National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

Britain's economy cooled in the three months to November, expanding at its weakest pace in six months as factories suffered from tough global trade conditions ahead of Brexit, official data showed on Friday.

Gross domestic product in the three months to November was 0.3 per cent higher than in the previous three-month period, down from growth of 0.4 per cent in the three months to October and matching the consensus of a Reuters poll of economists.

Manufacturers suffered their longest period of monthly falls in output since the financial crisis, hurt by weaker overseas demand, the Office for National Statistics said.

Worries about the global economy have been mounting due to concerns about a trade war between the United States and China. Figures from Germany and France earlier this week similarly showed falling industrial output.

Britain's economic growth in the three months to November was driven mostly by the dominant services sector, as well as the construction industry.

The figures fit with business and consumer surveys that suggest the economy is slowing sharply after robust growth of 0.6 percent in the third quarter of the year, reflecting growing uncertainty ahead of Britain's planned departure from the European Union, as well as global jitters.

Britain is due to leave the European Union on March 29 and whether businesses will still be able to trade without disruption to cross-border supply chains remains unclear.

The future of the deal which Prime Minister Theresa May has agreed in principle with the EU hangs in the balance ahead of a parliamentary vote which will take place on Tuesday.

May is widely expected to lose and this would leave open the prospect of Britain leaving the EU without any transitional arrangements to smooth the economic shock.

Calls for a second referendum - which May has rejected - are growing.

Friday's figures showed that compared with a year earlier, the economy stood 1.4 per cent larger. In November alone, it expanded 0.2 per cent, compared with forecasts for a rise of 0.1 per cent.

The data are broadly in line with the Bank of England's view that the economy is likely to have grown around 0.2 per cent over the fourth quarter of 2018.

Britain's economy slowed after the June 2016 Brexit vote, its growth rate slipping from top spot among the Group of Seven group of rich nations to mid-table or lower.

Consumers in particular were squeezed by the jump in inflation which followed the pound's tumble after the referendum, especially as wages have failed to keep up.

That said, an unusually warm summer in mid-2018 encouraged many to splash out on drinks and pub and restaurant visits.

But retail sales data suggests consumers reined in spending over Christmas.

Earlier this week closely watched purchasing managers' surveys pointed to fourth-quarter growth of around 0.1 per cent in Britain, according to data firm IHS Markit which compiles the surveys.

Friday's data showed that Britain's services sector grew by 0.3 percent over the three months to November, while industrial output dropped by 0.8 per cent, the biggest decline since May 2017.

Looking at November alone, industrial output dropped 1.5 per cent on the year - the biggest fall since August 2013.

Separate figures showed Britain's goods trade deficit widened unexpectedly in November to 12.0 billion pounds from 11.9 billion pounds, worsened by the highest oil imports since September 2014.

Britain's economy cooled in the three months to November, expanding at its weakest pace in six months as factories suffered from tough global trade conditions ahead of Brexit, official data showed on Friday.

Britain's economy cooled in the three months to November, expanding at its weakest pace in six months as factories suffered from tough global trade conditions ahead of Brexit, official data showed on Friday. Gross domestic product in the three months to November was 0.3 per cent higher than in the previous three-month period, down from growth of 0.4 per cent in the three months to October and matching the consensus of a Reuters poll of economists. Manufacturers suffered their longest period of monthly falls in output since the financial crisis, hurt by weaker overseas demand, the Office for National Statistics said. Worries about the global economy have been mounting due to concerns about a trade war between the United States and China. Figures from Germany and France earlier this week similarly showed falling industrial output. Britain's economic growth in the three months to November was driven mostly by the dominant services sector, as well as the construction industry. The figures fit with business and consumer surveys that suggest the economy is slowing sharply after robust growth of 0.6 percent in the third quarter of the year, reflecting growing uncertainty ahead of Britain's planned departure from the European Union, as well as global jitters. Britain is due to leave the European Union on March 29 and whether businesses will still be able to trade without disruption to cross-border supply chains remains unclear. The future of the deal which Prime Minister Theresa May has agreed in principle with the EU hangs in the balance ahead of a parliamentary vote which will take place on Tuesday. May is widely expected to lose and this would leave open the prospect of Britain leaving the EU without any transitional arrangements to smooth the economic shock. Calls for a second referendum - which May has rejected - are growing. Friday's figures showed that compared with a year earlier, the economy stood 1.4 per cent larger. In November alone, it expanded 0.2 per cent, compared with forecasts for a rise of 0.1 per cent. The data are broadly in line with the Bank of England's view that the economy is likely to have grown around 0.2 per cent over the fourth quarter of 2018. Britain's economy slowed after the June 2016 Brexit vote, its growth rate slipping from top spot among the Group of Seven group of rich nations to mid-table or lower. Consumers in particular were squeezed by the jump in inflation which followed the pound's tumble after the referendum, especially as wages have failed to keep up. That said, an unusually warm summer in mid-2018 encouraged many to splash out on drinks and pub and restaurant visits. But retail sales data suggests consumers reined in spending over Christmas. Earlier this week closely watched purchasing managers' surveys pointed to fourth-quarter growth of around 0.1 per cent in Britain, according to data firm IHS Markit which compiles the surveys. Friday's data showed that Britain's services sector grew by 0.3 percent over the three months to November, while industrial output dropped by 0.8 per cent, the biggest decline since May 2017. Looking at November alone, industrial output dropped 1.5 per cent on the year - the biggest fall since August 2013. Separate figures showed Britain's goods trade deficit widened unexpectedly in November to 12.0 billion pounds from 11.9 billion pounds, worsened by the highest oil imports since September 2014.

UK economic growth hits six-month low, manufacturing slides

The rupee Thursday appreciated 14 paise to 70.32 against the US dollar in early trade amid weakness in the American currency on uncertainty over Federal Reserve rate hikes following the release of Fed meet minutes.

Forex traders said the weakness in the US dollar against other currencies overseas, falling crude oil prices and fresh foreign fund inflows pushed the rupee higher.

The minutes of US Fed's latest policy meeting showed the policymakers may slow the pace of rate hikes to prevent a slowdown in the economy. 
At the Interbank Foreign Exchange, the rupee opened weak at Rs 70.49, but soon appreciated to 70.32 against the greenback, up 14 paise over its previous closing price.

The rupee on Wednesday had depreciated by 25 paise to close at 70.46 against the US dollar.

Brent crude, the global benchmark, was trading lower at 60.89 per barrel, lower by 0.90 per cent.

Meanwhile, foreign funds bought shares worth Rs 276.14 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 439.67 crore on Wednesday, provisional data showed.

The benchmark BSE Sensex was trading down 27.62 points, or 0.08 per cent at 36,185.29, while the NSE Nifty was trading at 10, 839.65, down 15.50 points, or 0.14 per cent.&nbsp;

The rupee Thursday appreciated 14 paise to 70.32 against the US dollar in early trade amid weakness in the American currency on uncertainty over Federal Reserve rate hikes following the release of Fed meet minutes.

The rupee Thursday appreciated 14 paise to 70.32 against the US dollar in early trade amid weakness in the American currency on uncertainty over Federal Reserve rate hikes following the release of Fed meet minutes. Forex traders said the weakness in the US dollar against other currencies overseas, falling crude oil prices and fresh foreign fund inflows pushed the rupee higher. The minutes of US Fed's latest policy meeting showed the policymakers may slow the pace of rate hikes to prevent a slowdown in the economy. At the Interbank Foreign Exchange, the rupee opened weak at Rs 70.49, but soon appreciated to 70.32 against the greenback, up 14 paise over its previous closing price. The rupee on Wednesday had depreciated by 25 paise to close at 70.46 against the US dollar. Brent crude, the global benchmark, was trading lower at 60.89 per barrel, lower by 0.90 per cent. Meanwhile, foreign funds bought shares worth Rs 276.14 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 439.67 crore on Wednesday, provisional data showed. The benchmark BSE Sensex was trading down 27.62 points, or 0.08 per cent at 36,185.29, while the NSE Nifty was trading at 10, 839.65, down 15.50 points, or 0.14 per cent.

Rupee rises 14 paise against US dollar in early trade

Senior Economist- World Bank Prospects Group Patrick Kirby said that high levels of public debt, in general, could be one of the biggest risk being faced by the South Asian Region's economic growth.&nbsp;

Speaking exclusively to WION he also added that India would still be the leading growing economy in coming years with GDP growth estimated at 7.3% for 2018-19.

On being asked whether China is adding to the Global Debt Crisis by lending loans to low-income countries and then influencing their policy decisions favouring China, Patrick Kirby further added that debt vulnerabilities in low-income countries have increased substantially in recent years. As a result, in most low-income countries, interest payments are absorbing an increasing proportion of government revenues.&nbsp;

In a recent report conducted by The Center for Global Development, a non-profit research organization, which analyzed debt to China that will be incurred by nations participating in the current Belt and Road investment plan. Eight nations will find themselves vulnerable to above-average debt: Djibouti, Kyrgyzstan, Laos, the Maldives, Mongolia, Montenegro, Pakistan, and Tajikistan.

<img alt="The Center for Global Development" data-entity-type="file" data-entity-uuid="cb1b7b82-94c4-40f1-96f2-9a8fb242a2ff" src="/sites/default/files/inline-images/The%20Center%20for%20Global%20Development.jpg" />

In another report by The Center for Global Development in early 2018 on Examining the Debt Implications of the Belt and Road Initiative from a Policy Perspective stated that countries like Mongolia, Kyrgyzstan, Tajikistan, Pakistan etc are in the High-Risk Category because of BRI Project. While Sri Lanka, Maldives etc are under significant threat because of the BRI Loans.&nbsp;

Here are the excerpts from the exclusive conversation with Patrick Kirby:

WION: The primary reason for India's growth in GDP in the World Banks forecast?

Patrick Kirby:&nbsp;India’s growth accelerated to an estimated 7.3 per cent in FY2018/19 as economic activity continued to recover with strong domestic demand. While investment continued to strengthen amid GST harmonization and a rebound of credit growth, consumption remained the major contributor to growth.

India’s GDP is forecast to grow by 7.3 per cent in FY2018/19 and 7.5 per cent thereafter, in line with June forecasts. Private consumption is projected to remain robust and investment growth is expected to continue as the benefits of recent policy reforms begin to materialize and credit rebounds. Strong domestic demand is envisioned to widen the current account deficit to 2.6 per cent of GDP next year. Inflation is projected to rise somewhat above the midpoint of the Reserve Bank of India’s target range of 2 to 6 per cent, mainly owing to energy and food prices.

WION: What is the growth outlook for the South Asia Region? Also, China recently has been accused of DEBT DIPLOMACY Globally and crushing various economies worldwide forcing countries like Pakistan, Equador, Sri Lanka, Maldives etc in debt crisis thus influencing their regional politics as well. How does the World Bank look at this crisis?&nbsp;

Patrick Kirby:&nbsp;On the outlook for the South Asian region, South Asia remains the world’s fastest-growing region. Growth in the region is projected to accelerate to 7.1 per cent in 2019 from 6.9 in the previous year. Over the medium term, robust domestic demand will continue to underpin growth, which is expected to average 7.1 per cent.&nbsp;

Nevertheless, there are a number of risks to the outlook. For example, we say that South Asian economies have high levels of public debt in general. Fiscal slippages could further worsen already-precarious public debt positions and result in a costly rise in already-elevated interest payments. 
Also, the upcoming election cycle next year elevates political uncertainty in the region. The challenging political environment could adversely affect the ongoing reform agenda and economic activity in some countries (e.g. Afghanistan, Sri Lanka).

In South Asia, non-performing assets are still high despite recent measures taken to improve the recognition of these assets. Especially, public sector banks in India, which represent roughly 70 per cent of the banking sector assets, still report low profitability and high non-performing loans. Credit expansion could be limited in some major South Asia economies unless further steps are taken to deal with financial and corporate balance sheets.

On the external front, the region has relatively low exposure to international trade, which limits the benefits from trade over the long term. However, the low exposure also suggests that it could be more insulated from the effects of rising trade protectionism than other regions. Moreover, the region may even benefit from trade diversion amid the recent dispute between some major economies.

WION: What can be the possible reasons for Slowdown in Chinese Economy?&nbsp;

Patrick Kirby:&nbsp;On the issue of China, growth is estimated to have slowed to a still robust 6.5 per cent in 2018, supported by resilient consumption. Growth is projected to decelerate to 6.2 per cent in 2019, slightly below previous projections as a result of weaker exports, and to further moderate to 6 per cent by the end of the forecast horizon, broadly in line with its potential pace. Domestic demand is projected to remain robust aided by policies to boost consumption. Supportive fiscal and monetary policies undertaken or announced so far are expected to largely offset the negative impact of higher tariffs; however, additional stimulus may have the undesirable effect of slowing the deleveraging and de-risking process

WION: How does the World Bank look at the Global Debt Crisis especially in low-income countries?&nbsp;

Patrick Kirby:&nbsp;On the issue of debt, debt vulnerabilities in low-income countries have increased substantially in recent years. Since 2013, median government debt has risen by 20 percentage points of GDP and has shifted toward non-concessional and private financing. As a result, in most low-income countries, interest payments are absorbing an increasing proportion of government revenues. The majority of low-income countries would be hard hit by a sudden weakening in a trade or global financial conditions are given their high levels of external debt, lack of fiscal space, low foreign currency reserves, and undiversified exports. Efforts to reduce debt-related vulnerabilities are a policy priority for many low-income countries, and a key focus needs to be improving debt management and developing domestic financial systems.

WION: How important is coordination between Central Banks and Policy Makers (Government) in a country's economy? For eg RBI and GOI having different views on Farm Loan Waivers.&nbsp;

Patrick Kirby:&nbsp;On the issue of central banks in general, policymakers in emerging market and developing economies need to uphold a credible commitment to medium-term price stability—one that is supported by macroeconomic frameworks that set attainable inflation targets where appropriate, as well as maintain strong institutional independence and transparency. This will be especially critical if the ongoing period of low and stable global inflation comes to an end, perhaps driven by a slowdown or rollback of the structural factors that have held inflation at bay in recent decades—in particular, trade and financial integration—or erosion of central bank independence.

WION: How should we see Artificial Intelligence replacing humans as a workforce? Can it be seen as a potential threat or a power booster?&nbsp;

Patrick Kirby:&nbsp;On the issue of the future of work, this issue is discussed extensively in the World Bank’sWorld Development Report 2019, The Changing Nature of Work.

