daily menu » rate the banner | guess the city | one on oneforums map | privacy policy (aug.2, 2013) | DMCA policy | flipboard magazine
Old October 26th, 2017, 02:05 PM   #12321
m_1973
msg
 
Join Date: Jun 2010
Location: lucknow
Posts: 6,666
Likes (Received): 3471

probably waited for bankruptcy code. Now bankruptcy code is in place and is being tested with few cases we will know the outcome soon.

Earlier or later is immaterial as not many are willing to take loans from banks. Lets wait to see how long pvt sector takes to take loans from banks.

Quote:
Originally Posted by Jeffery View Post
$32 billion injected into banks - although this by itself is good, it raises questions as to why it wasn't done earlier.

We were told that the GoI would never do a bailout and solve the NPA problem by seizing assets of defaulters. However, here we are. I don't know that this amount is enough, but it seems logical that this should have been done much earlier, instead of 3.5 years into the term of this government when the economy has crashed. A better strategy would have been to inject some cash, enough to support the banks, and pursue the defaulters at the same time so that economic growth would not have been hurt. But instead they waited until the economy has crashed and then do a partial bailout.

My opinion in all this is that Jaitley has to step down as finance minister. A bailout right now is an admission of failed policies for the 3.5 years which have been wasted. Don't get me wrong - a bailout was always needed, but should have been done much earlier because it was unrealistic to wait until the bankruptcy law and asset seizures. Its nothing personal against Jaitley, but one has to be realistic - no matter how "brilliant" you are - no one should be given 4 portfolios including finance to manage by themselves. This is the height of hubris, of arrogance and mismanagement. If this were some minor thing this could be forgiven, but when you are managing the economy of 1.3 billion people, there is little room for error and one has to accept accountability for mismanagement.

Someone competent who has good sense about economics should be put in.

Although Subu Swamy and Sinha may have an axe to grind - they are right that Jaitley is not doing a good job.
m_1973 está en línea ahora   Reply With Quote
Old October 26th, 2017, 07:28 PM   #12322
Aryaved
Registered User
 
Aryaved's Avatar
 
Join Date: Jul 2016
Location: Ohio
Posts: 270
Likes (Received): 1457

Quote:
Originally Posted by m_1973 View Post
recapitalization was necessary step for growth but is not sufficient condition to get higher growth. Private sector investment has to start to get higher growth. Govt under its limits (deficit) can only give growth to a certain amount.

When and under what conditions pvt sector will start investment is difficult question to answer. For pvt sector investment we need demand and as of today demand has slowed down across areas and sectors. For demand to grow individual spending has to increase and we need high salaries jobs for this.

Its good recapitalization of banks is done but AJ must fix accountability on some. Identify both corrupt & incompetent in PSU banks and punish them. I am pretty sure many loans were given for commission taken by bank officials and such officials must not continue in banks.

Next logical step is consolidation and privatization of banks. I think consolidation will soon start and once banks are in better health govt must initiate privatization.
Completely Agree
__________________
A great civilization is not conquered from without until it has destroyed itself from within -Will Durant, American Historian

राजा के लिए प्रजा-प्रजा में कोई भेद नहीं हो सकता- Former Indian PM Atal Bihari Vajpayee
Aryaved no está en línea   Reply With Quote
Old October 28th, 2017, 11:30 AM   #12323
robertashok
roby
 
Join Date: Apr 2009
Location: Singapore
Posts: 960

I don't understand for what govt has put in so much money in PSU banks,
after the demonitization, all the banks have plenty of money , the interest rates have come down by 1 to 1.5% after that. There is a chance they will reduce it further.

When Banks have good amount of money, why they need to be funded through bonds, i cannot get it. in fact many of the well performs open ended mutuals closed for a brief period after demonitisation
__________________
Everybody thinks they are rational in an irrational world

mvdliki liked this post

Last edited by robertashok; October 28th, 2017 at 11:41 AM.
robertashok no está en línea   Reply With Quote
Old October 28th, 2017, 05:51 PM   #12324
Arasu
The King
 
Join Date: Mar 2008
Location: Chennai
Posts: 1,458
Likes (Received): 1839

It is partly window dressing of the banks' balance sheets and partly acceptance by the banks of the truth of NPA.

There is no point in showing NPA as an asset in the balance sheet when you know that it is not going to be recovered. So, accept the truth, write off NPA and take a hit in B/S.

When you show losses to such a large extent, your net worth is dwindling. As the loans are tied to the assets by a certain percentage or ratio, now the banks will not be able to lend which will hit the economy further.

So, by a sleight of hand, GoI gives you money as capital and then you immediately give the money back to GoI by subscribing to their bonds. You scratch my back and I will scratch yours. Everyone is happy.
Arasu no está en línea   Reply With Quote
Old October 28th, 2017, 09:13 PM   #12325
NSH
NSH
 
NSH's Avatar
 
Join Date: Aug 2012
Location: TN 68/TN 22
Posts: 3,532
Likes (Received): 2551

India to hit ton in business ease rank

Will leapfrog 30 places in World Bank assessment of 190 nations

India will leapfrog 30 places to the 100th position out of 190 countries in the World Bank's Doing Business Report, high-level sources have confirmed to The Hindu.

According to a source involved in the exercise — the report is expected to be released on October 31 — “India will hit a century.” This huge jump in the country's ranking is thanks to reforms in areas such as ‘starting a business’, ‘dealing with construction permits’, and ‘resolving insolvency’, where it was placed a lowly 155, 185 and 136 respectively last year. The source said, “The low rank last year galvanised India to act. There was an explicit order from the PM (Narendra Modi) to ensure faster reforms to improve India’s rankings.”

India was ranked a poor 130 overall last year, up by just one place from 131 the previous year.

On the future prospects for India, the source said, “If India maintains this momentum, it can jump to a rank in double digits next year,” adding that Mumbai and Delhi — the two cities covered in the Report — had responded well to the government’s call for improvement. The Department of Industrial Policy and Promotion systematically worked with the line ministries and State governments to “get things done on the ground”, the source said.

The DIPP also had the Prime Minister's support to coordinate across Ministries, the source said. “That was critical. For a federal democracy with messy coordination, as opposed to China or Russia, this coordination was quite a feat. Comparison with these two will be interesting.” Official sources told The Hindu that “We are optimistic (about a huge jump in rankings).”

