Regulations
CCEA okays winding up of manufacturing competitiveness council
New Delhi : The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, on Wednesday gave its approval to wind up the National Manufacturing Competitiveness Council (NMCC) with immediate effect.
 
An official release said the CCEA gave its approval to winding up of the NMCC as the council “has fulfilled the mandate for which it was constituted”.
 
The NMCC was established in 2004 to provide a continuing forum for policy dialogue to energise and sustain the growth of manufacturing industry. 
 
It was set up as an autonomous organisation with its chairman in the rank of a cabinet minister and members drawn from government and industry. 
 
The release said NMCC chairman V. Krishnamurthy resigned from his post in May 2014 and Ajay Shankar demitted office as member-secretary of the council upon expiry of his tenure in November 2014. 
 
"In the absence of a chairman and no fresh constitution, the NMCC has become non-functional," the statement said. 
 
It said NMCC conducted various studies independently in consultation with several ministries/departments and also industry associations during the decade of its functioning.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article

User

US company in talks with India to launch communication satellite
New Delhi : An American company is holding discussions with Antrix Corporation to put into orbit its communication satellite, using India's heavy rocket Geosynchronous Satellite Launch Vehicle (GSLV), the government said on Wednesday.
 
A leading space company from the US is under initial phase of discussion with Antrix, to utilise the GSLV launch services for one of their communication satellite, it said.
 
Union Minister of state (Independent Charge) for Development of North-Eastern Region (DoNER), PMO and Atomic Energy and Space Jitendra Singh disclosed this in response to a question raised in the Lok Sabha.
 
Antrix is the commercial arm of the Indian space agency Indian Space Research Organisation (ISRO).
 
According to Singh, the other entities that have shown interest in utilising GSLV launch services include space agencies/companies from Canada, France, Republic of Korea and Turkey.
 
India has two rockets to launch satellites - GSLV-Mark II and Polar Satellite Launch Vehicle (PSLV).
 
The GSLV has a total carrying capacity of around 2.5 tonnes while PSLV's capacity is around 1.8 tonnes.
 
India is also developing another GSLV variant with a total carrying capacity of around 4 tonnes.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article

User

India on road to recovery, set to grow at 7.5%: IMF

The IMF projections came in a report on its Executive Board's Article IV annual bilateral discussions following a visit by a staff team on February 12

 

Noting that the Indian economy is on a recovery path, the International Monetary Fund (IMF) has projected its growth at 7.3 percent for the 2015-16 fiscal, peaking up to 7.5 percent in FY2016-17.
 
With the revival of sentiment and picking up of industrial activity, an incipient upturn in private investment is expected to help broaden the recovery helped by a large Terms of Trade gain (about 2.5 percent of GDP), positive policy actions, and reduced external vulnerabilities, the IMF said.
 
The IMF projections came in a report on its Executive Board's Article IV annual bilateral discussions following a visit by a staff team on February 12.
 
Since late 2014, a collapse of global oil prices has boosted economic activity in India and underpinned a further improvement in the current account and fiscal positions, and engendered a sharp decline in inflation, the report noted.
 
"A range of supply-side measures (including release of surplus grain buffer stocks) and an appropriate monetary stance have also contributed to the decline in inflation, from an average of about 9.5 percent during 2011-13 to 5.6 percent in December 2015," it said.
 
Due to its further-reduced vulnerabilities and improved growth prospects, India has experienced large foreign direct investment inflows in 2015.
 
As a result, and in conjunction with the continued much-smaller current account deficit (largely due to continued low global commodity prices), international reserves have increased by $46.7 billion since end-March 2014, standing at $350.4 billion at end-December 2015 (around 8 months of import cover).
 
Nonetheless, persistently high household inflation expectations and large fiscal deficits remain key macroeconomic challenges, resulting in limited policy space to support growth through demand management measures, the report said.
 
Furthermore, anaemic exports as well as headwinds from weaknesses in India's corporate financial positions and public bank balance sheets weigh on the economy, the report said.
 
Higher public infrastructure investment and government initiatives to tackle supply-side bottlenecks and repair corporate and public bank balance sheets should also help crowd-in private investment, it said.
 
The IMF Executive Directors commended Indian authorities for their appropriate policy actions that -- along with favourable Terms of Trade -- have underpinned India's improved economic performance and reduced external vulnerabilities.
 
They welcomed in particular recent measures aimed at increasing public infrastructure spending, rationalizing subsidies, creating more flexible labour and product markets, and enhancing financial inclusion, the report said.
 
Looking forward, the Executive Directors noted that global financial market volatility, a potential further deterioration in exports, and strains in bank and corporate balance sheets could weigh on India's growth prospects.
 
Meanwhile, high fiscal deficits and upside risks to inflation constrain the scope for countercyclical policies, the report said.
 
Against this backdrop, the Executive Directors underscored the need for continued vigilance, growth-friendly fiscal consolidation, and sustained reforms to enhance the resilience of the economy and bolster potential growth.
 
Addressing supply constraints and further improving the business environment remain important priorities. Progress in these areas would have a positive impact on poverty reduction, the report said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article
 
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)