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Budget dedicated to overall development of UP: Yogi Adityanath

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Before being tabled in the House, the budget was passed in a cabinet meeting chaired by the chief minister at his official residence here in the morning.Budget dedicated to overall development of UP: Yogi Adityanath

A public welfare budget dedicated to the overall development of Uttar Pradesh will be presented in the assembly on Thursday, Chief Minister Yogi Adityanath said. Before being tabled in the House, the budget was passed in a cabinet meeting chaired by the chief minister at his official residence here in the morning.

"A public welfare budget dedicated to the overall development of Uttar Pradesh will be presented in the House today. With inspiration from the respected prime minister, the double-engine government of the BJP is working relentlessly to make Uttar Pradesh the 'growth engine' of the country," Adityanath said in a tweet in Hindi.

State Finance Minister Suresh Kumar Khanna said the budget would be for the welfare of the people and according to the BJP's 'Sankalp Patra' (election manifesto).

Khanna will be tabling the state budget in the assembly later in the day. The Adityanath government had presented a Rs 5,50,270.78 crore budget for the financial year 2021-22.

WEF 2022: Advanced economies to be back on track by 2024, says Gopinath

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Advanced economies will be back on track by 2024, but developing economies will be 5 per cent below where they would have been otherwise, IMF's Gita Gopinath saidGita Gopinath, Chief Economist, International Monetary Fund (IMF), speaks at a press conference at the World Economic Forum Annual Meeting 2020, Switzerland. Photo: PTIAdvanced economies will be back on track by 2024, but developing economies will be 5 per cent below where they would have been otherwise, IMF's  said on Wednesday.

Economies worldwide have been adversely impacted by the  pandemic and are slowly coming back into the recovery path.

The First Deputy Managing Director of the International Monetary Fund said the war in Ukraine has been a major setback to the global recovery.

"We had a serious downgrade to the global growth rate and the world continues to face headwinds because we have a cost of living crisis. Prices of commodities including fuel and food are going up around the world," she said.

Gopinath said central banks are trying to tackle this high level of inflation and are raising interest rates sharply, which they need to do, but that will also have consequences for global finance and trade.

She was speaking at a special session on 'What next for global growth?' during the  Annual Meeting 2022.

Gopinath said there are very divergent recoveries around the world.

"While advanced economies, as per our estimates, will basically get back to where they would have been in absence of pandemic in 2024, but emerging and developing economies would be 5 per cent below where they would have been in the absence of the pandemic," she said.

The panelists discussed that the recovery from the COVID-19 crisis has been deeply uneven within and between countries, depending on their access to fiscal resources and vaccines.

As food, fuel and resource crises now risk further derailing an equitable recovery, they discussed how a broader set of foundations for growth can ensure long-term economic prosperity and a return to international convergence.

Also Read:-US stock futures edge up ahead of Fed minutes release

US stock futures edge up ahead of Fed minutes release

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The Fed had at the May 4 meeting raised its target for the overnight bank-to-bank lending rate by half a percentage point, to a range of 0.75-1 percentUS stock futures edge up ahead of Fed minutes release

US stock futures edged up on May 25 ahead of the much-awaited release of the minutes from the recent Federal Reserve meeting, which market observers will closely track for clues regarding the speed and extent of future interest hikes.

The Federal Reserve, in its meeting early in May, hinted at a more aggressive stance by hiking the cost of borrowing. Investors expect a series of 50-basis-point rate hikes over the next several months. One basis point is one-hundredth of a percentage point.

Ahead of the release, Wall Street futures inched up after the Nasdaq Composite had dropped 2.35 percent and the S&P 500 lost 0.8 percent on May 24.

The US dollar index, which measures the currency against six major rivals, rebounded 0.16 percent to 101.92, a level not seen since April 26.

Bullion dropped from near a fortnight-high, with the greenback rising from the lowest in almost a month's period.

During the May 4 meeting, the Fed raised its target for the overnight bank-to-bank lending rate by half a percentage point, to a range of 0.75-1 percent, and Chairman Jerome Powell suggested that similar-sized measures would be undertaken in June and July to tame the worst inflation in the 40 years.