The development will be a shot in the arm for the NDA government that has been facing a barrage of criticism due to its sudden demonetisation exercise and the ‘hurried’ implementation of the Goods and Services Tax regime that made it difficult for firms, particularly the small and medium ones, to do business. After taking charge as the Prime Minister in 2014, Narendra Modi was keen to ensure that India finds a place in the top 50 ranks, and had soon after made this a priority.

Expected rise

Speculation has been rife about a significant improvement in India’s rankings following top government officials including Commerce and Industry Minister Suresh Prabhu recently hinting at some “good news” on the ease of doing business front, and the DIPP secretary Ramesh Abhishek expressing optimism about a noteworthy performance this time due to the “hard work” done by the government.

The Hindu had reported in June quoting a government official that “This time, the (government’s) strategy was to carry out major reforms in areas such as ‘starting a business’ and ‘dealing with construction permits’ where we were down in the list.” The official, who didn’t wish to be named, had said, “We expect India’s ranking to vastly improve, mainly due to reforms in these areas and to a certain extent in other parameters including ‘resolving insolvency’.”

The World Bank’s ‘distance to frontier’ score — which “measures the distance of each economy to the ‘frontier’ that represents the best performance observed on each of the indicators across all economies in the Doing Business sample since 2005 – showed that India’s score gradually improved from 48.77 in 2010 to 55.27 in 2017.
http://www.thehindu.com/news/nationa...?homepage=true
__________________

gangwarss, Aryaved liked this post
NSH no está en línea   Reply With Quote
Old October 29th, 2017, 08:43 PM   #12326
m_1973
msg
 
Join Date: Jun 2010
Location: lucknow
Posts: 6,666
Likes (Received): 3471

Bailout to banks is not going to cure bad behaviour

The government is rescuing bust public sector banks with Rs 1,35,000 crore of recapitalisation bonds as part of a Rs 2,11,000-crore package. RBI governor Urjit Patel calls this “a monumental step”. It could more accurately be called a decision to let the pigs keep feeding at the public trough. It does not reform the woeful practices that have led to bad lending and bust banks.

After a lending spree in the 2000s for infrastructure and industrial projects, almost one-fifth of all public sector bank loans are stressed, and over one-tenth are non-performing (payments are not coming). If banks disclosed in their accounts the full extent of bad debts, the losses would wipe out their equity capital. So, they have resorted to accounting tricks to put off the evil day.

Alas, a rescue of this sort is not a reform. Chief economic adviser Arvind Subramanian has spoken of four ‘R’s in the new approach to public sector lending. The first is Recognition: setting iron-clad norms (as the RBI has done) for recognising doubtful and bad debts in bank accounts. Second is Resolution, or disposal of bad loans through bankruptcy tribunals, which will either devise revival schemes entailing sacrifices (or “haircuts”) by all parties, or decree liquidation. This process has begun, but its speed and effectiveness have yet to be proved.

The third R is for Recapitalisation, giving banks enfeebled by losses the capital to lend again. The fourth R is for Reform. Here, alas, nothing has been announced.

A big-bang reform would be privatisation. Private sector banks have mostly thrived even as public sector banks have sunk. Private banks can take quick decisions, resist government pressures to lend to dubious schemes, and accept genuine mistakes. But public sector spending always gives procedure priority over performance, with tragic consequences. Alas, privatisation remains a political no-no.

Subramanian has long talked of bank paralysis caused by fears (in today’s anti-corruption mood) of the four Cs — courts, CVC (Central Vigilance Commission), CBI (Central Bureau of Investigation) and CAG (Comptroller and Auditor General). No reform has been proposed to overcome these.

https://blogs.timesofindia.indiatime...bad-behaviour/
-----------------------------------------

Lot has been said about 4Cs but I have rarely seen corrupt and incompetent loosing jobs because of 4Cs.
__________________

Aryaved, robertashok liked this post
m_1973 está en línea ahora   Reply With Quote
Old October 30th, 2017, 09:09 AM   #12327
robertashok
roby
 
Join Date: Apr 2009
Location: Singapore
Posts: 960

So to conclude,

1) This government has failed on economic front
2) The pumping of money is again to fail, unless fundamentally changes.

There was a news that from JULY that infra spending more than defense, let us wait there is any fruits coming out of it.
__________________
Everybody thinks they are rational in an irrational world
robertashok no está en línea   Reply With Quote
Old October 30th, 2017, 09:27 AM   #12328
m_1973
msg
 
Join Date: Jun 2010
Location: lucknow
Posts: 6,666
Likes (Received): 3471

Saving mothers and children: For the first time, government is tackling malnutrition’s several dimensions at once

Good article by Amitabh Kant
-------------------------------------

Recently published National Family Health Survey (NFHS-4) data reveals that India is confronted with severe challenges of an inter-generational cycle of under-nutrition. The fact that every second woman in India is anaemic, every third child stunted, every third child underweight and only every second child exclusively breastfed for the first six months of life is a matter of serious concern, calling for urgent action.

The chronic impact of stunting on lifelong learning and adult productivity, in addition to increased disease susceptibility, is well known. Going by NFHS-4 results, it appears that 40% of our future workforce will be unable to achieve their full physical and cognitive potential. Unless nutrition is brought centre stage, India will miss out on its window of opportunity by failing to capitalise on its demographic dividend.

The burden of malnourishment is more pronounced in certain areas. For example, out of the 201 districts with the highest percentage of stunted children below 5 years of age 53 are in UP, 36 in Bihar, 27 in MP, 17 in Jharkhand and 11 in Rajasthan. If concerted efforts are made in these few states, potential gains are very high.

What does India need to do to quickly make a radical transformation? There are three levers to address the challenge of malnourishment: nutritious food, essential water, sanitation and hygiene (WASH) practices and behavioural change.

Secondly, under the current ICDS scheme, pregnant mothers and the new born child are entitled to receive Take Home Ration worth Rs 10,332 over a 45 month period.

https://blogs.timesofindia.indiatime...sions-at-once/
m_1973 está en línea ahora   Reply With Quote
Old October 31st, 2017, 08:43 PM   #12329
Jeffery
Registered User
 
Join Date: Dec 2007
Posts: 242
Likes (Received): 124

Quote:
Originally Posted by NSH View Post
India to hit ton in business ease rank

Will leapfrog 30 places in World Bank assessment of 190 nations

India will leapfrog 30 places to the 100th position out of 190 countries in the World Bank's Doing Business Report, high-level sources have confirmed to The Hindu.

