12:06 pm NEW DELHI: Prime Minister Narendra Modi will today hold a meeting with top economists to review the macroeconomic situation of the country. The meeting comes amid growing concern over the slowdown in the economy. The constraints on growth acceleration and employment generation are expected to be discussed in the meeting, sources said, adding that the main focus would revolve around on how to bring back the growth sentiment in the economy and take it towards a higher growth level. reports NDTV. The high-level meeting comes days ahead of the General Budget that will be presented in parliament by Finance Minister Nirmala Sitharaman on July 5.
06:06 pm DUBAI: Innovative start-ups from India will have the opportunity to pitch and compete for business set-up support in Dubai at the first-ever roadshow to be organised by the Dubai Startup Hub in Delhi and Bangalore from 24th to 26th June 2019. The Dubai Startup Hub is an initiative of the Dubai Chamber of Commerce and Industry, and the Dubai Technology Entrepreneur Campus, Dtec, a wholly-owned tech-start-up hub by the Dubai Silicon Oasis Authority. The initiative is aimed at supporting the city’s strategic plans to become a global innovation hub and knowledge-based economy. The roadshow will host a pitch competition organised by Dtec, where shortlisted applicants will present in person in front of a panel of judges. The winner will be given office space at Dtec with company set-up support and a complimentary business licence. The runner-up will be awarded a flexi-desk space at Dtec and UAE company set-up support with a complimentary business licence. The three-day roadshow, supported by Startup India and NASSCOM 10000 Startups, will also feature site visits; informative presentations from leading UAE public and private players that support start-ups in Dubai, namely Dubai Startup Hub, Dtec, STEP Group and Startup Bootcamp; roundtable and panel discussions; and success stories from Indian start-ups that have benefited from the Dubai Startup Hub platform and built successful businesses in Dubai. Omar Khan, Director of International Offices at the Dubai Chamber of Commerce and Industry, said, "India is not only a market of strategic importance to Dubai and the Dubai Chamber, it has also, become a key source market for Dubai’s growing start-up eco-system. The country has become a testbed for Blockchain, artificial intelligence and smart city solutions and we have seen many Indian start-ups enter the Dubai market in recent years that have brought with them innovative business concepts." Khan noted that Indian businesses are well represented within Dubai’s business community, and revealed that 30 percent of start-ups registered with the hub are Indian-owned, while more than 38,000 Indian companies are Dubai Chamber members. Hans Henrik Christensen, Vice President of Dtec, said, "We look forward to welcoming the qualifying start-ups of the pitch competition to Dubai’s largest entrepreneur hub in the Middle East where they can benefit not only from the complimentary set-up, but also from the integrated entrepreneurial ecosystem that offers value-added support such as free mentorship, legal advice, training, and workshops, aiding them to succeed and materialise."