Senior Economist- World Bank Prospects Group Patrick Kirby said that high levels of public debt, in general, could be one of the biggest risk being faced by the South Asian Region's economic growth.

Senior Economist- World Bank Prospects Group Patrick Kirby said that high levels of public debt, in general, could be one of the biggest risk being faced by the South Asian Region's economic growth. Speaking exclusively to WION he also added that India would still be the leading growing economy in coming years with GDP growth estimated at 7.3% for 2018-19. On being asked whether China is adding to the Global Debt Crisis by lending loans to low-income countries and then influencing their policy decisions favouring China, Patrick Kirby further added that debt vulnerabilities in low-income countries have increased substantially in recent years. As a result, in most low-income countries, interest payments are absorbing an increasing proportion of government revenues. In a recent report conducted by The Center for Global Development, a non-profit research organization, which analyzed debt to China that will be incurred by nations participating in the current Belt and Road investment plan. Eight nations will find themselves vulnerable to above-average debt: Djibouti, Kyrgyzstan, Laos, the Maldives, Mongolia, Montenegro, Pakistan, and Tajikistan. In another report by The Center for Global Development in early 2018 on Examining the Debt Implications of the Belt and Road Initiative from a Policy Perspective stated that countries like Mongolia, Kyrgyzstan, Tajikistan, Pakistan etc are in the High-Risk Category because of BRI Project. While Sri Lanka, Maldives etc are under significant threat because of the BRI Loans. Here are the excerpts from the exclusive conversation with Patrick Kirby: WION: The primary reason for India's growth in GDP in the World Banks forecast? Patrick Kirby: India’s growth accelerated to an estimated 7.3 per cent in FY2018/19 as economic activity continued to recover with strong domestic demand. While investment continued to strengthen amid GST harmonization and a rebound of credit growth, consumption remained the major contributor to growth. India’s GDP is forecast to grow by 7.3 per cent in FY2018/19 and 7.5 per cent thereafter, in line with June forecasts. Private consumption is projected to remain robust and investment growth is expected to continue as the benefits of recent policy reforms begin to materialize and credit rebounds. Strong domestic demand is envisioned to widen the current account deficit to 2.6 per cent of GDP next year. Inflation is projected to rise somewhat above the midpoint of the Reserve Bank of India’s target range of 2 to 6 per cent, mainly owing to energy and food prices. WION: What is the growth outlook for the South Asia Region? Also, China recently has been accused of DEBT DIPLOMACY Globally and crushing various economies worldwide forcing countries like Pakistan, Equador, Sri Lanka, Maldives etc in debt crisis thus influencing their regional politics as well. How does the World Bank look at this crisis? Patrick Kirby: On the outlook for the South Asian region, South Asia remains the world’s fastest-growing region. Growth in the region is projected to accelerate to 7.1 per cent in 2019 from 6.9 in the previous year. Over the medium term, robust domestic demand will continue to underpin growth, which is expected to average 7.1 per cent. Nevertheless, there are a number of risks to the outlook. For example, we say that South Asian economies have high levels of public debt in general. Fiscal slippages could further worsen already-precarious public debt positions and result in a costly rise in already-elevated interest payments. Also, the upcoming election cycle next year elevates political uncertainty in the region. The challenging political environment could adversely affect the ongoing reform agenda and economic activity in some countries (e.g. Afghanistan, Sri Lanka). In South Asia, non-performing assets are still high despite recent measures taken to improve the recognition of these assets. Especially, public sector banks in India, which represent roughly 70 per cent of the banking sector assets, still report low profitability and high non-performing loans. Credit expansion could be limited in some major South Asia economies unless further steps are taken to deal with financial and corporate balance sheets. On the external front, the region has relatively low exposure to international trade, which limits the benefits from trade over the long term. However, the low exposure also suggests that it could be more insulated from the effects of rising trade protectionism than other regions. Moreover, the region may even benefit from trade diversion amid the recent dispute between some major economies. WION: What can be the possible reasons for Slowdown in Chinese Economy? Patrick Kirby: On the issue of China, growth is estimated to have slowed to a still robust 6.5 per cent in 2018, supported by resilient consumption. Growth is projected to decelerate to 6.2 per cent in 2019, slightly below previous projections as a result of weaker exports, and to further moderate to 6 per cent by the end of the forecast horizon, broadly in line with its potential pace. Domestic demand is projected to remain robust aided by policies to boost consumption. Supportive fiscal and monetary policies undertaken or announced so far are expected to largely offset the negative impact of higher tariffs; however, additional stimulus may have the undesirable effect of slowing the deleveraging and de-risking process WION: How does the World Bank look at the Global Debt Crisis especially in low-income countries? Patrick Kirby: On the issue of debt, debt vulnerabilities in low-income countries have increased substantially in recent years. Since 2013, median government debt has risen by 20 percentage points of GDP and has shifted toward non-concessional and private financing. As a result, in most low-income countries, interest payments are absorbing an increasing proportion of government revenues. The majority of low-income countries would be hard hit by a sudden weakening in a trade or global financial conditions are given their high levels of external debt, lack of fiscal space, low foreign currency reserves, and undiversified exports. Efforts to reduce debt-related vulnerabilities are a policy priority for many low-income countries, and a key focus needs to be improving debt management and developing domestic financial systems. WION: How important is coordination between Central Banks and Policy Makers (Government) in a country's economy? For eg RBI and GOI having different views on Farm Loan Waivers. Patrick Kirby: On the issue of central banks in general, policymakers in emerging market and developing economies need to uphold a credible commitment to medium-term price stability—one that is supported by macroeconomic frameworks that set attainable inflation targets where appropriate, as well as maintain strong institutional independence and transparency. This will be especially critical if the ongoing period of low and stable global inflation comes to an end, perhaps driven by a slowdown or rollback of the structural factors that have held inflation at bay in recent decades—in particular, trade and financial integration—or erosion of central bank independence. WION: How should we see Artificial Intelligence replacing humans as a workforce? Can it be seen as a potential threat or a power booster? Patrick Kirby: On the issue of the future of work, this issue is discussed extensively in the World Bank’sWorld Development Report 2019, The Changing Nature of Work.

High-level debt in South Asian Countries a major risk: World Bank

Benchmark equity indices opened on a choppy note on Thursday as investors turned cautious ahead of quarterly results of key bluechips amid weak Asian cues.

The 30-share Sensex was trading 40.08 points, or 0.11 per cent, lower at 36,172.83.

The NSE Nifty too witnessed similar movement, and was trading 8.30 points, or 0.08 per cent, lower at 10,846.85.

Analysts expect market to continue to remain volatile in the coming months in the wake of upcoming general elections.&nbsp;

Q3FY19 results will closely be watched by market participants, said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.

TCS is scheduled to announce its quarterly results later in the day. 
"On the micro front slowdown auto and commodities stocks, liquidity crunch in the NBFC space, increase in farm loan waivers continue to remain a cause of concern. Global markets too continue to be volatile on the back of US-China trade tariffs and the ongoing government shutdown in the US," Jani added.

Top losers include IndusInd Bank, Axis Bank, HCL Tech, Kotak Bank, HDFC, Bharti Airtel, PowerGrid, Asian Paints, TCS and SBI, falling up to 1.30 per cent.

While top gainers include Tata Motors, Yes Bank, NTPC, ONGC, Tata Steel and Infosys, rising up to 0.96 per cent.

On the macro front, the rupee appreciated 11 paise to 70.35 against the US dollar in early trade at the interbank foreign exchange. 
Brent crude futures were trading 0.86 per cent lower at USD 60.91 per barrel.&nbsp;

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 276.14 crore Wednesday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 439.67 crore, provisional data available with BSE suggested.

Elsewhere in Asia, Japan's Nikkei fell 1.40 per cent and Shanghai Composite Index rose 0.23 per cent, while Korea's Kospi fell 0.05 per cent. 
On Wall Street, Dow Jones Industrial Average rose 91.67 points, or 0.39 per cent, to 23,879.12 on Wednesday.&nbsp;

Benchmark equity indices opened on a choppy note on Thursday as investors turned cautious ahead of quarterly results of key bluechips amid weak Asian cues. The 30-share Sensex was trading 40.

Benchmark equity indices opened on a choppy note on Thursday as investors turned cautious ahead of quarterly results of key bluechips amid weak Asian cues. The 30-share Sensex was trading 40.08 points, or 0.11 per cent, lower at 36,172.83. The NSE Nifty too witnessed similar movement, and was trading 8.30 points, or 0.08 per cent, lower at 10,846.85. Analysts expect market to continue to remain volatile in the coming months in the wake of upcoming general elections. Q3FY19 results will closely be watched by market participants, said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas. TCS is scheduled to announce its quarterly results later in the day. "On the micro front slowdown auto and commodities stocks, liquidity crunch in the NBFC space, increase in farm loan waivers continue to remain a cause of concern. Global markets too continue to be volatile on the back of US-China trade tariffs and the ongoing government shutdown in the US," Jani added. Top losers include IndusInd Bank, Axis Bank, HCL Tech, Kotak Bank, HDFC, Bharti Airtel, PowerGrid, Asian Paints, TCS and SBI, falling up to 1.30 per cent. While top gainers include Tata Motors, Yes Bank, NTPC, ONGC, Tata Steel and Infosys, rising up to 0.96 per cent. On the macro front, the rupee appreciated 11 paise to 70.35 against the US dollar in early trade at the interbank foreign exchange. Brent crude futures were trading 0.86 per cent lower at USD 60.91 per barrel. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 276.14 crore Wednesday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 439.67 crore, provisional data available with BSE suggested. Elsewhere in Asia, Japan's Nikkei fell 1.40 per cent and Shanghai Composite Index rose 0.23 per cent, while Korea's Kospi fell 0.05 per cent. On Wall Street, Dow Jones Industrial Average rose 91.67 points, or 0.39 per cent, to 23,879.12 on Wednesday.

Sensex, Nifty start on a choppy note ahead of quarterly results of key bluechips

US drugmaker Pfizer Inc said on Wednesday it was shutting down two manufacturing plants in India that make generic injectables like penicillin in response to falling demand.

The company employs around 1,700 workers at the two factories in the states of Tamil Nadu and Maharashtra - nearly 6 per cent of Pfizer's global manufacturing workforce.

"Pfizer has conducted a thorough evaluation of the ... sites in India and concluded that due to the very significant long term loss of product demand, manufacturing at these sites is not viable," the company said in an emailed statement.

Pfizer acquired the sites as part of its $15 billion purchase of Hospira Inc in 2015, to boost its portfolio of generic injectable drugs and copies of biotech medicines.

The company is also closing a Hospira research and development lab in Taramani, Chennai, but spokesman Steven Danehy said that was unrelated to the shutdown of the two plants.

The roughly 150 employees at that facility were informed of that shut down in the fourth quarter, he said.

The plant in Chennai makes generic injectable cephalosporin, penems and penicillin. The Maharashtra plant supplied the Chennai unit with certain products.

Both plants do not manufacture products for the India market, Pfizer said, adding that it is expanding operations in its Visakhapatnam facility in south India.

US drugmaker Pfizer Inc said on Wednesday it was shutting down two manufacturing plants in India that make generic injectables like penicillin in response to falling demand.

US drugmaker Pfizer Inc said on Wednesday it was shutting down two manufacturing plants in India that make generic injectables like penicillin in response to falling demand. The company employs around 1,700 workers at the two factories in the states of Tamil Nadu and Maharashtra - nearly 6 per cent of Pfizer's global manufacturing workforce. "Pfizer has conducted a thorough evaluation of the ... sites in India and concluded that due to the very significant long term loss of product demand, manufacturing at these sites is not viable," the company said in an emailed statement. Pfizer acquired the sites as part of its $15 billion purchase of Hospira Inc in 2015, to boost its portfolio of generic injectable drugs and copies of biotech medicines. The company is also closing a Hospira research and development lab in Taramani, Chennai, but spokesman Steven Danehy said that was unrelated to the shutdown of the two plants. The roughly 150 employees at that facility were informed of that shut down in the fourth quarter, he said. The plant in Chennai makes generic injectable cephalosporin, penems and penicillin. The Maharashtra plant supplied the Chennai unit with certain products. Both plants do not manufacture products for the India market, Pfizer said, adding that it is expanding operations in its Visakhapatnam facility in south India.

Pfizer to shut two manufacturing plants in India

In a bid to give relief to small businesses, the <a href="http://www.wionews.com/india-news/gst-council-slashes-rates-of-7-items-from-28-jaitley-calls-meeting-fruitful-185843">GST Council </a>Thursday doubled the exemption limit and raised the threshold for availing the composition scheme.

The GST Council doubled the GST exemption limit to Rs 20 lakh for northeastern states and Rs 40 lakh for the rest of the country, Finance Minister Arun Jaitley told reporters here.

The scope of the GST Composition Scheme, under which small traders and businesses pay a small tax based on turnover rather than value addition, was raised to Rs 1.5 crore from Rs 1 crore.

The twin move would give relief to micro, small and medium enterprises (MSMEs), he said.

The council also allowed Kerala to levy 1 per cent calamity cess on intra-state sales for a period of up to two years.

On including real estate and lottery under the Goods and Services Tax, the council decided to form a seven-member group of ministers after differences of opinion emerged at the meeting, he said.

In a bid to give relief to small businesses, the GST Council Thursday doubled the exemption limit and raised the threshold for availing the composition scheme. The GST Council doubled the GST exemption limit to Rs 20 lakh for northeastern states and Rs 40 lakh for the rest of the country, Finance Minister Arun Jaitley told reporters here.

In a bid to give relief to small businesses, the GST Council Thursday doubled the exemption limit and raised the threshold for availing the composition scheme. The GST Council doubled the GST exemption limit to Rs 20 lakh for northeastern states and Rs 40 lakh for the rest of the country, Finance Minister Arun Jaitley told reporters here. The scope of the GST Composition Scheme, under which small traders and businesses pay a small tax based on turnover rather than value addition, was raised to Rs 1.5 crore from Rs 1 crore. The twin move would give relief to micro, small and medium enterprises (MSMEs), he said. The council also allowed Kerala to levy 1 per cent calamity cess on intra-state sales for a period of up to two years. On including real estate and lottery under the Goods and Services Tax, the council decided to form a seven-member group of ministers after differences of opinion emerged at the meeting, he said.

GST council meet: Relief for small businesses as exemption limit doubled

Breaking its four-day rising spree, the BSE Sensex ended over 100 points lower Thursday on selling in banking shares amid negative cues from other Asian markets.

