India hopes to achieve higher growth in 2012-13: PM

“Our economy has slowed down in the current year and GDP growth is likely to be between 7.6% and 8%. We hope to go back to higher growth in 2012-13, together with a moderation in inflation,” prime minister Manmohan Singh said at the G-20 meet at Cannes

Cannes: India hopes to achieve higher growth in 2012-13 after its economy witnessed a slow down in the current year, reports PTI quoting prime minister Manmohan Singh.

“Our economy has slowed down in the current year and GDP (gross domestic product) growth is likely to be between 7.6% and 8%,” Mr Singh said in his intervention at the summit of the world's 20 leading economies at the French Riveria resort.

Mr Singh acknowledged that like many other emerging market countries, India is also experiencing high levels of inflation.

“We in India are taking steps to ensure a return to high growth... We hope to go back to higher growth in 2012-13, together with a moderation in inflation,” he said.

“Our medium-term strategy focuses on a revival of investment especially in infrastructure, and continuing efforts to reduce our fiscal deficit through improved revenue collection which is expected to come from tax reforms,” he said.

Mr Singh also warned that ‘prolonged’ uncertainty and instability in Europe will hurt other countries too and suggested that the IMF can help rescue the situation.

Observing that everyone has a stake in the orderly functioning and prosperity of Europe, including the Eurozone countries, Mr Singh said, “Prolonged uncertainty and instability in the Eurozone countries can hurt us all. In an increasingly integrated world, all of us have a stake in the orderly functioning and prosperity of Europe.”

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Up to 35% market share in M&A a safe harbour: TRAI

TRAI in its recommendations to the telecom ministry has said that if a resultant entity after merger or acquisition commands up to 35% market share, the merged or acquired company would be considered in ‘'green line’ or safe harbour

New Delhi: The Telecom Regulatory Authority of India (TRAI) on Thursday recommended a liberal norm of up to 35% market share as ‘safe harbour’ for the mergers and acquisitions (M&As) in the Indian telecom sector which has 12-13 service providers in a circle, reports PTI.

“Keeping in view the current context and also the international practice as well as the provisions of the Competition Act, the Authority recommends that up to level of 35% market share, for the resultant entity... as the green line or safe harbour,” TRAI said

To ensure a level-playing field among service providers, TRAI in its recommendations to the telecom ministry has said that if a resultant entity after merger or acquisition commands up to 35% market share, the merged or acquired company would be considered in ‘'green line’ or safe harbour.

This will be considered by the telecom ministry while finalising the National Telecom Policy 2011 which is expected to be released by the year-end and early next year.

Welcoming the move, the lobby of GSM players, Cellular Operators Association of India (COAI) said this is a positive development and would help the market to mature.

“Those falling above 35% and up to 60% (market share for resultant entity) would be referred to TRAI for its recommendation, which would carry out detailed examination to ensure that there would not be any abuse of market dominance,” the regulator said.

Cases where the resultant entity would have more than 60% market share would “not be considered as all”, as these would fall beyond the ‘Red Line’, it said.

The limit for spectrum holding by the resultant entity would be 25% of the spectrum assigned in a service area.

Earlier, the M&A were made difficult as the market share of the resultant entity was capped at 30% and limited increase in spectrum was allowed.

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Commercial realty to come under new RBI disclosure norms

Under a new disclosure clause brought in by the RBI on Thursday, commercial real estate players will have to mention in their advertisements the name of the bank to which a property has been mortgaged

Mumbai: The Reserve Bank of India (RBI) on Thursday asked banks to bring in a disclosure clause under which commercial real estate players will also have to mention in their advertisements the name of the bank to which a property has been mortgaged, reports PTI.

“On a review, it has been decided that the provisions contained therein (relating to disclosures) will be applicable to commercial real estate also,” the central bank said yesterday.

Earlier, the central bank has made it mandatory for banks to inculcate the provisions relating to disclosure of a mortgage property in advertisements for ‘private builders’ at the time of inviting public to buy flats or a property.

Currently, a builder or a developer or a company has to disclose in its advertisements like pamphlets or brochures the name of the bank to which the property is mortgaged.

With this notification, commercial realty will also come under the ambit of such disclosures.

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