Success in my Habit
Thursday, June 1, 2017
Sharp rise in Indian diamonds, gems' export to China
Asian Development Bank (ADB) and Punjab National Bank (PNB) sign $100 million loan to finance Solar Rooftop projects
India’s solar rooftop market expanding fast with an estimated total capacity potential of 124 GW
The Asian Development Bank (ADB) and the Punjab National Bank (PNB) yesterday signed a $100 million loan — to be guaranteed by the Government of India — that will finance large solar rooftop systems on industrial and commercial buildings throughout India. The PNB will use the ADB funds to make further loans to various developers and end users to install rooftop solar systems.
This is the first tranche loan of the $500 million multi tranche finance facility Solar Rooftop Investment Program (SRIP) approved by ADB in 2016. The financing includes $330 million from ADB’s ordinary capital resources and $170 million from the multi donor Clean Technology Fund (CTF) administered by ADB. The first tranche loan of $100 million would be financed entirely from the CTF.
“With a sharp drop in the price of solar panels, India has a huge potential to expand its use of solar rooftop technologies,” said Mr. Kenichi Yokoyama, ADB Country Director in India who signed the loan on behalf of ADB. “The program will contribute to the government’s plans to increase solar power generation capacity, and also help India meet the carbon emission reduction target in line with its commitment at the recent global climate change agreement.” India’s solar rooftop market is expanding fast with an estimated total capacity potential of 124GW.
“The project is aligned with the goal set by Government of India to increase the country’s solar rooftop capacity by 40 GW by 2022, and would also contribute to Government's efforts to promote solar energy solutions as affordable and sustainable energy sources,” said Mr. Raj Kumar, Joint Secretary to the Government of India, Department of Economic Affairs, Ministry of Finance, who signed the Guarantee Agreement for Government of India. The loan agreement was signed by Mr. H.K. Parikh, General Manager on behalf of PNB.
The entire Solar Rooftop Investment Program will cost $1 billion, inclusive of ADB $500 million funding, and the projects financed under the program will install solar rooftop system of around 1 GW capacity. This will contribute to the climate change goal of reducing greenhouse gas emissions by about 11 million tons of carbon dioxide equivalent over the typical 25-year lifetime of rooftop solar systems.
Agri grew at robust 5.2% in March quarter
This was the highest in two years, with record production of foodgrain and horticulture. The GVA for agriculture and allied activities during the same quarter of the year before was 1.5 per cent. Output of grain was a record high despite the acute cash crunch right in the middle of the rabi sowing season. On November 8, 2016, the Centre had announced that the currency notes of ~500 and ~1,000 denominations would cease to be legal tender from midnight.
Even so, farmers brought a higher area under cereals, pulses and oilseeds as compared to previous years.
The full-year GVA growth in agriculture, forestry and fishing is estimated ato 4.9 per cent, as against 0.7 per cent in 2015-16. Foodgrain production in the 2016-17 crop year was estimated at 273.38 million tonnes, the highest since Independence. Horticulture output is projected at 295 mt. Wheat production is estimated at a record of a little over 97 mt. That of pulses is estimated to be 22 mt. The southwest monsoon in 2016 was the first normal one after droughts in 2014 and 2015.
The rains aided a record kharif output and seemed to have a positive impact on the rabi.
Private investment to lead India GDP growth in 2018-19, says World Bank
Gross fixed capital formation (GFCF), which indicates investment demand in the economy, is forecast to grow by 3.3% in FY17, jump to 6.8% in FY18 and overtake private consumption (7.4%) in FY19 with 8.8% growth to become the major growth driver.
This is due to the key reform steps taken by the government such as implementation of bankruptcy law and goods and services tax, higher infrastructure push and continued inflow of foreign direct investment, the Bank said. “Abolition of Foreign Investment Promotion Board will further support investment growth. Moreover, RBI efforts to reform banking sector in addition to a higher steady state of banking sector deposits post-demonetization will eventually allow credit growth to recover robustly and sustainably,” it added.
Private investment continues to face impediments in the form of corporate debt overhang, stress in the financial sector with rising bad loans, excess industrial capacity, and regulatory and policy challenges, putting downside pressures on India’s potential growth.
In February, the industrial production index for capital goods contracted 3.4%, while credit to industry contracted 5.2%, suggesting a meaningful recovery in private investments is unlikely until later in FY18.
“On the positive side, consumption will remain robust, given declining inflation and solid household credit growth, and pick-up in trade is likely to endure at least through the first half of the fiscal year, helping lift investment,” the Bank said.
Private investment, which accounts for three quarters of total GFCF, has not been forthcoming despite the promise of crowding-in by public sector investments and government efforts to improve the business environment and facilitate foreign direct investment (FDI). GFCF contracted by 2.1% in the fourth quarter and GFCF as a percent of gross domestic product (GDP) stood at 28.5% during the same quarter compared to a medium-term average (5 year) of 32.4% of GDP. “This weakness in private investment has been attributed to local and global excess-capacity, leveraged corporate and bank balance sheets, and remaining domestic bottlenecks,” the Bank said.
