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ECONOMY ISSUES
RBIs 3rd Financial Stability Report
The Reserve Bank of India (RBI) released its third Financial Stability Report. The report reflected RBI's continuing endeavour to communicate its assessment of the incipient risks to financial sector stability. The Financial Stability Report is published twice a year under the guidance of the interim Financial Policy Committee. The report includes Committee's assessment of the outlook for the stability and resilience of the financial sector at the time of preparation of the Report, and the policy actions it advises to reduce and mitigate risks to stability. FSR main findings are as follows:1. The banking sector in India by far the most dominant portion of the Indian financial sector continues to be stable and 2. The domestic financial markets have remained stress free recently. However, a few caveats are in order. the tune of USD 106 billion in 2010. China stood at 2nd position with inflows totalling $106 billion in 2010, and Brazil stood at 5th position with inflows at $48 billion.The country that saw the maximum FDI inflow in 2010 was the United States at $228 billion

Essar Agreement With Jurong Aromatics

Essar Projects Ltd (EPL) announced that secured an engineering, procurement and construction (EPC) contract worth $320 million from Jurong Aromatics Corp. (JAC) of Singapore. The contract forms part of a USD 2.4-billion grassroot aromatics complex in Jurong Island, Singapore, being executed by JAC. The scope of EPLs contract includes constructing storage tankages, jetties with loading and unloading arms, pipeline systems as well as the utilities for the entire complex. The project is to be executed by a subsidiary company of EPL in Singapore.The Jurong project has participation from global petrochemical players like Glencore, SK Engineering, Sanhai and Vinmar and involves the development of a condensate splitter and aromatics facility. The JAC project involves the development of a condensate splitter and aromatics facility in Singapores Jurong Island.

India Fell To 14th From 8th in FDI

The World Investment Report 2011 was released by UNCTAD. According to the report, Indias position among the top 20 FDI recipients fell to 14th position, from 8th in 2009 at a time when other countries in Asia were setting new records in foreign direct investment (FDI) inflows. Indias FDI inflow went down to $25 billion in 2010 from $36 billion in 2009, according to a UN report.However, according to Finance Minister Pranab Mukherjee, FDI inflows rose to more than $7.9 billion during April-June quarter of 2011, which was almost twice the amount received during the year-ago period. During the last 10 years, India received total foreign direct investment of $176 billion, while Indian companies have invested $76 billion outside. India saw FDI inflows of USD 19.42 billion in 2010-11. Foreign direct investment flows into India are currently sluggish given the uncertain global economic conditions.India is ranked way below neighbouring China, which saw FDI inflows to

Standard Chartered Bank Appoinyed as Custodian

The Central Board of Trustees (CBT) of the Employees' Provident Fund Organisation (EPFO) approved the appointment of Standard Chartered Bank as the custodian of securities of the EPFO. The Central Board of Trustees (CBT) is the apex body of the Employees Provident Fund Organisation. At the 196th meeting of the CBT, it also approved the appointment of Mumbai-based Chandbhoy and Jassoobhoy as External Concurrent Auditor to audit the investments of the EPFO funds.A total of five crore employees came under the EPFO. The total fund size was Rs.3.50 lakh crore. Of this, about Rs.60000 crore was reinvested every year, while Rs.40000 crore was collected annually.

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SEBI Okayed All-Important Takeover Code

The Securities and Exchange Board of India (SEBI) board okayed the all-important Takeover Code accepting the recommendations of the Takeover Regulations Advisory Committee (TRAC).According to the Takeover Code passed by SEBI, mandatory open offer size was raised to 26% from 20% and the trigger point for buyout was made to stand at 25% as against 15% in the past. With the passing of the Takeover Code, companies will now need to make mandatory open offer for further 26% stake from public shareholders after buying 25% in takeovers.SEBI however, abolished non-compete fees to be paid by acquirers in takeover deals. Highlights of Takeover Code: Mandatory open offer size was raised to 26% from 20% and the trigger point for buyout was made to stand at 25%. vestors

man, RBI governor, PFRDA chairman, and finance secretary and chief economic advisor. The financial regulators were of the opinion that high inflation will not be conducive to short-term growthThe relationship between inflation and growth was treated as a cause of concern. Although the group felt that in long term, Indias growth prospects are bright but in the short term it seemed crucial to tackle inflation.While the economy is expected to grow between 8 and 8.5 per cent in 2011-12, the persistently high inflation and subsequent interest rate hikes by the RBI curtailed India Incs expansion plans and led to fears of a possible slowdown. Rising fiscal deficit along with current 8% repo rate announced by the RBI was also deemed as a potential threat to the economy.

