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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

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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
 
 

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Government, RBI pledge to keep state-run banks in 'good health'

The finance minister said banking is a stressed sector, while the government is professionalising public sector undertaking (PSU) banks and recapitalising them

 

Lauding the RBI move to help banks besieged by stressed loans by easing rules, union Finance Minister Arun Jaitley on Wednesday said the government will also provide resources to keep state-run banks in good health.
 
"The RBI last evening (Tuesday) took a very positive move which helps further in recapitalisation of banks," he told representatives of industry associations Federation of Indian Chambers of Commerce and Industry, Confederation of Indian Industry and Assocham at a post-Budget 2016-17 meeting here.
 
The finance minister said banking is a stressed sector, while the government is professionalising public sector undertaking (PSU) banks and recapitalising them.
 
"Whatever resources are required to keep PSU banks in good health, we are going to give," he said.
 
"We are also, after improving their health, going to look at possible consolidation and further reforms and while doing so, we have to maintain fiscal discipline," Jaitley added.
 
The Reserve Bank of India said on Tuesday that banks can now apply gains from revaluation of property to core capital requirements under certain conditions.
 
It also allowed conversions of foreign currency in financial statements to be counted as common equity capital, as well as eased rules on counting deferred tax assets.
 
India's central bank said it was amending the treatment of certain balance sheet items in determining banks' regulatory capital, for further aligning these to the international Basel III capital standards.
 
As per estimates, public sector banks need up to Rs.240,000 crore by 2018 to meet the Basel III capital adequacy norms.
 
Continuing government efforts to deal with the high levels of non-performing assets or bad debts of state-run banks, Jaitley, while presenting the 2016-17 general budget in the Lok Sabha on Monday, allocated Rs.25,000 crore towards their recapitalisation in the next fiscal.
 
Meanwhile, with the bull run on the Indian stock markets continuing for the second straight day on Wednesday, banking stocks were particularly in demand after the RBI announcement on their capital adequacy norms. 
 
The banking index of the BSE was up 4.92%, and each of the 10 scrips that go into it ended in gains.
 
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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