More
India Business
Hi there,
Login with your Facebook ID to see what your friends are reading on Times of India.
|
 |
Political Theatre
Maken is an exception among Indian netas on FB to have such an eclectic global following. Modi and Akhilesh Yadav - both derive 90% of their FB following from India.
RELATED KEYWORDS: Union Budget|Insurance|India Outlook|IIP|Fitch Ratings|Finance Ministry|Budget Deficit
In surprise move, Fitch revises India outlook
Fitch said it expects the government to broadly meet its 2013-14 budget deficit target of 4.8% of GDP and to gradually reduce the high level of public debt over the medium-term.
NEW DELHI: Fitch Ratings on Wednesday revised the outlook on India's sovereign rating from "negative" to "stable". However, it maintained its BBB (minus) rating for the country.
The move to revise India's rating outlook comes days afterfinance ministry sources said the agency has been asked to explain why it shared India's rating file and confidential data with the US Securities and Exchange Commission. Fitch denied the charge, but the outlook revision is bound to raise questions about its timing.
IIP growth slows to 2% in April
India's industrial output growth remained sluggish with a rise of 2% in April due to weakness in the manufacturing , mining and electricity sectors, triggering calls for interest rate cuts.
Revising its outlook on India's sovereign rating from "negative" to "stable", Fitch Ratings on Wednesday said Indian authorities have been successful in containing the upward pressure on the Union Budget deficit in the face of a weaker-than-expected economy. It also cited some progress by the government in addressing structural impediments to investment and growth.
The outlook revision comes against the backdrop of fresh economic challenges with the rupee in a freefall and concerns over growth and the pace of economic reforms.
India has been battling a ratings downgrade after deterioration of its public finances and slowdown in growth, but since last September, the government has taken steps to trim the fiscal deficit. Standard & Poor's is now the only rating agency which still has a negative outlook on India's rating. Like Fitch, Moody's also has a stable outlook.
Fitch said it expects the government to broadly meet its 2013-14 Budget deficit target of 4.8% of GDP and to gradually reduce the high level of public debt over the medium-term. It also said the authorities have also begun to address structural factors that have weakened the investment climate and growth prospects, notably regulatory uncertainty, delays in government approvals of investment projects and supply bottlenecks, for example, in the power and mining sectors.
"Nonetheless, the investment climate could benefit from further reforms, such as the new land acquisition bill, some liberalisation of insurance and pension provision and public procurement, which are pending parliamentary approval. Addressing the structural issues in the power and mining sectors would further boost investor confidence," Fitch said in a statement.
It expects the economy to recover after real GDP grew just 5% in 2012-13, but cautioned that India's economic recovery is likely to remain slow until a healthier investment climate is created, which helps lift potential growth.
FEATURED ARTICLES
More:
2
3
1
GO TO HELL CONGRESS. This is what happens when you don't let the PM work freely. PM's decisions are steadily encumbered by the Antonia Maino, from italy. DECIDE if you want "the MADAM of ITALY" (surrounded by nincompoops and sycophants) or MODI of India (surounded by disingenuous critics). Rupee is just a paper with pictures on it, it's a symbol of the efficacy of our economy. Our economy is SINKING before our eyes. What is our economist PM doing? Finance Minister should at least now resign taking responsibility. The grin and perpetual smile are not going to help. Indians, in 2014 election, GO MODI or JUST GO HOME!! Enough is enough!!
Credit rating agencies such as Fitch, Standard & Poors & Moodys are all organizations which maintain a data base for the benefit of U.S A. This enables U.S.A to understand the strategy it can employ to twist the arms of the country it negotiates with. Whilst Indian Ministers have to call the bureaucrat to get the pertinent file before answering a question, the Americans can fire off five questions in continuity and remain poised. This is the art of diplomacy. We need to understand why & what the underlying aim of these institutions really is. If we are not smarter than them then obviously we need to educate ourselves more!
All rating agencies are subtly manipulated by the big daddy America. What they should impact us too much. What we know is that the fundamentals of our economy is right. Therefore when the world economy is on a rollercoster ride we are still registering 6%. And without rampant corruption component this should have been significantly higher.
7
6
2
Imposing a gold quota is not going to help. When inflation is high, the Rupee is depreciating and international currency markets are volatile, investment in gold is a reasonable option. This is being done at the behest of those who are now quietly buying gold. Another big beneficiary of the gold quota will be Dawood Ibrahim who will resume his gold smuggling duties.
I find it very bizarre that the Govt imposes taxes on conversion of FCNR to Rupees in NRE account. Such conversions will help support the Rupee.
Epic Research want to say good job done here by this updates.
ReplyDeleteCouponRax is the best source to find coupon codes, promo codes, deals & discount offers and to help people save money on their online purchases.
ReplyDelete