Repo Rate Hiked to 8%

The Reserve Bank of India (RBI) in a bid to tame inflationary pressure hiked the short-term indicative policy rate (repo rate) by 50 basis points from 7.5 per cent to 8 per cent. The RBI Governor D. Subbarao also announced the first quarter review of Monetary Policy for 2011-12.The first quarter review of Monetary Policy for 2011-12 revealed that headline wholesale price index (WPI) inflation rate for the first quarter of 2011-12 remained stubbornly close to double digits and inflationary pressures continued to be broadbased.The decision to raise the rate by 50 basis points, beating the market expectation of 25 basis points was taken to drive home the fact that in the absence of complementary policy responses on demand and supply sides, stronger monetary policy actions are required.With the hike in repo rate (the rate at which banks borrow from the central bank) the reverse repo rate (the rate at which banks park their funds with the RBI), with a spread of 100 basis points below the repo rate settled at 7 per cent. Similarly, the Marginal Standing Facility (MSF) rate, with a spread of 100 basis points above the repo rate, stood recalibrated at 9 per cent.The hike by the central bank in rates is expected to put further pressure on consumers as lending rates of banks will be higher in the coming days.

Merchant banks to disclose track record to IPO in-

IPO forms to be made shorter and simpler. Non-compete fees to be paid by acquirers in takeover deals abolished.

Public shareholders were required to be given an

exit opportunity when promoters of target company sell out their stake to acquirers.

to provide delisting pursuant to an offer and proportionate acceptance.

SEBI did not accept the recommendation of TRAC

Sebi board decided that the existing definition of

control of offers would be retained as it is. all stock market transactions.

The SEBI board approved uniform KYC norms for

FSDC Reviewed Economic Situation
The Financial Stability and Development Council (FSDC) headed by finance minister Pranab Mukherjee reviewed the general economic situation in the light of steep rate hike by RBI. The meeting was attended by all financial sector regulators including Sebi chair-

Duty Entitlement Pass Book (DEPB) Scheme

The Union government announced restoration of the popular duty entitlement pass book (DEPB) scheme for export of cotton with retrospective effect from 1 April 2011 and on cotton yarn from 1 October 2010.

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The announcement was made in the backdrop following a sharp fall in the domestic and international prices of these commodities.Cotton yarn had been placed under Open General Licence for exports from April 2011. The DEPB scheme for exporters had therefore been made effective from 1 April 2011. The government had withdrawn the scheme on cotton and cotton yarn in April 2010.The governments decision was welcomed by Confederation of Indian Textiles Industry that felt the move would provide relief to the cotton yarn sector as it was making losses due to withdrawal of export incentives and had huge inventories.Exports of cotton were dis-incentivised by virtue of export tax, following a sharp rise in prices in January 2011. The DEPB scheme has also been restored with easing of export curbs. What is DEPB? DEPB Scheme incorporates the concept of the old Pass Book but with simplified procedures and greater coverage and transparency in the matter of giving credit entitlements. The entitlement rate will be pre-determined so that the exporters at the time of exports can do their costing accordingly. Being a transparent scheme it does away with any discretion to the Licensing Authority or Custom Authority and can be availed on Pre-Export/Post-Export basis.

auctions.The final report merely stated that allocation of spectrum, the airwaves on which all communication signals travel, should be done through a suitable market-related process evolved by the telecoms department and the telecoms regulator.Analysts are of the opinion that Chawla's move to overturn the draft recommendations amounts to toeing the telecoms department's line which already rejected the auction approach for awarding second generation (2G) airwaves. The telecom department also added that the committee's recommendations will allow the government to choose the benchmark for pricing airwaves.The exact quantum to be levied would be determined by the telecoms department in consultations with regulator TRAI.The panels draft had also added that if the road map for future release of spectrum through auctions were to be made available, it would temper bids in future auctions.

