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Rough diamond imports up 11% in April-January period: GJEPC

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Imports of rough diamonds have increased by 11.11 per cent to USD 15.53 billion during the April-January period of the current fiscal, according to Gems and Jewellery Export Promotion Council (GJEPC).

The imports had aggregated to USD 13.97 billion in the 10-month period of last fiscal, 2016-17. The inbound shipments of gold bars also rose by 18.2 per cent to USD 4.37 billion during the April-January period of 2017-18.

However, imports of cut and polished diamonds dipped by 12.91 per cent to USD 1.88 billion during the period under review as compared to USD 2.16 billion a year ago.

The GJEPC data further showed that exports of gems and jewellery declined by 4.71 per cent to USD 27.5 billion during the period under review due to demand slowdown in major markets, including the US.

The labour-intensive sector contributes about 14 per cent to the country's overall exports. The drop in shipments is mainly due to negative growth in the export of gold medallions and coins.

The industry has asked for support in terms of increasing incentives under the Merchandise Exports from India Scheme (MEIS) to boost the shipments. As per the data, gold jewellery shipments during April-January, 2017-18 increased by about 3 per cent to USD 7.74 billion.

UP govt presents Rs 4.28 lakh cr 2018-2019 budget

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Yogi Adityanath government today presented its Rs 4,28,384.52-crore budget for 2018-19 which is 11.4 percent higher than the last fiscal.

Presenting the budget in the Assembly, Finance Minister Rajesh Agarwal said, "The budget size for 2018-19 is Rs 4,28,384,52 crore, which is 11.4 percent higher than the last fiscal".

The budget earmarks Rs 650 crore for Bundelkhand expressway project, Rs 550 crore Gorkahpur link expressway project, Rs 1,000 crore for Purvanchal expressway, Rs 500 crore Agra-Lucknow expressway. Budgetary provisions of Rs 30 crore have been made for e-office system in all government offices and a start up fund of Rs 250 crore has been created.

For power sector schemes, Rs 29,883 crore has been allocated while Rs 1,500 crore has been kept for Kumbh Mela-2019 in Allahabad and Rs 98.5 lakh for Kanha Gau-shala and Besahara Pashu Ashray yojna.

For basic education department, Rs 18,167 crore has been earmarked for Sarv Siksha Abhiyan, Rs 76 crore and Rs 40 crore respectively for providing free books and uniforms for all students of class 1-8th.

For mid-day meal Rs 2,048 crore and Rs 167 crore for distributing fruits to students have been allocated in the budget. The government earmarked Rs 500 crore for furniture, potable water and boundary walls of schools run by Basic education department.

In a bid to improve secondary education, Rs 480 crore has been allotted while Rs 26 crore for operating Deen Dayal Upadhyay government model schools.

After the presentation of the budget, Chief Minister Yogi Adityanath described it as progress-oriented and asserted that his government was committed to the development of the state.

New bad loan rules: Darkest hour before dawn

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Near midnight on Monday when the country was asleep the Reserve Bank woke up Indian borrowers to a new world of disciplined repayment, and the Indian banker to a stricter regime of bad loan classification and resolution. The question bankers and borrowers are now asking; is the RBI trying to achieve Utopia in a day?

The new bad loan resolution rules are by far the best in class. In the first place they do away with the myriad resolution plans such as Corporate Debt Restructuring (CDR), Strategic Debt Restructuring (SDR) and Stressed Asset Structuring (S4A). This step was inevitable. All those restructuring gimmicks were needed in an India where there was no Bankruptcy Code. Now with the code in place and the bankruptcy courts (or NCLTs) up and running, these schemes needed to go.

The new rules also require banks to report defaults over Rs 5 crore on a weekly basis to the RBI’s centralized database called CRILC.  All banks, thus know who are the stressed borrowers almost instantly and thus, have enough time and information on the borrower to regularize his repayment ability.

The new rules also ensure a sunset to the ongoing restructuring schemes under CDR, SDR and S4A. At least some were invoked to get a standstill on their getting classified as NPA. Many of the restructurings aren’t working out. For loans over Rs 2,000 crore RBI has given six months from February 12, to get implemented fully. Else they go to the bankruptcy courts. In future as well, loans of over Rs 2,000 crore get 6 months from date of first default to be resolved. Else they go to the bankruptcy courts.