After a volatile session, the 30-share index settled 106.41 points, or 0.29 per cent, down at 36,106.50, while the broader NSE Nifty fell 33.55 points, or 0.31 per cent, to finish at 10,821.60.

The fall was led by banking stocks, with IndusInd Bank, Kotak Bank, Federal Bank, Axis Bank, ICICI Bank, HDFC Bank and SBI declining up to 2.36 per cent.

Other losers included ONGC, Maruti Suzuki, Sun Pharma, HDFC, Hero MotoCorp, ITC and HCL Tech, falling up to 1.31 per cent.

Shares of TCS ended 0.25 per cent lower at Rs 1,883 apiece ahead of its quarterly earnings.

On the other hand, Tata Motors, NTPC, Infosys, Yes Bank, M&amp;M, L&amp;T, Bharti Airtel, and HUL were the top gainers, rising up to 1.34 per cent.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 276.14 crore Wednesday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 439.67 crore, provisional data available with BSE showed.

On the macro front, the rupee depreciated 10 paise to 70.56 against the US dollar.

Brent crude futures were trading 1.27 per cent lower at USD 60.66 per barrel.&nbsp;

Elsewhere in Asia, Korea's Kospi fell 0.06 per cent, Japan's Nikkei dropped 1.29 per cent, and Shanghai Composite Index slipped 0.36 per cent, while Hong Kong's Hang Seng rose 0.22 per cent.

In Europe, Frankfurt's DAX was down 0.51 per cent, Paris CAC 40 fell 0.82 per cent, and London's FTSE shed 0.29 per cent.

Breaking its four-day rising spree, the BSE Sensex ended over 100 points lower Thursday on selling in banking shares amid negative cues from other Asian markets.

Breaking its four-day rising spree, the BSE Sensex ended over 100 points lower Thursday on selling in banking shares amid negative cues from other Asian markets. After a volatile session, the 30-share index settled 106.41 points, or 0.29 per cent, down at 36,106.50, while the broader NSE Nifty fell 33.55 points, or 0.31 per cent, to finish at 10,821.60. The fall was led by banking stocks, with IndusInd Bank, Kotak Bank, Federal Bank, Axis Bank, ICICI Bank, HDFC Bank and SBI declining up to 2.36 per cent. Other losers included ONGC, Maruti Suzuki, Sun Pharma, HDFC, Hero MotoCorp, ITC and HCL Tech, falling up to 1.31 per cent. Shares of TCS ended 0.25 per cent lower at Rs 1,883 apiece ahead of its quarterly earnings. On the other hand, Tata Motors, NTPC, Infosys, Yes Bank, M&M, L&T, Bharti Airtel, and HUL were the top gainers, rising up to 1.34 per cent. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 276.14 crore Wednesday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 439.67 crore, provisional data available with BSE showed. On the macro front, the rupee depreciated 10 paise to 70.56 against the US dollar. Brent crude futures were trading 1.27 per cent lower at USD 60.66 per barrel. Elsewhere in Asia, Korea's Kospi fell 0.06 per cent, Japan's Nikkei dropped 1.29 per cent, and Shanghai Composite Index slipped 0.36 per cent, while Hong Kong's Hang Seng rose 0.22 per cent. In Europe, Frankfurt's DAX was down 0.51 per cent, Paris CAC 40 fell 0.82 per cent, and London's FTSE shed 0.29 per cent.

Sensex drops 106 points on weak global cues; bank stocks fall

India's GDP is expected to grow at <a href="http://www.wionews.com/business-economy/world-economy-to-slow-this-year-due-to-us-china-trade-conflict-world-bank-189112">7.3 per cent in the fiscal year 2018-19</a>, and 7.5 per cent in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and investment.

The bank said India will <a href="http://www.wionews.com/business-economy/government-estimates-gdp-growth-at-72-for-2018-19-188853">continue to be the fastest</a> growing major economy in the world.

China's economic growth is projected to slow down to 6.2 each in 2019 and 2020 and 6 per cent in 2021, according to the January 2019 Global Economic Prospects report released by the World Bank on Tuesday.

In 2018, the Chinese economy is estimated to have grown by 6.5 per cent as against India's 7.3 per cent.&nbsp;

In 2017, China with 6.9 per cent growth was marginally ahead of India's 6.7 per cent, mainly because the slowdown in the Indian economy due to demonetisation and implementation of the Goods and Services Tax (GST), the report said. 
&nbsp; 
"India's growth outlook is still robust. India is still the fastest growing major economy," World Bank Prospects Group Director Ayhan Kose said.

"With investment picking up and consumption remaining strong, we expect India to grow 7.3 per cent in the fiscal year 2018-2019, and average 7.5 per cent in 2019 and 2020. India registered quite a bit of pick up in doing business ranking. The growth momentum is there (in India)," Kose informed.

In India, the growth has accelerated, driven by an upswing in consumption, and investment growth has firmed as the effects of temporary factors wane, the World Bank said in its latest report.&nbsp;

Domestic demand has strengthened as the benefits of structural reforms such as the Goods and Services Tax (GST) harmonisation and bank recapitalisation take effect.

"India's growth accelerated to an estimated 7.3 per cent in FY2018/19 (April to March) as economic activity continued to recover with strong domestic demand. While investment continued to strengthen amid the GST harmonisation and a rebound of credit growth, consumption remained the major contributor to growth," the World Bank said.

According to the report, India's GDP is forecast to grow by 7.3 per cent in FY2018/19 and 7.5 per cent thereafter, in line with June forecasts.&nbsp;

Private consumption is projected to remain robust and investment growth is expected to continue as the benefits of recent policy reforms begin to materialise and credit rebounds.

Strong domestic demand is envisioned to widen the current account deficit to 2.6 per cent of GDP next year. Inflation is projected to rise somewhat above the midpoint of the Reserve Bank of India's target range of 2 to 6 per cent, mainly owing to energy and food prices, the bank said. 
&nbsp;&nbsp; &nbsp; 
It said in India the recent introduction of the GST and steps toward demonetisation are expected to encourage a shift from the informal to the formal sector.

"India's recent growth numbers suggest that the economy remains robust despite temporary setbacks (due top demonetisation and GST)," Kose said.&nbsp;

The World Bank's estimate suggest that India's potential growth rate is around seven per cent, and is expected to remain around seven per cent, he said in response to a question.&nbsp;

"The fact is that Indian economy is being able to deliver growth slightly above its potential is a very good sign," he added.

Refraining from commenting on the economic performance of the Modi government that too in an election year, the World Bank official said growth performance of India as compared to other emerging markets has been quite impressive.&nbsp;

"India's growth performance has been quite impressive. Year after year it has delivered strong numbers around its potential growth," he said.

India's GDP is expected to grow at 7.3 per cent in the fiscal year 2018-19, and 7.5 per cent in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and investment.

India's GDP is expected to grow at 7.3 per cent in the fiscal year 2018-19, and 7.5 per cent in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and investment. The bank said India will continue to be the fastest growing major economy in the world. China's economic growth is projected to slow down to 6.2 each in 2019 and 2020 and 6 per cent in 2021, according to the January 2019 Global Economic Prospects report released by the World Bank on Tuesday. In 2018, the Chinese economy is estimated to have grown by 6.5 per cent as against India's 7.3 per cent. In 2017, China with 6.9 per cent growth was marginally ahead of India's 6.7 per cent, mainly because the slowdown in the Indian economy due to demonetisation and implementation of the Goods and Services Tax (GST), the report said. "India's growth outlook is still robust. India is still the fastest growing major economy," World Bank Prospects Group Director Ayhan Kose said. "With investment picking up and consumption remaining strong, we expect India to grow 7.3 per cent in the fiscal year 2018-2019, and average 7.5 per cent in 2019 and 2020. India registered quite a bit of pick up in doing business ranking. The growth momentum is there (in India)," Kose informed. In India, the growth has accelerated, driven by an upswing in consumption, and investment growth has firmed as the effects of temporary factors wane, the World Bank said in its latest report. Domestic demand has strengthened as the benefits of structural reforms such as the Goods and Services Tax (GST) harmonisation and bank recapitalisation take effect. "India's growth accelerated to an estimated 7.3 per cent in FY2018/19 (April to March) as economic activity continued to recover with strong domestic demand. While investment continued to strengthen amid the GST harmonisation and a rebound of credit growth, consumption remained the major contributor to growth," the World Bank said. According to the report, India's GDP is forecast to grow by 7.3 per cent in FY2018/19 and 7.5 per cent thereafter, in line with June forecasts. Private consumption is projected to remain robust and investment growth is expected to continue as the benefits of recent policy reforms begin to materialise and credit rebounds. Strong domestic demand is envisioned to widen the current account deficit to 2.6 per cent of GDP next year. Inflation is projected to rise somewhat above the midpoint of the Reserve Bank of India's target range of 2 to 6 per cent, mainly owing to energy and food prices, the bank said. It said in India the recent introduction of the GST and steps toward demonetisation are expected to encourage a shift from the informal to the formal sector. "India's recent growth numbers suggest that the economy remains robust despite temporary setbacks (due top demonetisation and GST)," Kose said. The World Bank's estimate suggest that India's potential growth rate is around seven per cent, and is expected to remain around seven per cent, he said in response to a question. "The fact is that Indian economy is being able to deliver growth slightly above its potential is a very good sign," he added. Refraining from commenting on the economic performance of the Modi government that too in an election year, the World Bank official said growth performance of India as compared to other emerging markets has been quite impressive. "India's growth performance has been quite impressive. Year after year it has delivered strong numbers around its potential growth," he said.

India's GDP to grow at 7.3%, China to grow at 6.5% this year: World Bank

The S&amp;P 500 jumped to a three-week high on Tuesday, led by Apple, Amazon, Facebook and industrial shares on bets that the United States and China would strike a deal to end their trade war.

The three-day rally kicked off on Friday following robust US&nbsp;jobs data and dovish comments on interest rates by Federal Reserve chief Jerome Powell has lifted the S&amp;P 500 by over 9 per cent from 20-month lows touched around Christmas.

The S&amp;P 500 has gained in seven of the past nine sessions.

The United States and China will extend trade talks in Beijing for an unscheduled third day, a member of the US&nbsp;delegation said, as the world's two largest economies looked to resolve their bitter trade dispute. So far, officials from both sides have sounded optimistic, with President Donald Trump saying talks were going well.

"You're seeing some negotiations happen and the market is starting to think that perhaps we'll start to see a framework evolve," said Anik Sen, global head of equities at PineBridge Investments.

The trade-sensitive S&amp;P industrials sector rose 1.41 percent. Boeing Co&nbsp;shares jumped 3.79 per cent, contributing the most to the Dow's rise, after the company said it had delivered a record 806 aircraft in 2018.

Apple Inc &nbsp;rose 1.91 per cent, regaining some ground after the company last week warned of weaker-than-expected demand for its iPhones. But tech sector gains were limited by a drop in chip stocks after Samsung blamed an estimated 29 per cent drop in quarterly profit on weak chip demand.

The Philadelphia Semiconductor index slid 0.49 per cent. Adding to the woes, Goldman Sachs forecast a tough year for chipmakers, particularly in the first half.

Other investors remained upbeat about upcoming US&nbsp;quarterly results.

"It's the new year and investors are really stepping back and taking a look at the fundamentals, and realizing it's not as bad a story as maybe we thought toward the end of the year," said Jeff Kravetz, a regional investment strategist at U.S. Bank Wealth Management.

The communication services index climbed 1.58 per cent, with Facebook Inc adding 3.25 per cent after JPMorgan said the social media company was among its favourite internet picks for 2019.

Amazon.com Inc&nbsp;rose 1.66 per cent, increasing its market capitalization to $810 billion and cementing its position as the most valuable US&nbsp;company.

The S&P 500 jumped to a three-week high on Tuesday, led by Apple, Amazon, Facebook and industrial shares on bets that the United States and China would strike a deal to end their trade war.

The S&P 500 jumped to a three-week high on Tuesday, led by Apple, Amazon, Facebook and industrial shares on bets that the United States and China would strike a deal to end their trade war. The three-day rally kicked off on Friday following robust US jobs data and dovish comments on interest rates by Federal Reserve chief Jerome Powell has lifted the S&P 500 by over 9 per cent from 20-month lows touched around Christmas. The S&P 500 has gained in seven of the past nine sessions. The United States and China will extend trade talks in Beijing for an unscheduled third day, a member of the US delegation said, as the world's two largest economies looked to resolve their bitter trade dispute. So far, officials from both sides have sounded optimistic, with President Donald Trump saying talks were going well. "You're seeing some negotiations happen and the market is starting to think that perhaps we'll start to see a framework evolve," said Anik Sen, global head of equities at PineBridge Investments. The trade-sensitive S&P industrials sector rose 1.41 percent. Boeing Co shares jumped 3.79 per cent, contributing the most to the Dow's rise, after the company said it had delivered a record 806 aircraft in 2018. Apple Inc rose 1.91 per cent, regaining some ground after the company last week warned of weaker-than-expected demand for its iPhones. But tech sector gains were limited by a drop in chip stocks after Samsung blamed an estimated 29 per cent drop in quarterly profit on weak chip demand. The Philadelphia Semiconductor index slid 0.49 per cent. Adding to the woes, Goldman Sachs forecast a tough year for chipmakers, particularly in the first half. Other investors remained upbeat about upcoming US quarterly results. "It's the new year and investors are really stepping back and taking a look at the fundamentals, and realizing it's not as bad a story as maybe we thought toward the end of the year," said Jeff Kravetz, a regional investment strategist at U.S. Bank Wealth Management. The communication services index climbed 1.58 per cent, with Facebook Inc adding 3.25 per cent after JPMorgan said the social media company was among its favourite internet picks for 2019. Amazon.com Inc rose 1.66 per cent, increasing its market capitalization to $810 billion and cementing its position as the most valuable US company.

Apple, Facebook propel Wall Street to three-week peak

Growth of the world economy is expected to slow as the US-China trade conflict takes its toll and undermines confidence, the World Bank said Tuesday in its semi-annual forecast.

Rising trade tensions are the <a href="http://www.wionews.com/business-economy/china-expected-to-continue-win-win-solutions-for-world-development-world-bank-184302">most high-profile risk to</a> the global economy but the World Bank warned of other lurking dangers on Tuesday in its semi-annual Global Economic Prospects report.

Growth of the world economy is<a href="http://www.wionews.com/business-economy/india-to-retain-top-position-in-remittances-with-us-80-billion-world-bank-182411"> expected to slow to 2.9 per cent this year</a>, and 2.8 per cent in 2020, slightly below the previous forecast, and the estimates for nearly all regions and countries were downgraded.