EPFO Appointed 4 Mangers For Pension Fund Corpus

The labour ministry-controlled Employees Provident Fund Organisation (EPFO) appointed four fund managers for its 3.5 trillion pension fund corpus. EPFO however dropped top performer ICICI Prudential Asset Management Co. Ltd from the list.The central board of trustees (CBT), the apex decision-making body of the EPFO in its meeting in New Delhi, decided to appoint State Bank of India (SBI), Reliance Capital, HSBC Asset Management and ICICI Securities Primary Dealership Ltd. The CBT after consideration approved four fund managers for managing EPFO funds for a period of three years beginning 1 September 2011.

Anti-Dumping Duty On Imports of Gas

The Revenue Department announced its decision to impose anti-dumping duty of up to USD 1.41 per kg on imports of a gas, used primarily for refrigeration purpose with an objective to protect domestic players from cheap Chinese and Japanese shipments. The duty would range from between USD 0.69 per kg and USD 1.41 per kg on imports of the gas from Japan and China.The restrictive duty on the import of 1,1,1,2-Tetrafluoroethane or R-134a is to be imposed for a period of five years.The imposition of duty was recommended by Directorate General of Anti-Dumping and Allied Duties (DGAD)

Oil Ministries Action Against Cairn India

The oil ministry blocked Cairn Indias plans to begin oil production from the Bhagyam oilfield which is the second biggest find in the Rajasthan block. Cairn had planned to put the Bhagyam oilfield into production by October to take total output from the Rajasthan block to 175,000 barrels per day.At the meeting of the panel that oversees operations of the block on 10 June 2011, the panel had stonewalled 2011-12 production rate, work programme and budget for the Bhagyam field. The ministry wanted Cairn to calcu-

Ashok Chawla Panels Report

A government panel, headed by former finance secretary Ashok Chawla, set up to recommend rules for pricing of all natural resources submitted final report. In the final report, the panel did not suggest that all future allocations of airwaves must be through

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late profit from the Rajasthan block after treating royalty as cost recoverable item.Cairn believed that royalty, which is paid by state-owned Oil and Natural Gas Corp (ONGC), is a licensee obligation and hence not cost recoverable from revenues. Cairns views were contested by the oil ministry which made cost recovery of royalty as a precondition for allowing Cairn Energy to sell 40% stake in Cairn India to Vedanta Resources.The ministry insisted that it will not approve further programme on Bhagyam unless Cairn calculates profits to be divided among stakeholders and the government after adding royalty to the cost.

to good monsoon, higher minimum support price to farmers and focussed policy approach, particularly to enhance production of pulses and oilseeds.As per the data prepared by the Directorate of Economics and Statistics, the record output was achieved despite drought in 90 districts in the eastern belt, excessive rains in parts of Gujarat and Andhra Pradesh and yellow rust in some wheat-growing pockets.

Wheat Output was Estimated to be Higher by 5.13 Million Tonnes in 2010-11

Rice output was estimated at 95.32 million tonnes as against 89.09 million tonnes harvested in 2009-10. Pulses production enhanced by 3.43 million tonnes with gram at 8.25 million tones, urad at 1.74 million tonnes and moong 1.82 million tonnes recording significant increases. Oilseeds production was estimated at 31.1 million tonnes against 24.8 million tonnes in the previous crop year with a record soyabean output of 12.66 million tonnes. Coarse cereals output was recorded at 42.22 million tonnes as compared to 33.55 million tonnes produced in 2009-10. A record output of 21.28 million tonnes of maize this year against 16.72 million tonnes produced in 2009-10 contributed hugely to higher coarse cereals out. Cotton production surged to 33.43 million bales (of 170 kg each) from 24.22 million bales. Sugarcane output was up at 339.17 million tonnes against 292.3 million tonnes in 2009-10. Total foodgrains output for rabi and kharif in 200910 was 218.11 million tonnes. The highest production in recent years was 234.47 million tonnes in 2008-09. The 12th Five Year Plan will contain all measures to accelerate the agriculture sector growth to meet future demands. The need for a broad-based, inclusive and sustainable second Green Revolution has therefore been highlighted by Prime Minister Manmohan Singh.India needs two per cent per annum growth in food grain production to meet the projected demand of 281 million tonnes by 2021.