Minutes are expected to highlight a consensus over the view that the Fed funds rate should be neutral by 2022-end. Atlanta Fed President Raphael Bostic has publicly said he supports an expeditious return of monetary policy to a more "neutral stance" to bring down inflation that is currently running at more than three times the Fed's 2 percent target.

Bostic also said on May 23 that he would like to pause further rate hikes at the Fed's September meeting to allow time to assess the impact of tighter policy on the economy and inflation. The publication of minutes from the Fed's May meeting could show how widely held that view is, and what other options are under consideration.

India committed to strengthen multilateral trade system: Goyal to WTO chief

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Commerce and Industry Minister Piyush Goyal met World Trade Organisation Director-General Ngozi Okonjo-Iweala and reiterated India's support for strengthening the multilateral trading systemPiyush Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday met World Trade Organisation Director-General Ngozi Okonjo-Iweala and reiterated India's support for strengthening the multilateral trading system.

During the meeting on the sidelines of the World Economic Forum Annual Meeting 2022 here, Goyal said India is committed to the WTO's efforts to strengthen the multilateral trading system to ensure free and fair trade among member countries.

He also met Swiss State Secretary Marie-Gabrielle Ineichen-Fleisch and exchanged views on enhancing India-Switzerland trade ties.

"India is an attractive market for Swiss cutting-edge technology and expertise to achieve scale and serve the world," the minister tweeted later.

Among his various meetings, Goyal also met Queen Maxima of the Netherlands and held talks on ways to further strengthen and renew Indo-Dutch ties by expanding business and investment opportunities while also exploring prospects of joint cooperation between the two countries.

He also met UAE's Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and Indian Energy Alliance Executive Director Fatih Birol; Denmark's Minister for Industry, Business and Financial Affairs Simon Kollerup; and Bangladesh's Private Industry and Investment Adviser to PM Salman F Rahman.

Also Read:- Modi Govt @ 8| Two vexing defence problems the Narendra Modi government has dealt with

Modi Govt @ 8| Two vexing defence problems the Narendra Modi government has dealt with

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Under the Narendra Modi-led government, we have seen a refreshingly bold departure from the past when governments seemed unwilling to deal with two defence-related problems: the pension issue, and the more debilitating matter of reliance on foreign arms Modi Govt @ 8| Two vexing defence problems the Narendra Modi government has  dealt with

May 26 marks eight years since Narendra Modi became Prime Minister of India, and since 2014 a Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) government has been in power at the Centre. Where defence and national security are concerned, the people of India have been told that this government is sufficiently alert and effective in protecting national interests and territory.

The government has proved particularly adept in wrapping itself around the flag and associating with the military. Unwittingly though while resolving some longstanding issues, other equally baffling problems have been created.

The government has delivered, for instance, on its ‘One Rank, One Pension’ promise — a nettlesome issue previous governments kicked down the road for want of financial resources. In the 2022 defence budget of Rs 5.25 lakh-crore, the Rs 1.19 lakh-crore pensions bill combined with the outgo on payroll expenses exceeds the spend on force modernisation and maintenance costs. Should this trend continue, India will soon be able to afford either an adequately sized force, or the weapons to equip it supported by minimal stocks of spares and ammo — not both.

It may be recalled that based on the projected economic growth rate, and assumption of annualised 10 percent increase the defence budget was expected to reach the 3 percent GDP level recommended by the 11th Finance Commission by 2004. In reality, the defence budget has stagnated at the 2-plus percent of GDP level, and budgetary increases have barely kept pace with inflation. The result: No buck, no bang! Still the armed services have managed somehow to contend with live, disputed, borders with China and Pakistan. How well? Don’t ask.

There is a simple two-pronged solution that has not so far occurred to the Government of India. First, to match the military manpower cuts, the strength of 400,000 ‘defence civilians’ employed by the Ministry of Defence (MOD) should be slashed by half. India needs DRDO scientists, engineers, and the like, but can do without the horde of peons, clerks, stenographers, and section officers clogging up the MOD and other government offices everywhere. Official business conducted through a safeguarded computer network will eliminate the hopeless files-system and the endless numbers of babus associated with it, and coffee/tea machines can replace peons, and improve the MOD’s dismal operating efficiency.