Most impressive is the way in which RBI has calibrated the flow of cases to the bankruptcy courts. First 12 marquee cases sent in June 2017, then 28 cases sent six months later, and now, nine months later all the cases over Rs 2,000 crore have been referred. By then the tribunals, the resolution professionals, and committee of creditors may be more seasoned to resolve cases faster.

The new rules also ensure restructurings are no eyewash.  For loans over Rs 100 crore a rating agency shall rate the restructured loan as investment grade. For loans over Rs 500 crore, the revamped loan will require investment rating from two rating agencies.

All told, the new rules are exactly how the rules should have been from the start. Timely payment of interest by borrowers, or the system punishes you; and appropriate classification and provisioning by banks, so the mess doesn’t accumulate.

That said, let us tiptoe to reality.  Most bankers believe the new rules will lead to a spurt in loan defaults in the next few quarters. Here’s why:

Firstly, a resolution plan has to be okayed by all banks. Bankers worry the approval from 75 percent or even 51 percent of the lenders has been a problem. This requirement of approval from all bankers for a resolution to become applicable will mean more failures and more cases going to the bankruptcy courts.

Secondly, getting an investment grade from the rating agencies for a resolution plan can be an uphill task. So far, these agencies have waited for the loan to perform for a year before raising their rating. Getting two rating agencies to give the required grade will be tougher. In an atmosphere where all institutions – banks, audit companies, boards,  - are facing distrust, many a resolution may fall short of the required grade and again end with the bankruptcy courts. And all these loans are being forced to the bankruptcy courts when the process, while showing promise, has yet to yield results.

Thirdly, the process to upgrade a restructured loan to standard status is more demanding. It will require the borrower to repay 20 percent of his principal before being upgraded. This means for a longer period, income from the loan can’t be recognized, and the NPA will show up in the ratios and the risk capital.

Fourthly, the loans currently under SDR or CDR or S4A have to be resolved in six months. Else more cases will end in the bankruptcy courts requiring immediate accelerated provisioning.

Net net, the widespread fear is that an immediate increase in slippages is likely, at least, from cases under the various old CDR and SDR schemes.  This will hit provisioning, and may be absorb most of the capital that came from the recap bonds leaving little for growth. The more demanding process of upgrading loans will keep incomes subdued for banks.

The bigger problem will be if IndAS is implemented starting April. IndAS requires that for every new loan, provisions have to be kept depending on the bank’s loss-given-default of the past three years. The new rules hit when the NPAs are at their highest and hence, every new loan can become too expensive. There is a good chance therefore, that credit growth may slacken for the next few quarters.

No doubt once these few quarters are lived through, the banking system will emerge vastly stronger and cleaner. But for the banks, the midnight jolt from RBI will mean nightmares first, and sunrise after a rather long night.

5 dangerous myths about the forex markets.

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Know the truth and handle the consequences with discipline

Investing in the market is not easy and people in a few situations fall for the myths which make them lose the investments.A few things come up without any reason and people start moving ahead following those misconceptions. In a few cases there is a chance of losing the investments as these are not true and there is a chance of winning the market if the investor is lucky. As luck always, do nonsupport in winning the market one must first identify the myths and the simple way to face it. Improve the chance of winning the market by enhancing your skills which are extremely useful in earning quality returns. Forex trading requires various skills and thorough knowledge as this involves the currency of various countries and several aspects. In order to enjoy the market by earning really good profits it is must to invest with discipline and follow a worthy strategy that offer success. By recognizing the myths,one can stay with the truth and then handle the consequences of the market.

1.     

  It’s the game of rich

No forex trade is not just for the rich people.This is one of the myth which spoils the chance of earning returns in the market. People who are interested in earning quality results by investing in the market need not have excess savings but need to have addiction. With quality research and proper homework every trader irrespective of their status can gain returns as market is place of amazing opportunities.There is no limitation for an investor and one who keep a track of the political happening and changes in economy can win returns in the forex market.

2.      