02:06 pm Reports have appeared in a section of media citing Dr Arvind Subramanian as regards overestimation of India’s GDP growth, primarily based on an analysis of indicators, like electricity consumption, two-wheeler sales, commercial vehicle sales etc using an econometric model and associated assumptions. The Ministry of Statistics and Program Implementation has released details from time to time to explain the complexities involved in GDP compilation. The estimation of GDP in any economy is a complex exercise where several measures and metrics are evolved to better measure the performance of the economy. For the purpose of global standardization and comparability, countries follow the System of National Accounts evolved in the UN after elaborate consultation. The System of National Accounts 2008 (2008 SNA) is the latest version of the international statistical standard for the national accounts, adopted by the United Nations Statistical Commission (UNSC) in 2009 and is an update of the earlier 1993 SNA. The Inter-Secretariat Working Group on National Accounts (ISWGNA) was mandated to develop the 2008 SNA through intense discussions and consultation with member countries. India also participated in the deliberations of the Advisory Expert Group. In its adoption of the 2008 SNA, the UNSC encouraged Member States, regional and sub-regional organizations to implement its recommendations and use it for the national and international reporting of national accounts statistics based on the available data sources. As with any international standard, the data requirements are immense and diverse economies like India take time to evolve the relevant data sources before they can be fully aligned with the SNA requirements. In the absence of data, alternate proxy sources or statistical surveys are used to estimate the contribution of various sectors to the GDP/GVA. The SNA also prescribes that the base year of the estimates may be revised at periodic intervals so that changes in the economic environment, advances in methodological research and the needs of users are appropriately captured. With structural changes taking place in the economy, it is necessary to revise the base year of macroeconomic indicators like Gross Domestic Product (GDP), Index of Industrial Production (IIP), Consumer Price Index (CPI) etc, periodically to ensure that indicators remain relevant and reflect the structural changes more realistically. Such revisions not only use the latest data from censuses and surveys, but they also incorporate information from administrative data that have become more robust over time. In India, the Base Year of the GDP Series was revised from 2004-05 to 2011-12 and released on 30 January 2015 after adaptation of the sources and methods in line with the SNA 2008. The methodology of compilation of macroaggregates has been discussed in detail by the Advisory Committee on National Accounts Statistics (ACNAS) comprising experts from academia, National Statistical Commission, Indian Statistical Institute (ISI), Reserve Bank of India (RBI), Ministries of Finance, Corporate Affairs, Agriculture, NITI Aayog and selected State Governments. It may be noted that decisions taken by these Committees are unanimous and collective after taking into consideration the data availability and methodological aspects before recommending the most appropriate approach. In addition, India has subscribed to the Special Data Dissemination Standard (SDDS) of the International Monetary Fund (IMF) and an Advance Release Calendar is decided for release of estimates. The IMF had raised certain issues on the usage of double deflation in the Indian GDP series and India had informed IMF that the existing data availability does not permit its application in India at present. In fact, some media reports, while citing the changes in GDP growth likely to result from adopting the double deflation, acknowledges the varying outcomes obtained by different authors under their own distinct assumptions. In view of these divergent views, the Advisory Committee on National Accounts Statistics (ACNAS) had not agreed to the adoption of double deflation at this stage. Moreover, double deflation is used in only a few countries that have a Producers Price Index (PPI) to deflate the inputs. According to the World Bank, the accuracy of national accounts estimates and their comparability across countries depend on timely revisions to data on GDP and its components. The frequency of revisions to GDP data across countries varies between monthly, quarterly, annually or even less frequently. The International Monetary Fund (IMF), through its technical missions also reviews the implementation of recommendations of SNA and provides necessary technical support. Further, under Article IV of IMF, a Mission, interacts annually with officials of Ministry of Statistics and Program Implementation, Reserve Bank of India and Ministry of Finance on issues relating to economic development and policies. The detailed methodology for compilation of the GDP, including the Back Series is available on the website of the Ministry. It may also be noted that the National Accounts Division, which compiles these macro aggregates and other National Accounts Statistics is also ISO (International Organisation for Standards) 9001:2015 certified for its quality management of procedures and processes. With any Base Revision, as new and more regular data sources become available, it is important to note that a comparison of the old and new series are not amenable to simplistic macro-econometric modelling. It may also be seen that the GDP growth projections brought out by various national and international agencies are broadly in line with the estimates released by MOSPI. The GDP estimates released by the Ministry are based on accepted procedures, methodologies and available data and objectively measure the contribution of various sectors in the economy.