Second, the defence civilian pensions should be shifted to the Government of India administration pensions account, thereby, at a stroke, freeing up roughly 80 percent of the defence pensions bill monopolised by retired defence civilians. It is monies the armed services can utilise to sharpen their war-fighting capability.

Through these two steps the Prime Minister can be credited for, (1) modernising the Indian military, making it razor-sharp, without raising the defence allocation, (2) digitising and de-bureaucratising the MOD (as a test bed for upgrading the government’s conduct of business), and; (3) removing the demeaning caste-like hierarchy featuring low-grade workers.

The other major change in the defence sphere is the drive to make India self-reliant in armaments. Again, Modi had the right idea with his aatmnirbharta policy. Except, in the years since he mooted it, there has been more confusion and drift than genuine progress; a situation not improved by a series of updated defence procurement procedure documents issued by the MOD that regularly trip up Defence Minister Rajnath Singh and ministry officials as much as they do the military brass and public and private sector defence industrial companies.

No one is quite sure what aatmnirbharta means. Do foreign companies producing dated military products (F-16 fighter plane, say) fit the guidelines? But doesn’t that undercut the objective? To compound the confusion, Singh in the past year has released lists of military goods the armed services can no longer import, including major weapons systems such as helicopters, artillery guns, warships, and submarines. It is supposed to encourage in-country research, design, development and production of advanced weaponry, and support systems, save the country tens of billions of dollars in hard currency, seed a vibrant defence industrial ecosystem to meet the armed services’ equipment needs, to generate export revenues, and have a multiplier effect on the rest of the economy.

Singh’s negative lists, prima facie, suggest the government wants results fast, to obtain which it is prepared to throw all concerned parties into deep water, and hope they learn to swim. This, incidentally, is the correct approach to shock the armed services, the MOD, and defence public sector units, habituated to weapons systems screw-drivered from imported completely knocked down (CKD) and semi-knocked down (SKD) kits, out of their licensed manufacture comfort zone.

Denied the import option, the military will have to take ownership of indigenous weapons projects and, crucially, prepare to fight with Indian-designed armaments that may not initially meet the foreign weapons standard. It is an unavoidable stage in making aatmnirbharta work.

The Modi years to-date have seen a refreshingly bold departure from the past when the government seemed unwilling to deal with the two main tasks at hand, namely, the pensions issue that had the entire military community up in arms, and the more debilitating matter of reliance on foreign arms.

The solution for the first problem was enabled by the government’s readiness to sequester the necessary funds and take a financial hit, and for the second, was the decision to kickstart the Indian defence industrial economy by closing off the imports channel, and incentivising the public sector and private sector companies with promise of full order books. India may finally be on the way, hiccups apart, to consolidating its military power.

Bharat Karnad is Distinguished Fellow at the United Service Institution of India and Emeritus Professor at the Centre for Policy Research. Views are personal, and do not represent the stand of this publication.

 

853 FDI proposals disposed of in 5 years through FIFP

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The Foreign Investment Facilitation Portal (FIFP) was developed after the abolition of Foreign Investment Promotion Board (FIPB) in May 2017.853 FDI proposals disposed of in 5 years through FIFP | The Financial  Express

As many as 853 foreign direct investment proposals have been disposed of through the foreign investment facilitation portal in the last five years, the commerce and industry ministry said on Tuesday.

The Foreign Investment Facilitation Portal (FIFP) was developed after the abolition of Foreign Investment Promotion Board (FIPB) in May 2017.

After the abolition of FIPB, granting of government approval for overseas investment under the FDI (Foreign Direct Investment) policy and FEMA (Foreign Exchange Management Act) regulations was entrusted to the concerned ministries/departments, the commerce ministry said in a statement.

The Department for Promotion of Industry and Internal Trade (DPIIT), under the ministry, was made the nodal department.

