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24Jul

World Bank Group President Visit To India Will Support To India’s Development?

Jim Yong Kim, World Bank’s group president was on a three day visit to India from 21-23 July 2014. He came to India to analyze the projects supported by the bank and recognize the development related concerns of Indian government. This will further help to decide about the allocation of funds and resources allocated by the World Bank group to support us well so they can be utilized in more optimal way.

This visit is special because India counts on the top beneficiaries of the World Bank and this is the first meeting of the Modi’s government after came into rule. Also, India has been amounted 6.4 billion dollars by the Bank during last fiscal (June 2013- June 2014).

India received 2 billion dollars from International Bank for Reconstruction and Development (IBRD), 3.1 billion dollars from the International Development Association (IDA), and 100 million dollars from the Clean Technology Fund that the World Bank Group administers. All in a group of World Bank which makes a total figure of 6.4 billion dollars

The meetings of Jim are scheduled with Prime Minister Narendra Modi and Finance Minister Arun Jaitely to discuss about the developmental policies and financial resources. There are two aims of the World Bank Group – ending the poverty from the world and help to increase the prosperity. In order, to fulfill those aims he also planned to go to the sites in Tamil Nadu where where bank-supported projects are under process to see the challenges of India’s rural-urban transformation.

After the meeting with Finance Minister he said in a statement that World Bank understands the importance of the relationship and assures the pledge to support India in all the way to develop the nation. He insisted that India is the land of great innovation and knowledge at global level and our growth contains a great importance in the global growth. Thus the bank use to support India for growth and development as it support us for so many years.

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1Jul

Rollovers soar, hint market may gain 5-6% in the run-up to Budget 2014

Traders carried forward bullish futures bets to the July series on expiry of the June contracts on Monday on expectations the market could rebound in the run-up to the Union Budget on July 10. Fresh buildup of positions in Nifty options suggests the benchmark index could gain about 5-6% by the Budget day from the current levels. Rollover in Nifty futures from June series to July was 71% against the three-month average of 59%.

Open interest — outstanding market positions for July series — was around Rs11,000 crore on Thursday, which is almost similar to the build-up when the May series expired. “Traders have carried forward long positions despite the market remaining range-bound for the past three weeks on expectations of reform-oriented budget,” said Amit Gupta head of derivatives research at ICICI Securities.

 

1Jul

Budget 2014: FM Arun Jaitley needs to consider easing gold import curbs, says Nirmala Sitharaman

Commerce minister Nirmala Sitharaman said that her ministry has recommended that the finance ministry seriously consider easing import curbs on gold to help the beleaguered gems and jewelery export sector.

Speaking to ET, Sitharaman, who is also minister of state for finance, said that while the current account deficit (CAD) crisis had been somewhat ameliorated by the import curbs on gold, it had deeply affected revenues generated by the gems and jewellery’s sector, an important earner of foreign exchange.

“During the pre-budget consultation, there has been a lot of thinking going on, on the gold issue. We have had so many of our exporters telling us, especially our gems and jewellery exporters who have made significant contributions to our balance of payments situation, that they have suffered. We don’t want that,” she said.

She added that the contribution of this sector to export revenues meant that the issue of curbing gold imports has to be looked at afresh. “They are telling us, that very well there is a crisis due to which these curbs were brought in, but now this is a new crisis, that of exports getting hit,” she said.

On that count we have strongly recommended to the finance minister that a fresh look has to be taken at import curbs on gold, that a sector which is instrumental in bringing in so much revenue cannot be hit like this,” she added.

While the crisis in Iraq was troublesome as far as hardening of oil prices was concerned, she said that the petroleum ministry had assured the government that “alternative sourcing of fuel” was going on and that it would be possible to control inflationary pressures of that.

On the question of food security and differences with developed countries over food security which came to the fore at the Bali Round of the WTO talks, Sitharaman said she had spoken to the US trade secretary, and had communicated that the position taken by the government of India had been absolutely consistent with the WTO.

1Jul

Narendra Modi’s government plans image facelift to pull in slew of investments

The Narendra Modi government is considering the option of formally approaching the judiciary to find a way of dealing with tricky litigation and disputes that are holding up investments in the country, as it prepares an action plan for reviving the investment climate in the country.

This option was discussed at a meeting between the prime minister’s Principal Secretary Nripendra Misra and top officials of key economic ministries two weeks ago as part of a strategy the administration has drawn up to improve India’s battered global image and revive confidence among large domestic investors who have preferred to invest funds abroad rather than at home in recent years.

The Prime Minister’s Office has asked the industry ministry to urgently prepare a report on the ramifications of various disputes, including contentious tax demands, and the impact of interminable delays dogging ambitious investment projects such as Posco’s $12-billion steel plant in Odisha.

 

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