Forex trading is high risky or too easy

A majority of the forex traders believe that the market is either dangerous to invest or simple one to gain wonderful returns. But both the ideas are not completely true. The chance of losing the investments is seen with people who invest neglecting a few crucial aspects.The market offers a chance to earn quality returns to the investors who deal with the situations in a planned manner.So, people planning to earn handsome returns need to invest in the currency market with a strategy. It is true that this is less volatile and a predictable market when compared to the share market.

3

Follow economy

The economy changes play a role in gaining returns in the forex market, but it is not true that it is only the economic changes that change the chance of returns.The political happening seven effect the returns in every market and following the news helps in gaining smooth returns.Keep a note of the economic and political fluctuations and watch the time closely which makes investors make easy money.

4.       

No time limits

There is a time to invest and gain returns in the forex market and one such myth is that this is open for investor throughout the day. It is not true and the market so not invite investors around the clock as the day is divided in to specific sessions. Market functions only during the particular time and one can invest and gain returns within a certain time limit.So, keep a watch on the time and then start investing in the forex market as this is one convenient place to start career and make money.

5.       

Take quick decisions

There is no guarantee that quick decisions work positively and people planning to be part of the trade need to stay cautious while making decisions. One must have a realistic approach and investors who are planning to have right returns must underhand the situations and hen step ahead.Quick decisions do not support in earning positive results all the time and in order to avoid the unexpected issues it is must to be patient and control emotions while decision making

Though the above seem to be real are not actually true and people who tend to look at the market in this aspect may face unpredictable consequences in the predictable market. With the support of an analyst it is not tough to earn better returns and gain support from experts who use charts and other systematic procedure in winning the market. 

Indiabulls Real up 5% as board to consider restructuring of residential, commercial biz

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Indiabulls Real Estate share price gained more than 5 percent on Friday ahead of board meeting to consider demerger of residential and commercial businesses.

The company on Thursday informed exchanges that a meeting of the board of directors, is scheduled on Wednesday, February 14, 2018, to consider the various options and recommendations of the committee constituted for reorganisation/ restructuring of the existing residential and commercial office leasing businesses, and to take appropriate decisions.

In April 2017, the company's board had considered the possibility of streamlining its existing residential, commercial and leasing businesses by segregating commercial & leasing business carried on by itself and/or through its special purpose vehicles and vesting the same into Indiabulls Commercial Assets Ltd (ICAL).

It had also considered the possibility of restructuring/reorganising its businesses by either (i) restructuring by way of placing ICAL as a separate holding company under the company to hold its assets and investments relating to commercial & leasing business segment and to undertake the business & operations of commercial & leasing business segment and/or explore opportunities to bring in strategic investments; or (ii) by reorganising its existing businesses by way of a demerger of the undertakings, business, activities & operations pertaining to its commercial & leasing business segments.

Centre makes payments worth over Rs 1 Lakh crore under DBT in FY18 so far

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The government has made payments of more than Rs 1 lakh crore to people through Direct Benefits Transfer (DBT) scheme in this financial year. DBT has helped the central government save close to Rs 75,000 crore since 2014.

These savings mean that Rs 75,000 crore was passed on as benefits to 63 crore people, as against 35 crore people last year. This was money handed over to the consumers without being pocketed by middlemen or duplication.

The scheme benefitted only 10 crore people when the Modi government took over in 2014.

The amount of payout through DBT was at Rs 1,00,144 crore on Wednesday, up from Rs 74,707 crore in 2016-17 and Rs 7,367 crore in 2013-14. A senior government official told that the final figure could even reach as high as Rs 1.2 lakh crore for this year. That's a 60% increase over the previous year.

The figure was opposed by the others, which includes the opposition and activists, to be an inflated sum.

Of the 142 central schemes covered under the DBT in the previous financial year, there are currently 450 programmes that exist. The government hopes to bring the rest of the schemes under the ambit of the DBT by March.

It was seen that Rs 20,610 crore was paid as LPG subsidy, Rs 10,042 crore under various scholarship schemes for education and Rs 5,831 crore through the National Social Assistance Programme The MGNREGS is seen to be the biggest beneficiary of this scheme in this financial year, which was Rs 28,623 crore, while Rs 34,917 crore was provided under other schemes.