It said, "853 FDI proposals have been disposed of through FIFP since abolishment of FIPB.”

FDI proposals are now required to be filed only on the portal which is managed by the DPIIT.

The proposals filed on the portal are forwarded to the concerned administrative ministry and are also simultaneously marked to the ministry of external affairs and the Reserve Bank of India for comments and to the ministry of home affairs for necessary security clearance, wherever required as per the norms.

A Standard Operating Procedure (SOP) for processing of FDI proposals, including documents to be filed, through the portal was framed and laid down by the DPIIT in June, 2017.

The DPIIT secretary reviews the pendency of all FDI proposals on a monthly basis.

Since the beginning of the new clearance process, not only the foreign investment has increased but also "the number of countries bringing in FDI into India”, it added.

In 2014-15, FDI inflow in India stood at USD 45.15 billion, which has increased to USD 83.57 billion in 2021-22.

In 2021-22 FDI has been reported from 101 countries. In 2020-21, it was reported from 97 countries.

Share Market Closing Note | Sharetipsinfo

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Share Market Closing Note

Benchmark indices ended lower in the volatile session on May 24, with Nifty below 16,150.Closing Bell: Indian market closes the week on a negative note, Nifty falls  below 17500 | 5Paisa|


At close, the Sensex was down 236.00 points or 0.43% at 54,052.61, and the Nifty was down 89.50 points or 0.55% at 16,125.20. About 1005 shares have advanced, 2220 shares declined, and 121 shares are unchanged.


Dr Reddys Labs, Kotak Mahindra Bank, HDFC, Nestle India and HDFC Bank were among the top Nifty gainers, while losers included Divis Labs, Tech Mahindra, Grasim Industries, Hindalco Industries and HUL.


Among sectors, IT, pharma, metal, FMCG, power and realty indices down 1 percent each.


BSE midcap index fell 0.8 percent and smallcap index shed 1 percent.

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Topic :- Time:3.00 PM

Nifty future if holds above 16100 level on closing basis then some pull back can be seen and if it breaks and closes below 16100 level then expect more decline in the market. Avoid open long positions for tomorrow.

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Topic :- Time:2.00 PM

Once again nifty is trading in red zone now. Nifty spot if breaks and trade below 16140 level then some decline can follow in it and if it manages to trade and sustain above 16180 level then some upmove can be seen in the market.

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Topic :- Time:1.30 PM

GOLD Trading View:

GOLD is trading at 51101.If it manages to trade and sustain above 51120 level then expect some quick upmove in it and if it breaks and trade below 51060 level then some decline can follow in it.

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Topic :- Time:1.15 PM

Just In:

Ramco Cement stock slips to new 52-week low amid challenges galore.

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Topic :- Time:1.00 PM

Nifty is showing some recovery. Nifty spot if manages to trade and sustain above 16260 level then expect some upmove in it and if it breaks and trade below 16200 level then some decline can follow in the market.

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Topic :- Time:12.45 PM

Just In:

Sri Lanka seeks $500-million loan from India for fuel purchases amid forex crisis.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 776.80.If it breaks and trade below 776 level then expect some quick decline in it and if it manages to trade and sustain above 778.60 level then some upmove can be seen in it.

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Topic :- Time:12.15 PM

Just In:

Layoffs, shutdowns, funding crunch: The Great Indian Startup Party is over.

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Topic :- Time:12.00 PM

Nifty spot if manages to trade and sustain above 16220 level then expect some upmove in the market and if it breaks and trade below 16180 level then some decline can follow in the Nifty. Currently nifty is at 16195.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex, Nifty in red; defensives drag, Zomato soars 14%

