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Factory output expanded in October: HSBC survey
Fiscal deficit target of 4.1% achievable: Citi
India Economic Summit begins today
Coal India October output beats target
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Maruti Swift, Datsun GO fail safety test
Biz talk Flipkart CFO leaves amid top mgmt rejig
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Factory output expanded in October: HSBC survey
New Delhi, November 3 The headline HSBC India Purchasing Managers' Index (PMI) — a composite gauge designed to give a single-figure snapshot of manufacturing business conditions — rebounded from September's nine-month low of 51 to 51.6 in October. Amid reports of stronger demand, production at Indian manufacturers rose for the twelfth successive month in October. A figure above 50 indicates the sector is expanding, while a figure below that level means contraction. "The manufacturing activity picked up modestly amid stronger output and new order flows, particularly from overseas clients," HSBC Co-Head of Asian Economic Research Frederic Neumann said. New business also increased for the twelfth month in a row in October, largely owing to the general improvements in demand situation. In addition, export orders received by Indian manufacturers rose in October, extending the current sequence of growth to 13 months. However, firms continued to trim purchases and refrained from aggressive inventory accumulation, the report said. On prices, it said inflationary pressures remained muted in October. While input prices eased further, the improvement in growth allowed firms to raise margins by increasing output prices slightly. "This trend could strengthen with growth, which is why the RBI will remain cautious about relaxing its grip at this juncture," Neumann said. In the September policy review, Reserve Bank Governor Raghuram Rajan had left all key rates unchanged citing continued risks to inflation and difficult external situation, especially on the geopolitical front. This was the fourth consecutive time that the RBI kept key interest rates unaltered. The short-term lending (repo) rate remained at 8%, and the cash reserve requirement of banks at 4%. — PTI Positive signs
Rate cut by RBI imminent, says RBS The Royal Bank of Scotland on Monday said the economic indicators, such as softening of inflation, suggest that key interest rates could be slashed sooner than later by the RBI. |
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Fiscal deficit target of 4.1% achievable: Citi
New Delhi, November 3 Besides, the 4.1% fiscal deficit target for the current financial year is "challenging but achievable", the report said. "While the FY15 targets are challenging, recent steps on fuel reforms, coupled with austerity measures, could enable the government to meet its 4.1% fiscal deficit estimate," it said. As per the official data, fiscal deficit has touched 82.6% of Budget estimates for 2014-15 to cross Rs 4.38 lakh crore at the end of September. For the entire 2014-15, fiscal deficit — the gap between government expenditure and revenue—has been pegged at Rs 5.31 lakh crore or 4.1% of GDP. To reduce the fiscal deficit, the government had taken a slew of austerity measures aimed at cutting non-plan spending by 10%. Citigroup said such an initiative "could lead to an expenditure cut of Rs 400 billion". — PTI |
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India Economic Summit begins today
New Delhi, November 3 Finance Minister Arun Jaitley and other Union ministers will discuss inclusive growth and competitiveness at the event. More than 700 leaders from business, government, civil society and academia from 45 countries will take part in the three-day event. Road Transport, Highways & Shipping Minister Nitin Gadkari, HRD Minister Smriti Irani, Telecom Minister Ravi Shankar Prasad and Power and Coal Minister Piyush Goyal are among those expected to participate in the summit. Under the theme, "Redefining public-private cooperation for a new beginning", the summit convenes against the backdrop of significant economic growth and progress in reducing poverty in most parts of India, but also persistent inequality. "The meeting comes as the new government completes six months in office," said Chandrajit Banerjee, Director-General, CII. "Business leaders are keen to engage with the government and see how it plans to restart the investment cycle, revive demand and convert the first signs of revival into a full-fledged recovery," he said. The summit also entails a session on investing in a cleaner India, in line with PM Narendra Modi's Swachh Bharat campaign. It includes a session with Gadkari on analysing efforts needed to bridge the $1 trillion infrastructure deficit in the country.
