Nation
Government names three academics to Monetary Policy Committee
Three academics from the country's top institutions have been named the government nominee members to the Monetary Policy Committee that has been mandated to ensure the country's retail inflation stays within a band of 4 percent, plus or minus two percentage points.
 
The names, cleared by the Appointments Committee of the Cabinet, are: Chetan Ghate, Professor at the Indian Statistical Institute; Pami Dua, Director at Delhi School of Economics; and Ravindra Dholakia, Professor at the Indian Institute of Management, Ahmedabad.
 
On its part, the Reserve Bank of India (RBI) has already named its set of three representatives to the six-member committee -- the Governor, at present Urjit Patel who is also the chair with a casting vote, Deputy Governor R. Gandhi and Executive Director Michael Patra.
 
With the full membership of the panel in place, the next bi-monthly monetary policy update of the Reserve Bank of India, scheduled on October 4, is expected to go by the recommendations of this panel, including a call on interest rates, officials said.
 
The government had said its three members will be experts in the field of economics, banking, finance or monetary policy and will be appointed for a period of four years -- and will not be eligible for re-appointment. 
 
The panel is to meet at least four times a year and publicise its decisions after each meeting.
 
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

Billionaire Mukesh Ambani richest Indian for ninth year: Forbes
With $22.7 billion (Rs 151,477 crore) net worth, Reliance Industries Chairman Mukesh Ambani is the richest Indian for the ninth consecutive year, American business magazine Forbes India said on Thursday.
 
Ambani, 59, who retains the top spot in the annual list of 100 richest Indian tycoons, saw his wealth increase to $22.7 billion from $18.9 billion last year as shares of Reliance Industries rose 21 percent over 12 months, the magazine said in a report.
 
The oil-to-retail conglomerate launched its 4G phone service Jio early this month, offering free calls and internet data link till December 31.
 
Dilip Shangavi of drug major Sun Pharmaceutical Industries is the second-richest Indian with $16.9 billion net worth though his personal wealth declined $1.1 billion due to its share price dropping, while London-based Hinduja brothers, with a combined network of $15 billion in 2016 as against $14.8 billion in 2015, are third.
 
The four siblings - Srichand, Gopichand, Prakash and Ashok - head the multinational group, whose businesses spans trucks and lubricants to banking and cable television.
 
IT czar Azmi Premji of Wipro slipped to fourth from third with $15-billion, while his flagship IT services company reported six percent decline in net earnings to $304 million in second quarter of this fiscal due to sluggish sakes.
 
The government's infrastructure push and housing-for-all policy have turned the fortunes of cement and paint tycoons such as Benu Gopal Bangur, who features at 14 in the top 20 for the first time with $5.9 billion net worth, as shares of his Shree Cement soared.
 
Like Bangur, Asian Paints non-executive Vice-Chairman Ashwin Dani added $1.1 billion to his wealth to figure at 34 with $3.3-billion net worth.
 
Though the composition at the top of the list remains unchanged, the combined net worth of the country's 100 wealthiest increased 10 per cent to $381 billion from $345 billion in 2015.
 
"In a post-Brexit world, India appears a steady ship with an economy growing at 7 percent-plus. The majority of India's 100 richest have notched up handsome gains as their companies outperformed the stock market in the past year," said Forbes Asia's India Editor Naazneen Karmali.
 
"This year's list has seen a rise in the overall wealth of the country's top 100 billionaires, in line with the movement of the markets," said Forbes India Editor Sourav Majumdar.
 
Meanwhile, eight tycoons rejoined the ranks after their companies outperformed the stock market's 12 percent rise in the past year.
 
Among them is the country's richest self-made woman and Biocon chairperson Kiran Mazumdar-Shaw at 65 with $1.83 billion net worth, as her firm's shares doubled in 12 months.
 
Six newcomers to the list include serial entrepreneurs and brothers Bhavin and Divyank Turakhia (95, $1.3 billion), who make the ranks after selling their ad tech firm Media.net for $900 million to a consortium of Chinese investors in August.
 
Acharya Balkrishna (48, $2.5 billion) also makes his debut on the list, thanks to his 97 percent holding in the fast-growing consumer goods outfit Patanjali Ayurved, which he co-founded with yoga guru Baba Ramdev.
 
Pawan Munjal (29, $3.65 billion), son of Brijmohan Lall Munjal, founder of Hero Group, took over his father's spot on the list.
 
The minimum net worth to enter the annual list of the richest Indians was $1.25 billion, up from $1.1 billion in 2015.
 
Flipkart co-founders Sachin Bansal and Binny Bansal, however, dropped out from the list as their net worth fell below the minimum amount, along with 11 others, including textile tycoon Balkrishan Goenka.
 
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

Finance Ministry questions ratings process of Moody's
Economic Affairs Secretary Shaktikanta Das on Thursday questioned the decision of Moody's for a ratings review of India in two years' time, and said the agency's exercise must consider all aspects of reforms being undertaken by the country with a sound methodology.
 
"Moody's had taken a position that they would consider a ratings upgrade after two years. Our concern was only about the methodology of the whole process," Das told reporters here, two days after the ratings agency alluded that India's ratings review could emerge in the medium term.
 
"We would expect interactions with the Finance Ministry and the Government to take place. Then, of course, they are a rating agency and they are entitled to arrive at their own conclusions. But due process has to be followed, you cannot jump the gun," Das said.
 
The secretary said that without such an exercise, such a conclusion will prove dificient. He also said that reforms in India were now gathering significant roots and developing sufficient depth, which can't be doubted.
 
"In the past two years, especially, the number of reforms, the kind of reforms and the pace of reforms being taken by the government -- due weightage has to be given."
 
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)