Economy
Manufacturing conditions improve in February: PMI

Despite faster expansion in new business and growth of new work with Indian manufacturers' production volumes rising in the month under review, the rate of expansion was marginal

 

Manufacturing conditions in India improved for the second consecutive month in February with the rise of new orders, exports, output and purchasing activity, key macro-economic data showed on Tuesday.
 
In February, the Nikkei India Manufacturing Purchasing Managers' Index (PMI) - a composite single figure indicator of manufacturing performance - remained unchanged from January at 51.1. An index reading of above 50 indicates an overall increase in the economic activity, and below 50, an overall decrease.
 
"The Indian manufacturing economy edged further in the right direction during February, eking out modest gains in new orders and output," said Pollyanna De Lima, economist at Markit, which compiles the survey.
 
Despite faster expansion in new business and growth of new work with Indian manufacturers' production volumes rising in the month under review, the rate of expansion was marginal.
 
Though February saw a loss in growth momentum, underlying demand improved along with new business from overseas.
 
According to the index, weaker rise in costs lead to the first reduction of selling prices in February since September 2015.
 
For the first time in five months, Indian manufacturers' reduced average selling prices lead by softer increase in input costs and on efforts to get new work. However, the rate of discounting was only marginal.
 
According to the sub-sector data, consumer goods emerged as the best performing category where output growth rates and new orders outperformed intermediate goods firms.
 
"Concurrently, the investment goods industry saw a deterioration in business conditions, with output and new orders remaining in contraction territory," said the index.
 
Though input costs rose for the fifth month at a stretch in February, it happened at a weaker rate.
 
The gains made by low oil prices were offset by higher prices paid for imported raw materials like metals along with the effect of rupee depreciation against the US dollar.
 
"Goods producers continue to benefit from lower crude oil prices in global markets, which put a brake on inflationary pressures. In light of these numbers, the RBI has scope to loosen monetary policy to spur the economy," De Lima said.
 
In February, employment across Indian manufacturing sector was broadly unchanged with anecdotal evidence indicating that companies avoided hiring due to cost consciousness and relatively soft demand conditions.
 
For the second successive month, manufacturers' buying levels increased, but at a weaker pace along with input stocks while finished goods declined for the eighth month at a stretch.
 
Delayed client payments resulted in work backlogs accumulation in February.
 
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
 

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Corporates have pending tax of Rs4.18 lakh crore

The top 50 defaulting companies account for Rs.22,903 crore of the total amount due for recovery

 

A total of Rs.4.18 lakh crore of taxes are pending from corporate defaulters as on January this year, parliament was told on Tuesday.
 
"The total amount of corporate tax demand pending for collection at the end of January 2016 is Rs.4,18,399 crore," Minister of State for Finance Jayant Sinha told the Rajya Sabha in a written reply.
 
The top 50 defaulting companies account for Rs.22,903 crore of the total amount due for recovery, he added.
 
The minister said focused action by field formations especially on high-demand cases is one of the strategies for effecting recoveries.
 
"Guidelines for tax recovery officers on recovery and dealing with stay petitions have been issued. Efforts for early disposal of appeals are also undertaken, especially in high-demand cases," Sinha said.
 
Moreover, efforts of the assessing officer to recover the outstanding demand are regularly reviewed and monitored by their superiors, he added.
 
Databases like individual transaction statement and 360-degree profile generated by the department and those maintained by third party agencies like Financial Intelligence Unit (FIU-IND) have been made available for identification of assets for recovery, Sinha 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

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Mukesh Ambani again tops 84 Indian billionaires in Forbes list

Mukesh Ambani with a net worth of $19.3 billion was ranked 36th among world's 1,810 billionaires with an aggregate net worth of $6.48 trillion, down from $7.05 trillion last year

 

Reliance Industries chairman Mukesh Ambani again topped 84 Indian billionaires in Forbes 2016 list of the world's richest people once again headed by Bill Gates with a net worth of $75 billion.
 
Mukesh Ambani with a net worth of $19.3 billion was ranked 36th among world's 1,810 billionaires with an aggregate net worth of $6.48 trillion, down from $7.05 trillion last year.
 
Technology guru Gates, who has topped the list for 17 of the last 22 years was followed by Spanish clothing retailer Amancio Ortega, best known for the Zara fashion chain, with Warren Buffett remaining in the third spot.
 
The US led with the greatest number of billionaires, with 540, followed by China with 251, Germany with 120, India with 84 and Russia with 77.
 
China had the most of 198 newcomer billionaires, adding 70 to the list. Thirty-three newcomers were from the US, 8 from India and 28 from Germany.
 
Notable newcomers included Flipkart cofounders Sachin Bansal and Binny Bansal (No. 1476) of India.
 
India's top ten: 1 (world ranking 36) Mukesh Ambani $19.3 bn; 2 (44) Dilip Shanghvi $16.7 bn; 3 (55) Azim Premji $15 bn; 4 (88) Shiv Nadar $11.1 bn; 5 (133) Cyrus Poonawalla $8.5 bn; 6 (135) Lakshmi Mittal $8.4 bn; 7 (184) Uday Kotak $6.3 bn; 8 (196) Kumar Birla $6.1 bn; 9 (219) Sunil Mittal $5.7 bn; 10 (233)Desh Bandhu Gupta $5.5 bn.
 
Telecom mogul Carlos Slim Helu (No. 4) dropped two spots, and his net worth decreased to $50 billion from $77.1 billion last year.
 
Amazon's Jeff Bezos (No. 5) moved up to the fifth from the fifteenth spot last year; his net worth increased to $45.2 billion.
 
Facebook's Mark Zuckerberg (No. 6) moved into the top 10 for the first time. He was the biggest gainer with his fortune going up by $11.2 billion for a total net worth of $44.6 billion. He is the sixth richest in the world.
 
The biggest loser was Helu.
 
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.
 

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