UN downgrades Indias GDP growth forecast to 7.3% in 2017
The Dollar Business Bureau The United Nations (UN) has revised India’s GDP growth forecast downward for 2017 but projected an increase in 2018 predicting 7.9% economic growth as it warned that the banking sectors’ stressed balance sheets will have adverse impact on investments in the short-term. The UN World Economic Situation and Prospects (UNWESP) in its mid-2017 report, launched on Tuesday, said that India is predicted to achieve a growth of 7.3% this year, downward from its earlier forecast of 7.7%, which it made when the report was launched in January. However, the revised report forecast that the country will achieve a notable 7.9% GDP growth next year, from its earlier estimates of 7.6% made in the January report. The report, however, cautioned that stressed balance sheets of India’s banking sector, which has ...
Kotak Mahindra aims 20% credit growth in FY 2017
Sharath Chowdary Kotak Mahindra Bank is planning to increase its number of branches to 1400 in India by the end of this fiscal year from 1333 branches as on 31 March 2016. The bank had only 684 branches in the country at the end of FY 2015. Uday Kotak-led bank also aims at a 20 percent credit growth in FY 2017, the bank’s Senior Executive Vice President and Head - Branch Banking and Acquisition, Virat Diwanji told The Dollar Business. He said, “The corporate credit offtake was slow in the recent times. The bank has registered 14-15 percent credit growth in the previous year. As interest rates are being reduced, some green shoots are coming up in the economic growth of the country. This ...
Bankruptcy code boosting corporate bonds: CRISIL
The Dollar Business Bureau The various initiatives of Indian government and the newly introduced Insolvency and Bankruptcy Code, 2016 are boosting the country’s corporate bond market, said CRISIL in a report. According to it, lesser profitability of public sector banks (PSBs) has reduced their capability in accruing capital. Weak performance, particularly due to the rise in non-performing assets (NPAs), has created a challenging environment for the PSBs in raising money from the capital market. Higher provisioning is another factor that has weakened the ability of PSBs in offering better interest rates. Along with the rise in credit demand, capital requirement would also increase. There are also several other imperatives of growth, the report states. India will require Rs.43 lakh crore (approximately $650 billion) for ...
'Make in India' to open new avenues in defence manufacturing sector
The Dollar Business Bureau Taking inspiration from Prime Minister Narendra Modi’s 'Make in India' campaign, a number of experts from Defence Industry will explore new avenues for private players in the sector. To deliberate the issue of ‘Make in India’ in defence sector, the Army Institute of Management and Technology (AIMT), Greater Noida will organise a day-long seminar at its campus on May 9, 2015. The seminar – 'Make in India Made Easy- Opportunities and Challenges for Defence Sector' — will bring together an array of experts from the industry, academia and policy makers, a government statement said on Tuesday. Representatives from Defence Ministry, army, corporate sector and business schools will share their views on how to leverage on ‘Make in ...