At the center of the turmoil, US economic growth is expected to slow this year by four tenths of a point, falling to 2.5 per cent down from 2.9 per cent in 2018, and to slow even further next year to 1.7 per cent.

The report highlights a big jump in borrowing by the poorest nations, much of it in foreign currency and debt that increasingly is coming from private lenders that unlike the World Bank do not provide concessional terms.

And, with the US central bank and others raising interest rates, borrowing costs are increasing.

Total debt has risen worldwide to a record $184 trillion in 2017, according to the International Monetary Fund.

And the World Bank said low-income countries had seen public debt jump to above 50 per cent of GDP, up from 30 per cent in 2013.

"Debt levels are concerns especially when you have financial conditions that are tightening," Kose said, noting that emerging market and developing economies "rely on external financing to roll over their debt liabilities."&nbsp;

Corporate debt also has risen but "irrespective of the source of the debt, when you have balance sheet problems in a certain segment of an economy, ultimately it effects real activity," he said.

"Borrowers need to understand the implications of rapid accumulation of debt while you have interest rates increasing at the global level."

The World Bank said about a third of GDP in emerging market and developing economies comes from the informal sector, and in some countries the share is much higher.

"Informality is a major problem many emerging market and developing economies," Kose said.

"Ultimately informality is also a symptom of underdevelopment. So policies that promote growth also help improve the formal sector and provide the types of incentives for these informal firms to shift to the formal sector."

A key factor is government investments that promote growth, whether in infrastructure or in human capital - which is especially critical to prepare workers for technological change.

"All of these things will stimulate the economy in the short-term while improving the economy's long-term potential."

Regulation too must be tailored to foster business activity, rather than impede it and "should not push firms to the informal sector."

Kose cautioned: "This is not a problem you can solve overnight or over a year, this is a problem you need to solve over time."

Another concern is the decline in per capita GDP growth in sub-Saharan Africa, which the World Bank says will average less than one per cent in the next three years.

That makes it "very difficult if not impossible to have a meaningful reduction in poverty," Kose said.

Given the existing poverty challenge in the region, "policymakers need to find ways to increase growth prospects of the region to address this issue."

"As much as we think these problems are localized problems...at the end of the day they have implications for other countries, for other regions, and the problems require immediate attention."

The share of the world's poor residing in the region could grow to 87 per cent by 2030 unless growth accelerates, the report warned.

Growth of the world economy is expected to slow as the US-China trade conflict takes its toll and undermines confidence, the World Bank said Tuesday in its semi-annual forecast.

Growth of the world economy is expected to slow as the US-China trade conflict takes its toll and undermines confidence, the World Bank said Tuesday in its semi-annual forecast. Rising trade tensions are the most high-profile risk to the global economy but the World Bank warned of other lurking dangers on Tuesday in its semi-annual Global Economic Prospects report. Growth of the world economy is expected to slow to 2.9 per cent this year, and 2.8 per cent in 2020, slightly below the previous forecast, and the estimates for nearly all regions and countries were downgraded. At the center of the turmoil, US economic growth is expected to slow this year by four tenths of a point, falling to 2.5 per cent down from 2.9 per cent in 2018, and to slow even further next year to 1.7 per cent. The report highlights a big jump in borrowing by the poorest nations, much of it in foreign currency and debt that increasingly is coming from private lenders that unlike the World Bank do not provide concessional terms. And, with the US central bank and others raising interest rates, borrowing costs are increasing. Total debt has risen worldwide to a record $184 trillion in 2017, according to the International Monetary Fund. And the World Bank said low-income countries had seen public debt jump to above 50 per cent of GDP, up from 30 per cent in 2013. "Debt levels are concerns especially when you have financial conditions that are tightening," Kose said, noting that emerging market and developing economies "rely on external financing to roll over their debt liabilities." Corporate debt also has risen but "irrespective of the source of the debt, when you have balance sheet problems in a certain segment of an economy, ultimately it effects real activity," he said. "Borrowers need to understand the implications of rapid accumulation of debt while you have interest rates increasing at the global level." The World Bank said about a third of GDP in emerging market and developing economies comes from the informal sector, and in some countries the share is much higher. "Informality is a major problem many emerging market and developing economies," Kose said. "Ultimately informality is also a symptom of underdevelopment. So policies that promote growth also help improve the formal sector and provide the types of incentives for these informal firms to shift to the formal sector." A key factor is government investments that promote growth, whether in infrastructure or in human capital - which is especially critical to prepare workers for technological change. "All of these things will stimulate the economy in the short-term while improving the economy's long-term potential." Regulation too must be tailored to foster business activity, rather than impede it and "should not push firms to the informal sector." Kose cautioned: "This is not a problem you can solve overnight or over a year, this is a problem you need to solve over time." Another concern is the decline in per capita GDP growth in sub-Saharan Africa, which the World Bank says will average less than one per cent in the next three years. That makes it "very difficult if not impossible to have a meaningful reduction in poverty," Kose said. Given the existing poverty challenge in the region, "policymakers need to find ways to increase growth prospects of the region to address this issue." "As much as we think these problems are localized problems...at the end of the day they have implications for other countries, for other regions, and the problems require immediate attention." The share of the world's poor residing in the region could grow to 87 per cent by 2030 unless growth accelerates, the report warned.

World economy to slow this year due to US-China trade conflict: World Bank

Continuing its rising spree for the fourth session, benchmark BSE Sensex reclaimed the 36,000 marks by jumping over 200 points Wednesday tracking positive cues from global markets on rising hopes that the US and China would strike a deal to end their trade tiff.

Moreover, optimistic buying by investors ahead of Q3 earnings season supported the rally.

The BSE Sensex after a gap-up opening at 36,181.37, advanced further to the day's high of 36,250.54, before ending at 36,212.91, showing a gain of 231.98 points, or 0.64 per cent.

The gauge had gained by 467 points in the previous three sessions.

The NSE Nifty also gained 53 points, or 0.49 per cent, to settle 10,855.15 after shuttling between 10,870.40 and 10,749.40.

Top performers that led the gains on bourses were Axis Bank, ITC, Tata Motors, Bharti Airtel, HDFC, IndusInd Bank, HUL, HDFC Bank, Maruti, and ICICI Bank, rising up to 2.94 per cent.

Infosys, the country's second largest IT services firm, rose 0.90 per cent after company Tuesday said its board will consider a buyback programme and payment of special dividend, among other proposals, at its meeting on January 11.

On the other hand, Yes Bank, Tata Steel Hero MotoCorp, ONGC, Bajaj Finance, NPTC, HCL Tech, and TCS were the top losers, falling up to 3.07 per cent.

The market started on a positive note but took some caution ahead of major quarterly results scheduled tomorrow (Thursday), said analysts.

"In totality, with expectation of a breather from the US-China meeting led the market to close on a positive bias. Buying interest has been seen across sectors led by private banks, IT and FMCG; while PSU banks declined due to profit-booking post recent gains," said Vinod Nair, Head of Research, Geojit Financial Services.

Investor sentiment also got a boost after the World Bank projected India's GDP growth at 7.3 per cent in the fiscal year 2018-19, and 7.5 per cent in the following two years, attributing it to an upswing in consumption and investment, traders said.

The bank said India will continue to be the fastest growing major economy in the world.

Market sentiment was buoyant largely in sync with a positive trend at other Asian bourses, supported by rising hopes that the US and China would reach a truce, traders said.

US President Donald Trump, on Tuesday, had said that talks with Beijing on a trade deal were going on "very well".

However, selling towards the fag end, as investors took some money off the table at record levels, cut down the session's gains.

Besides, optimism ahead of Q3 earnings of some bluechip companies such as TCS and Infosys, too, bolstered trading sentiments, accelerating buying by retail investors.

Meanwhile, domestic institutional investors (DIIs) bought shares to the tune of Rs 698.17 crore, while foreign portfolio investors (FPIs) offloaded shares worth a net of Rs 553.78 crore on Tuesday, provisional data showed.

Sector-wise, the FMCG index surged the most by gaining 1.11 per cent, followed by bankex 0.69 per cent and realty index 0.66 per cent.

Oil and gas, metal, PSU and infrastructure sector indices, however, ended in the red, falling up to 1.74 per cent.

Furthermore, most Asian markets ended in the green and European markets too were notably higher in their late morning session.

Hong Kong's Hang Seng climbed 2.26 per cent, Japan's Nikkei surged 1.10 per cent, Korea Kospi rallied 1.95 per cent, Taiwan's index gained 1.83 per cent, and Shanghai Composite Index was also up 0.71 per cent.

In European markets, Paris CAC 40 rose 0.99 per cent, while Frankfurt's DAX gained 0.96 per cent in their late morning deals. London's FTSE too gained 0.59 per cent.

On Wall Street, the US Dow Jones Industrial Average closed 1.09 per cent higher Tuesday.

The BSE Sensex after a gap-up opening at 36,181.37, advanced further to the day's high of 36,250.54, before ending at 36,212.91, showing a gain of 231.98 points.

Continuing its rising spree for the fourth session, benchmark BSE Sensex reclaimed the 36,000 marks by jumping over 200 points Wednesday tracking positive cues from global markets on rising hopes that the US and China would strike a deal to end their trade tiff. Moreover, optimistic buying by investors ahead of Q3 earnings season supported the rally. The BSE Sensex after a gap-up opening at 36,181.37, advanced further to the day's high of 36,250.54, before ending at 36,212.91, showing a gain of 231.98 points, or 0.64 per cent. The gauge had gained by 467 points in the previous three sessions. The NSE Nifty also gained 53 points, or 0.49 per cent, to settle 10,855.15 after shuttling between 10,870.40 and 10,749.40. Top performers that led the gains on bourses were Axis Bank, ITC, Tata Motors, Bharti Airtel, HDFC, IndusInd Bank, HUL, HDFC Bank, Maruti, and ICICI Bank, rising up to 2.94 per cent. Infosys, the country's second largest IT services firm, rose 0.90 per cent after company Tuesday said its board will consider a buyback programme and payment of special dividend, among other proposals, at its meeting on January 11. On the other hand, Yes Bank, Tata Steel Hero MotoCorp, ONGC, Bajaj Finance, NPTC, HCL Tech, and TCS were the top losers, falling up to 3.07 per cent. The market started on a positive note but took some caution ahead of major quarterly results scheduled tomorrow (Thursday), said analysts. "In totality, with expectation of a breather from the US-China meeting led the market to close on a positive bias. Buying interest has been seen across sectors led by private banks, IT and FMCG; while PSU banks declined due to profit-booking post recent gains," said Vinod Nair, Head of Research, Geojit Financial Services. Investor sentiment also got a boost after the World Bank projected India's GDP growth at 7.3 per cent in the fiscal year 2018-19, and 7.5 per cent in the following two years, attributing it to an upswing in consumption and investment, traders said. The bank said India will continue to be the fastest growing major economy in the world. Market sentiment was buoyant largely in sync with a positive trend at other Asian bourses, supported by rising hopes that the US and China would reach a truce, traders said. US President Donald Trump, on Tuesday, had said that talks with Beijing on a trade deal were going on "very well". However, selling towards the fag end, as investors took some money off the table at record levels, cut down the session's gains. Besides, optimism ahead of Q3 earnings of some bluechip companies such as TCS and Infosys, too, bolstered trading sentiments, accelerating buying by retail investors. Meanwhile, domestic institutional investors (DIIs) bought shares to the tune of Rs 698.17 crore, while foreign portfolio investors (FPIs) offloaded shares worth a net of Rs 553.78 crore on Tuesday, provisional data showed. Sector-wise, the FMCG index surged the most by gaining 1.11 per cent, followed by bankex 0.69 per cent and realty index 0.66 per cent. Oil and gas, metal, PSU and infrastructure sector indices, however, ended in the red, falling up to 1.74 per cent. Furthermore, most Asian markets ended in the green and European markets too were notably higher in their late morning session. Hong Kong's Hang Seng climbed 2.26 per cent, Japan's Nikkei surged 1.10 per cent, Korea Kospi rallied 1.95 per cent, Taiwan's index gained 1.83 per cent, and Shanghai Composite Index was also up 0.71 per cent. In European markets, Paris CAC 40 rose 0.99 per cent, while Frankfurt's DAX gained 0.96 per cent in their late morning deals. London's FTSE too gained 0.59 per cent. On Wall Street, the US Dow Jones Industrial Average closed 1.09 per cent higher Tuesday.

Sensex reclaims 36,000, Nifty above 10,850

<a href="http://www.wionews.com/world/samsung-electronics-apologises-to-workers-over-cancer-cases-in-semiconductor-factories-178875">Samsung Electronics </a>on Tuesday flagged its first quarterly profit drop in two years and painted a grim outlook owing to mounting competition from Chinese smartphone makers and declining chip prices.

The shock warning added to concerns about the broader tech sector after <a href="http://www.wionews.com/world/apple-inks-deal-with-samsung-to-distribute-itunes-shows-on-tvs-188696">Apple sent shudders</a> through world markets last week by slashing its revenue forecast blaming weak sales in China and citing the trade war.

Samsung — the world's top maker of smartphones and memory chips — has enjoyed record profits in recent years despite a series of setbacks, including a humiliating recall and the jailing of its de facto chief.

But operating profit during the October to December period was expected to be around 10.8 trillion won ($9.8 billion), down 28.7 per cent from a year earlier, Samsung said in an earnings estimate.

The figure was below market consensus of about 13.5 trillion won, according to market researcher FnGuide.

Sales dropped more than 10 per cent to 59 trillion won in the period, Samsung said.

It cited "lacklustre demand in the memory business and intensifying competition in the smartphone business" for the dismal outlook.

"Memory earnings fell significantly... due to weaker-than-expected demand amid inventory adjustments at data-centre customers," which led to a "greater-than-expected" drop in chip prices, it said.

"We expect earnings to remain subdued in the first quarter of 2019 due to difficult conditions for the memory business but strengthen in the second half."

But analyst Kim Sun-woo of Meritz Securities said worsening supply and demand for semiconductors and the structural challenges facing Samsung's smartphone business will hit profits throughout 2019.

Demand for DRAM memory chips "will hit a low in the fourth quarter of 2019", he added.

Samsung withholds net profit and sector-by-sector business performance data until it releases its final earnings report, which is expected later this month.

For 2018, the firm expects operating profit of 58.9 trillion won, up nearly 10 per cent on-year, and sales to inch up 1.6 per cent to 243.5 trillion won.

