Monsoon, global financial volatility pose risk to India: Moody's

The rating agency attributed the current subdued growth conditions on weak domestic credit conditions, tepid domestic demand and uncertain global growth


The monsoon and global financial volatility will pose additional risk to India's growth this year besides weak domestic credit conditions and tepid domestic demand, rating agency Moody's said on Wednesday.
Nonetheless, looking ahead to the next 18 to 24 months, Moody's said India's growth was likely to average around 7.5 percent.
The rating agency attributed the current subdued growth conditions on weak domestic credit conditions, tepid domestic demand and uncertain global growth.
"Since India's structural reform efforts will revive domestic investment and competitiveness over the medium - rather than near - term, the above factors will limit the pace of economic recovery in India over the next two quarters, while the monsoon and the potential for global financial volatility pose additional risks to growth this year," a report by Moody's Investor Service said.
The rating agency said the growth forecast was supported by India's structural advantages as well as by recent and planned improvements to its operating environment.
India's structural advantages include favourable demographics, a large economy - which offers investment opportunities - and economic diversity, as well as high savings and investment rates, the report said.
The report, however, said that the extent to which India's growth will outperform -- and for how long growth will remain high -- will depend on how infrastructure, regulatory and bureaucratic reforms are implemented "given that these measures are still at the early stages of design".
The recent reform efforts included the inflation targeting framework; regulatory simplification; and increase in limits for foreign direct investment in rail infrastructure and defence and insurance sectors.
It also included higher levels of public infrastructure investment; measures to promote financial savings; bills relating to mining; and measures to reduce banking system risk, such as counter-cyclical buffer requirements and liquidity coverage guidance.
Moody's also pointed out that even with robust growth, India's fiscal metrics are likely to remain weaker than those of similarly rated peers, and the social, political and economic challenges associated with low average incomes will persist over the medium term.


'Biopic on braveheart Neerja Bhanot well researched'
The shooting of the film, which began recently in Mumbai, has got both Sonam Kapoor and Neerja's family in Chandigarh quite excited
She was just 22 when she sacrificed her life to save a group of American children aboard a Pan Am flight that had been hijacked on the ground at Karachi. Now, the family of Chandigarh girl Neerja Bhanot, the seniormost cabin crew member on the flight and who is being immortalised in a biopic featuring Bollywood actress Sonam Kapoor, says the production is well researched.
The shooting of the film, which began recently in Mumbai, has got both Sonam Kapoor and Neerja's family in Chandigarh quite excited.
"We are excited by the film on Neerja. The producers have done a lot of research about the project. They got in touch with us about two years back," Neerja's brother Aneesh Bhanot, told IANS here, adding that the film would be titled "Neerja Bhanot". It will be helmed by Ram Madhwani, who is credited with a number of award-winning commercials.
Neerja will be the second person from Chandigarh to be featured in a biopic after the legendary athlete Milkha Singh. The film, "Bhag Milkha Bhag", directed by Rakyesh Omprakash Mehra and with actor Farhan Akhtar in the lead, was a top grosser in 2013.
"Hello everyone! This is me as Neerja! In our tribute to Neerja Bhanot. This is my most special film. thank you," Sonam wrote on her Twitter handle. She even posted pictures of herself and a refurbished Boeing 747 jumbo jet that will be used to recreate flight PA-73
"Sonam came to Chandigarh last year and had dinner with our family. Atul (leading fashion photographer Atul Kasbekar who is producing the film) is also quite excited to bring out Neerja's story. The whole team has done a meticulous job," Aneesh said, adding that no one from the family had so far attended the film's shooting.
"We are absolutely confident that the producers will do a very good job. The whole family is very satisfied with the script and the way Neerja's life is being shown. I suppose my mother's role is being played by Shabana Azmi," Aneesh said.
Madhvani told IANS: "Neerja is an emotional journey for all of us".
Produced by Fox Star Studios and Bling Unplugged, the story and screenplay have been written by Saiwyn Quadras.
Though not many among youth would know about Neerja's act of bravery and ultimate sacrifice, they are looking forward to the film.
"It is interesting that two people from Chandigarh have become part of Bollywood biopics. The lives of both of them are inspirational," film enthusiast Ritika Sharma told IANS.
Neerja, the chief flight purser of Pan Am 73 (Bombay-Karachi-Frankfurt-New York) flight, was killed in the shootout following the hijack at Karachi International Airport on September 5, 1986. The Libyan terrorists had entered the aircraft posing as Pakistani police personnel, carrying arms and hand grenades.
The hijack, which lasted some 17 hours, had left 20 people dead and 150 others injured. There were around 200 Indian passengers on the flight, of whom 13 died while over 100 were injured.
Following her act of bravery, Neerja was posthumously conferred the Ashoka Chakra, India's highest peacetime gallantry award, in 1987, the youngest and first woman recipient of the medal.