11:06 am NEW DELHI: The metro rail in India's capital has achieved a milestone in its efforts to establish an environment-friendly network. Delhi Metro has become the first ever metro project in India to receive power generated from a waste-to-energy plant, ANI reported. The Delhi Metro Rail Corporation, DMRC, the metro operator, said it has started receiving 2 megawatts (MW) power from a 12 MW capacity waste-to-energy plant set up in Ghazipur in East Delhi. DMRC will take approximately 17.5 million units per annum from this plant, according to a DMRC press statement issued on Tuesday. "The state-of-the-art facility is set up to process above 1,500 tonnes per day (TPD) of waste and generate 12 MW of green power. The plant is India's first Euro norms compliant waste-to-energy facility," the DMRC said. The plant will mitigate over 8 million tonnes of Greenhouse Gases (GHG) over the life of the project, thus combating global warming. The Delhi Metro has also achieved the distinction of being the first ever rail-based organisation in the world to claim carbon credits. The DMRC has also commissioned a facility at Rohini in Delhi for recycling of Construction and Demolition (C&D) waste with a capacity of 150 tonnes per day. Currently, DMRC is producing 28 MW of solar power from the various rooftop solar power plants, which have been set up in its stations, depots and residential premises. The mass transit operator has also started to receive solar power from the off-site solar power plant at Rewa in Madhya Pradesh, said the ANI report.
12:06 pm ABU DHABI: India was the leading destination for outward personal remittances from the UAE during 2018, according to figures included in the annual report of the UAE Central Bank, released this week. An analysis of the Central Bank report carried in the Abu Dhabi daily newspaper, The National, showed that 38.1 percent of the total outflow of AED169.2 billion had gone to India. The paper quoted the Central Bank report as noting that this was "in accordance with the significant share of expats from India working in the UAE and the depreciation of the Indian rupee against the dirham." India was followed as a destination by Pakistan (9.5 percent), the Philippines (7.2 percent), Egypt (5.3 percent), the US (3.9 percent) and the UK (3.7 percent), The National reported. Total remittances in 2018 were AED4.8 billion, or 3 percent, higher than the 2017 figure of AED164.4 billion. Remittances in 2016 were AED160.8 billion. Money remitted through exchange houses increased by 6 percent from AED121.6bn in 2017 to AED128.9bn last year, while the amount sent through banks decreased by 5.6 percent from AED42.7bn to AED40.3bn.
04:06 pm NEW DELHI: The United States of America (USA) has withdrawn India’s Generalized System of Preferences (GSP) benefits. These are unilateral, non-reciprocal and non-discriminatory benefits extended by some developed countries to developing countries. India as part of bilateral trade discussions, had offered resolution on significant US requests in an effort to find a mutually acceptable way forward. Unfortunately, this did not find acceptance by the US. The Ministry of Commerce and Industry later said that India will continue to build strong ties with the US, both economic and people-to-people. We are confident that the two Nations will continue to work together intensively for further growing these ties in a mutually beneficial manner.
01:05 pm MUMBAI: Crisis-hit carrier Jet Airways' founder-Chairman Naresh Goyal and his wife Anitha were stopped from travelling abroad, at Mumbai airport. Both, Goyal and his wife, had boarded an Emirates flight from Mumbai to fly to Dubai, were offloaded on Saturday evening by immigration authorities. The Emirates flight was forced to return to the bay by the immigration officials after it had already started taxiing. Jet Airways, the largest carrier in India for a long time, had temporarily suspended operations on April 17, owing to huge financial crisis and debts. Since then, according to government officials, a lookout circular (LOC) has been issued against the Goyal by the Serious Frauds Investigation Office (SFIO), permitting public sector banks to prevent defaulters and fraudsters from fleeing the country. The Boeing 777 aircraft, including Goyals and other 369 passengers on board, was all set for a departure from Mumbai airport at 4.14 pm. The air traffic control officials got a call from immigration authorities soon after it started taxiing, to come back to the bay area, around 4.19 pm At 4.35 pm the plane docked into parking bay and told Goyals, who were seated in the second row of the first class cabin, to disembark. The aircraft finally departed at 5.04 pm without Goyals and their check-in bags offloaded. Sources said that the Goyals left the airport a few hours after the incident. Jet Airways owes Rs 1,600 crore to State Bank of India whereas it owes over Rs 7,000 crore to other Indian banks. 22,000 employees have turned jobless, many pilots, engineers and other management staffs haven't been paid since December 2018.