Shares in Samsung Electronics, the flagship subsidiary of the Samsung Group that dominates South Korea's economy, were down 0.5 per cent in afternoon trading.

Last week Apple said it expected to earn $84 billion in October-December, well down from the $89-$93 billion previously forecast as it blamed a steeper-than-expected "economic deceleration" in China and emerging markets.

The news battered world equities, with observers saying problems at the usually reliable US titan could point to broader demand weakness and the China-US trade war cited as a key factor.

"When Apple sounded the alarm bells for last quarter results, there was some thought the drops in China sales was an anti-Apple backlash due to escalating US-China tensions," said Stephen Innes, head of Asia-Pacific trade at OANDA. "But these Samsung results are quite damning suggesting there... (is) a broader-based retail and manufacturer slowdown afoot."

While Samsung leads the global smartphone market with a 20 per cent share, it faces mounting competition from Chinese rivals like Huawei — which surpassed Apple to take second place last year — offering quality devices at cheaper prices.

"Samsung is losing ground to Huawei, Xiaomi and other Chinese rivals in the huge China and India markets," Neil Mawston, executive director at market researcher Strategy Analytics, said in a report.

Samsung once also had a 20 per cent market share in China but has seen its sales tumble to less than one per cent of the world's largest smartphone market in the third quarter, and last month announced the closure of its factory in Tianjin.

It will reportedly roll out a new line-up of its flagship Galaxy handsets at next month's World Mobile Congress in Barcelona as it seeks to regain a competitive edge in a market segment it once dominated.

Samsung is also set to introduce the world's first bendable smartphone in the first half.

Its reputation suffered a major blow after a damaging worldwide recall of its Galaxy Note 7 devices over exploding batteries in 2016, which cost the firm billions of dollars and shattered its global brand image.

It also took another hit after the bribery conviction of Lee Jae-Yong — the son and heir of the group's ailing current chairman Lee Kun-hee.

The 50-year-old scion was a key figure in the scandal that ousted former South Korean president Park Geun-Hye following massive nationwide protests and was sentenced to five years in jail last year.

But he was released from jail in February last year after several of his convictions were quashed on appeal.

Samsung has enjoyed record profits in recent years despite a series of setbacks, including a humiliating recall and the jailing of its de facto chief.

Samsung Electronics on Tuesday flagged its first quarterly profit drop in two years and painted a grim outlook owing to mounting competition from Chinese smartphone makers and declining chip prices. The shock warning added to concerns about the broader tech sector after Apple sent shudders through world markets last week by slashing its revenue forecast blaming weak sales in China and citing the trade war. Samsung — the world's top maker of smartphones and memory chips — has enjoyed record profits in recent years despite a series of setbacks, including a humiliating recall and the jailing of its de facto chief. But operating profit during the October to December period was expected to be around 10.8 trillion won ($9.8 billion), down 28.7 per cent from a year earlier, Samsung said in an earnings estimate. The figure was below market consensus of about 13.5 trillion won, according to market researcher FnGuide. Sales dropped more than 10 per cent to 59 trillion won in the period, Samsung said. It cited "lacklustre demand in the memory business and intensifying competition in the smartphone business" for the dismal outlook. "Memory earnings fell significantly... due to weaker-than-expected demand amid inventory adjustments at data-centre customers," which led to a "greater-than-expected" drop in chip prices, it said. "We expect earnings to remain subdued in the first quarter of 2019 due to difficult conditions for the memory business but strengthen in the second half." But analyst Kim Sun-woo of Meritz Securities said worsening supply and demand for semiconductors and the structural challenges facing Samsung's smartphone business will hit profits throughout 2019. Demand for DRAM memory chips "will hit a low in the fourth quarter of 2019", he added. Samsung withholds net profit and sector-by-sector business performance data until it releases its final earnings report, which is expected later this month. For 2018, the firm expects operating profit of 58.9 trillion won, up nearly 10 per cent on-year, and sales to inch up 1.6 per cent to 243.5 trillion won. Shares in Samsung Electronics, the flagship subsidiary of the Samsung Group that dominates South Korea's economy, were down 0.5 per cent in afternoon trading. Last week Apple said it expected to earn $84 billion in October-December, well down from the $89-$93 billion previously forecast as it blamed a steeper-than-expected "economic deceleration" in China and emerging markets. The news battered world equities, with observers saying problems at the usually reliable US titan could point to broader demand weakness and the China-US trade war cited as a key factor. "When Apple sounded the alarm bells for last quarter results, there was some thought the drops in China sales was an anti-Apple backlash due to escalating US-China tensions," said Stephen Innes, head of Asia-Pacific trade at OANDA. "But these Samsung results are quite damning suggesting there... (is) a broader-based retail and manufacturer slowdown afoot." While Samsung leads the global smartphone market with a 20 per cent share, it faces mounting competition from Chinese rivals like Huawei — which surpassed Apple to take second place last year — offering quality devices at cheaper prices. "Samsung is losing ground to Huawei, Xiaomi and other Chinese rivals in the huge China and India markets," Neil Mawston, executive director at market researcher Strategy Analytics, said in a report. Samsung once also had a 20 per cent market share in China but has seen its sales tumble to less than one per cent of the world's largest smartphone market in the third quarter, and last month announced the closure of its factory in Tianjin. It will reportedly roll out a new line-up of its flagship Galaxy handsets at next month's World Mobile Congress in Barcelona as it seeks to regain a competitive edge in a market segment it once dominated. Samsung is also set to introduce the world's first bendable smartphone in the first half. Its reputation suffered a major blow after a damaging worldwide recall of its Galaxy Note 7 devices over exploding batteries in 2016, which cost the firm billions of dollars and shattered its global brand image. It also took another hit after the bribery conviction of Lee Jae-Yong — the son and heir of the group's ailing current chairman Lee Kun-hee. The 50-year-old scion was a key figure in the scandal that ousted former South Korean president Park Geun-Hye following massive nationwide protests and was sentenced to five years in jail last year. But he was released from jail in February last year after several of his convictions were quashed on appeal.

Samsung Electronics flags near 30% slump in Q4 operating profit

The Reserve Bank of India (RBI) has asked lenders of Infrastructure Leasing and Financial Services Ltd (IL&amp;FS) to classify loans extended to the bankrupt shadow banking firm as non-performing, two sources with direct knowledge of the matter told Reuters on Tuesday.

While the RBI decision does not come as a big surprise, it means IL&amp;FS's lenders will have to set aside additional capital to provision for the soured loans.

Bad loans at Indian banks reached a record $150 billion at the end of March, with state-run banks accounting for the lion's share. The huge pile of bad debt has hurt the bottom lines of state-run banks and hindered their ability to issue new loans.

In October, <a href="http://www.wionews.com/business-economy/government-takes-control-infrastructure-group-ilfs-stem-contagion-168836">the government took control of IL&amp;FS</a>, after a string of defaults on debt obligations by the infrastructure financing and construction company spooked domestic markets.

IL&amp;FS, which has a total debt of 910 billion rupees ($12.97 billion), has been trying to sell its assets to repay debt after several defaults forced the government to overhaul its management.

Government-owned firms, including Life Insurance Corp of India and State Bank of India, own nearly 40 percent of the company. Japan's Orix Corp has a 23 percent stake and Abu Dhabi Investment Authority 12 percent.

Apart from State Bank, its other Indian lenders include Bank of Baroda, Punjab National Bank, and Union Bank of India, among others.

One of the sources said the RBI told the lenders to book the loans to IL&amp;FS as non-performing assets in the December quarter.

The second source said the RBI's decision was conveyed to banks on Tuesday.

The RBI did not respond to an email seeking comment. SBI and other lenders were not immediately reachable for comment.

The Reserve Bank of India (RBI) has asked lenders of Infrastructure Leasing and Financial Services Ltd (IL&FS) to classify loans extended to the bankrupt shadow banking firm as non-performing, two sources with direct knowledge of the matter told Reuters on Tuesday.

The Reserve Bank of India (RBI) has asked lenders of Infrastructure Leasing and Financial Services Ltd (IL&FS) to classify loans extended to the bankrupt shadow banking firm as non-performing, two sources with direct knowledge of the matter told Reuters on Tuesday. While the RBI decision does not come as a big surprise, it means IL&FS's lenders will have to set aside additional capital to provision for the soured loans. Bad loans at Indian banks reached a record $150 billion at the end of March, with state-run banks accounting for the lion's share. The huge pile of bad debt has hurt the bottom lines of state-run banks and hindered their ability to issue new loans. In October, the government took control of IL&FS, after a string of defaults on debt obligations by the infrastructure financing and construction company spooked domestic markets. IL&FS, which has a total debt of 910 billion rupees ($12.97 billion), has been trying to sell its assets to repay debt after several defaults forced the government to overhaul its management. Government-owned firms, including Life Insurance Corp of India and State Bank of India, own nearly 40 percent of the company. Japan's Orix Corp has a 23 percent stake and Abu Dhabi Investment Authority 12 percent. Apart from State Bank, its other Indian lenders include Bank of Baroda, Punjab National Bank, and Union Bank of India, among others. One of the sources said the RBI told the lenders to book the loans to IL&FS as non-performing assets in the December quarter. The second source said the RBI's decision was conveyed to banks on Tuesday. The RBI did not respond to an email seeking comment. SBI and other lenders were not immediately reachable for comment.

RBI asks lenders to IL&FS to classify loans as non-performing: Sources

The rupee weakened by 36 paise to 70.04 against the US dollar in opening trade Tuesday on rising crude prices and some demand for the American currency from importers.

The rupee opened weak at 69.83 at the interbank forex market against its previous close of 69.68 per dollar.

It moved in range of 70.06 per dollar to 69.83 per dollar in early trade and was trading at 70.04, showing a fall of 36 paise against the greenback.

Brent crude futures, the international oil benchmark was trading 0.23 per cent higher at USD 57.46 per barrel.

The rupee weakened even after the Central Statistics Office (CSO) released positive advanced estimates of national income for 2018-19.

The domestic economy is expected to grow at 7.2 per cent in 2018-19 against 6.7 per cent in the previous fiscal mainly due to improvement in the performance of agriculture and manufacturing sectors, the CSO had said Monday.&nbsp;&nbsp; &nbsp;&nbsp;

Forex dealers said early losses in domestic stock markets weighed on the rupee, but a weak dollar in overseas markets capped the fall.

The dollar was trading lower against major peers and 10-year treasury yields were steady.

On Monday, the rupee had gained 4 paise to end at 69.68 against the US dollar following dovish stance by the Federal Reserve and rising hopes of a thaw in ongoing US-China trade tiff.

Meanwhile, the benchmark BSE Sensex slipped by 58.53 points, or 0.16 per cent, to 35,791.63 in opening trade Tuesday.

The rupee weakened by 36 paise to 70.04 against the US dollar in opening trade Tuesday on rising crude prices and some demand for the American currency from importers.

The rupee weakened by 36 paise to 70.04 against the US dollar in opening trade Tuesday on rising crude prices and some demand for the American currency from importers. The rupee opened weak at 69.83 at the interbank forex market against its previous close of 69.68 per dollar. It moved in range of 70.06 per dollar to 69.83 per dollar in early trade and was trading at 70.04, showing a fall of 36 paise against the greenback. Brent crude futures, the international oil benchmark was trading 0.23 per cent higher at USD 57.46 per barrel. The rupee weakened even after the Central Statistics Office (CSO) released positive advanced estimates of national income for 2018-19. The domestic economy is expected to grow at 7.2 per cent in 2018-19 against 6.7 per cent in the previous fiscal mainly due to improvement in the performance of agriculture and manufacturing sectors, the CSO had said Monday. Forex dealers said early losses in domestic stock markets weighed on the rupee, but a weak dollar in overseas markets capped the fall. The dollar was trading lower against major peers and 10-year treasury yields were steady. On Monday, the rupee had gained 4 paise to end at 69.68 against the US dollar following dovish stance by the Federal Reserve and rising hopes of a thaw in ongoing US-China trade tiff. Meanwhile, the benchmark BSE Sensex slipped by 58.53 points, or 0.16 per cent, to 35,791.63 in opening trade Tuesday.

Rupee softens against US dollar in opening trade

The benchmark BSE Sensex opened lower Tuesday as investors booked profits in recent gainers amid mixed Asian cues and a rebound in crude oil.

After two sessions of gains, investors cashed profits in banking, auto and power shares that dragged down key indices.

The 30-share barometer dropped 58.53 points, or 0.16 per cent, to 35,791.63 in opening trade. The gauge had rallied 336.45 points in the previous two sessions.

The NSE Nifty index too fell 19.35 points, or 0.18 per cent, to 10,752.90.

Meanwhile, Brent crude, the international oil benchmark, was trading 0.47 per cent higher at $57.88 per barrel.

Brokers said investors were also cautious and preferred to log gains ahead of Q3 earnings of bluechip companies such as TCS and Infosys later this week.&nbsp;&nbsp; &nbsp;

Besides, a weak trend at most of other Asian markets weighed on sentiments here, they added.

Central Statistics Office's positive advanced estimates of national income for 2018-19, however, capped the losses on bourses, traders said.

The domestic economy is expected to grow at 7.2 per cent in 2018-19 against 6.7 per cent in the previous fiscal mainly due to improvement in the performance of agriculture and manufacturing sectors, the CSO had said Monday.

The laggards include PowerGrid, Axis bank, NTPC, Bajaj Auto, M&amp;M, HDFC Bank, Kotak Bank, Hero MotoCorp, HDFC, Reliance Industries, HCL Tech and Maruti Suzuki, falling up to 1.01 per cent.

While, the gainers include Tata Motors, Yes Bank, Sun Pharma and Bharti Airtel, rising up to 2.54 per cent.

Meanwhile, domestic institutional investors (DIIs) sold shares to the tune of Rs 141.97 crore, while foreign portfolio investors (FPIs) bought shares worth a net Rs 736.18 crore on Monday, provisional data showed.

Globally, in the Asian region, Shanghai Composite Index fell 0.20 per cent, Korea's KOSPI shed 0.18 per cent, Taiwan Index down 0.16 per cent. However, Japan's Nikkei was up 0.80 per cent and Hong Kong's Hang Seng gained 0.29 per cent in their early deals.

The US Dow Jones Industrial Average ended 0.42 per cent higher Monday on optimism over fresh talks on trade with China.

The benchmark BSE Sensex opened lower Tuesday as investors booked profits in recent gainers amid mixed Asian cues and a rebound in crude oil. After two sessions of gains, investors cashed profits in banking, auto and power shares that dragged down key indices.