CEIB a Nodal Agency to Share Black Money Information

The committee set up to review the role and structure of Central Economic Intelligence Bureau (CEIB) recommended that the CEIB maintain a national database of economic offences investigated by various agencies at the Centre and in states. Maintenance of national database by CIEB will ensure effective coordination among the various enforcement and regulatory agencies. The four member committee to study the role of CEIB was set up in March 2011 by the Finance Ministry and was headed by S. S. Khan, retired member, Central Board of Direct Taxes (CBDT).The Union government opined that in the face of growing complexity and sophistication of economic offences better collaboration among various agencies is required for combating tax evasion and other serious economic offences.The panel also recommended a hub and spoke structure between the CEIB and enforcement agencies at the central and state levels with the CEIB as the nodal agency for better collection and dissemination of financial intelligence.

India Set For Bumper Foodgrains Production in the 2010-11

According to the fourth advance estimates released by the Agriculture Ministry, India is set for a bumer foodgrains production in the 2010-11 crop year at 241.56 million tones,which will be a record. Wheat and pulses output are estimated to touch an all time high of 85.93 million tonnes and 18.09 million tonnes respectively. The record production was attributed

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DoT Cleared NOFN For Broadband Connectivity

The Central Department of Telecommunications (DoT) approved Rs 30000-crore National Optical Fibre Network (NOFN) for broadband connectivity to 2500 Panchayats in India.The Telecom Commission (DoT's decision-making arm) approved the project that will be funded through the Universal Service Obligation [USO] Fund. The project will be completed by 2014-15 through a special purpose vehicle (SPV). The Universal Service Obligation Fund was created to fund those operators who go into the rural and non-remunerative areas to offer telecom network. Private telecom companies contribute 5 per cent of their annual revenues towards this fund.NFON is expected to help the government implement its various e-governance initiatives such as e-health, e-banking and e-education, facilitating inclusive growth. 33 new major applications will be built using the open source code. These applications will use NOFN to connect rural areas with educational institutions, health service and central government services.The broadband project will initially be executed by Bharat Sanchar Nigam Limited and other PSUs like RailTel.

Chaturvedi Committees Suggestions

The committee set up by the Group of Ministers (GoM) to examine the go and no-go system for coal mining and chaired by Planning Commission Member B K Chaturvedi submitted its report. The committee recommended that all projects stranded due to the classification must be treated on their merits and cleared sans restrictions if located at the fringes of the forests.The committee asked the union environment ministry to amend its directive mandating developers to compulsorily secure Stage-I clearance as well as facilitate green clearances in a time-bound manner. The committee highlighted that the system of go and no go has no legal sanction.The committee suggested that the ministries of coal and environment work jointly and evolve a strategy to ensure that genuine cases are cleared and also the interests of the tribals be protected.

1200 Crore into Air India

The Cabinet Committee on Economic Affairs (CCEA) approved equity infusion of Rs.1200 crore into the cash-strapped national carrier Air India. Air India had so far received financial assistance amounting to Rs 2000 crore in the last two financial years while its cumulative loss and debt burden is around Rs 67000 crore.The equity induction would not only ease the cash flow situation of the company Air India which is passing through critical financial crunch. The cash flow would also preclude borrowings from the markets at high costs.The airline has a debt of Rs.4695 crore on an equity base of Rs.2145 crore.

Amendment to Customs Act, 1962

The Indian Cabinet approved the amendment to Customs Act, 1962 to help the exchequer safeguard its revenues. The cabinet decided to put forth the amendment bill in the 2011 winter session of the parliament.The amendment will permit specifically recognised customs officers to assess import duty. The recognition to customs officials would be from retrospective effect. The amendment bill will help the government to recover customs duty worth several thousands of crores, Soni added. Officers of the Directorate of Revenue Intelligence (DRI) will alone have issued notices involving customs duty to the tune of over Rs 7500 crore. Also tax evaders will not get benefited at the expense of exchequer on a mere technical ground.

Damodaran Panels Suggestions

The report on Customer Service in Banks by a committee chaired by M. Damodaran, former Chairman of the Securities and Exchange Board of India (SEBI) was released on 3 July 2011. The Reserve Bank of India panel recommended an increased deposit insurance cover of Rs.5 lakh so as to encourage individuals to keep all their deposits in banks. The Damodaran panel mentioned that in case of sick banks, a possibility to enable customers to immediately avail themselves of a part of their insured deposits before the final fate of sick banks is decided should be explored.