According to a source involved in the exercise — the report is expected to be released on October 31 — “India will hit a century.” This huge jump in the country's ranking is thanks to reforms in areas such as ‘starting a business’, ‘dealing with construction permits’, and ‘resolving insolvency’, where it was placed a lowly 155, 185 and 136 respectively last year. The source said, “The low rank last year galvanised India to act. There was an explicit order from the PM (Narendra Modi) to ensure faster reforms to improve India’s rankings.”

India was ranked a poor 130 overall last year, up by just one place from 131 the previous year.

On the future prospects for India, the source said, “If India maintains this momentum, it can jump to a rank in double digits next year,” adding that Mumbai and Delhi — the two cities covered in the Report — had responded well to the government’s call for improvement. The Department of Industrial Policy and Promotion systematically worked with the line ministries and State governments to “get things done on the ground”, the source said.

The DIPP also had the Prime Minister's support to coordinate across Ministries, the source said. “That was critical. For a federal democracy with messy coordination, as opposed to China or Russia, this coordination was quite a feat. Comparison with these two will be interesting.” Official sources told The Hindu that “We are optimistic (about a huge jump in rankings).”

The development will be a shot in the arm for the NDA government that has been facing a barrage of criticism due to its sudden demonetisation exercise and the ‘hurried’ implementation of the Goods and Services Tax regime that made it difficult for firms, particularly the small and medium ones, to do business. After taking charge as the Prime Minister in 2014, Narendra Modi was keen to ensure that India finds a place in the top 50 ranks, and had soon after made this a priority.

Expected rise

Speculation has been rife about a significant improvement in India’s rankings following top government officials including Commerce and Industry Minister Suresh Prabhu recently hinting at some “good news” on the ease of doing business front, and the DIPP secretary Ramesh Abhishek expressing optimism about a noteworthy performance this time due to the “hard work” done by the government.

The Hindu had reported in June quoting a government official that “This time, the (government’s) strategy was to carry out major reforms in areas such as ‘starting a business’ and ‘dealing with construction permits’ where we were down in the list.” The official, who didn’t wish to be named, had said, “We expect India’s ranking to vastly improve, mainly due to reforms in these areas and to a certain extent in other parameters including ‘resolving insolvency’.”

The World Bank’s ‘distance to frontier’ score — which “measures the distance of each economy to the ‘frontier’ that represents the best performance observed on each of the indicators across all economies in the Doing Business sample since 2005 – showed that India’s score gradually improved from 48.77 in 2010 to 55.27 in 2017.
http://www.thehindu.com/news/nationa...?homepage=true
Yes, I remember Modi saying that he wants India’s ranking to reach 50 or so, so it’s a step in the right direction. But there is still work to do.
__________________

Sahil_sabharwal liked this post
Jeffery no está en línea   Reply With Quote
Old November 1st, 2017, 03:44 AM   #12330
gsouza
Registered User
 
gsouza's Avatar
 
Join Date: Apr 2006
Location: Brazil
Posts: 4,564
Likes (Received): 1324

India jumps 30 places, breaks into top 100 of World Bank's Ease of Doing Business rankings

Oct 31, 2017 08:47 PM IST | Source: Moneycontrol.com

In a major shot in the arm for the Narendra Modi government, the report recognises India as one of the top 10 improvers in this year’s assessment.

Gaurav Choudhury

Moneycontrol News

India leapfrogged into the 100th rank in the World Bank's Ease of Doing Business rankings, jumping 30 notches from last year, in an endorsement of the string of reforms implemented by the Narendra Modi government.

The report also recognises India as one of the top 10 improvers in this year’s assessment, having implemented reforms in eight out of 10 Doing Business indicators.

India is the only large country this year to have achieved such a significant shift. On the “distance to frontier metric,” one of the key indicators in the survey, India’s score went from 56.05 in Doing Business 2017 to 60.76 in Doing Business 2018.

This means last year India improved its business regulations in absolute terms – indicating that the country is continuing its steady shift towards best practice in business regulation.

The annual report, which ranks countries on business-friendliness, procedural ease, regulatory architecture and absence of bureaucratic red tape, could not have come at a more opportune time for the government that is battling to help the economy claw out of a three year slowdown. It also comes a shot in the arm ahead of key state elections in Gujarat and Himachal Pradesh.

India's real or inflation-adjusted GDP growth has sharply moderated to 5.7 percent in Apri-June, the slowest in 13 quarters, amid lingering effects of demonetization and an untidy rollout of a nation-state goods and services tax (GST) from July 1.



The rankings could jump further in the coming year after factoring in the GST, which kicked in from July 1.

The report, which was first launched in 2003, considered reforms and policy changes taking place between June 1, 2016 and June 2, 2017.

While the rollout of GST has been married by cumbersome processes and technical glitches, many expect most of these rough edges to be ironed out by June 1, 2018 — the cutoff date for next year's rankings.

The Modi-government has vowed to turn India into an investors' darling by removing bureaucratic sloth, eliminating red tape and reversing the country's image as a dodgy place to do business.

It has launched a string of signature initiatives such as "Make in India" and brought about significant legislative changes including a modern Insolvency and Bankruptcy Code.

“Having embarked on a strong reform agenda to improve the business environment, the significant jump this year is a result of the Indian government’s consistent efforts over the past few years. It indicates India’s endeavor to further strengthen its position as a preferred place to do business globally,” said Annette Dixon, Vice President, South Asia region.

This year, the eight indicators on which reforms were implemented in Delhi and Mumbai, the two cities covered by the report are: starting a business, dealing with construction permits, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Last year, the Doing Business report recognised India for reforms in the areas of getting electricity, paying taxes, trading across borders and enforcing contracts.

India performs well in the areas of Protecting Minority Investors, Getting Credit, and Getting Electricity. The country’s corporate law and securities regulations have been recognized as highly advanced, placing India in fourth place in the global ranking on Protecting Minority Investors.

And the time to obtain an electricity connection in Delhi has dropped from 138 days four years ago to 45 days now, almost 20 days less than the 78 days average in OECD high-income economies. India places 29th in the global ranking on the Getting Electricity indicator.