The benchmark BSE Sensex opened lower Tuesday as investors booked profits in recent gainers amid mixed Asian cues and a rebound in crude oil. After two sessions of gains, investors cashed profits in banking, auto and power shares that dragged down key indices. The 30-share barometer dropped 58.53 points, or 0.16 per cent, to 35,791.63 in opening trade. The gauge had rallied 336.45 points in the previous two sessions. The NSE Nifty index too fell 19.35 points, or 0.18 per cent, to 10,752.90. Meanwhile, Brent crude, the international oil benchmark, was trading 0.47 per cent higher at $57.88 per barrel. Brokers said investors were also cautious and preferred to log gains ahead of Q3 earnings of bluechip companies such as TCS and Infosys later this week. Besides, a weak trend at most of other Asian markets weighed on sentiments here, they added. Central Statistics Office's positive advanced estimates of national income for 2018-19, however, capped the losses on bourses, traders said. The domestic economy is expected to grow at 7.2 per cent in 2018-19 against 6.7 per cent in the previous fiscal mainly due to improvement in the performance of agriculture and manufacturing sectors, the CSO had said Monday. The laggards include PowerGrid, Axis bank, NTPC, Bajaj Auto, M&M, HDFC Bank, Kotak Bank, Hero MotoCorp, HDFC, Reliance Industries, HCL Tech and Maruti Suzuki, falling up to 1.01 per cent. While, the gainers include Tata Motors, Yes Bank, Sun Pharma and Bharti Airtel, rising up to 2.54 per cent. Meanwhile, domestic institutional investors (DIIs) sold shares to the tune of Rs 141.97 crore, while foreign portfolio investors (FPIs) bought shares worth a net Rs 736.18 crore on Monday, provisional data showed. Globally, in the Asian region, Shanghai Composite Index fell 0.20 per cent, Korea's KOSPI shed 0.18 per cent, Taiwan Index down 0.16 per cent. However, Japan's Nikkei was up 0.80 per cent and Hong Kong's Hang Seng gained 0.29 per cent in their early deals. The US Dow Jones Industrial Average ended 0.42 per cent higher Monday on optimism over fresh talks on trade with China.

Sensex opens on choppy note; Nifty falls below 10,800

The Reserve Bank of India (RBI) has appointed Nandan Nilekani, co-founder of Infosys, as the chairman of the committee to assess digitisation of payments in India.&nbsp;

The high-level committee under Aadhaar architect Nandan Nilekani will suggest measures to strengthen the safety and security of digital payments in the country.

Nilekani was earlier, during the UPA regime, UIDAI chairman <a href="http://www.wionews.com/india-news/orchestrated-campaign-to-malign-aadhaar-nilekani-29202">which oversaw the implementation of the Aadhar programme</a>.

The five-member panel on deepening of digital payments has been constituted with a view to encourage digitisation of payments and enhance financial inclusion through digitisation, the RBI said in a statement.

"The committee shall submit its report within a period of 90 days from the date of its first meeting," it added.

The panel has been tasked with reviewing the existing status of digitisation of payments in the country, identifying the current gaps in the ecosystem and suggesting ways to bridge them and assessing the current levels of digital payments in financial inclusion.

It will also "suggest measures to strengthen the safety and security of digital payments... (and) a road map for increasing customer confidence and trust while accessing financial services through digital modes".

It has also been asked to undertake cross country analyses with a view to identifying best practices that can be adopted in our country to accelerate digitisation of the economy and financial inclusion through greater use of digital payments.

Another term of reference of the panel, the RBI said is to suggest a medium-term strategy for deepening of digital payments.

The five members of the committee are - Nandan Nilekani, HR Khan (former Deputy Governor, RBI), Kishore Sansi (former Managing Director &amp; Chief Executive Officer, Vijaya Bank), &nbsp;Aruna Sharma (former Secretary, Ministry of Information Technology and Steel) and &nbsp;Sanjay Jain (Chief Innovation Officer, Center for Innovation, Incubation &amp; Entrepreneurship (CIIE), IIM Ahmedabad).

(With inputs from PTI)

The Reserve Bank of India (RBI) has appointed Nandan Nilekani, co-founder of Infosys, as the chairman of the committee to assess digitisation of payments in India.

The Reserve Bank of India (RBI) has appointed Nandan Nilekani, co-founder of Infosys, as the chairman of the committee to assess digitisation of payments in India. The high-level committee under Aadhaar architect Nandan Nilekani will suggest measures to strengthen the safety and security of digital payments in the country. Nilekani was earlier, during the UPA regime, UIDAI chairman which oversaw the implementation of the Aadhar programme. The five-member panel on deepening of digital payments has been constituted with a view to encourage digitisation of payments and enhance financial inclusion through digitisation, the RBI said in a statement. "The committee shall submit its report within a period of 90 days from the date of its first meeting," it added. The panel has been tasked with reviewing the existing status of digitisation of payments in the country, identifying the current gaps in the ecosystem and suggesting ways to bridge them and assessing the current levels of digital payments in financial inclusion. It will also "suggest measures to strengthen the safety and security of digital payments... (and) a road map for increasing customer confidence and trust while accessing financial services through digital modes". It has also been asked to undertake cross country analyses with a view to identifying best practices that can be adopted in our country to accelerate digitisation of the economy and financial inclusion through greater use of digital payments. Another term of reference of the panel, the RBI said is to suggest a medium-term strategy for deepening of digital payments. The five members of the committee are - Nandan Nilekani, HR Khan (former Deputy Governor, RBI), Kishore Sansi (former Managing Director & Chief Executive Officer, Vijaya Bank), Aruna Sharma (former Secretary, Ministry of Information Technology and Steel) and Sanjay Jain (Chief Innovation Officer, Center for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad). (With inputs from PTI)

RBI appoints Nandan Nilekani as chairman of committee to assess digital payments

Benchmark equity indices ended higher for the third straight session Tuesday on widespread buying towards the fag-end amid fresh inflows by foreign funds and positive global cues.

The BSE Sensex spurted 130.00 points to end at 35,980.93, while the broader NSE Nifty advanced 30.35 points to 10,802.15.

Both indices were traded in the negative zone through the session as investors booked profits in recent gainers amid weakness in the rupee due to the rise in global crude prices.

However, with the emergence of buying towards the close of the session, Sensex wiped off losses and hit a high of 36,037.35 before settling 0.36 per cent higher.

The index had rallied 336.45 points in the previous two straight sessions. 
The 50-share NSE Nifty settled 0.28 per cent higher. Intra-day, it touched a low of 10,733.25 and a high of 10,818.45.

The market was choppy through most of the session as investors turned cautious and logged gains ahead of Q3 earnings of blue-chip companies such as TCS and Infosys later this week amid fresh weakness in the rupee which again breached the Rs 70-mark against a dollar.

However, losses were capped on Central Statistics Office's positive advanced estimates of national income for 2018-19.

The domestic economy is expected to grow at 7.2 per cent in 2018-19 against 6.7 per cent in the previous fiscal mainly due to improvement in the performance of agriculture and manufacturing sectors, the CSO had said Monday.

Top gainers include Sun Pharma, ICICI Bank, SBI, Yes Bank, Tata Motors, Axis Bank, Bajaj Auto and IndusInd Bank, rising up to 3.98 per cent.

While losers include Kotak Bank, NTPC, HDFC, HUL, Bajaj Finance and M&amp;M, falling up to 1.41 per cent.

A fresh spell of buying by foreign institutional investors (FIIs) also buoyed trading sentiments, traders said.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 736.18 crore, while domestic institutional investors (DIIs) sold shares to the tune of Rs 141.97 crore, while on Monday, provisional data showed.

Benchmark equity indices ended higher for the third straight session Tuesday on widespread buying towards the fag-end amid fresh inflows by foreign funds and positive global cues.

Benchmark equity indices ended higher for the third straight session Tuesday on widespread buying towards the fag-end amid fresh inflows by foreign funds and positive global cues. The BSE Sensex spurted 130.00 points to end at 35,980.93, while the broader NSE Nifty advanced 30.35 points to 10,802.15. Both indices were traded in the negative zone through the session as investors booked profits in recent gainers amid weakness in the rupee due to the rise in global crude prices. However, with the emergence of buying towards the close of the session, Sensex wiped off losses and hit a high of 36,037.35 before settling 0.36 per cent higher. The index had rallied 336.45 points in the previous two straight sessions. The 50-share NSE Nifty settled 0.28 per cent higher. Intra-day, it touched a low of 10,733.25 and a high of 10,818.45. The market was choppy through most of the session as investors turned cautious and logged gains ahead of Q3 earnings of blue-chip companies such as TCS and Infosys later this week amid fresh weakness in the rupee which again breached the Rs 70-mark against a dollar. However, losses were capped on Central Statistics Office's positive advanced estimates of national income for 2018-19. The domestic economy is expected to grow at 7.2 per cent in 2018-19 against 6.7 per cent in the previous fiscal mainly due to improvement in the performance of agriculture and manufacturing sectors, the CSO had said Monday. Top gainers include Sun Pharma, ICICI Bank, SBI, Yes Bank, Tata Motors, Axis Bank, Bajaj Auto and IndusInd Bank, rising up to 3.98 per cent. While losers include Kotak Bank, NTPC, HDFC, HUL, Bajaj Finance and M&M, falling up to 1.41 per cent. A fresh spell of buying by foreign institutional investors (FIIs) also buoyed trading sentiments, traders said. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 736.18 crore, while domestic institutional investors (DIIs) sold shares to the tune of Rs 141.97 crore, while on Monday, provisional data showed.

Sensex jumps 130 points; Nifty reclaims 10,800 level

Asian markets rallied Monday after a blockbuster performance on <a href="http://www.wionews.com/world/wall-street-ekes-out-gains-apple-cuts-revenue-forecast-after-the-bell-187953">Wall Street as US jobs</a> data beat forecasts and the head of the Federal Reserve hinted at a slower pace of <a href="http://www.wionews.com/world/us-fed-could-rethink-rate-hikes-as-trump-trade-wars-drag-on-economy-185760">interest rate hikes</a>.

China's move to make it easier for banks to lend also provided support to equities, while investors keep an eye on Beijing as negotiators begin talks to end a trade war between the world's top two economies.

Dealers started the week on the front foot following a surge on Wall Street Friday that came after figures showed more than 300,000 US jobs were created in December, tempering recent concerns about growth.

Later that day, Fed boss Jerome Powell said the bank had no "pre-set" plan for raising borrowing costs and was keeping a close watch on financial developments.

"We're listening... sensitively to the message that markets are sending and we'll be taking those downside risks into account as we make policy going forward," he told a gathering of economists.

The news was music to the ears of traders, who have been fretting that the Fed would press on with its rate hike cycle, making it more expensive to borrow for investment.

The comments saw the Dow pile on more than three per cent while the Nasdaq was more than four per cent higher.

They also overshadowed the budget gridlock on Capitol Hill that has shut down the US government, with Donald Trump warning it could go on for years if he is not given funding to build a wall on the Mexican border.

And the gains filtered through to Asia, where Tokyo's Nikkei ended the morning session 2.8 per cent higher, while Sydney gained 1.3 per cent and Seoul jumped 1.6 per cent.

Taipei surged two per cent and Manila was up 1.7 per cent with Jakarta 1.1 per cent up.

Risk on 'stable footing'&nbsp;

Hong Kong jumped more than one per cent and Shanghai was 0.7 per cent higher, with buying also boosted by news that the People's Bank of China had cut the amount of cash banks must keep in reserve.

The move aims to free up funds for lending in a bid to grease the economy's wheels following a string of weak data that has raised questions about the outlook.

There was also some optimism as Chinese and US officials kicked off talks to find a solution to the trade war that has seen the two sides impose tariffs in hundreds of billions of dollars worth of goods.

The row was a key factor behind the big losses on global markets last year and any move to bring it to an end will be cheered on trading floors.

Trump on Friday raised hopes for an agreement, saying: "I think we will make a deal with China."

Stephen Innes, head of Asia-Pacific trade at OANDA, said: "Risk sentiment is on more stable footing than we opened 2019 as a confluence of factors including the (China reserve rate) cut, China and the US... holding trade talks this week and of course Chair Powell's comments."

All, he said, were "market-friendly developments".&nbsp;

The upbeat mood gave a lift to high-yielding currencies, with South Korea's won and the Indonesian rupiah soaring against the dollar, while there were also healthy gains for Australia's dollar.

Oil was also benefitting, with both contracts up more than one per cent thanks to the wave of positive headlines.

But while there was a sense of hope, analysts remain cagey about the coming months.

"I do think going forward you are probably not likely to see that type of move where equities sell off 20 per cent in the space of six weeks, but generally volatility will be higher than what you saw in 2017 and the first half of 2018," Raymond Lee, managing director and portfolio manager at Kapstream Capital, told Bloomberg TV. 
&nbsp;

Dealers started the week on the front foot following a surge on Wall Street Friday that came after figures showed more than 300,000 US jobs were created in December.

Asian markets rallied Monday after a blockbuster performance on Wall Street as US jobs data beat forecasts and the head of the Federal Reserve hinted at a slower pace of interest rate hikes. China's move to make it easier for banks to lend also provided support to equities, while investors keep an eye on Beijing as negotiators begin talks to end a trade war between the world's top two economies. Dealers started the week on the front foot following a surge on Wall Street Friday that came after figures showed more than 300,000 US jobs were created in December, tempering recent concerns about growth. Later that day, Fed boss Jerome Powell said the bank had no "pre-set" plan for raising borrowing costs and was keeping a close watch on financial developments. "We're listening... sensitively to the message that markets are sending and we'll be taking those downside risks into account as we make policy going forward," he told a gathering of economists. The news was music to the ears of traders, who have been fretting that the Fed would press on with its rate hike cycle, making it more expensive to borrow for investment. The comments saw the Dow pile on more than three per cent while the Nasdaq was more than four per cent higher. They also overshadowed the budget gridlock on Capitol Hill that has shut down the US government, with Donald Trump warning it could go on for years if he is not given funding to build a wall on the Mexican border. And the gains filtered through to Asia, where Tokyo's Nikkei ended the morning session 2.8 per cent higher, while Sydney gained 1.3 per cent and Seoul jumped 1.6 per cent. Taipei surged two per cent and Manila was up 1.7 per cent with Jakarta 1.1 per cent up. Risk on 'stable footing' Hong Kong jumped more than one per cent and Shanghai was 0.7 per cent higher, with buying also boosted by news that the People's Bank of China had cut the amount of cash banks must keep in reserve. The move aims to free up funds for lending in a bid to grease the economy's wheels following a string of weak data that has raised questions about the outlook. There was also some optimism as Chinese and US officials kicked off talks to find a solution to the trade war that has seen the two sides impose tariffs in hundreds of billions of dollars worth of goods. The row was a key factor behind the big losses on global markets last year and any move to bring it to an end will be cheered on trading floors. Trump on Friday raised hopes for an agreement, saying: "I think we will make a deal with China." Stephen Innes, head of Asia-Pacific trade at OANDA, said: "Risk sentiment is on more stable footing than we opened 2019 as a confluence of factors including the (China reserve rate) cut, China and the US... holding trade talks this week and of course Chair Powell's comments." All, he said, were "market-friendly developments". The upbeat mood gave a lift to high-yielding currencies, with South Korea's won and the Indonesian rupiah soaring against the dollar, while there were also healthy gains for Australia's dollar. Oil was also benefitting, with both contracts up more than one per cent thanks to the wave of positive headlines. But while there was a sense of hope, analysts remain cagey about the coming months. "I do think going forward you are probably not likely to see that type of move where equities sell off 20 per cent in the space of six weeks, but generally volatility will be higher than what you saw in 2017 and the first half of 2018," Raymond Lee, managing director and portfolio manager at Kapstream Capital, told Bloomberg TV.