Supporting the view of an incipient pick-up, production of capital goods expanded by 6.8% in January 2017 after 13 consecutive months of negative growth, imports of machinery rose by 13.5% in March, and FDI expanded by 10.9% in Q3 FY17 driven primarily by investments in the telecommunications sector.
At a time of weakness in investment growth, private consumption remains a stable growth driver, expected to range between 7.2% and 7.5% between FY17 and FY20. The minor deceleration in FY17 is offset by higher rural incomes from favourable agricultural growth, revisions to civil servants’ pay by an average of 24%, and declining inflationary expectations.
Sunil Kant Munjal, chairman, Hero Enterprise agreed with the World Bank’s assessment that next year could see a revival in private investments. “Companies do not invest because they see little scope for return. Now capacity is getting absorbed and consumption is increasing, companies are looking at investing in the months to come,” he added.
The Bank expects government to maintain its momentum in public infrastructure spending, with government capital expenditure budgeted at 3% of GDP in FY18, flat from previous year. “Private investment is expected to pick up, but only gradually as recovery may be protracted, in part due to relatively longer-term effects of demonetization on cash-reliant construction activities (household investment, largely housing, accounts for approximately 1/3 of total investment), corporate leverage and the persistent weakness in credit growth, which suggest that the financial sector may require more time to adjust,” it said.
Govt meets FY17 fiscal deficit target
This was achieved in spite of a higher than budgeted capital expenditure for the year. “Encouragingly, tax inflows and capital spending exceeded the revised estimates, thereby offsetting the anticipated shortfall in non-tax revenue. Higher than estimated capital spending has provided a boost to the quality of expenditure, relative to the revised estimates,” said Aditi Nayar, principal economist with rating agency ICRA.
Total expenditure was Rs 19.75 lakh crore; the budgeted estimate of Rs 20.14 lakh crore. Plan spending was Rs 5.72 lakh crore, compared with estimates of Rs 5.84 lakh crore; non-Plan expenditure was Rs 14.03 lakh crore, as against the budgeted estimate of Rs 14.3 lakh crore.
From this financial year, 2017-18, expenditure will be classified into revenue spending and capital spending. A quick calculation shows that capital spending for 2016-17 was Rs 2.9 lakh crore, as against budgeted estimates of Rs 2.79 lakh crore.
Total receipts for 2016-17 were Rs 13.8 lakh crore, compared with budgeted estimates of Rs 14.8 lakh crore. Tax revenue showed a positive trend, partly due to increased compliance after demonetisation. It was Rs 11.02 lakh crore; the budget estimate was Rs 10.89 lakh crore.
Non-debt capital receipts were boosted by divestment returns, the highest so far in a year.
Total non-debt capital receipts were Rs 63,503 crore, compared with budgeted estimates of Rs 56,571 lakh crore. Non-tax revenue was Rs 2.74 lakh crore; the budget estimate was Rs 3.34 lakh crore.
Monday, May 29, 2017
Maruti aims to sell 3 lakh automatic cars annually by 2020
India's First Fleet of 200 Electric Vehicles Launched in Nagpur
Speaking on the occasion Shri Gadkari said that it was his Government’s vision to make India a 100 percent e-vehicle nation. Shri Gadkari said his Ministry was prepared to facilitate manufacturers and other companies to take the Nagpur model to other parts of the country. He said e- vehicles need to be promoted in order to cut down the huge crude oil bill, reduce pollution and create cost effectiveness in transportation. To begin with, the emphasis would be on commercial vehicles and then on others.
Shri Gadkari informed that growing demand, coupled with R&D would gradually help to bring down the operational costs, and especially the battery cost. He added that once the cost of batteries comes down, e-vehicles will compete with diesel and petrol vehicles and finally phase them out.
India on right path to becoming global steel player: Steel Association
Our Country is the Largest Producer of Milk in the World: Shri Radha Mohan Singh
It Is the Responsibility of Veterinarians to Contribute in Keeping the Nation Healthy By Increasing Availability of Animal Protein
By 2022 the Government of India is committed to Double Farmers' Income
Union Minister of Agriculture and Farmers Welfare, Shri Radha Mohan Singh today said that the Government of India has undertaken several new initiatives in the field of animal husbandry in Gujarat. Under Rashtriya Gokul Mission, on the lines of Gokul Gram ‘Gir, Cow Sanctuary’ has been approved. This will be established in Dharampur, Porbandar under Livestock insurance coverage. Earlier only two milk animals were included , now 5 milk animals and 50 small animals are included. This scheme has been implemented in all the districts of the state, whereas earlier only 15 districts were included. During the year 2014-16, about 26,000 animals have been insured in the state. To fulfil the shortage of veterinarians, a veterinary college has been established in Junagadh. The Agriculture Minister was speaking at the inauguration ceremony of polytechnic at Kamdhenu University, Sabarkantha.