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The recommendations were made in 3 broad categories:

loading the survey schedule from RBIs official website. What is CERPA? CERPA was established in 1972 and conducts social science research, provides consultancy on developmental issues, helps planners and policymakers and provides charitable services to the disadvantaged and poor sections of the country.

Home Loans: The panel recommended that banks should not impose exorbitant penal rates towards foreclosure of home loans. A policy should be devised to ensure that customers are not denied of opportunity to enhance their economic welfare by making choices such as switching to other banks/financial entities to enjoy the benefits conferred by market competition. Measures to stop practices of discriminating between new and old customers with identical risk profiles on the basis of interest rate offers were to be initiated. Senior Citizens: There should be prioritised service to senior citizens, physically handicapped persons by effective crowd/people management available at all branches. The panel suggested introduction of provision of the SMS alerts service about balance in the account at periodic intervals and about due dates for submission of important documents. Automatic updation of the customers to the senior citizen category based on the date of birth would be introduced. Pensioner may be allowed to submit the annual life certificate at any of the (linked) branches and not necessarily at the home branch. Rural Areas: According to the panel banks should ensure proper currency exchange facilities and also the quality of notes in circulation in rural areas. Branches should be made functioning at a time convenient to the customers (agricultural labourers, workers and artisans).

Finance Ministries Steps to Combat Black Money Menace

The Finance Ministry under pressure to unearth black money modified the format for reporting suspicious transactions to help enforcement and regulatory agencies take prompt action to deal with the menace.The new reporting formats such as Suspicious Transaction Reports (STRs), Cash Transaction Reports (CTRs), Counterfeit Currency Reports (CCRs) and Non-Profit Organisation Transaction Reports (NTRs) -- were introduced after the Financial Intelligence Unit (FIU) made operational its ambitious intelligence network project sanctioned in 2006.The earlier prescribed multiple data files reporting format is set to be replaced by a new XML file format. Three new formats -account-based reporting, format and transaction-based reporting format for filing STRs , CTRs and NTRs and a separate reporting format to file CCRs were introduced and notified to RBI , SEBI and IRDA and other relevant entities.The new network, called FINnet ( Financial Intelligence Network )deployed to tackle the menace of black money is a technology-based secure platform for bringing together investigative and enforcement agencies to collect, analyse and disseminate valuable financial information for combating money laundering and related crimes.The civil society in the recent past stepped up pressure on the government to unearth black money and introduced various measures to crack down on financial scams, frauds and large-scale tax evasion.

Industrial Outlook Survey

The Reserve Bank of India launched its Industrial Outlook Survey for the July-September 2011 period. The Industrial Outlook Survey provides for an insight into the perception of non-financial public and private limited companies that are engaged in manufacturing activities about their performance and future prospects.The responsibility for conducting the research on behalf of the central bank was bestowed on Centre for Research Planning and Action (CERPA). The CERPA is to get in touch with several manufacturing companies during the quarter July-September for seeking their valuable feedback so that it can be included in the survey. The survey is to cover nonfinancial private and public limited companies with a good size/industry representation. Those manufacturing companies which are not approached by CERPA can also participate in the survey by down-

PSBs to Boost Credit to Small Industry & Farmers

The Union government suggested the state-run banks to focus on traditionally-credit starved areas, such as small industry and agriculture, while credit demand

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from big industry moderates. Reserve Bank of India revised the credit growth target to 18% from 19% in 2011-12 after it raised the key rates by sharp 0. 5 percentage points in its monetary policy review on 26 July 2011. The RBI raised the repo rate for the eleventh time since March 2010 to curb runaway inflation. Finance Minister, Pranab Mukherjee also raised the issue of increased lending in the agriculture sector. Currently, the banking system only covers 50% of the farmers in India. The government set a target of Rs. 475000 crore bank credit for the farm sector in 2011-12. Banks that did not meet the targets for agriculture lending in the last three years were asked to step up their loan portfolios.

mitted to Prime Minister Manmohan Singh last month, the PMEAC had maintained that headline inflation would remain at 9 per cent or higher till October 2011 and thereafter ease to 6.5 per cent by the end of March 2012. The Council estimated the headline WPI inflation rate to continue to be at 9 per cent or higher in the months of July-October 2011.The country's agriculture output was projected to grow at 3 per cent in the current fiscal 2011-12 as against 6.6 per cent in 2010-11. The 2011 monsoon was projected to be in the range of 90 to 96 per cent of the Long Period Average (LPA). As a result, the farm sector output expected to grow at 3 per cent.