Asia markets rally after Wall Sreet surge as US-China trade talks begin

Amidst the perpetual rise and fall, the rates of fuel prices went up for the first time in 2019 with the petrol selling at Rs 68.50 and diesel at Rs 62.24 on Monday, with a rise by 21 paise and 8 paise per litre, respectively.

Petrol was sold in Delhi at Rs 68.29 on Sunday, while diesel at Rs 62.16. In Mumbai, petrol and diesel prices were at Rs 74.16 per litre and Rs 65.12 per litre, respectively.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
In Mumbai, petrol &amp; diesel priced at Rs 74.16/litre &amp; Rs 65.12/litre. In Delhi, petrol &amp; diesel priced at Rs 68.50/litre &amp; Rs 62. 24/litre, respectively. <a href="https://t.co/E0PVdOgLCX">pic.twitter.com/E0PVdOgLCX</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1082103689366724609?ref_src=twsrc%5Etfw">January 7, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

On December 31, diesel and petrol prices reached their lowest level of 2018. In order to protect its revenues from auto fuel taxes, the Karnataka government on Friday revised the rate of sales tax on petrol and diesel to 32 per cent and 21 per cent from 28.75 per cent and 17.73 per cent, respectively.

The highest price was recorded in October, however, soon after rates started to nosedive. The dip in prices comes after the United States softened its stand on Iran's sanctions and allowed eight countries to continue importing oil from Iran temporarily. These countries are India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.

Further, Petroleum and Natural Gas Minister Dharmendra Pradhan had earlier said that the hike in the prices of petrol and diesel in the country was because of the depreciation in the value of the Indian Rupee against the US dollar.&nbsp;

Amidst the perpetual rise and fall, the rates of fuel prices went up for the first time in 2019 with the petrol selling at Rs 68.50 and diesel at Rs 62.24 on Monday, with a rise by 21 paise and 8 paise per litre, respectively.

Amidst the perpetual rise and fall, the rates of fuel prices went up for the first time in 2019 with the petrol selling at Rs 68.50 and diesel at Rs 62.24 on Monday, with a rise by 21 paise and 8 paise per litre, respectively. Petrol was sold in Delhi at Rs 68.29 on Sunday, while diesel at Rs 62.16. In Mumbai, petrol and diesel prices were at Rs 74.16 per litre and Rs 65.12 per litre, respectively. In Mumbai, petrol & diesel priced at Rs 74.16/litre & Rs 65.12/litre. In Delhi, petrol & diesel priced at Rs 68.50/litre & Rs 62. 24/litre, respectively. pic.twitter.com/E0PVdOgLCX — ANI (@ANI) January 7, 2019 × On December 31, diesel and petrol prices reached their lowest level of 2018. In order to protect its revenues from auto fuel taxes, the Karnataka government on Friday revised the rate of sales tax on petrol and diesel to 32 per cent and 21 per cent from 28.75 per cent and 17.73 per cent, respectively. The highest price was recorded in October, however, soon after rates started to nosedive. The dip in prices comes after the United States softened its stand on Iran's sanctions and allowed eight countries to continue importing oil from Iran temporarily. These countries are India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan. Further, Petroleum and Natural Gas Minister Dharmendra Pradhan had earlier said that the hike in the prices of petrol and diesel in the country was because of the depreciation in the value of the Indian Rupee against the US dollar.

Fuel prices witness fresh hike, petrol at Rs 68.50 in Delhi

Domestic stock markets on Monday opened in green with BSE Sensex gaining over 300 points to touch 36,033.20. Nifty, on the other hand, rose marginally by more than 90 points to 10,822.45.&nbsp;

Meanwhile, the national currency appreciated by 33 paise to 69.39 against the US dollar in opening trade Monday, driven by strong gains in domestic equities and weakening of the greenback in overseas markets.

The rupee opened strong at 69.38 at the interbank forex market against the previous close of 69.72 per dollar amid sustained foreign fund inflows and positive opening in domestic equities, news agency PTI reported.

<a href="http://www.wionews.com/business-economy/sensex-jumps-181-points-psu-banks-rally-188269">On Friday, the rupee had ended higher</a> by 48 paise at 69.72 against the US dollar.&nbsp;

The BSE benchmark Sensex jumped 181 points Friday while the NSE Nifty reclaimed the 10,700-mark, driven by robust buying in banking, metal and pharma stocks amid positive global cues and a strengthening rupee.

(With inputs from PTI)&nbsp; 
&nbsp;

Domestic stock markets on Monday opened in green with BSE Sensex gaining over 300 points to touch 36,033.20. Nifty, on the other hand, rose marginally by more than 90 points to 10,822.

Domestic stock markets on Monday opened in green with BSE Sensex gaining over 300 points to touch 36,033.20. Nifty, on the other hand, rose marginally by more than 90 points to 10,822.45. Meanwhile, the national currency appreciated by 33 paise to 69.39 against the US dollar in opening trade Monday, driven by strong gains in domestic equities and weakening of the greenback in overseas markets. The rupee opened strong at 69.38 at the interbank forex market against the previous close of 69.72 per dollar amid sustained foreign fund inflows and positive opening in domestic equities, news agency PTI reported. On Friday, the rupee had ended higher by 48 paise at 69.72 against the US dollar. The BSE benchmark Sensex jumped 181 points Friday while the NSE Nifty reclaimed the 10,700-mark, driven by robust buying in banking, metal and pharma stocks amid positive global cues and a strengthening rupee. (With inputs from PTI)

Markets open in green, Sensex surges over 300 points 

<a href="http://www.wionews.com/business-economy/rbi-will-not-allow-loose-money-situation-shaktikanta-das-188778">Reserve Bank of India (RBI) Governor Shaktikanta Das</a> Monday said any generalised farm loan waiver adversely impacts the credit culture and the behaviour of borrowers, amid various state governments announcing waivers.

The statement assumes significance in view of three newly elected state governments implementing farm loan waivers in their states in pursuance of poll promises.

When asked about his views on loan write-off for farmers by state governments, he said farm loan waiver is related to the fiscal space that a particular state government has.

"Elected governments have the constitutional mandate to take decisions with regard to their finance but every state government, before taking decisions on any kind of farm loan waivers, has to very carefully examine its fiscal space," he said.

"It's also for the individual governments to examine whether they have the fiscal space to meet the requirements and release the money to the banks immediately. Any generalised kind of write-off obviously has an adverse effect on the credit culture and the future credit behaviour of the borrowers," he said.

About Rs 1.47 lakh crore of agricultural loans are outstanding in Madhya Pradesh, Rajasthan, and Chhattisgarh, which announced waivers recently.

 
In 2017, Uttar Pradesh, Maharashtra, and Punjab announced to write off unpaid loans. Earlier this year, the coalition government in Karnataka also announced a farm loan waiver.

Asked about phasing out of Rs 2,000 notes, Das said the economic affairs department has clarified on the issue and there is nothing more to add to that.

Last week, the government had indicated that printing of Rs 2,000 bank notes, introduced after demonetisation in November 2016, has been stopped for now as there is enough stock in circulation.

Economic Affairs Secretary Subhash Chandra Garg had said printing of notes is planned as per the projected requirement.

"We have more than adequate notes of Rs 2,000 in the system with over 35 per cent of notes by value in circulation being of Rs 2,000. There has been no decision regarding 2,000 rupee note production recently," the secretary had said.

On the interim dividend, Das said, "as and when the RBI takes any decision on any matter, you will come to know about it."

The government has requested the RBI to give interim dividend as was done in the past. In the previous financial year, the central bank gave Rs 10,000 crore as interim dividend to the government.

"Lot of correspondence goes on between the government and the Reserve Bank. A lot of discussions do take place, whether there is an individual letter or not, that is not really relevant. As and when any decision (on interim dividend) is taken the Reserve Bank will not delay in announcing the decision," he said.

Asked if banks being given a target to come out of the non-performing asset problem, he said there is no such target given by the RBI.

"Reserve Bank takes the final decision on matters which are in its own domain, after considering all the aspects. So, Reserve Bank will listen to everybody. (It) will interact with everybody including the government but the final decision will be taken by the Reserve Bank in an objective manner to the best of its judgement," he said.

About Rs 1.47 lakh crore of agricultural loans are outstanding in Madhya Pradesh, Rajasthan, and Chhattisgarh, which announced waivers recently.

Reserve Bank of India (RBI) Governor Shaktikanta Das Monday said any generalised farm loan waiver adversely impacts the credit culture and the behaviour of borrowers, amid various state governments announcing waivers. The statement assumes significance in view of three newly elected state governments implementing farm loan waivers in their states in pursuance of poll promises. When asked about his views on loan write-off for farmers by state governments, he said farm loan waiver is related to the fiscal space that a particular state government has. "Elected governments have the constitutional mandate to take decisions with regard to their finance but every state government, before taking decisions on any kind of farm loan waivers, has to very carefully examine its fiscal space," he said. "It's also for the individual governments to examine whether they have the fiscal space to meet the requirements and release the money to the banks immediately. Any generalised kind of write-off obviously has an adverse effect on the credit culture and the future credit behaviour of the borrowers," he said. About Rs 1.47 lakh crore of agricultural loans are outstanding in Madhya Pradesh, Rajasthan, and Chhattisgarh, which announced waivers recently. In 2017, Uttar Pradesh, Maharashtra, and Punjab announced to write off unpaid loans. Earlier this year, the coalition government in Karnataka also announced a farm loan waiver. Asked about phasing out of Rs 2,000 notes, Das said the economic affairs department has clarified on the issue and there is nothing more to add to that. Last week, the government had indicated that printing of Rs 2,000 bank notes, introduced after demonetisation in November 2016, has been stopped for now as there is enough stock in circulation. Economic Affairs Secretary Subhash Chandra Garg had said printing of notes is planned as per the projected requirement. "We have more than adequate notes of Rs 2,000 in the system with over 35 per cent of notes by value in circulation being of Rs 2,000. There has been no decision regarding 2,000 rupee note production recently," the secretary had said. On the interim dividend, Das said, "as and when the RBI takes any decision on any matter, you will come to know about it." The government has requested the RBI to give interim dividend as was done in the past. In the previous financial year, the central bank gave Rs 10,000 crore as interim dividend to the government. "Lot of correspondence goes on between the government and the Reserve Bank. A lot of discussions do take place, whether there is an individual letter or not, that is not really relevant. As and when any decision (on interim dividend) is taken the Reserve Bank will not delay in announcing the decision," he said. Asked if banks being given a target to come out of the non-performing asset problem, he said there is no such target given by the RBI. "Reserve Bank takes the final decision on matters which are in its own domain, after considering all the aspects. So, Reserve Bank will listen to everybody. (It) will interact with everybody including the government but the final decision will be taken by the Reserve Bank in an objective manner to the best of its judgement," he said.

Generalised farm loan waiver impacts credit culture, says RBI Governor Shaktikanta Das

Equity benchmark Sensex Monday climbed over 155 points to close over 35,850, tracking positive cues from global markets coupled with a dovish tone from the Federal Reserve and hopes of better China-US trade relations.

The 30-share Sensex opened higher and continued its upward march to regain the 36,000-mark, hitting a high of 36,076.95. It, however, lost some ground towards the fag-end due to profit-booking and a weak trend in European markets and settled 155.06 points, or 0.43 per cent, higher at 35,850.16.

The gauge had gained over 181 points in the previous session on Friday.

Similarly, the broader 50-share NSE Nifty gained 44.45 points, or 0.41 per cent, to end at 10,771.80 after touching a high of 10,835.95 and an ow of 10,750.15.

Gains in realty, tech, IT, power, consumer durables, banking and oil &amp; gas stocks helped both the key indices to score gains.

Both the US and China have expressed an interest in settling their tariff war. Envoys of both nations will have discussions during meetings on Monday and Tuesday.

Traders said supportive global cues following robust US jobs data for December and Federal Reserve chairman Jerome Powell's comments that the Fed would be flexible in policy decisions this year and optimism ahead of Q3 earnings season which begins this week also bolstered trading sentiments.

Top software services exporters TCS and Infosys scheduled to report their results for the December quarter on January 10 and January 11, respectively.

Investor sentiment also got a boost after China's central bank announced an easing in policy Friday, with 100 basis points of cut to bank reserve requirements freeing up around USD 116 billion for new lending, they said.

Meanwhile, domestic institutional investors bought equities to the tune of Rs 240.60 crore, while FIIs sold shares a worth Rs 157.72 crore Friday, according to provisional data.

Equity benchmark Sensex Monday climbed over 155 points to close over 35,850, tracking positive cues from global markets coupled with a dovish tone from the Federal Reserve and hopes of better China-US trade relations.