While there has been substantial progress, India still lags in areas such as Starting a Business, Enforcing Contracts, and Dealing with Construction Permits. In fact, the time taken to enforce a contract is longer today, at 1,445 days, than it was 15 years ago (1,420 days), placing the country in 164th place in the global ranking on the Enforcing Contracts indicator.

In Starting a Business, India has reduced the time needed to register a new business to 30 days now, from 127 days 15 years ago. However, the number of procedures is still cumbersome for local entrepreneurs who still need to go through 12 procedures to start a business in Mumbai, which is considerably more than in OECD high-income economies, where it takes five procedures on average.

“Tackling these challenging reforms will be key to India sustaining the momentum towards a higher ranking," said Junaid Ahmad, Country Director India. "To secure changes in the remaining areas will require not just new laws and online systems but deepening the ongoing investment in the capacity of states and their institutions to implement change and transform the framework of incentives and regulation facing the private sector. India’s focus on ‘doing business’ at the state level may well be the platform that sustains the country’s reform trajectory for the future.”

http://www.moneycontrol.com/news/bus...s-2424819.html
__________________
gsouza no está en línea   Reply With Quote
Old November 1st, 2017, 03:49 AM   #12331
gsouza
Registered User
 
gsouza's Avatar
 
Join Date: Apr 2006
Location: Brazil
Posts: 4,564
Likes (Received): 1324



Best Prime Minister in the World!


The Indian Express
__________________

psychedelic, saurabh85, Aryaved liked this post
gsouza no está en línea   Reply With Quote
Old November 1st, 2017, 02:58 PM   #12332
Aryaved
Registered User
 
Aryaved's Avatar
 
Join Date: Jul 2016
Location: Ohio
Posts: 270
Likes (Received): 1457

People in India do not appreciate what they have despite their utter destitution. They just want to complain and complain, and when economic arguments cannot be made, they will talk about 'gau rakshaks' and 'asahishnuta'.
__________________
A great civilization is not conquered from without until it has destroyed itself from within -Will Durant, American Historian

राजा के लिए प्रजा-प्रजा में कोई भेद नहीं हो सकता- Former Indian PM Atal Bihari Vajpayee
Aryaved no está en línea   Reply With Quote
Old November 1st, 2017, 03:25 PM   #12333
Aryaved
Registered User
 
Aryaved's Avatar
 
Join Date: Jul 2016
Location: Ohio
Posts: 270
Likes (Received): 1457

Strong Macro-Economic Fundamentals And Reforms for Sustained Growth



I. India a haven of Macroeconomic Stability


Strong economic growth

· India grew at a very strong pace of 7.5% p.a. in the three years of 2014-17 with growth exceeding 8% in 2015-16. There was a temporary slippage in growth in the last two quarters thanks to transitional effect of Demonetisation and GST. That effect is now over, with all indicators – IIP, Core Sector, Index, automobile, consumer spending etc. pointing out a strong growth pick up, there is expectation of very good growth from second quarter of current year itself.

· The current global economic outlook is marked by relatively stronger activity in both advanced economies and emerging market & developing economies. Global economic activity is on the course of gradual improvement and the world GDP is projected to grow at the rate of 3.6 per cent and 3.7 per cent in 2017 and 2018 respectively, after remaining subdued in 2016, when it was 3.2 per cent. Significant improvement in investment, trade, and industrial production, coupled with strengthening business and consumer confidence, are supporting the recovery. This would also help in growth of exports which is reflected in strong export growth of 25.6% in September 2017 with April-September growth averaging nearly 12%.


Inflation has been brought under control


· The decisive steps taken by the Government along with decline in crude prices from its high levels in 2013-14 and benign global prices of tradables helped the economy to get out from inflationary spiral to relatively stable prices. Inflation declined from nearly double digits in 2012-13 and 2013-14 to an average of less than 5 per cent since then. Between July 2016 and July 2017, the inflation rate was close to 2 per cent. Inflation based on CPI is currently within the target of 4 per cent and is expected to be close to 3.5 per cent for the financial year 2017-18. Inflation is currently well within the target of 4 per cent. However, the RBI has projecting it to increase to 4.2-4.6 per cent in the second half of the current financial year, a little higher than 4 per cent target, but within the range of 4+/-2 per cent.

· Headline inflation based on Consumer Price Index (Combined) averaged 4.9 per cent in 2015-16 as compared to 5.9 per cent in 2014-15. CPI inflation for 2016-17 averaged 4.5 per cent. The year-on-year inflation in April-September 2017 was 2.6 per cent as compared to 5.4 per cent in the corresponding period of the previous year.




External sector indicators have improved significantly despite global sluggishness

· Along with lower inflation, lower level of current account deficit has brought about much of macro-economic stability in the last 3-4 years. Current account deficit was at dangerously high level of over 4 per cent in 2011-12 and 2012-13, leading to a significant instability in the exchange rate of the rupee. With significant improvement in the current account balance as reflected by lower levels of current account deficit, the volatility in the exchange rate also declined considerably.



World trade volume (goods and services) growth continued to decelerate in 2016 to 2.2 per cent from 2.8 per cent in 2015 (IMF’s WEO, October 2017). It is projected to pick up with growth of 4.2 per cent in 2017 and 4.0 per cent in 2018.

India’s Merchandise trade


· Exports declined in 2015-16 primarily on account of the sluggish global demand and imports declined due to steep decline in international crude oil prices as well as the decline in the prices of other commodities. During 2016-17, exports grew by 5.2 per cent while imports increased by 0.9 per cent, helping in narrowing the trade deficit. Merchandise exports and imports grew by 11.5 per cent and 25.1 per cent respectively in dollar terms during April-September 2017, resulting in widening of trade deficit from US$ 43.4 billion in April-September 2016 to US$ 73.1 billion in April-September 2017.

· The current account deficit (CAD) for 2015-16 was 1.1 per cent of GDP as compared to 1.3 per cent of GDP in 2014-15. The CAD further narrowed to 0.7 per cent of GDP in 2016-17 on the back of the contraction in the trade deficit that narrowed to US$ 112.4 billion in 2016-17 from US$ 130.1 billion in 2015-16. However, current account deficit widened to US$ 14.3 billion (2.4 per cent of GDP) during Q1 2017-18 from US$ 0.4 billion (0.1 per cent of GDP) during Q1 2016-17, mainly on account of higher trade deficit in this period.



