171

UN Report Says, Indian Economy To Grow At 7.6 Per Cent

New Delhi:Economy of India is projected to grow at 7.6 per cent in the financial year 2018-19, remaining the fastest growing economy in the world, as robust private consumption and benefits from past reforms help the country's GDP gain momentum but sustained recovery in private investment remains a crucial challenge.

The UN World Economic Situation and Prospects (WESP) as of mid-2018, launched here today, said GDP growth in India is expected to climb to 7.5 and 7.6 per cent in fiscal years 2017-18 and 2018-19 respectively. This is a substantial recovery from the 6.7 per cent growth India registered in fiscal year 2017.

"Among the major economies, growth in India is gaining momentum, underpinned by robust private consumption, a slightly more supportive fiscal stance and benefits from past reforms," the report said.

153

Infrastructure Investors See Opportunity In India Due To Strong Growth

New Delhi:  Some of Asia’s biggest infrastructure investors are seeing plenty of opportunities in India. India is a key market for Macquarie Group thanks to strong economic growth and state asset sales, said Frank Kwok, co-head of Asia Pacific at Macquarie Infrastructure & Real Assets. Hence its recent purchase of nine toll-roads with charges indexed to inflation.In China’s mammoth Belt-and-Road initiative, however, not so much.

China’s Belt-and-Road, however is more driven by geopolitics than investment returns, he said at the Bloomberg Invest Australia summit in Sydney on Wednesday.“It’s very much a China-led initiative, but really it’s about the entire region,” said Kwok. “But because one of the main drivers is that it’s for China to exert its influence over the region, financial returns are probably not the top priority.”

141

A Free-fall For Rupee That Closes At 68.15 Against US Dollar

New Delhi:It has been in a virtual free fall for rupee which settled a hairs breadth below its intra-day low of 68.15 a dollar.This is the lowest closing for the Indian unit since January 24, 2017 when it had ended at 68.15 against the US dollar.The rupee went into a tailspin by plunging 56 paise today, the second biggest single-day fall of 2018, to end at a new 16-month low of 68.07 as panic dollar demand rattled currency market.

A slew of domestic and external factors has made the fundamentals unfavourable for the rupee - including a massive trade balance deficit and a declining level of foreign direct investment (FDI).

Overall forex market has been hampered on the heels of the boiling global crude prices - its highest advances since 2014 is squeezing the carry-trade returns on the rupee to a point where they are the worst in Asia.

231

Consumer Price Index Inflation For Month Of March Stood At 4.28%

ew Delhi: The government data has shown on Monday that the Consumer Price Index (CPI) inflation for the month of March stood at 4.28 per cent. April thus became the sixth straight month of inflation above the Reserve Bank of India's (RBI) 4 per cent medium-term target. Inflation based on CPI or retail inflation as it is better known, shot up to 4.58 per cent for the month of April.

Inflation picked up for the first time since January this year on back of surge in petrol, diesel prices as the CPI for fuel and light inflated by 6.59 per cent on a year-on-year basis in April. Inflation on vegetables also went up by 11 per cent. However, the overall food inflation shot up by 3.75 per cent, moderated largely by falling price of pulses.

109

CBI Charge sheetIn Rs 13,000 Crore PNB Scam To Name Several Leading Bank Officials

New Delhi: The Central Bureau of Investigation will submit a chargesheet against Allahabad Bank CEO and MD UshaAnanthasubramanian and several others on Monday in the over Rs 13,000 crore PNB scam allegedly perpetrated by businessman NiravModi. Ananthasubramanian was the MD and CEO of PNB in 2016.

The new names included in the chargesheet are of PNB executive directors BrahmajiRao and Sanji Saran, and general manager NehalAhad. Sources said these officials had not complied with circulars issued by the RBI on the SWIFT control system in 2016. All of them have been questioned by the CBI in this case.