Equity benchmark Sensex Monday climbed over 155 points to close over 35,850, tracking positive cues from global markets coupled with a dovish tone from the Federal Reserve and hopes of better China-US trade relations. The 30-share Sensex opened higher and continued its upward march to regain the 36,000-mark, hitting a high of 36,076.95. It, however, lost some ground towards the fag-end due to profit-booking and a weak trend in European markets and settled 155.06 points, or 0.43 per cent, higher at 35,850.16. The gauge had gained over 181 points in the previous session on Friday. Similarly, the broader 50-share NSE Nifty gained 44.45 points, or 0.41 per cent, to end at 10,771.80 after touching a high of 10,835.95 and an ow of 10,750.15. Gains in realty, tech, IT, power, consumer durables, banking and oil & gas stocks helped both the key indices to score gains. Both the US and China have expressed an interest in settling their tariff war. Envoys of both nations will have discussions during meetings on Monday and Tuesday. Traders said supportive global cues following robust US jobs data for December and Federal Reserve chairman Jerome Powell's comments that the Fed would be flexible in policy decisions this year and optimism ahead of Q3 earnings season which begins this week also bolstered trading sentiments. Top software services exporters TCS and Infosys scheduled to report their results for the December quarter on January 10 and January 11, respectively. Investor sentiment also got a boost after China's central bank announced an easing in policy Friday, with 100 basis points of cut to bank reserve requirements freeing up around USD 116 billion for new lending, they said. Meanwhile, domestic institutional investors bought equities to the tune of Rs 240.60 crore, while FIIs sold shares a worth Rs 157.72 crore Friday, according to provisional data.

Sensex advances on positive global lead, earnings optimism; closes at 35,850, up 155 points 

Steel PSUs Steel Authority of India Ltd and Rashtriya Ispat Nigam Ltd have spent a total of Rs 1,017.25 crore on research and development (R&amp;D) activity in last three financial years, Parliament was informed Monday.

R&amp;D is an ongoing activity and steel companies in both private and public sectors are conducting research in the<a href="http://www.wionews.com/business-economy/indias-safeguard-duty-move-on-steel-goods-inconsistent-with-certain-global-trade-norms-wto-176090"> iron and steel sector,</a> Minister of Steel Chaudhary Birender Singh said in a written reply to Lok Sabha.

Providing the details of steel PSUs, he said the R&amp;D expenditure of Steel Authority of India Ltd (SAIL) between the financial year 2015-16 to fiscal 2017-18 stood at Rs 951.93 crore.

Giving further details he said, the R&amp;D expenditure of SAIL for 2015-16 was at Rs 277 crore, for 2016-17 (Rs 339.43 crore) and 2017-18 (Rs 335.50 crore).

Rashtriya Ispat Nigam Ltd (RINL) spent Rs 65.32 crore on R&amp;D activity during the said period, the minister said adding Rs 21.74 crore was spent in 2015-16, Rs 23.52 crore in 2016-17 and Rs 20.06 crore in 2017-18.

The minister had earlier said that the adoption of advanced technology can help the domestic steel industry become a leader in quality steel.

With this aim, the ministry has set up an industry driven institutional mechanism Steel Research and Technology Mission of India (SRTMI) to facilitate joint collaborative research projects in the iron and steel sector in India.

R&D is an ongoing activity and steel companies in both private and public sectors are conducting research in the iron and steel sector, Minister of Steel Chaudhary Birender Singh said.

Steel PSUs Steel Authority of India Ltd and Rashtriya Ispat Nigam Ltd have spent a total of Rs 1,017.25 crore on research and development (R&D) activity in last three financial years, Parliament was informed Monday. R&D is an ongoing activity and steel companies in both private and public sectors are conducting research in the iron and steel sector, Minister of Steel Chaudhary Birender Singh said in a written reply to Lok Sabha. Providing the details of steel PSUs, he said the R&D expenditure of Steel Authority of India Ltd (SAIL) between the financial year 2015-16 to fiscal 2017-18 stood at Rs 951.93 crore. Giving further details he said, the R&D expenditure of SAIL for 2015-16 was at Rs 277 crore, for 2016-17 (Rs 339.43 crore) and 2017-18 (Rs 335.50 crore). Rashtriya Ispat Nigam Ltd (RINL) spent Rs 65.32 crore on R&D activity during the said period, the minister said adding Rs 21.74 crore was spent in 2015-16, Rs 23.52 crore in 2016-17 and Rs 20.06 crore in 2017-18. The minister had earlier said that the adoption of advanced technology can help the domestic steel industry become a leader in quality steel. With this aim, the ministry has set up an industry driven institutional mechanism Steel Research and Technology Mission of India (SRTMI) to facilitate joint collaborative research projects in the iron and steel sector in India.

SAIL, RINL spent over Rs 1,000 crore on R&D in last 3 financial year: Steel Minister Birender Singh

India's GDP (gross domestic product) is estimated to grow at 7.2 per cent in 2018-19 compared to 6.7 per cent attained during the previous fiscal, official data showed here on Monday.

The annual economic growth had fallen to a worse-than-expected 7.1 per cent in the July-September quarter, from 8.2 per cent in the previous quarter, dragged down by a slower consumer spending and farm growth, posing a risk to Modi who plans a populist budget to win back voters.

With the fall in global crude oil prices and strengthening of the rupee in recent weeks, the Modi administration plans to prop up rural demand through higher state spending and a financial package for farmers in the annual budget to be presented on February 1.

Gross domestic product is estimated to grow 7.2 per cent in 2018/19, faster than a provisional 6.7 per cent growth in 2017/18, Ministry of Statistics said in a statement.

Manufacturing is now forecast to grow 8.3 per cent this fiscal year compared with 5.7 per cent in the previous year. Farm output may grow by 3.8 per cent, up from 3.4 per cent.

Most private economists have already lowered India`s growth forecast to around 7 per cent for the 2018/19 fiscal year, compared with the Reserve Bank of India`s earlier estimate of 7.4 per cent, citing weakening consumption and a slowdown in credit offtake.

"Sequential growth has slowed down across the board. The slowdown in manufacturing, construction and select services are the main reasons for slowdown seen in 2018/19," said Rupa Rege-Nitsure, chief economist at L&amp;T Financial Holdings Ltd.

She said the government could prop up rural demand ahead of the elections and the first half of 2019 could remain volatile due to political uncertainty and global headwinds.

Having swept to power in 2014 promising to galvanise the economy, Modi has been criticised for failing to create enough jobs for the more than 12 million young Indians entering the labour force each year.

India needs growth of 8 per cent-plus to generate enough jobs for those workers.

The unemployment rate shot to a 27-month high of 7.38 per cent in December and numbers of those employed fell by about 11 million over the last 12 months, data released by the Centre for Monitoring Indian Economy, a Mumbai-based think tank, showed.

The statistics office will release economic growth data for the October-December quarter on Feb. 28, along with revised full-year growth estimates.

India's GDP (gross domestic product) is estimated to grow at 7.2 per cent in 2018-19 compared to 6.7 per cent attained during the previous fiscal, official data showed here on Monday.

India's GDP (gross domestic product) is estimated to grow at 7.2 per cent in 2018-19 compared to 6.7 per cent attained during the previous fiscal, official data showed here on Monday. The annual economic growth had fallen to a worse-than-expected 7.1 per cent in the July-September quarter, from 8.2 per cent in the previous quarter, dragged down by a slower consumer spending and farm growth, posing a risk to Modi who plans a populist budget to win back voters. With the fall in global crude oil prices and strengthening of the rupee in recent weeks, the Modi administration plans to prop up rural demand through higher state spending and a financial package for farmers in the annual budget to be presented on February 1. Gross domestic product is estimated to grow 7.2 per cent in 2018/19, faster than a provisional 6.7 per cent growth in 2017/18, Ministry of Statistics said in a statement. Manufacturing is now forecast to grow 8.3 per cent this fiscal year compared with 5.7 per cent in the previous year. Farm output may grow by 3.8 per cent, up from 3.4 per cent. Most private economists have already lowered India`s growth forecast to around 7 per cent for the 2018/19 fiscal year, compared with the Reserve Bank of India`s earlier estimate of 7.4 per cent, citing weakening consumption and a slowdown in credit offtake. "Sequential growth has slowed down across the board. The slowdown in manufacturing, construction and select services are the main reasons for slowdown seen in 2018/19," said Rupa Rege-Nitsure, chief economist at L&T Financial Holdings Ltd. She said the government could prop up rural demand ahead of the elections and the first half of 2019 could remain volatile due to political uncertainty and global headwinds. Having swept to power in 2014 promising to galvanise the economy, Modi has been criticised for failing to create enough jobs for the more than 12 million young Indians entering the labour force each year. India needs growth of 8 per cent-plus to generate enough jobs for those workers. The unemployment rate shot to a 27-month high of 7.38 per cent in December and numbers of those employed fell by about 11 million over the last 12 months, data released by the Centre for Monitoring Indian Economy, a Mumbai-based think tank, showed. The statistics office will release economic growth data for the October-December quarter on Feb. 28, along with revised full-year growth estimates.

Government estimates GDP growth at 7.2% for 2018-19

Oil prices jumped around 1.5 per cent on Monday, pushed up by optimism that talks in Beijing can resolve <a href="http://www.wionews.com/world/explaining-the-us-china-trade-war-which-grabbed-spotlight-in-2018-185043">a trade war between the United States and China</a>, while supply cuts by major producers also supported crude.

Brent crude futures were at $57.93 per barrel at 0635 GMT, up 87 cents, or 1.5 per cent, from their last close.

US West Texas Intermediate (WTI) crude oil futures were at $48.76 per barrel, up 80 cents, or 1.7 per cent.

Financial markets were riding a relief rally on Monday on expectations that face-to-face trade negotiations between delegates from Washington and Beijing, starting on Monday, would lead to an easing in tensions between the two biggest economies in the world.

The United States and Beijing have been locked in an escalating trade spat since early 2018, raising import tariffs on each other's goods. The dispute has weighed on economic growth.

In the latest sign of a widespread economic slowdown that could also hit fuel demand, British new car sales in 2018 fell at their fastest rate since the global financial crisis a decade ago, preliminary data from the Society of Motor Manufacturers and Traders (SMMT) showed on Monday.

Goldman Sachs said in a note on Monday it had downgraded its average Brent crude oil forecast for 2019 from $70 per barrel to $62.50 a barrel because of "the strongest macro headwinds since 2015."

J P Morgan said in a note late last week that "the 3 per cent global growth pace we have been anticipating for the next two quarters looks increasingly challenging."

The bank also said that "bond and commodity markets appear to be pricing in on average close to a 60 per cent chance of a US recession over the coming year compared to a 40 per cent chance by our economists and 27 per cent chance by the consensus."

Opec cuts, rising US supply

Despite the likelihood of a slowdown, future crude prices were being supported by supply cuts started late last year by a group of producers around the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC Russia.

Goldman said the cuts would result in a gradual increase in spot crude prices in 2019 as high inventories revert to their 5-year averages.

OPEC oil supply fell in December by 460,000 barrels per day (bpd), to 32.68 million bpd, a Reuters survey found last week, led by cuts from top exporter Saudi Arabia.

The cuts are aimed at reining in swelling supply, especially in the United States.

Because of record US crude oil production of 11.7 million bpd, American fuel stockpiles are rising, according to weekly data by the Energy Information Administration (EIA) released on Friday.

Crude oil inventories rose by 7,000 barrels in the week ended on December 28, to 441.42 million barrels, more than 5 million barrels above their 5-year average.

Distillate and gasoline stocks, however, rose by a whopping 9.5 million and 6.9 million barrels, to 119.9 million and 240 million barrels respectively, the EIA data showed.

Financial markets were riding a relief rally on Monday on expectations that face-to-face trade negotiations between delegates from Washington and Beijing would lead to an easing in tensions.

Oil prices jumped around 1.5 per cent on Monday, pushed up by optimism that talks in Beijing can resolve a trade war between the United States and China, while supply cuts by major producers also supported crude. Brent crude futures were at $57.93 per barrel at 0635 GMT, up 87 cents, or 1.5 per cent, from their last close. US West Texas Intermediate (WTI) crude oil futures were at $48.76 per barrel, up 80 cents, or 1.7 per cent. Financial markets were riding a relief rally on Monday on expectations that face-to-face trade negotiations between delegates from Washington and Beijing, starting on Monday, would lead to an easing in tensions between the two biggest economies in the world. The United States and Beijing have been locked in an escalating trade spat since early 2018, raising import tariffs on each other's goods. The dispute has weighed on economic growth. In the latest sign of a widespread economic slowdown that could also hit fuel demand, British new car sales in 2018 fell at their fastest rate since the global financial crisis a decade ago, preliminary data from the Society of Motor Manufacturers and Traders (SMMT) showed on Monday. Goldman Sachs said in a note on Monday it had downgraded its average Brent crude oil forecast for 2019 from $70 per barrel to $62.50 a barrel because of "the strongest macro headwinds since 2015." J P Morgan said in a note late last week that "the 3 per cent global growth pace we have been anticipating for the next two quarters looks increasingly challenging." The bank also said that "bond and commodity markets appear to be pricing in on average close to a 60 per cent chance of a US recession over the coming year compared to a 40 per cent chance by our economists and 27 per cent chance by the consensus." Opec cuts, rising US supply Despite the likelihood of a slowdown, future crude prices were being supported by supply cuts started late last year by a group of producers around the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC Russia. Goldman said the cuts would result in a gradual increase in spot crude prices in 2019 as high inventories revert to their 5-year averages. OPEC oil supply fell in December by 460,000 barrels per day (bpd), to 32.68 million bpd, a Reuters survey found last week, led by cuts from top exporter Saudi Arabia. The cuts are aimed at reining in swelling supply, especially in the United States. Because of record US crude oil production of 11.7 million bpd, American fuel stockpiles are rising, according to weekly data by the Energy Information Administration (EIA) released on Friday. Crude oil inventories rose by 7,000 barrels in the week ended on December 28, to 441.42 million barrels, more than 5 million barrels above their 5-year average. Distillate and gasoline stocks, however, rose by a whopping 9.5 million and 6.9 million barrels, to 119.9 million and 240 million barrels respectively, the EIA data showed.

Oil rises on US-China trade talks, OPEC-led supply cuts

The Reserve Bank of India (RBI) will not like the banking system to be in a situation of "loose money", Governor Shaktikanta Das said on Monday after a meeting with representatives of small- and medium-sized businesses.

The RBI is also looking at new governance reforms for state-owned banks but will not "throttle" their functioning, Das told reporters.

The Reserve Bank of India (RBI) will not like the banking system to be in a situation of "loose money", Governor Shaktikanta Das said on Monday after a meeting with representatives of small- and medium-sized businesses.

The Reserve Bank of India (RBI) will not like the banking system to be in a situation of "loose money", Governor Shaktikanta Das said on Monday after a meeting with representatives of small- and medium-sized businesses. The RBI is also looking at new governance reforms for state-owned banks but will not "throttle" their functioning, Das told reporters.

RBI will not allow 'loose money' situation: Shaktikanta Das