1 year ago

Earlier occasionally, Money Life used to have a well researched analytical and critical articles on controversies and hyped stories related to Film Industry. Yes they used to be indeed in public interest or to expose a false aura or halo built around bollywood. However ,for last couple of months, I found articles which were perhaps derived from the paid sources. “Ek Paheli Leela “ was touted as the most viewed trailer on You Tube starring the porn actress Sunny Leon . Film released and faded unsung. The last week item too was from a well known news agency IANS ( Indo Asian News Service) , hyped review of the film “Piku” and now again this item of a ‘Well Researched ‘ film being made as biopic of the brave heart martyr Neerja Bhanot . Just to mention that this new item about praising of the film by Neerja’s brother Aneesh had appeared a few days ago in dailies, ostensibly as a PR news. I wonder if our favourite crusader magazine ML is carving out this new niche “Public Interest”


Sucheta Dalal

In Reply to MOHAN SIROYA 1 year ago

Mr Siroya... thank you for your comment. Yes, indeed we did occasional researched articles, when writers and researchers have been kind enough to do them for us.
We are too tiny an entity to be able to afford anyone to cover films on a full time basis, leave alone research them.
This is an IANS story.

I think there is tremendous interest in Neerja's life. I am personally interested.
Although I never met Neerja, Aneesh is a good friend. But more importantly, I used to meet Mr Harish Bhanot her father, very frequently those days. He was the Chief of Bureau of Hindustan Times Mumbai and very well known for his non-journalistic contribution to the country as well.
Mr Bhanot adored Neerja so much and couldn't stop talking about her -- so much so that when we heard about her tragic death, my first thought was how would Mr Bhanot handle it?
I think her heroic death and the manner in which she became a martyr iis what gave strength to him and her monther.
I am actually more keen on who is going to play Mr Bhanot's role in the movie.


In Reply to Sucheta Dalal 1 year ago

Thanks 4 your considered reply and views Mam!
Perhaps to know more details about the film in making, we will have to wait more PRs.

Cabinet approves 'Namami Gange' programme

Marking a major shift in implementation, the government is focusing on involving people living on the banks of the river to attain sustainable results


The union cabinet on Wednesday approved the flagship "Namami Gange" programme, which attempts to integrate the efforts to clean up and protect the Ganga river in a comprehensive manner.
"The programme has a budget outlay of Rs.20,000 crore for the next 5 years. This is a significant four-fold increase over the expenditure in the past 30 years," an official statement issued here said.
Marking a major shift in implementation, the government is focusing on involving people living on the banks of the river to attain sustainable results.
Drawing from the lessons learnt from previous efforts, the programme also focuses on involving the states and grassroots level institutions such as urban local bodies and panchayati raj institutions in implementation, it added.
The statement pointed out that in order to ramp up progress, the Centre will now take over 100 percent funding of various activities under this programme. 
Learning from the unsatisfactory results of the earlier Ganga Action Plan, the Centre now plans to provide for operation and maintenance of the assets for a minimum 10 year period, and adopt a PPP/SPV approach for pollution hotspots.
In an attempt to bolster enforcement the Centre also plans to establish a 4-battalion Ganga Eco-Task Force, a Territorial Army unit, apart from mulling a legislation that aims to check pollution and protect the river, the statement said.
"Significantly the approach is underpinned by socio-economic benefits that the programme is expected to deliver in terms of job creation, improved livelihoods and health benefits to the vast population that is dependent on the river," the statement added.
The cabinet meeting was chaired by Prime Minister Narendra Modi.


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