SEBI Proposed Regulations For Alternative Investment Funds

The Securities and Exchange Board of India (SEBI) proposed to create regulations for alternative investment funds under the title SEBI (Alternative Investment Fund) Regulations.These alternative investment fund (AIF) raise capital from a number of high networth investors (HNIs) with an objective of investing in accordance with a defined investment policy for the benefit of those investors.The funds which would come under the proposed regulation include- Venture Capital Funds, PIPE Funds, Private Equity Fund, Debt Funds, Infrastructure Equity Fund, Real Estate Fund, SME Fund, Social Venture Funds, Strategy Fund.SEBI made it mandatory for all types of private pools of capital or investment funds to seek registration with SEBI. The funds could be formed as companies, trusts or body corporate including LLP structure.

Uniform Licence Fee For Telecom Operators

Telecom Commission, the apex decision-making body of the Department of Telecom in a meeting held permitted imposition of a uniform licence fee of 8.5 per cent on all telecom operators.Operators currently pay between 6 per cent and 10 per cent of their annual revenues as licence fee. Though the Telecom Regulatory Authority of India had recommended bringing down the licence fee to a uniform 6 per cent, a panel set up by the DoT pegged this at 8.5 per cent with an objective to protect Government income. The Telecom Commission overruled the TRAI suggestions and ratified the views of the DoT committee with regard to pegging license fee at 8.5%.

India's Exports Rose By 46.45 Per cent in 2011

According to the figures released by the Commerce Ministry on 1 August 2011 India's exports rose by 46.45 per cent to $29.21 billion during June 2011. The increase in export was registered amid concerns that the upward growth could be hit by the troubled economic situation in the U.S. and the European zone in the second-half. In May, exports had grown by 56.9 per cent year-on-year to $25.9 billion.Owing to the spectacular rise of export in June 2011, exports grew by a hefty 45.7 per cent to $79 billion in the first quarter of the current fiscal 2011-12. Sectors including petroleum products, readymade garments, engineering or pharmaceuticals posted robust expansion.

Growth Rate Projection to 8.2 % For 2011-12 For India

The Prime Minister's Economic Advisory Council (PMEAC) scaled down its projection for the growth rate of the economy in 2011-12 to 8.2 per cent from 8.5 per cent earlier. The estimates were made in the backdrop of a grim economic scenario resulting from uncertain global outlook and high domestic inflation coupled with a subdued trend in investment and factory output.The report stated that the inflation rate would come down to 6.5 per cent by March 2012. In its Economic Outlook for 2011-12, which was sub-

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Disclosure of Share Dealings is Mandatory

SEBI (Securities and Exchange Board of India) board decided to make it mandatory for all promoter entities to disclose any considerable purchase or sale of shares by them. The decision was taken with an objective to rein in insider trading by promoters without investors' knowledge.Currently, directors and top executives of listed companies are required to make these disclosures. However following SEBIs decision in this regard, all the promoters and persons who are part of the promoter group of a listed company would also be required to disclose their share dealings.The promoters would be required to make initial disclosures relating to their shareholding at the time of becoming promoter or part of promoter group.

Food Inflation Feclined To 7.33 %

Food inflation declined to a 20 months low of 7.33 per cent for the week ended 16 July 2011. The fall in food inflation by 0.25 percent in comparison to the week ended 9 July 2011. The dip in food inflation was a result of cheaper pulses. For the week ended 9 July 2011 food inflation stood at 7.58 per cent.During the week ended 16 July 2011, prices of pulses fell by 8 per cent year-on-year. However, prices of other items went up. Onions became more expensive by 22.66 per cent and fruits became 13.90 per cent dearer on an annual basis. Potatoes became 10.55 per cent costlier, while milk was up 9.96 per cent. Vegetable prices were up 7.59 per cent yearon-year.

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