beeline for India’s open skies
Several European countries, including Greece, Netherlands, Georgia and Sweden, have shown interest in signing an open sky agreement with India, following the change of rules in India's National Civil Aviation Policy (NCAP), which is expected to significantly enhance the country's international connectivity.
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