Robust foreign direct investment


The gross FDI flows to India in 2016-17 amounted to US$ 60.2 billion,
as compared to US$ 55.6 billion in 2015-16 and US$ 45.1 billion in 2014-15, indicating the improved global confidence on the Indian economy. During April-August 2017, the gross FDI inflow in the economy was US$ 30.4 billion, higher as compared to the inflow of US$ 23.3 billion in the corresponding period of the previous year.



Foreign exchange reserves


Foreign exchange reserves stood at US$ 370 billion at the end of March 2017 as compared to 360.2 billion as at end March, 2016. As on 13th October 2017 the foreign exchange reserves exceeded US$ 400 billion. With increase in reserves in the last couple of years, most reserve-based external sector vulnerability indicators have improved.



Steady improvement in fiscal situation and fiscal consolidation is on track



There has been a steady consolidation of fiscal deficit in the last few years. Fiscal deficit of the central government had reached alarmingly high level of close to 6 per cent 2011-12 and averaged over 5 per cent between 2011-12 and 2013-14. The government is committed to fiscal consolidation path and has shown a steely resolve to reduce the fiscal deficit to 3.5 per cent of GDP in 2016-17 and further to 3.2 per cent as per the Budget estimates in 2017-18.



Fiscal deficit of the Government of India as a ratio of GDP was 3.9 per cent in 2015-16 and 3.5 per cent for 2016-17 [Revised Estimate] and is budgeted to be 3.2 per cent in 2017-18. Focus on expenditure rationalization with plugging loopholes in public expenditure and innovative revenue raising efforts have helped to achieve this.


From the angle of internal and external public debt stock, India does not face serious fiscal solvency related issues. Government of India’s total outstanding liabilities-to-GDP ratio is budgeted to decline from 46.7 per cent by year-end 2016-17(RE) to 44.7 per cent by year-end 2017-18.


Tax revenue (net to Centre) is increased by 16.8 per cent in 2016-17 (Provisional Actual) and it is budgeted to grow by 11.3 per cent in 2017-18.

Fiscal deficit during April-August is 96 per cent of the full-year budgeted fiscal deficit on account of front loading of expenditure, but we are reasonably confident that full year budgeted ratio of fiscal deficit of 3.2 per cent of GDP will not be breached.


II. Transformational Reforms



Landmark Reform in the form of GST

Subsuming a large number of Central and state indirect taxes, the GST has been a landmark reform that has been implemented with effect from 1st July 2017. The launch of the GST represents an historic economic and political achievement, unprecedented in Indian tax and economic reforms, which has rekindled optimism on structural reforms. This has resulted in unified tax across the country and has helped in removing transport restrictions on the movement of goods resulting in their faster movement and help in creating common market, reduction in corruption and leakage and further help in Make in India programme. It is expected to provide boost to revenues, investment, and medium-term economic growth. Despite the teething troubles that the government and the GST Council are addressing, initial results in the form of revenue raised seem encouraging.



Insolvency and Bankruptcy Code

Another game changing reform has been The Insolvency and Bankruptcy Code, 2016 (Code) that was enacted on May 28, 2016, with an aim to consolidate the laws relating to insolvency of companies and limited liability entities (including limited liability partnerships and other entities with limited liability), unlimited liability partnerships and individuals, presently contained in a number of legislations, into a single legislation. The Code provides a comprehensive, modern and robust insolvency and bankruptcy regime, at par with global standards and even better in some aspects.



The Government moved at a quick pace to implement the Code. About 2050 applications have been filed before NCLT so far, of which, 112 applications have been admitted and another 146 have been rejected or withdrawn. The default underlying admitted applications range from a few lakh of rupees to a few thousands of crores. The announcement of 12 large defaulters by the RBI will expand this sharply.


Crusade against Black Money including demonetization

The initiatives like: (a) Special Investigation Team on Black Money, constituted in May, 2014 for monitoring investigations and reviewing the framework for curbing black money; (b) Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, enacted w.e.f. 1st July 2015; (c) the Income Declaration Scheme, 2016; and (d) enactment of the comprehensive Benami Transactions (Prohibition) Amendment Act, 2016, w.e.f. 1st November, 2016 had made varying degrees of success in the fight against black money generation and holding. The follow-up to these measures in terms of demonetization of the high denomination notes w.e.f. the expiry of 8th November, 2016 effected a body blow on black money.

Housing Development

Government has announced various measures in the Budget 2017-18 to promote growth of the economy which, inter alia, include push to infrastructure development by giving infrastructure status to affordable housing, higher allocation to highway construction, focus on coastal connectivity. The other growth promotion measures include: lower income tax for companies with annual turnover up to Rs 50 crore; allowing carry-forward of MAT credit up to a period of 15 years instead of 10 years at present; further measures to improve the ease of doing business; and, major push to digital economy. The Budget also targeted to provide higher agricultural credit and to increase employment significantly.

Institutional reforms

Institutional reforms including expenditure rationalization and progressive elimination of leakages in public delivery through stress on targeting and direct benefit transfer; instituting a profoundly impactful financial inclusion programme; measures to improve policy transparency in governance and decision-making; Ujwal DISCOM Assurance Yojana (UDAY) programme for DISCOMs; liberalization of FDI norms in various sectors; and approval of National Intellectual Property Rights Policy for laying down the future roadmap for intellectual property in India.


Improved ease of doing business


The complementarities built around the flagship Make-in-India programme, including comprehensive measures for improving the ease of doing business, encouragement to budding entrepreneurial talent under the Start-up India and Stand-up India Initiatives and advertisement and global campaign, have evidently improved India’s global ranking as a business destination. India has launched eBiz platform for creating a business and investor friendly ecosystem by making all business and investment related clearances and compliances available on a 24x7 single portal, with an integrated payment gateway.



Radical changes in FDI policy regime; most sectors on automatic route for FDI



The Government radically liberalized the FDI regime on 20thJune 2016, with the objective of providing major impetus to employment and job creation. This is the second major reform after the major changes announced in November 2015. Now most of the sectors would be under automatic approval route, except a small negative list. Changes introduced in the policy include increase in sectoral caps, bringing more activities under automatic route and easing of conditionalities for foreign investment. With these changes, India is now one of the most open economies in the world for FDI.

Ambitious Disinvenstment Programme


Progressively higher revenues have been raised from disinvestment in public sector undertakings in the last three years and the government has a very ambitious target of raising much higher revenues in the current financial year.