MFs fear inflows could fall by 50% if market mayhem continues

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Mutual fund houses are perturbed at the second consecutive day of market carnage, which will impact the sustained inflows the industry had seen so far.

Fund managers said the sharp plunge in the market may bring down the inflows in the mutual fund industry by 50 percent.

“This fall will have an percent impact the inflows. If this kind of market fall continues then the inflows may fall by half,” said a senior equity fund manager from a private fund house on condition of anonymity.

Domestic MFs witnessed total inflows of Rs 1.69-lakh crore in 2017. The 42-player MF industry also saw its assets base jump to over Rs 22 lakh crore in 2017, adding more than Rs 5.4 lakh crore to its kitty, on strong participation from retail investors and investor awareness initiatives.

Boosted by strong participation from retail investors, the number of mutual fund folios grew by a staggering 1.37 crore in 2017, to an all-time high of 6.65 crore. Folios are numbers designated to individual investor accounts, though one investor can have multiple accounts.

Asset managers say if similar kind of market plunge continues then industry might see 50 percent fall in inflows across the industry.

Carnage on D-Street continued for the second consecutive day in a row which pushed the S&P BSE Sensex by over 1200 points in opening trade on Monday but experts feel it was long overdue as valuations were rich.

“The fall is justified as valuations were rich. It is good for investors as at this investors can use this dip to pick up good quality stocks,” said Gautam Sinha Roy, Senior Vice President and Equity Fund Manager at Motilal Oswal Mutual Fund.

Agreeing with Roy, another fund manager from a private fund house said the fall in the market was ‘anticipated’ but this is something which was long overdue and investors must utilize this fall to buy stocks which were expensive.

"If this fall continues then it may be bad for the industry as inflows might be hit significantly," the fund manager quoted above said.

Considering the fall is driven by global factors, investors should stay long in Indian markets, said experts.

The S&P BSE Sensex suffered a 1275-point drop on Feb 6 following a sharp crack on Wall Street. The index witnessed its biggest intraday fall since the year 2015.

The Nifty50 slipped below its 100-days exponential moving average (DEMA) placed at 10,400. A fall below 10,200 could stretch the decline towards 10,000 levels which is closer to its 200-DEMA.

Budget 2018 paves the way for MSME sector to be a catalyst in economic growth

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JM Financial Group

It is beyond doubt that the most vibrant and resilient Micro, Small and Medium Enterprises (MSME) sector shall act as a catalyst to the growth of the Indian economy. The Budget further strengthened the sector by making key structural changes, enabling ease of doing business, and providing tax benefits.

Key structural changes

One of the welcome structural changes announced was to bring on board state-owned banks and corporates on the MSME bill discounting platform and, more importantly, to link it with the GST Network. This will significantly ease cash flow challenges as the cost of working capital shall stand to reduce and MSMEs can easily access capital by discounting their trade receivables. Linking to GST will make credit assessment easier and faster.

The government has also proposed to evolve a scheme to provide a unique identity to every enterprise in India on the lines of Aadhaar, which will eventually give respite to the lender as it will be easier to access the KYC.

Both these structural changes in accessing KYC and assessing the credit shall provide greater benefits to the sector.

Enabling the ease of doing business

The budget also earmarked Rs 3 lakh crore for 2018-19 under the Pradhan Mantri Mudra Yojana. The government has assured to address the issues of non-performing assets (NPAs) and stressed accounts of MSMEs. He also referred to a group in the finance ministry that is examining the policy and institutional development measures needed for creating right environment for fintech companies to grow.

The finance minister also stated that the government shall contribute 12 percent of the wages of the new employees in the Employee Provident Fund (EPF) for select sectors over the next three years.  He also referred to the extension of the facility of fixed term employment to these sectors. This in turn will attract good talent at a lower cost.

All these measures shall spur inclusive growth and development.

Providing tax benefits

The proposal to reduce tax for smaller companies with a turnover of up to Rs 250 crore to 25 percent (from the existing turnover of up to Rs 50 crore) emphasises the importance of MSME sector in economic activity. This will unleash entrepreneurial zeal, leading to job creation. This tax respite will provide relief to the sector by increasing their cash flow.