The Agriculture Minister said that it is a matter of immense pride that our country is number one in milk production in the world. In the year 2015-16, the growth rate of milk production has been 6.28 per cent due to which total production has reached 156 million tonnes. And now, per person milk availability is 337 gram on an average, while on the world level it is 229 gram. It is worth mentioning that in comparison to the years 2011-14, the growth in milk production during the years 2014-17 has been 16.9 per cent.
He said that the standard of living of urban and rural families is rising, therefore, the demand for the animal protein is increasing. So, it is necessary that we constantly make effort to increase the production of our livestock, poultry and fish so that the country's citizens are well-nourished and healthy. That is why it is the responsibility of veterinarians to contribute in keeping the nation healthy by increasing availability of animal protein.
He said that the Government is committed to double farmers' income by 2022 and veterinaries play a significant role in fulfilling the Government’s resolution to double the farmers’ income. A healthy animal will result in greater production which will automatically enhance the farmer’s income and the country will proceed on the path of economic prosperity.
Agriculture Minister said that India is world’s highest livestock owner at about 512.05 million out of which 199.1 million are bovines, 105.3 million buffaloes, 71.6 million sheep and 140.5 million goats. In the case of goats, India is at the second position in the world and it is approximately 25 % of the livestock. India is second largest poultry market in the world and it includes the production of 63 billion eggs and 649 million poultry meat. India's marine and fish industry are growing at around 7 percent compound annual growth rate. Overall, India’s livestock sector is growing fast and emerging as a major contributor in the global market.
The Agriculture Minister said that the Government of India is ensuring the quality of education in universities is of international standards. In this direction, ICAR’s Fifth Deans Committee Report has been approved. Schemes like ‘Student’ and ‘Arya’ have been started with scholarships. Students’ scholarship amount has been increased.
In the end, the Minister said that to see our nation prosper and agriculture sector and farmers flourish, we need to work together. When the agriculture will grow, the farmer will be happy and the country will move forward.
Government focused on Integrated Development & Inclusive Growth
Press Information Bureau: May 29, 2017
New Delhi: DD committed to provide truthful information & wholesome entertainment to people - Venkaiah Naidu
I&B Minister releases 14 short films produced by Doordarshan on success stories of various Flagship schemes of the Government
Shri M. Venkaiah Naidu, Minister for Information & Broadcasting has said that the focus of the Government under the leadership of Prime Minister has been on Integrated Development, Inclusive Growth and Good Governance. The Government in the last three years had taken various initiatives for the welfare of the people ensuring Sabka Saath Sabka Vikas. The 14 Short Films produced by Doordarshan showcased the success stories under various Flagship Schemes of the Government which had positively impacted people’s lives and had brought a transformational change in the country. The films have successfully portrayed the underlying development narrative through testimonials from the beneficiaries at the field level all across the country. The Minister mentioned this while releasing the 14 short films produced by Doordarshan on various flagship schemes of the Government here today.
Speaking further, Shri Naidu said that these films would be showcased on all Doordarshan channels in Hindi and all other Indian languages with the purpose to motivate and inspire others also to use the benefits under various Flagship Schemes of the Government. These films would also be used by all other Media units of the Ministry of I&B to enhance outreach across media platforms. Shri Naidu also mentioned that Ministry of I&B would be facilitating the outreach programmes of the Government through MODI (Making of Developed India) fests all across the country along with its media units.
Speaking on the Freedish initiative of Doordarshan, Shri Naidu said that DD Free Dish was the largest free DTH Service available to the people in the country. As per the recent estimates it has reached more than 22 million homes. The Government has planned to further enhance the reach of DD Free Dish by distributing Free DD DTH boxes in the remote and interior areas of the country through State Governments, especially in the LWE impacted areas. He also mentioned that the Ministry would be giving 10,000 DTH boxes to the Government of Chattisgarh for distribution in the LWE areas.
The following themes have been covered in the short films produced by Doordarshan.
1. Mission Indradhanush
2. Pradhan Mantri Fasal Bima Yojna and Soil Health Card
3. Sabka Saath Sabka Vikas
4. Pradhan Mantri Mudra Yojana
5. Skill India
6. Beti Bachao Beto Padhao
7. Pradhan Mantri Krishi Sinchai Yojna
8. Kaushal Bharat Kushal Bharat
9. Pradahn Mantri Jan Dhan Yojna
10. National Solar Mission under Ujjwal Bharat
Shri Naidu also highlighted that Doordarshan would be organising a Sports Conclave tomorrow i.e. 28th May, 2017 at its studios at Asiad Village New Delhi. Leading sports personalities, sports federations, editors from various sports magazines and newspapers would be participating in live discussions. DD sports would connect live with Varanasi, Guwahati and other places to interact with local players and State Authorities. The conclave would discuss the future of Indian sports and policy interventions required for India to become a formidable force.
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