Reaching Welfare Programme for poorest families in North-East Corners

In order to help the poorest of the poor, and to improve their living conditions, particularly that of women, the government has provided over 3 crore LPG connections between May 2016 and June 2017 which will replace the dirtier traditional fuels that are health hazard. Similarly in order to secure poor people from shocks of man-made and natural disasters, total enrolment under Pradhan Mantri Jeewan Jyoti Bima Yojana and Pradhan Mantri Swasthya Bima Yojana was 14 crore persons by September 2017.

III. Infrastructure Push


Government has consistently increased Public Expenditure on Infrastructure in order to boost employment and provide renewed impetus to economic growth. Government of India’s total expenditure this year has crossed Rs 11.47 lakhs crores (upto Sept ‘17), out of the budgeted expenditure Rs 21.46 lakhs cr. (an increase of Rs. 1.2 lakhs cr. over last year).


Special thrust of this drive is on key development sectors including Rural Roads, Housing, Railways, Power, Highways and Digital Infrastructure. The Capex target of Government of India for 2017-18 is Rs. 3.09 lakhs crores, which is 31.28% higher than last year, out of which Rs. 1.46 lakhs crores has been spent on capital works till September 2017. In addition, Government of India had fixed a Capital expenditure target for CPSEs for 2017-18 at Rs 3.85 lakhs crores, out which capex spending of Rs 1.37 lakhs crores has been achieved by CPSEs till Sept’17.


Railways

· A target of Rs.1,31,000 crore has been made for Capital Expenditure for the Railways. Against the target, an expenditure of Rs.50,762 crore has been achieved. The main thrust is on upgrading the infrastructure to improve safety, laying of new lines and providing passenger amenities.

· The following are the key among the capital works completed : New Lines (Construction) (Rs.4531.93 cr), Gauge Conversion (Rs.1842.24 cr), EBR-Partnerships (Rs.11504.29 cr), Track Doubling (Rs.4069.60 cr), Traffic Facilities (Rs.517.05 cr), Rolling Stock (Rs.8214.11 cr), Leased Assets-Principal Component (Rs.7781.97 cr), Road Over/Under Bridges (Rs.1068.09 cr), Track Renewals (Rs.2837.72 cr), Electrification Projects (Rs.1119.17 cr), Passenger Amenities (Rs.539.73 cr), Investment in JV/SPVs (Rs.1263.52 cr), Metropolitan Transport Projects (Rs.446.16 cr), etc.


Saubhagya (Pradhan Mantri Sahaj Bijli Har Ghar Yojana)


· Under this program, Universal Electrification is being taken up to provide last mile connectivity and electricity connections to all remaining un-electrified households in the country by Mar ’19. This is an addition to the ongoing Scheme of Rural Electrification (Deen Dayal Upadhay Gram Jyoti Yojana).

· Outlay proposed is Rs.16,320 crores, involving GoI support of Rs.12319.50 crores



Rural roads – PM Gram Sadak Yojana (PMGSY)



· In order to complete Phase-I and II of PMGSY, Government of India, along with States, proposes to spend Rs. 88,185 crores over 3 years starting 2017-18. This will result in construction of 1,09,302 km of rural roads covering 36,434 habitations.

· In addition, roads worth Rs 11,725 crores, involving 5411 km of upgradation of existing roads and construction of new roads in 44 LWE districts, will be completed by 2019-20.



PM Awas Yojana (PMAY) – Urban & Gramin



· Universal Affordable Housing for All is being implemented and accelerated to give a big boost to the construction sector. Under PMAY (Urban), 1.2 crore units will be built with an outlay of 1,85,069 crores over next 3 years. Under PMAY (Gramin), 1.02 crore units will be built (51 lakhs units this year) with an outlay of Rs. 126,795 crores by Centre and States by March ’19.

Bharatmala Pariyojana

· Taking forward it’s commitment to providing more efficient transportation, Government has debottlenecked the Roads sector and significantly stepped up the Highway development and road building program. In order to further optimise the efficiency of movement of goods and people across the country, Government is launching a new Umbrella program. This Road Building Program, for 83,677 km of roads involving capex of Rs.6.92 lakhs crores over next 5 years.

· Out of this, Bharatmala Pariyojana to be implemented with an outlay of Rs.5,35,000 crores will generate 14.2 crores mandays of jobs.

· The following categories of roads (34,800 km) have been proposed under BMP

• Economic Corridors (9000 km)

• Inter Corridor and Feeder Route (6000 km)

• National Corridors Efficiency Improvement (5000 km)

• Border Roads and International Connectivity (2000 km)

• Coastal Roads and Port Connectivity (2000 km)

Green field Expressways (800 km)

• Balance NHDP works (10,000 km)

· Bharatmala works have been proposed for completion in 5 years by 2021-22 through NHAI, NHIDCL, MoRTH and State PWDs.

· Substantial delegation of powers has been provided to NHAI, NHIDCL and Ministry of Road Transport & Highways to enable speedy implementation.

· Funding for BMP: Rs.2.09 lakhs crores will be raised as debt from the market, Rs.1.06 lakhs crores of private investments would be mobilized through PPP and Rs. 2.19 Lakhs crores is to be provided out of accruals to the Central Road Fund (CRF), ToT Monetisation proceeds and Toll collections of NHAI.

· In addition to 34,800 km under Bharatmala, balance works of 48,877 km of works under other current schemes will be implemented in parallel by NHAI/MoRTH with an outlay of Rs.1.57 lakhs crores. This will be financed by providing Rs. 0.97 lakhs crores from CRF and Rs. 0.59 lakhs crores as Gross Budgetary support.

· ToT Monetisation: For the first time ever, monetisation of 82 operating highways under a low risk Toll – Operate- Maintain-Transfer (ToT) Model has been initiated with a private investment potential of Rs 34,000 cr. The 1st bundle of 9 NH stretches of 680.64 Km has been put out to tender by NHAI with potential monetization value of Rs. 6258 cr.


