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NEWSLETTER

24th June-1st July , 2018

CONTENTS
INDIAN ECONOMY NEWS
BUSINESS NEWS
WORLD NEWS

1
deficit target of 3.5% of GDP in 2017-18.
INDIAN ECONOMY Subsidised LPG gets costlier, hiked by Rs
2.71 per cylinder
Rupee hits record low of 69.01 against US
dollar Subsidised cooking gas price was hiked by
Rs 2.71 per cylinder today as a result of
tax impact of base price rising due to spurt
The rupee on Thursday opened at an all-
in international rates and fall in rupee.
time low of 68.89 against the US
dollarNSE 0.21 %. It further lost ground to As a result of higher global rates, the price
breach the 69 level for the first time. of Non-Subsidized LPG at Delhi will
increase by Rs 55.50 per cylinder.
Consistent dollar demand from banks and
importers, mainly oil refiners, following
higher crude oil prices kept the rupee India to auction 40 Gw of renewable
under pressure. energy every year till 2028: Official

India will auction 40 Gw of renewable


The domestic unit on Wednesday plunged
energy projects comprising 30 Gw solar
by 37 paise or 0.54 per cent to settle at a
and 10 Gw wind every year for the next 10
19-month low of 68.61 against the US
years till 2028, indicating huge potential
dollar as growing crude oil prices fanned
for domestic manufacturers and
fears of a widening current account deficit
developers.
and a spike in inflation.

Forex reserves dip by $2.3 bn to $407.8 bn


India’s fiscal deficit reaches 55.3% of as foreign currency assets fall
FY19 target in April-May
India's foreign exchange reserves declined
India reported on Friday a fiscal deficit of by $2.25 billion to $407.81 billion in the
₹ 3.45 trillion ($50.37 billion) during the week to June 22 on account of fall in
April-May period, or 55.3% of the foreign currency assets, RBI data showed.
budgeted target for fiscal year 2018-19 In the previous week, reserves had
compared with 68.3% a year ago. decreased by $3.04 billion to $410.07
billion.
Net tax receipts in the first two months of Forex reserves had touched a record high
FY19 were ₹ 1.02 trillion, government of $426.028 billion in the week to April
data showed. India expects to trim the 13, 2018. Reserves had crossed the $400-
deficit to 3.3% of GDP in this fiscal year, billion mark for the first time in the week
after meeting an upwardly revised fiscal to September 8, 2017, but have since been
fluctuating.

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2
Individual advance tax grows by 44% in businesses pay 80 per cent of the taxes.
June
IMF suggests India three steps to sustain
The government on Friday cheered a 44% high growth rate
jump in advance tax paid by individuals in One, to revive a bank credit and enhance
June along with a 17% rise on the the efficiency of credit provision; by
corporation tax front, attributing the accelerating the clean-up of bank and
increase to higher consumption in the corporate balance sheets and enhancing the
economy and better compliance. government of public sector banks.

The government has budgeted for a 14% Two, to continue fiscal consolidation and
increase in direct tax collections, estimated to lower elevated public debt levels
at Rs 11.5 lakh crore, with personal supported by simplifying and streamlining
income tax budgeted to rise 20% — twice the goods and services tax (GST) structure
the estimated rate of growth for
corporation tax. Lastly, over the medium-term, renew
impetus to reforms of key markets, for
India's external debt rises by 12.4% by example, labour and land, as well as
end-March 2018 improving the overall business climate
would be crucial to improving
India’s external debt surged by 12.4 per competitiveness and again, maintaining
cent to USD 529.7 billion by end-March that very high level of growth in India.
2018 from USD 471.3 billion by end-
March 2017. In absolute terms, it increased
by USD 58.4 billion.
The external debt to GDP ratio rose to 20.5
per cent by end-March 2018 from 20 per BUSINESS
cent a year ago.

IRDA allows LIC to increase stake in


22,000 rural agriculture markets to be IDBI Bank to 51%
linked to e-NAM
Around 22,000 rural agriculture markets The Insurance Regulatory and
will be linked to the electronic national Development Authority of India (IRDA)
agriculture market (e-NAM) by 2020 as on Friday approved Life Insurance
part of government’s drive to double the Corporation of India’s (LIC’s) proposal to
income of farmers. 585 e-mandis have acquire a majority stake in IDBI Bank Ltd,
been connected under the agricultural which will take its stake to 51%.
market reforms.
LIC currently holds 8% in the state-run
bank.
Rs 2,000 crore GST evasion unearthed in 2
months
TCS promoters to participate in Rs16,000
The GST investigation wing has detected
crore buyback offer
tax evasion of over Rs 2,000 crore in two
months, and data analysis reveals that only
1 per cent of over 1.11 crore registered India’s largest IT services company Tata

