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Moody's Expects RBI to Cut Rate to Boost Growth

Press Trust of India | Last Updated: July 30, 2015 19:03 (IST)

New Delhi: With less than a week left for the RBI's next monetary policy, Moody's today said there is room for rate cut and expressed hope that the central bank would reduce it by 0.25 per cent to push growth.
 

In its report -- India Outlook: Waiting for Reforms to Fuel Growth -- Moody's Analytics, an economic research unit of Moody's Corp, also pitched for reforms to achieve its potential growth rate which is around 10 per cent.
 

"We believe the RBI will cut interest rates again this year. There could be two more 25-basis point rate cuts in 2015... Accommodative monetary policy will lift GDP to 7.6 per cent in 2015, increasing to 8 per cent in 2016," it said.
 

RBI, which has already cut interest rates by 0.75 per cent so far this year, will announce its third bi-monthly policy review on August 4.
 

Observing that monsoon is not as bad as anticipated and there has been a general fall in global oil prices, the report said "the decline in commodity prices in general has given the RBI room to cut interest rates".
 

The report also cautioned that lack of reforms in areas such as land acquisition, labour laws and Goods and Services Tax (GST) could "derail medium to long term growth prospects".
 

"Though the economy has been in a cyclical upswing since late 2014, it has failed to gain broader momentum. Green shoots are slowly emerging, but the government's failure to deliver promised reforms is the major impediment," it said.
 

Moody's Analytics said that if India is to catch up to global economic powerhouses such as China, reforms must be delivered swiftly. Reforms can accelerate growth and improve prospects, particularly in emerging market economies.
 

The logjam in Parliament, the report said, is hindering passage of key reform bills.
 

"India's political infighting is denting business confidence. Without a majority in the Upper House, the ruling Bharatiya Janata Party's power has been nullified and the opposition has blocked proposed reforms.
 

"Key reforms such as the land acquisition bill, flexible labour laws, and the goods and services tax have failed to pass parliament. And given the political seesaw, these are unlikely to be delivered until later this year or even 2016," it said.
 

The land acquisition bill is a catalyst to investment and passing the bill will improve India's business environment by speeding up the conversion of land for infrastructure use.
 

"Foreign firms are wary of investing in India, as lengthy delays in acquiring land tend to stall projects," it said.
 

Moody's Analytics is the economic research analysis unit of Moody's Corporation and is independent of Moody's Investor Service, the credit rating agency of the US-based firm.

China stocks tumble, suffer biggest one-day loss in eight years

Markets | Mon Jul 27, 2015 3:54am EDT

China stocks tumble, suffer biggest one-day loss in eight years

SHANGHAI | BY SAMUEL SHEN AND PETE SWEENEY

Chinese shares tumbled more than 8 percent on Monday amid renewed fears about the outlook for the world's No. 2 economy, reviving the specter of a full-blown market crash that prompted unprecedented government intervention earlier this month.

Major indexes suffered their largest one-day drop since 2007, shattering a period of relative calm in China's volatile stock markets since Beijing unleashed a barrage of support measures to arrest a slump that began in mid-June.

The CSI300 index .CSI300 of the largest listed companies in Shanghai and Shenzhen plunged 8.6 percent, to 3,818.73, while the Shanghai Composite Index .SSEC lost 8.5 percent, to 3,725.56 points.

While the falls followed lackluster data on profit at Chinese industrial firms on Monday and a disappointing private factory sector survey on Friday, there was little to explain the scale of the sell-off.

Some analysts said fears that China may hold off from further loosening of monetary policy had contributed to souring investor sentiment.

"The recent rebound had been swift and strong, so there's need for a technical correction," said Yang Hai, strategist at Kaiyuan Securities.

He said the trigger was "a sluggish U.S. market amid stronger expectations of a Fed rate rise in the fourth quarter. That, coupled with China's rising pork prices, fuels concerns that China would refrain from loosening monetary policies further."

In late June and early July, Chinese authorities cut interest rates, suspended initial public offerings, relaxed margin-lending and collateral rules and enlisted brokerages to buy stocks, backed by central bank cash, to support share prices.

The battery of stabilization measures followed a peak-to-trough slump of more than 30 percent in China's benchmark indexes, which had more than doubled over the preceding year.

Chinese share markets had recovered around 15 percent since then, before Monday's renewed sell-off.

Stocks fell across the board on Monday, with 2,247 companies falling, leaving only 77 gainers.