2. GIC Singapore to invest Rs 2,195 cr in Aditya Birla Fashion and Retail

3. Tata Sons likely to earn record Rs 27,797 crore from its listed firms

4. Latest new live: PM Modi, US Prez Joe Biden hold bilateral talks in Tokyo

5. GAIL India moves NCLT to recover Rs 9,942 crore Uttam Galva dues

6. Chinese economic recovery faces new hurdle in rising power costs

7. Delhivery makes listless debut; opens 1% higher against issue price

8. Sebi issues new norms for constitution, disclosure of passive funds

9. Ahead of IPO, Aether Industries garners Rs 240 cr from anchor investors

10. Divis Labs sheds 14% in two days, hits 52-week low post Q4 results

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Topic :- Time:11.00 AM

After flat opening nifty is trading in negative zone. Nifty spot if breaks and trade below 16140 level then expect some decline in the market and if it manages to trade and sustain above 16180 level then some upmove can follow in the Nifty.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For Today:

Stock market is likely to remain volatile and is expected to follow global cues. Nifty spot if manages to trade and sustain above 16260 level then expect some upmove in it and if it breaks and trade below 16180 level then some decline can follow in the market. Please note this is just opening view and should not be considered as the view for the whole day.


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In bid to boost investment, PM Narendra Modi proposes 'Japan Week'

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"Met top business CEOs and highlighted the numerous investment opportunities in India," the Prime Minister said in a tweet

India-Japan are 'natural partners', PM Modi tells Indian community in Tokyo

Seeking greater investments in India, Prime Minister  on Monday proposed celebrating Japan's contribution to the country's development journey in the form of a Japan Week'.

Modi chaired a roundtable with Japanese business leaders here in which top executives and CEOs of 34 Japanese companies participated. The majority of these companies have investments and operations in India. The companies represented diverse sectors, including automobiles, electronics, semiconductors, steel, technology, trading and banking and finance, an official statement said.

"Met top business CEOs and highlighted the numerous investment opportunities in India," the Prime Minister said in a tweet.

Stressing that India and Japan are natural partners, the Prime Minister lauded the business community as brand ambassadors of the immense potential of India-Japan ties. The Prime Minister recalled that during the visit of Japanese Prime Minister Kishida to India in March 2022, both countries had set an ambitious target of investment of Japanese Yen 5 trillion over the next five years.

He highlighted recent developments in economic ties, such as India-Japan Industrial Competitiveness Partnership (IJICP) and Clean Energy Partnership, among others.

He talked about initiatives such National Infrastructure Pipeline (NIP), Production Linked Incentive (PLI) scheme, and semiconductor policy and highlighted the robust startup ecosystem of India. The Prime Minister noted that despite the slowdown in global FDI, India has attracted a record FDI of USD 84 billion in the previous financial year. He termed this a vote of confidence in India's economic potential.

"He invited greater participation by Japanese companies in India and proposed celebrating Japan's contribution to India's development journey in the form of a Japan Week'," the release said.

Top executives of companies like Honda Motor Co, Toyota Motor Corporation, Suzuki Motor Corporation, Sumitomo Chemical Co, Kawasaki Heavy Industries, Fujitsu, Nippon Steel Corporation, and Mitsubishi Corporation, attended the meeting.

Key business bodies and organisations from India and Japan such as Keidanren, Japan External Trade Organization (JETRO), Japan International Cooperation Agency (JICA), Japan Bank for International Cooperation (JBIC), Japan-India Business Consultative Committee (JIBCC) and Invest India also participated in the event.

Prime Minister Modi is in Japan on a two-day visit to attend a summit of the Quad leaders at the invitation of his Japanese counterpart Fumio Kishida.

eMudhra IPO: Issue fully subscribed on Day 3, retail portion booked 1.73 times, QIB 47%

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eMudhra IPO: The company will use Rs 35 crore of the net proceeds to pre-pay or repay loans, while Rs 40.2 crore will be utilised to meet working capital requirementseMudhra IPO: Issue fully subscribed on Day 3, retail portion booked 1.73  times, QIB 47%

The IPO of eMudhra Limited, India's largest licensed certified authority in the digital signature certificates space, was fully subscribed by the morning of May 24, the third and final day of subscription.

Investors had bid for 1.18 crore shares against an IPO size of 1.13 crore units. Retail investors booked 1.73 times or the shares set aside for them.