01:05 pm A fire was reported at Tar Distillation Unit of SAIL’s Bhilai Steel Plant in its Coke Ovens and Coal Chemicals (CO&CC) Department this morning. Immediately, the fire tenders were rushed to the site and the fire was controlled promptly. There has been no loss of life or any injury to any of the persons working in or around the site. The reason for the fire is being probed into. Meanwhile, there has not been any disruption in the Plant’s normal operation.
04:05 pm Hindustan Infralog Private Limited, HIPL, a joint venture between DP World and the National Investment and Infrastructure Fund in India, has announced the acquisition of a 76 percent stake in Kribhco Infrastructure Limited, an integrated multi-modal logistics operator in India. The acquisition was made through its 90 percent owned subsidiary, Continental Warehousing Corporation (Nhava Seva) Limited. Kribhco will continue to retain the remaining 24 percent shareholding. The purchase consideration is below one percent of DP World’s net asset value as of Financial Year 2018. Founded in 2009, Kribhco operates three major Inland Container Depots/Private Freight Terminals in three Indian states and has container train operations with a pan India outreach. It has a strong presence in the National Capital Region, which is India’s largest import/export market with a population of over 46 million, including a terminal located on a notified double-stack route. With the acquisition of Kribhco, HIPL will emerge as one of the leading integrated rail terminal and Container Train Operators in India with an enhanced network to provide door-to-door connectivity to cargo owners. It will also augment DP World’s existing business in terms of the business model and geographic footprint, offering an integrated portfolio to the entire logistics value chain. Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, said, "We are delighted to announce the acquisition of 76 percent stake in Kribhco Infrastructure Limited, a rail logistics solutions provider, which is highly complementary to our earlier acquisition of Continental Warehousing Corporation. It enables the DP World Group to become a significant operator in the fast-growing inland logistics market. "In India, we have made strong progress in building an integrated logistics platform, which can deliver a competitive solution to cargo owners and we aim to continue adding scale to our offering to deliver greater efficiencies and value to the trade," he added. Dr. Chandra Pal Singh, Chairman of Kribhco, said, "Kribhco continues to remain excited about the significant growth potential of logistics infrastructure in India. We believe the strategic partnership with Continental Warehousing Corporation will enable the company's assets to improve efficiencies, offer a compelling value-add solution to customers and deliver long-term value for all stakeholders."
03:05 pm Vice President M. Venkaiah Naidu has said that India has emerged as an attractive destination for global investors and asked educational institutions to maintain high standards and foster academic excellence. He was addressing the Convocation of Great Lakes Institute of Management, in Chennai. Observing that India was poised to become a US $ 5 trillion economy in the next few years, Naidu said there was a need to remove economic imbalances, urban-rural divide, end gender and social discrimination and enhance the prestige of all the institutions, including the Supreme Court, CAG, CVC, EC, Parliament and State Legislatures. He said that nobody should say or do anything to undermine the sanctity of these institutions. There are appropriate forums to redress grievances if any, he added. The Vice President said that India is the largest Parliamentary democracy in the world and has a track record of the effective electoral system and conducting elections on a regular basis. Describing elections as ‘Festival of Democracy”, he complimented the Election Commission for conducting the stupendous exercise in a peaceful and orderly manner. Asking the graduating students to respect their alma mater and always act to enhance its reputation, Naidu advised them to focus on achieving academic excellence and become socially conscientious citizens. He said that the atmosphere on university campuses should not be vitiated by extraneous issues and added that he was happy that barring a few, most of the 900 Universities were free from any disturbance. The Vice President also told them not to neglect their parents, mother tongue, native place, motherland and Guru (teacher). He further said that they should also strive to promote and protect the safety and security of the motherland. “Taking care of fellow human beings is nationalism and not merely saying Vande Mataram or Jai Hind”, he added. He also emphasized