Index heavyweights, including China Unicom (600050.SS), Bank of Communications (601328.SS) and PetroChina (600028.SS), slumped by their daily downward limit of 10 percent.

More than 1,500 shares listed in Shanghai and Shenzhen dived by the daily limit.

(Editing by Alex Richardson and Richard Borsuk)

NIFTY FUTURE MUST HOLD 8490 ; ELSE 8322, 8194 BEFORE EXPIRY

NIFTY FUTURE MUST HOLD 8490 ; 

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No invention, earth shaking idea from India in 60 years: NR Narayana Murthy

No invention, earth shaking idea from India in 60 years: NR Narayana Murthy 

BENGALURU: There has not been a single invention from India in the last 60 years that became a household name globally, nor any idea that led to "earth shaking" invention to "delight global citizens", IT czar N R Narayana Murthy said today.   

"Our youngsters have not done much impactful research work despite being equal to their counterparts in intellect and energy in Western universities," he said delivering the convocation address at the Indian Institute of Science here.

He said almost all inventions such as cars, electric bulb, radio, television, computers, Internet, wifi, MRI, laser, robots and many other gadgets and technology happened, "thanks to the research by Western Universities".  

He added: "On the other hand, let us pause and ask what the contributions of Indian institutions of higher learning, particularly IISc ans IITs, have been over the last sixty-plus years to make our society and the world a better place?  

"Is there one invention from India that has become a household name in the globe? Is there one technology that has transformed the productivity of global corporations? Is there one idea that has lead to an earth shaking invention to delight global citizens?"  




 

BENGALURU: There has not been a single invention from India in the last 60 years that became a household name globally, nor any idea that led to "earth shaking" invention to "delight global citizens", IT czar N R Narayana Murthy said today.

Read more at:
http://economictimes.indiatimes.com/articleshow/48085732.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

No invention, earth shaking idea from India in 60 years: NR Narayana Murthy

Read more at:
http://economictimes.indiatimes.com/articleshow/48085732.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Greece sends reform plan to EU promising new tax hikes

GREEK GOVERNMENT NEEDS 
3 LAKHS 80 THOUSANDS CRORES (INR)

The Greek government sent a package of reform proposals to its euro zone creditors on Thursday in a race to win new funds to avert bankruptcy and will seek a parliamentary vote on Friday to endorse immediate actions.
In the latest proposals, Greece has asked for 53.5 billion euros ($59 billion) to help cover its debts until 2018, a review of primary surplus targets and "reprofiling" the country's long-term debt.
In turn, Athens bowed to demands to phase out tax breaks for its islands -- cash cows for the tourism industry -- and to hike taxes on shipping companies.
The chairman of Eurogroup finance ministers confirmed receiving the documents but will not comment until they have been assessed by experts from the European Commission, European Central Bank and International Monetary Fund. U.S. stock futures jumped 1 percent in early Asian trade on the announced measures.
Greek lawmakers will be asked on Friday to authorize the leftist government to negotiate a list of "prior actions" it would take before any fresh aid funds are disbursed, a key step to convince skeptical lenders of its serious intent.
Leftist Prime Minister Alexis Tsipras spent the day with his cabinet drafting a last-ditch package of measures on which Greece's survival in the euro zone hinges.
A further vote would be needed to turn them into law if euro zone leaders agree at a summit on Sunday that the proposals are a basis for starting negotiations on a three-year loan and releasing some bridging funds to keep Greece afloat.
In a sign of possible trouble ahead, the head of Tsipras's junior coalition ally -- which has threatened to pull the plug on the government if the island tax breaks were scrapped -- did not add his signature to the reform proposals. Neither did Energy Minister Panagiotis Lafazanis, who leads the far-left flank of the ruling Syriza party.
The latest offer also included defense spending cuts, a firm timetable for privatizing state assets such as Piraeus port and regional airports, hikes in VAT for hotels and restaurants and slashing a top-up payment for poorer pensioners.
Greek banks have been closed since June 29, when capital controls were imposed and cash withdrawals rationed after the collapse of previous bailout talks. Greece defaulted on an IMF loan repayment the following day and now faces a critical July 20 bond redemption to the ECB of 3.49 billion euros, which it cannot make without aid.
The country has had two bailouts worth 240 billion euros from the euro zone and the IMF since 2010, but its economy has shrunk by a quarter, unemployment is more than 25 percent and one in two young people is out of work.