These measures to strengthen the sector shall go a long way in building a robust economy thereby not only creating opportunities in the job sector but also fulfilling the Prime Ministers dream of 'Housing for all' by 2022 under the affordable segment.

Union Budget 2018: Key Highlights:

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Finance Minister Arun Jaitley unveiled his last full Budget in Parliament today. ETMarkets compiles the highlights that may matter to you. 

11.04 am: Finance Minister Arun Jaitley starts presenting the budget 2018-19. 
11.07 am: Promised to reduce poverty, expedite infra creation. 
11.08 am: Achieved 7.5% average growth in first 3 years of NDA government. 
11.08 am: Manufacturing sector is back on growth path. 
11.08 am: Achieved 7.5% average growth in first 3 years of NDA government. 
11.08 am: Manufacturing sector is back on growth path. 
11.09 am: 6.3% GDP growth signalled turnaround in economy 
11.10 am: Export expected to grow at 15% in FY18. 
11.13 am: DBT has reduced corruption & cost of delivery. 
11.13 am: Focus is now on ease on living after ease of doing business. 
11.13 am: On track for GDP growth of over 8%. 
11.14 am: Emphasis on generating higher income for the farmers.
11.15 am: MSP for Kharif crops to be 1.5X of cost of produce. 
11.16 am: Want farmers to earn 1.5x the cost of their produce. 
11.19 am: Setting up an agricultural market fund with corpus of Rs 2,000 crore. 
11.21 am: eNAM to be exempted from APMC regulation. 
11.22 am: Allocation to food processing to be doubled from Rs 715 crore last year to Rs 1400 crore in 2018-19. 
11.23 am: Food processing industry growing at average 8% per annum. 
11.23 am: 470 APMCs connected to eNAM. 
11.25 am: Government proposes to launch Operation Green for which sum of Rs 500 crore will be allocated. 
11.26 am: Allocate Rs 10,000 crore for fisheries, aqua cultural and animal husbandry funds. 
11.28 am: Allocate Rs 1,290 crore to National Bamboo Mission. 
11.29 am: 8 crore poor families will be given free gas connection under Ujjwala Scheme. 
11.30 am: Proposes to extend Kisan Credit Card to fisheries & animal husbandry farmers. 
11.31 am: Targets constructing 2 crore Toilets in FY19. 
11.34 am: Allocate Rs 16,000 crore to Pradhan Mantri Saubhagya Yojana. 
11.36 am: To initiate special integrated B-Ed programme to teachers. 
11.37 am: Railway University to be set-up at Vadodara. 
11.38 am: Total investment of Rs 1 lakh crore for RISE. 
11.39 am: Two new Planning & Architecture schools to be set-up in IITs. 
11.40 am: Allocate Rs 1,200 crore for Specialised Health Wellness Centre. 
11.41 am: Government allots Rs 9,975 crore for social security schemes. 
11.42 am: National Health Protection Scheme for 10 crore poor families. 
11.45 am: PMJBY to be expanded to all poor households. 
11.47 am: Rs 5 lakh medical insurance cover per year for 10 crore families across the country. 
11.48 am: Ayushman Bharat Programme a move towards Universal Health Care Coverage. 
11.50 am: Rs 16,730 crore allocated for rural sanitation. 
11.50 am: Will soon announce measures for SME NPAs. 
11.51 am: Target Mudra Loans for Rs 3 lakh crore next FY. 
11.51 am: Govt to establish a dedicated affordable housing fund under National Housing Bank for priority sector lending. 
11.52 am: Setting up 24 new Government medical colleges. 
11.53 am: MSMEs sector gets Rs 3,794 crore in the form of capital support and interest subsidy. 
11.55 am: Need investment of Rs 50 lakh crore for infrastructure sector. 
11.58 am: 99 cities selected under Smart City Mission. 
11.59 am: Proposed construction of tunnels under the SELA Pass. 
12.01 pm: Highway construction will exceed 9000 km by end of FY18. 
12.02 pm: Significant movement in achievement of the railways. 
12.02 pm: Railway Capex for FY19 at Rs 1.48 lakh crore. 
12.03 pm: Confident of completing 9000 kms national highways to be by 2018-19. 