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Coal India October output beats target
New Delhi, November 3 The world's largest coal miner, which has missed its annual production targets for years due to its inefficiency and other reasons, is under pressure from the Centre to quickly boost output to cater to fuel-starved power plants. The company produced 40.2 million tonnes last month, higher than its target of 39.74 million, it said in a statement on Monday. April-October production, however, was 97% of its target. Scrambling to add new mines and expand capacity, it started production in July at a 12-million-tonnes-per-year mine, its first major new project in five years. It faces an uphill task of meeting its goal for this fiscal year, a CIL official said. — Reuters
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Maruti Swift, Datsun GO fail safety test
New Delhi, November 3 According to the Global NCAP, an umbrella body of consumer car safety testing bodies, crash tests of Nissan’s Datsun GO and Maruti-Suzuki’s Swift demonstrated a high risk of life-threatening injuries with both cars receiving zero-star safety rating for their adult occupant protection. “These risks would be significantly reduced if the cars had to comply with the UN test regulation for frontal and side impact,” Global NCAP said. When contacted, Nissan said its Datsun GO meets the required local vehicle regulations in India while no comments could be obtained from Maruti Suzuki. Global NCAP said Swift “scored zero stars for adult occupant protection and just one star for child occupant protection”. “The Swift's vehicle structure showed signs of collapsing in the crash and was rated as unstable. s," it said. — PTI
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With unique loan plans, Muthoot pushes for financial inclusion
Avinav Chaubey, AGM-marketing, Muthoot Group talks to Girja Shankar Kaura
Q: You have launched Muthoot Consumer Loan. What are its features? Muthoot Finance has come up with some unique products to offer utmost convenience to its customers this season. Muthoot Consumer Loan can be availed by the customers having fund requirement ranging from Rs 10,000 to Rs 1 lakh for purchasing smartphones, laptops, desk tops, consumer durables, electronic goods, kitchen accessories, furniture, motor cycles, scooters and auto rickshaws. It is a short- term loan and can be availed for 12 months to 36 months at 11% rate of interest. The USP of the loan service is that it does not include the 'negative area' concept wherein the loan seeker's application often gets rejected. Unlike other financial service providers, it offers loans to any individual irrespective of his financial status provided he/she pledges gold as security. The loan provides instant finance up to 100% of the product value without the need of a CIBIL Score or a Credit Card. No processing charges involved in it and it offers an exclusive zero down payment facility to its customers. Q: Who is the target audience for the plan? The target group for Muthoot Consumer Loan includes salaried persons, traders, contractors, real estate businessmen, agriculturists etc. Anyone who has an immediate requirement of funds up to Rs 1 Lakh can avail it. Q: Tell something about Muthoot Home Down Payment Loan. Banks only fund 80% of the home value, so buyers struggle for the rest 20%. Keeping this in mind and focusing on down payment funding, whic is an untapped market, Muthoot Finance decided to venture into this segment and designed the 'Home Down Payment Loan'. It is a loan that bridges the gap of the 20% margin money required by customers to book their dream home. Specially tailored for the people planning to buy a dream house, it can be used for anything ranging from paying the down-payment amount or booking amount for your dream house, paying for renovation or expansion/extension of the house, registry, house furnishing or simply as bridge financing. An EMI-based loan scheme, it can be availed by customers having a requirement of Rs 1 lakh to 10 lakh for a period of 12 to 60 months at 11% rate of interest. It has many features such as the ease of access for availing a home loan with minimal documentation, anyone can avail the loan pledging the gold jewellery against the amount required and the loan can be availed under various schemes such as CCL, MSTEL, MHL, and FBL. A prominent feature of the plan is that it gives its borrowers an option to pay their interest as EMI only for the days they need the amount without additional charges. The benefit of taking this loan is that there is a free valuation of gold, part release of gold, no prepayment charges or requirement of paying via post-dated cheques involved. Q: What are the segments you are targeting? We, as an organisation, has always taken steps towards greater financial inclusion and empowering rural population financially. Our loan plans can be availed by any individual as these are available in metros, mini-metros, large towns and smaller villages.
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Flipkart CFO leaves amid top mgmt rejig Bangalore, November 3 Flipkart vice-president (marketplace) Ankit Nagori’s role has also been expanded and he will now be responsible for books and general merchandise categories as well. Krishnamurthy, who joined the Bangalore-based firm from investment company Tiger Global in 2013, was also the senior vice-president, retail. His last day at Flipkart is November 15 and he is expected to join Tiger Global back, a source said. Besides heading the marketing division, Bansal, who founded Myntra, which was acquired by Flipkart in May this year for about Rs 2,000 crore, will also look after consumer electronics and computer categories, the source said. — PTI
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State Bank of Patiala revises rates on term deposits Google launches Hindi voice search Pumpkart.com opens
first offline store
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Muthoot Finance, the flagship company of Muthoot Group, has emerged as one of the biggest players providing easy term loans in the private sector. In an interview, Avinav Chaubey, AGM-marketing, Muthoot Group, explains the company's products and strategies.