3
Consultancy Services (TCS) on Friday Seychelles for healthcare and procurement
said its promoters intend to participate in of goods and projects.
its recently announced up to ₹16,000 crore
The LOC is the first tranche of the $50
buyback offer.
million sanctioned by the Exim Bank to
Earlier this month, the TCS board had the country.
approved a proposal to buy back up to 7.61
crore shares or 1.99% of the total paid-up
Nissan sets up first global digital hub in
equity share capital at ₹2,100 a share. Last
India, to hire 500 this fiscal
year too, TCS had undertaken a buyback
offer of a similar size.
Japanese auto major Nissan Motor Co
today said it is establishing its first global
Sriram takes charge as MD and CEO of centre for digital operations in India and
IDBI Bank will hire around 500 people for the same
by the end of this fiscal.
Sriram was appointed MD and CEO in
place of Mahesh Kumar Jain who recently The Nissan Digital Hub, to be set up in
took charge as deputy governor of the Kerala, will be followed by a number of
Reserve Bank of India (RBI). software and information technology
Sriram has been working as the MD development centres in Asia, Europe and
(Corporate and Global Banking) in SBI North America.
since July 2014. Thyssenkrupp AG, Tata Steel finalise
European steel joint venture
PNB hikes lending rates by up to 10 basis Tata Steel and Thyssenkrupp AG have
points signed a definitive agreement to create a
50:50 joint venture that will combine the
State-owned Punjab National Bank on European steel businesses of the German
Saturday raised the marginal cost of funds- and Indian giants. The decision follows the
based lending rate, the floor rate at which signing of an MoU between the two in
it lends to consumers, for select tenors by September 2017.
0.05-0.10%.
For loan of a six-month tenor, the
borrowing rate will be costlier by 0.10% to WORLD
8.40%. While for one, three and five-year
loan terms, the new rates are up by 0.05% China’s manufacturing activity slips amid
each to 8.45%, 8.60% and 8.75%, trade war with US
respectively.
The manufacturing purchasing managers
index (PMI) stood at 51.5 in June, versus
51.9 in May, and the forecast of 51.6 in
Exim Bank extends $10 mn loan facility to
a Bloomberg survey of economists. The
Seychelles
non-manufacturing PMI, covering services
and construction, rose to 55, the statistics
bureau said Saturday, compared with 54.9
The Export-Import Bank of India (Exim
in May. Levels above 50 indicate
Bank) today said it has extended $10
improvement.
million worth of line of credit (LOC) to
4
Pakistan's amnesty scheme pulls in Rs 80 Iran is running out of options on oil, left
billion in tax with fewer friends

Nearly 5,000 people in Pakistan have filed


Iran’s position in the oil market is looking
returns declaring their foreign assets and
weaker than ever as a bruising OPEC
deposited approximately Rs 80 billion in
meeting and tightening net of U.S.
taxes so far, as the government's tax
sanctions leave it with fewer friends and
amnesty scheme is set to end.
fleeing customers.
Tehran is getting hit from all sides.
With June 30 the last day for the amnesty
Washington is telling buyers to stop all
scheme, the media has reported that the
purchases of the country’s crude, while
Federal Board of Revenue (FBR) managed
OPEC and its allies are bowing to U.S.
to raise 21 billion from the scheme under
pressure to raise output and fill the gap.
taxes until last week.

Canada announces billions of dollars in US first-quarter GDP growth revised down


retaliatory tariffs against US to two percent

Canada announced billions of dollars in The U.S. economy slowed more than
retaliatory tariffs against the US in a tit- previously estimated in the first quarter
for-tat response to the Trump amid the weakest performance in
administration's duties on Canadian steel consumer spending in nearly five years,
and aluminium. but growth appears to have since regained
momentum on the back of a robust labor
Prime Minister Justin Trudeau's market and tax cuts.
government released the final list of items
yesterday that will be targeted beginning
July 1. Some items will be subject to taxes Gross domestic product increased at a 2.0
of 10 or 25 per cent. percent annual rate in the January-March
period, the Commerce Department said on
Thursday in its third estimate of first-
Deutsche Bank fails US Fed stress test quarter GDP, instead of the 2.2 percent
pace it reported last month.
The Deutsche Bank's US division has
failed the second round of the Federal
Reserve's annual two-stage stress tests,
Euro-Area Inflation Hits 2% Level Amid
designed to assess how well the sector
Boost From Oil Prices
could withstand another financial crisis.
Euro-area inflation hit the 2 percent level
The Fed found Deutsche Bank's US arm
in June for the first time in more than a
had "material weaknesses in the firm's data
year, supported by higher oil prices.
capabilities and controls supporting its
capital planning process, as well as The pickup in rate of price growth to just
weaknesses in its approaches and above the European Central Bank’s target
assumptions used to forecast revenues and was in line with the median estimate of
losses under stress", reports the BBC. economists surveyed by Bloomberg. The
core measure, which excludes volatile
components such as food and energy

5
slowed to 1 percent, while services
inflation cooled to 1.3 percent.

Japan’s Jobless Rate Falls to Lowest in a


Quarter Century
Japan’s tightest labor market in decades
just got even tighter, driving companies to
hire more workers in full-time, permanent
positions. That’s positive news for the
Bank of Japan as it struggles to generate 2
percent inflation.

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