Given the strong macroeconomic fundamentals of the economy and the continued public spending at substantially enhanced levels in comparison to previous years, Government has taken several steps to improve the investment climate in the country. The comprehensive economic reforms undertaken by the government have resulted in unprecedented levels of foreign direct investment in the last 3 years. However, the domestic investment of the private sector continued to be affected by the growing contamination of loans advanced in the past, which have now become unsustainable. Besides affecting the general investment climate these non-performing loans have also necessitated an unprecedented levels of provisioning, particularly in the public sector Banks. This in turn has affected their lending capabilities that has particularly affected the Medium and the Small scale sector. It may be seen that while many corporates have accessed the bond market in the recent past, it is the MSMEs that have been deprived of capital due to the inability of the Banks that are weighed down by the excessive burden of very demanding provisioning norms. This called for effective steps for creating a conducive environment in which PSBs could provide loans to the private sector, especially the Medium & Small Scale industries.


IV. Recapitalization of public sector banks



· Government Commits to Unprecedented Strengthening of Public Sector Banks

· Rs. 2,11,000 Crore Front-loaded Bank Recapitalisation to Clean Up Legacy of NPAs

· Credit Growth to Take-off through Recapitalised Banks

· Banks to Give Big Push to MSMEs for Jobs and Growth

Government has decided to take a massive step to capitalise PSBs in a front-loaded manner, with a view to support credit growth and job creation. This entails mobilization of capital, with maximum allocation in the current year, to the tune of about Rs. 2,11,000 crore over the next two years, through budgetary provisions of Rs. 18,139 crore, recapitalisation bonds to the tune of Rs. 1,35,000 crore, and the balance through raising of capital by banks from the market while diluting government equity (estimated potential Rs. 58,000 crore).

Government actions are not limited to addressing capitalisation of PSBs. Definite steps will be taken alongside capitalisation to enable them to play a major role in the financial system. PSBs having 70% market share in the banking space will be geared for greater growth and to contribute through enhanced credit off-take. The stage has been set with a ‘MUDRA Protsahan’ campaign across the country.

There will be a strong push on enabling growth of MSMEs through enhanced access to financing and markets, and a drive to finance MSMEs in 50 clusters. While Ministries concerned will spearhead and provide momentum, banks will undertake speedy processing of loan applications in a hassle-free manner. Fintech companies will be roped in to cut down the appraisal process and generate quality loan applications. MSMEs will be handheld by extending support through:


-Compulsory TReDS (Trade Receivables electronic Discount System) registration by major PSUs within next 90 days, for shortening the cash cycle

-Sector-specific Mudra financial products, such as Mudra Leather, Mudra Textiles, etc.

-100 bank-approved MSME project templates for speedier credit

-Revamped udyamimitra.in portal, so that banks compete for financing MSME projects

-Drive for registering MSMEs on the GeM (Government electronic Marketplace) portal and e-commerce platforms


It may be recalled that aggressive loaning to sectors with excess capacity and poor due diligence created large stressed assets, which grew to 11.9% by March 2014.


Asset Quality Review (AQR) carried out in 2015 for clean and fully provisioned bank balance-sheets revealed high incidence of NPAs. Expected losses on stressed loans, not provided for earlier under flexibility given to restructured loans, were reclassified as NPAs and provided for. PSBs initiated cleaning up by recognising NPAs and provided for expected losses.


[​IMG]

Gross NPAs in PSBs rose rapidly from 2015, from 5.43% (Rs. 2,78,466 crore) in March 2015 to 13.69% (Rs. 7,33,137 crore) as of June 2017. Provisioning for expected losses grew substantially. From 2014-15 to 2017-18 Q1, Rs. 3,79,080 crore provisioning was made, whereas during the preceding ten years total provisioning was Rs. 1,96,937 crore only. This was the right approach to dealing with expected losses on account of stressed loans.

Indradhanush Plan for recapitalising and revamping PSBs was announced by the Government on 14.8.2015. Government envisaged capital need of Rs. 1,80,000 crore till 2018-19. Accordingly, Government made provision of Rs. 70,000 crore and projected market-raising of capital by banks to the tune of Rs. 1,10,000 crore. So far, Government has infused capital of Rs. 51,858 crore in PSBs. PSBs, under stress due to AQR and NPA recognition, have so far been able to raise Rs. 21,261 crore from the market. The launch of Indradhanush before the sharing of AQR findings by RBI with PSBs in December 2015 enabled PSBs to successfully remain Basel III compliant despite high NPA and consequential provisioning requirement identified through AQR. The present decision further builds upon Indradhanush.



Government also undertook several legislative changes to facilitate recovery and resolution of stressed assets. The Insolvency and Bankruptcy Code, 2016 was enacted as a unified framework for resolving insolvency and bankruptcy matters. The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (which governs Debt Recovery Tribunals) were amended in 2016 to facilitate faster recovery. Further, the Banking Regulation Act, 1949 was amended this year to enable Government to authorize RBI to direct banks to initiate the insolvency resolution process under the Insolvency and Bankruptcy Code.


These bold steps taken over the last three years not only addressed legacy issues but gave a strong impetus to reforms aimed at rebuilding the strength of PSBs. The process of building stronger, bigger banks has begun with the consolidation of State Bank of India and the announced recapitalisation will give it greater impetus. A differentiated approach will be followed for this, based on the strengths of each PSB.


The unprecedented recapitalisation and the initiatives announced today are expected to have a noticeable impact in the near-term, contributing to accelerated economic activity, employment and growth of the economy.


V. Stronger economic growth AHEAD


The real growth of the economy as measured by the GDP growth showed a steady improvement when it averaged 7.5 per cent between 2014-15 and 2016-17 vis-à-vis 5.9 per cent in the previous two years. Although there has been some reduction in the growth in the last few quarters, one expects it to be a temporary blip and going by the available indicators the downslide seems to have bottomed out and can expect the GDP growth to start rising again.


As per the 4th Advance Estimates of production of food-grains released by Department of Agriculture, Cooperation and Farmers Welfare for 2016-17, the production of total food-grains is expected to be 275.7 million tonnes, 9.6 per cent higher as compared to last year’s total food-grains production of 251.6 million tonnes. As per the 1st Advance Estimates for 2017-18, the foodgrains output for Kharif season is likely to be 134.67 million tonnes as against 138.52 million tonnes as per the 4thAdvance Estimates of 2016-17.


Despite subdued global economic condition and resulting lower levels of demand for India’s exports demand, the Index of Industrial Production (IIP) grew by 4.6 per cent during 2016-17 as compared to a growth of 3.3 per cent in 2015-16 (as per the revised IIP series. During April-August 2017 the general IIP growth was 2.2 per cent as compared to a growth of 5.9 per cent in the same period of previous year. During August 2017, the IIP registered a growth of 4.3 per cent, significantly higher than the growth of (-) 0.2 per cent in June and 0.9 per cent in July 2017. The sales of passenger vehicles registered a growth of 11.3 per cent for September 2017 and 9.2 per cent for April-September. Similarly, the sales of commercial vehicles increased by 25.3 per cent in September 2017 and 6 per cent for April-September 2017.