Non-institutional investors booked 17 percent of the shares allotted to them, while qualified institutional buyers' portion was subscribed 47 percent against a quota of 31.34 lakh shares.

The company is looking to garner about Rs 413 crore through fresh issue of equity shares aggregating up to Rs 161 crore and an offer-for-sale of 9,835,394 equity shares, aggregating up to Rs 252 crore by the shareholders and promoters.

After the issue, the promoter shareholding will decline by 18.16 percent to 61.03 percent.

Around 50 percent of the net offer has been reserved for qualified institutional buyers, 35 percent for retail investors and the remaining 15 percent for non-institutional investors.

The company intends to utilise Rs 35 crore of the net proceeds from the fresh issue to pre-pay or repay loans, while Rs 40.2 crore will be used for meeting working capital requirements.

The company intends to purchase equipment and set up data centres across India and overseas, for which it will be using Rs 46.36 crore from the fresh proceeds.

It also plans to spend Rs 15 crore on product development and Rs 15.3 crore on augmenting its business development, sales, marketing and other related costs for future growth and other general corporate purposes.

The company will not get any proceeds from the OFS portion, the proceeds of which will go to the promoters.

The company did a pre-IPO placement of 1,603,617 equity shares for a cash price of Rs 243.a share for an aggregate amount of Rs 39 crore to Baring Private Equity India AIF 2, Acacia Banyan Partners, Motilal Oswal Equity Opportunities Fund Series III, Negen Capital Services Private Limited, Value Wise Consultancy Private Limited, Jagadeesan Kumar, and Krishna Kumar.

Disclaimer: The views and investment tips of experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisionsAround 50 percent of the net offer has been reserved for qualified institutional buyers, 35 percent for retail investors and the remaining 15 percent for non-institutional investors.

The company intends to utilise Rs 35 crore of the net proceeds from the fresh issue to pre-pay or repay loans, while Rs 40.2 crore will be used for meeting working capital requirements.

The company intends to purchase equipment and set up data centres across India and overseas, for which it will be using Rs 46.36 crore from the fresh proceeds.

It also plans to spend Rs 15 crore on product development and Rs 15.3 crore on augmenting its business development, sales, marketing and other related costs for future growth and other general corporate purposes.

The company will not get any proceeds from the OFS portion, the proceeds of which will go to the promoters.

The company did a pre-IPO placement of 1,603,617 equity shares for a cash price of Rs 243.a share for an aggregate amount of Rs 39 crore to Baring Private Equity India AIF 2, Acacia Banyan Partners, Motilal Oswal Equity Opportunities Fund Series III, Negen Capital Services Private Limited, Value Wise Consultancy Private Limited, Jagadeesan Kumar, and Krishna Kumar.

Disclaimer: The views and investment tips of experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions

Tata Power, Tata Motors to develop 7MWp solar rooftop

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Tata Power and Tata Motors have collaborated to develop a 7 MWp solar rooftop project at the latter’s passenger vehicle plant in Chikhali, Pune..Tata Power, Tata Motors to develop 7MWp solar rooftop

This is the third phase of a joint 17 MWp on-site solar project developed by the two companies, of which 10 MWp has already been installed, a company statement said.

The two companies have recently inked a Power Purchase Agreement (PPA) for this solar project. The rooftop installation is collectively expected to generate 23 million units of electricity, mitigating 5.23 lakh tonnes of carbon dioxide. This will be equivalent to planting 8.36 lakh trees over a lifetime.

Rajesh Khatri, Vice President, Operations, Tata Motors Passenger Vehicles Ltd, said, with the new installation, Tata Power will move closer to its goal of 100 percent renewable energy. "Post commissioning of this capacity, we will become the largest on-site solar installation in India," he added.

Tata Motors, as a signatory to the RE100, is committed to using 100 percent renewable energy in its operations and has taken many steps toward this objective by gradually increasing the proportion of renewable energy used in its operations.

Tata Power has executed multiple large solar rooftop solutions including one of the world’s largest rooftops (16MW) at a single location at Radhasoami Satsang Beas (RSSB), Amritsar.

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