12.04 pm: Allocate Rs 17,000 crore for Bengaluru metro network 
12.04 pm: Allocate Rs 11,000 crore for Mumbai rail Network. 
12.06 pm: 99 smart cities have been selected with an outlay Rs 2.04 lakh crore. 
12.07 pm: Govt to eliminate 4267 unmanned rail crossings in broad gauge in 2 years. 
12.08 pm: Allocated Rs 60 crore to kick start the airport expansion. 
12.11 pm: Allocation to Digital India doubled to Rs 373 crore. 
12.13 pm: SEBI to mull asking large companies to meet 25% debt from bond market. 
12.14 pm: Government to explore use of Block Chain Technology for payments. 
12.18 pm: Government to evolve a scheme to assign a Unique ID for companies. 
12.19 pm: PSU bank recap will allow banks to give additional lending of Rs 5 lakh crore. 
12.20 pm: Salary of President raised to Rs 5 lakh. 
12.22 pm: Allocate Rs 150 crore for commemoration of Mahatma Gandhi. 
12.22 pm: Law to be introduced to fix MPs' salary every 5 years indexed to inflation. 
12.23 pm: Proposes inflation-linked revision of salary of Members of Parliament. 
12.24 pm: FY19 fiscal Deficit target at 3.3% of GDP. 
12.27 pm: 85.51 lakh new taxpayers have filed returns for FY17. 
12.29 pm: Direct taxes growth at 12.6% this year. 
12.30 pm: Revised fiscal deficit target of 3.5% of GDP at Rs 5.95 lakh crore for the current fiscal. 
12.32 pm: Footwear & leather industry to get benefits extended to Apparel industry. 
12.33 pm: Corporate tax for companies with turnover up to Rs 250 crore cut to 25%. 
12.34 pm: Government will aim to lower debt to GDP ratio to 40%. 
12.35 pm: No change in Personal income tax structure. 
12.36 pm: Standard deduction of Rs 40,000 crore for salaried taxpayers. 
12.38 pm: To set up comprehensive gold policy; to revamp Gold Monetisation Scheme. 
12.38 pm: Number of tax payers increased to 8.27 crore from 6.47 crore. 
12.39 pm: Deduction for senior citizens with critical illness raise to Rs 1 lakh. 
12.40 pm: 100% tax deduction to companies with revenue of Rs 100 crore registered as farmer producers. 
2.42 pm: Rs 19,000 crore revenue loss on Direct tax. 
12.43 pm: Government levies long-term capital gains tax of 10% for over Rs 1 lakh investment. 
12.44 pm: Short-term capital gains tax continues to be 15%. 
12.48 pm: Propose next Financial Year health, education cess at 4%. 
12.50 pm: Propose to amend income tax act for electronic assessments. 
12.50 pm: Propose to cut import duty on raw cashews to 2.5% from 5%. 
12.44 pm: Short-term capital gains tax continues to be 15%. 
12.48 pm: Propose next Financial Year health, education cess at 4%. 
12.50 pm: Propose to amend income tax act for electronic assessments. 
12.50 pm: Propose to cut import duty on raw cashews to 2.5% from 5%. 
12.53 pm: FM announced 2 defence industrial production corridors to be set up 
12.56 pm: NHAI to make use of Toll-Operate-Transfer model & InvITs to mobilise funds 
1 pm: Tourist facilities to be upgraded at 210 important monuments.

Budget 2018: Jaitley fixes railways’ FY19 capex at Rs 1.48 lakh crore, higher by 18k crore

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Finance Minister Arun Jaitley has earmarked Rs. 1.48 lakh crores as railways’ total capital and development expenditure for 2018-19 (April-March). This is nearly 14 percent higher than the Rs 1.3 lakh crore Jaitley had set aside in the last financial year.

Jaitley in the last budget had announced the establishment of a Rashtriya Rail Sanraksha Kosh for passenger safety. The fund will have a corpus of Rs. 1 lakh crore over five years.

According to reports, the railways aims to end FY19 with an operating ratio of 93 percent, a 200 basis point improvement from 2017-18’s 95 percent.

Operating ratio is a measure of money spent to earn every rupee, and hence, the lower, the better. The railways no more announces its operating ratio, a practice it stopped last year when the Railway Budget was merged with the General Budget.

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