As per IMF’s assessment in October 2017, India’s growth is expected to be at 6.7 per cent in 2017 and 7.4 per cent in 2018. IMF has also projected that India’s growth would increase to 8.2 per cent by 2022. China’s growth in 2016 was 6.7 per cent and is expected to be at 6.8 per cent and 6.5 per cent in 2017 and 2018 respectively. We expect strong growth rebound in the quarters and years ahead – may be better than even IMF’s projections.

************

From the Ministry of Finance
__________________
A great civilization is not conquered from without until it has destroyed itself from within -Will Durant, American Historian

राजा के लिए प्रजा-प्रजा में कोई भेद नहीं हो सकता- Former Indian PM Atal Bihari Vajpayee

vaibhavgupta89, gsouza, Drsand liked this post
Aryaved no está en línea   Reply With Quote
Old November 14th, 2017, 07:09 PM   #12334
m_1973
msg
 
Join Date: Jun 2010
Location: lucknow
Posts: 6,666
Likes (Received): 3471

Indian students in US dwarf America’s FDI in India, spend whopping $6.54 bn

Indian Economy wont go anywhere till we fix our education system from primary to high education system.
---------------------------------------------------

Indian students spent a massive $6.54 billion in the US in 2016-17, up 30% from the previous year, dwarfing the North American country’s foreign direct investment (FDI) of $2.37 billion in India

Chinese students spent $12.55 billion in the US in 2016-17, up about 10%.

students from India and China now represent approximately 50% of the total enrolment of 1.08 million international students in the US. Indian students comprise 17.3% of all international students in the US, it added

About 1.08 million international students studying at US colleges and universities contributed $36.9 billion and supported more than 450,000 jobs to its economy during 2016-2017, said NAFSA, an association of international educators.

Interestingly, the number of US students coming to India to study for academic credit at their home university has been on the decline since 2013-14 and it fell by 5.8% to 4,181 in 2015-16, as they increasingly prefer European countries.

http://www.financialexpress.com/indi...-54-bn/931755/
__________________

Arasu liked this post
m_1973 está en línea ahora   Reply With Quote
Old November 15th, 2017, 12:58 AM   #12335
Jeffery
Registered User
 
Join Date: Dec 2007
Posts: 242
Likes (Received): 124

Jeffery no está en línea   Reply With Quote
Old November 18th, 2017, 01:52 AM   #12336
gsouza
Registered User
 
gsouza's Avatar
 
Join Date: Apr 2006
Location: Brazil
Posts: 4,564
Likes (Received): 1324

Government's good work led to Moody's upgradation: India Inc

IANS|
Updated: Nov 17, 2017, 03.43 PM IST

NEW DELHI: Echoing the government's views, Indian industry said on Friday Moody's sovereign rating upgrade was in sync with the various government reform measures over the last three to four years.

"Moody's upgrade of India's rating is a reaffirmation of the various reform measures undertaken by the government over the last three to four years and we welcome this move", said FICCI President Pankaj R. Patel.

"The ratings upgrade along with the recently reported improvement in India's ease of doing business ranking underline the fact that we are moving in the right direction. India's growth story is more promising than ever and we see a further improvement in confidence level of global investment community. This move will not only give a further push to foreign investment inflows into the country but will also enhance our prospects of borrowing money abroad at better rates," he added.

US credit rating agency Moody's on Friday upgraded India's sovereign rating to Baa2 from its lowest investment grade of Baa, while changing the outlook for the country's rating to stable from positive, and said its was based on the Indian government's "wide-ranging programme of economic and institutional reforms".

The rating agency simultaneously upgraded India's local and foreign currency issuer rating to Baa2 from Baa3.

"The decision to upgrade the ratings is underpinned by Moody's expectation that continued progress on economic and institutional reforms will, over time, enhance India's high growth potential and its large and stable financing base for government debt, and will likely contribute to a gradual decline in the general government debt burden over the medium term," a Moody's Investor Service release said.

"Government's approach towards reforms has been holistic. The commitment towards assuring a conducive environment for businesses and various measures undertaken for financial and social inclusion are noteworthy," Patel said.

"The government has been constantly reviewing the Good and Services Tax post implementation to ensure a smooth transition. Further, the recently announced recapitalisation package for banks along with the earlier announced measures will expedite the resolution of stressed assets making space for fresh investments to kick- in," said Patel.

"Rating upgrade by Moody's Investors Service on India's sovereign bonds would make a huge a difference to India Inc's capacity to tap the global financial markets at very competitive rates," said Assocham Secretary General D.S. Rawat.

"With reinforcement of a perception of being a prudent and growing economy, India would continue to attract foreign funds both in the form of FDI and FII. Some of the recent steps like recapitalisation of banks, Good and Services Tax, taking off the Insolvency and Bankruptcy Code have gone quite well with the Moody's," he added.

"The ratings upgrade underlines the efficacy of the bold structural reforms undertaken by the government in recent years. It clearly shows that the economy is turning the corner and poised for a big leap forward, highlighting the immense potential that India offers as a global investment destination. More importantly, it also emboldens the government to stay true to the path of strong and transformational reforms in the coming days," said Sunil Bharti Mittal, Chairman, Bharti Enterprises.

"We believe that Moody's rating upgrade is a big boost for India, as it will improve sentiments around ease of doing business within local and global investors. This will also advance the government's objective of enhancing productivity and driving sustainable growth. Improvement in the credit profile will be a big positive for Indian companies and the government," said Sumeer Chandra, Managing Director, HP Inc.

https://economictimes.indiatimes.com...w/61688633.cms
gsouza no está en línea   Reply With Quote
Old November 18th, 2017, 02:05 AM   #12337
gsouza
Registered User
 
gsouza's Avatar
 
Join Date: Apr 2006
Location: Brazil
Posts: 4,564
Likes (Received): 1324

Again!






Congratulations India!
__________________

iaafosci liked this post
gsouza no está en línea   Reply With Quote
Reply

Tags
economy, india

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT +2. The time now is 06:51 AM. • styleid: 14


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu