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Ahead of the NCLT verdict on his petitions against the Tata Group later this week and the AGMs, ousted chairman Cyrus Mistry has fired a fresh salvo at the management.

He has questioned the rationale behind some actions like the free sale of its telecom arm to Airtel, massive debt-driven acquisitions by Tata Steel and its unequal tie-up with ThyssenKrupp, and a first-ever dip in TCS profit among others.

In a letter to the directors of Tata Sons, Cyrus Investments, which is the key investment vehicle of the Mistry family and the key petitioner in his legal feud with the Tatas, Mistry has sought accountability and information from the board of Tata Sons in which his family owns 18.34 per cent.

PTI has seen the 8-page letter, titled Tata Group Strategy/Performance/Governance Issues dated June 30 and addressed to the entire board of Tata Sons.

The office of Mistry did not respond to the calls, while Tata Sons declined to comment.

The Mumbai bench of the NCLT will deliver its verdict on July 4 on the bitter legal feud that Mistry has been fighting ever since dismissal as the chairman of the Tats Sons on October 24, 2016.

The key allegation by Mistry camp is that his removal as chairman and subsequently as a director of the board Tata Sons was a result of oppression by the promoters who are in turn owned by Tata Trusts that owns over 68 per cent in Tata Sons.

Stating that the board is accountable for governance and performance of the Tata Group as also to the minority shareholders, the letter states that despite staring at several burning issues, "Tata Sons is hiding behind the veneer of media management to present a rosy picture."

Questioning the "free transfer of Tata Teleservices" to Airtel, the letter says the Tatas did not get any benefit from the deal despite transferring 40 million customers, a large swathe of liberalised spectrum and access to Tata Teles extensive fibre network, while it has immensely benefited the acquirer.

Terming the deal, which led to an increase in market capitalisation of Airtel by almost Rs 30,000 crore, as a "sweetheart deal," Mistry says, "he fails to understand the logic of offering Bharti Airtel access to these assets effectively for free."

It can be noted that Tata Tele has been on the downslide for years and is sitting over Rs 26,000 crore of debt which has to be cleared before the sale goes through.

Mistry also asked why a successful exit from the enterprise business has not been pursued, "despite receiving a USD 1-billion offer from a former senior Tata employee backed by a private equity firm."

The letter also asks the directors to satisfy themselves that transactions that Tata Motors has entered into with Jayem Auto and Ola are at 'arm's length' and 'value accretive', given that these companies have investments from Ratan Tata.

He also expressed concerns on the continuing poor performance of its marque British brand JLR, whose volume "rose a mere 1.7 per cent" in FY18.

Comparing the massive debt-driven expansion of Tata Steel to its doomed acquisition of Corus, which later nearly sunk the parent company, he cautioned against a potential debt burden arising from the Rs 80,000-crore capex needed for acquiring

Bhushan Steel (Rs 35,000 crore), Bhushan Power & Steel (Rs 24,000 crore through the NCLT) as well as the Rs 23,000-crore expansion of Kalinganagar project.

"If the commodity cycle and the uptick in steel prices are to change again, leading to a decline in prices, Tata Steel will once again stand highly exposed with serious consequences Tata Sons," warns the letter.

He also held the management accountable for the deteriorating performance of Tata Steel Europe that compromised the deal with ThyssenKrupp, which was initially meant to be an equal JV but finally sealed as 45:55 JV.

He has also vented his concerns over the deteriorating profit at three of the largest Tata companies, TCS, Tata Motors and Tata Power.

Noting that for the first time its cash cow TCS saw a dip in profit in FY18, he warned that the management cannot pat itself on the back for the record high market capitalisation that crossed the Rs 7 trillion-mark which according to him is not because of fundamentals but due to the massive share buyback.

He also came out strongly against the clean-chit given by the Tata Sons board to R Venkataramanan, its nominee on the AirAsia India board and the managing trustee of Tata Trusts, "without conducting any known independent investigation."

This the letter said is "a continuing act of mismanagement and failure to carry out fiduciary duty" and termed the board decided to allow Venkataramanan, has brought reputational risks to Tata Sons and the group to continue in his position as "unprecedented" as it has "sent a terrible message to hundreds of thousands of Tata employees".

The Mumbai bench of the NCLT will deliver its verdict on July 4 on the bitter legal feud that Mistry has been fighting ever since dismissal as the chairman of the Tats Sons

Ahead of the NCLT verdict on his petitions against the Tata Group later this week and the AGMs, ousted chairman Cyrus Mistry has fired a fresh salvo at the management. He has questioned the rationale behind some actions like the free sale of its telecom arm to Airtel, massive debt-driven acquisitions by Tata Steel and its unequal tie-up with ThyssenKrupp, and a first-ever dip in TCS profit among others. In a letter to the directors of Tata Sons, Cyrus Investments, which is the key investment vehicle of the Mistry family and the key petitioner in his legal feud with the Tatas, Mistry has sought accountability and information from the board of Tata Sons in which his family owns 18.34 per cent. PTI has seen the 8-page letter, titled Tata Group Strategy/Performance/Governance Issues dated June 30 and addressed to the entire board of Tata Sons. The office of Mistry did not respond to the calls, while Tata Sons declined to comment. The Mumbai bench of the NCLT will deliver its verdict on July 4 on the bitter legal feud that Mistry has been fighting ever since dismissal as the chairman of the Tats Sons on October 24, 2016. The key allegation by Mistry camp is that his removal as chairman and subsequently as a director of the board Tata Sons was a result of oppression by the promoters who are in turn owned by Tata Trusts that owns over 68 per cent in Tata Sons. Stating that the board is accountable for governance and performance of the Tata Group as also to the minority shareholders, the letter states that despite staring at several burning issues, "Tata Sons is hiding behind the veneer of media management to present a rosy picture." Questioning the "free transfer of Tata Teleservices" to Airtel, the letter says the Tatas did not get any benefit from the deal despite transferring 40 million customers, a large swathe of liberalised spectrum and access to Tata Teles extensive fibre network, while it has immensely benefited the acquirer. Terming the deal, which led to an increase in market capitalisation of Airtel by almost Rs 30,000 crore, as a "sweetheart deal," Mistry says, "he fails to understand the logic of offering Bharti Airtel access to these assets effectively for free." It can be noted that Tata Tele has been on the downslide for years and is sitting over Rs 26,000 crore of debt which has to be cleared before the sale goes through. Mistry also asked why a successful exit from the enterprise business has not been pursued, "despite receiving a USD 1-billion offer from a former senior Tata employee backed by a private equity firm." The letter also asks the directors to satisfy themselves that transactions that Tata Motors has entered into with Jayem Auto and Ola are at 'arm's length' and 'value accretive', given that these companies have investments from Ratan Tata. He also expressed concerns on the continuing poor performance of its marque British brand JLR, whose volume "rose a mere 1.7 per cent" in FY18. Comparing the massive debt-driven expansion of Tata Steel to its doomed acquisition of Corus, which later nearly sunk the parent company, he cautioned against a potential debt burden arising from the Rs 80,000-crore capex needed for acquiring Bhushan Steel (Rs 35,000 crore), Bhushan Power & Steel (Rs 24,000 crore through the NCLT) as well as the Rs 23,000-crore expansion of Kalinganagar project. "If the commodity cycle and the uptick in steel prices are to change again, leading to a decline in prices, Tata Steel will once again stand highly exposed with serious consequences Tata Sons," warns the letter. He also held the management accountable for the deteriorating performance of Tata Steel Europe that compromised the deal with ThyssenKrupp, which was initially meant to be an equal JV but finally sealed as 45:55 JV. He has also vented his concerns over the deteriorating profit at three of the largest Tata companies, TCS, Tata Motors and Tata Power. Noting that for the first time its cash cow TCS saw a dip in profit in FY18, he warned that the management cannot pat itself on the back for the record high market capitalisation that crossed the Rs 7 trillion-mark which according to him is not because of fundamentals but due to the massive share buyback. He also came out strongly against the clean-chit given by the Tata Sons board to R Venkataramanan, its nominee on the AirAsia India board and the managing trustee of Tata Trusts, "without conducting any known independent investigation." This the letter said is "a continuing act of mismanagement and failure to carry out fiduciary duty" and termed the board decided to allow Venkataramanan, has brought reputational risks to Tata Sons and the group to continue in his position as "unprecedented" as it has "sent a terrible message to hundreds of thousands of Tata employees".

Ahead of NCLT verdict, Mistry fires fresh salvo at Tata Sons

The BSE Sensex fell 159 points after opening 122 points higher today, following selling pressure on select counters amid sustained capital outflows by foreign funds.

However, auto and IT stocks, led by Bajaj Auto, Tata Motors, Infosys and TCS, were trading higher up to 0.96 per cent.

Asian stocks were trading lower, as trade tensions between the US and its trading partners still continues to be a key concern for investors.

The 30-share index dropped 158.93 points or 0.44 per cent to 35,264.55. The gauge had gained 385.84 points in the previous session.

Similarly, the NSE Nifty fell below 10,700-mark by slipping 51.75 points or 0.48 per cent to 10,662.55.

Sectoral indices led by power, FMCG, PSU, infrastructure, capital goods and banking stocks were trading in the negative zone, falling up to 1.07 per cent.

Major losers were NTPC, Vedanta, L&T, Coal India, ITC, ONGC, Axis Bank, RIL, Bharti Airtel, ICICI Bank, HUL, Wipro, HDFC Bank and Power Grid, falling up to 3.29 per cent.

Brokers said sentiment remained weak in the absence of any positive trigger amid sustained capital outflows.

Foreign portfolio investors (FPIs) sold shares worth Rs 157.15 crore, while domestic institutional investors (DIIs) bought shares worth Rs 2,262.83 crore on Friday, as per provisional data.

In the Asian region, Japan's Nikkei fell 0.48 per cent and China's Shanghai Composite index was down 1.13 per cent, following data showing a drop in Chinese factory activity and the expected imposition of US tariffs later this week, while Hong Kong's Hang Seng markets are closed for a public holiday.

Dow Jones Industrial Average ended 0.23 per cent higher in Friday's trade.&nbsp

Asian stocks were trading lower, as trade tensions between the US and its trading partners still continues to be a key concern for investors.

The BSE Sensex fell 159 points after opening 122 points higher today, following selling pressure on select counters amid sustained capital outflows by foreign funds. However, auto and IT stocks, led by Bajaj Auto, Tata Motors, Infosys and TCS, were trading higher up to 0.96 per cent. Asian stocks were trading lower, as trade tensions between the US and its trading partners still continues to be a key concern for investors. The 30-share index dropped 158.93 points or 0.44 per cent to 35,264.55. The gauge had gained 385.84 points in the previous session. Similarly, the NSE Nifty fell below 10,700-mark by slipping 51.75 points or 0.48 per cent to 10,662.55. Sectoral indices led by power, FMCG, PSU, infrastructure, capital goods and banking stocks were trading in the negative zone, falling up to 1.07 per cent. Major losers were NTPC, Vedanta, L&T, Coal India, ITC, ONGC, Axis Bank, RIL, Bharti Airtel, ICICI Bank, HUL, Wipro, HDFC Bank and Power Grid, falling up to 3.29 per cent. Brokers said sentiment remained weak in the absence of any positive trigger amid sustained capital outflows. Foreign portfolio investors (FPIs) sold shares worth Rs 157.15 crore, while domestic institutional investors (DIIs) bought shares worth Rs 2,262.83 crore on Friday, as per provisional data. In the Asian region, Japan's Nikkei fell 0.48 per cent and China's Shanghai Composite index was down 1.13 per cent, following data showing a drop in Chinese factory activity and the expected imposition of US tariffs later this week, while Hong Kong's Hang Seng markets are closed for a public holiday. Dow Jones Industrial Average ended 0.23 per cent higher in Friday's trade.

Sensex falls 159 points in early trade

Oil prices fell by more than 1 per cent on Monday as supplies from top exporter Saudi Arabia rose and as signs of an economic slowdown in Asia dented the outlook for demand.

Brent crude oil futures were at $78.16 per barrel at 0316 GMT, down $1.07, or 1.35 per cent, from their last close.

US&nbspWest Texas Intermediate crude futures were down 94 cents, or 1.3 per cent, at $73.21 a barrel, after rising more than 8 per cent last week.

US&nbspPresident Donald Trump wrote in a tweet on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to produce more oil. The White House later walked back on the president's comments, saying the king said his country can raise oil production if needed.

Saudi Arabia's output is up by 700,000 barrels per day (bpd) from May, a Reuters survey found on Friday, and close to its 10.72 million bpd record from November 2016, more than making up for disruptions elsewhere within the Organization of the Petroleum Exporting Countries (OPEC).

Voluntary supply cuts by OPEC and some non-OPEC suppliers like Russia have tightened world oil markets since 2017, and unplanned disruptions from Canada to Venezuela and Libya along with upcoming new US&nbspsanctions against major exporter Iran have sparked concerns of supply shortfalls.

Trouble ahead

Despite the apparent supply relief from Saudi Arabia, oil markets remain tense over escalating trade disputes between the United States and other major economies including China, the European Union, India and Canada.

"Recurring salvos in the trade war and falling asset prices raise the question of how much tariffs could damage the global economy, US&nbspbank JP Morgan said in a note.

The bank said a "medium-intensity (trade) conflict would likely reduce global economic growth by at least 0.5 per cent, "before accounting for tighter financial conditions and sentiment shocks."

Asia's main economic hub around China, Japan and South Korea all reported a slowdown in export orders in June amid an escalating trade dispute with the United States.

Trump warned close US&nbspallies in an interview that aired on Sunday with a threat to sanction European companies that do business with Iran.

Oil markets are also awaiting the impact of looming US&nbspsanctions against major exporter crude Iran.

"The Trump Administration's plan for Iran sanctions is now abundantly clear. They seek to push Iranian exports of crude, condensate, and oil products to zero," energy consultancy FGE said in a note.

"Overall, 2.4-2.7 million bpd of Iranian crude/condensate is at risk by year end ... We must all be prepared for a potentially major price volatility ahead," FGE added.

Despite the apparent supply relief from Saudi Arabia, oil markets remain tense over escalating trade disputes between the United States and other major economies

Oil prices fell by more than 1 per cent on Monday as supplies from top exporter Saudi Arabia rose and as signs of an economic slowdown in Asia dented the outlook for demand. Brent crude oil futures were at $78.16 per barrel at 0316 GMT, down $1.07, or 1.35 per cent, from their last close. US&nbspWest Texas Intermediate crude futures were down 94 cents, or 1.3 per cent, at $73.21 a barrel, after rising more than 8 per cent last week. US&nbspPresident Donald Trump wrote in a tweet on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to produce more oil. The White House later walked back on the president's comments, saying the king said his country can raise oil production if needed. Saudi Arabia's output is up by 700,000 barrels per day (bpd) from May, a Reuters survey found on Friday, and close to its 10.72 million bpd record from November 2016, more than making up for disruptions elsewhere within the Organization of the Petroleum Exporting Countries (OPEC). Voluntary supply cuts by OPEC and some non-OPEC suppliers like Russia have tightened world oil markets since 2017, and unplanned disruptions from Canada to Venezuela and Libya along with upcoming new US&nbspsanctions against major exporter Iran have sparked concerns of supply shortfalls. Trouble ahead Despite the apparent supply relief from Saudi Arabia, oil markets remain tense over escalating trade disputes between the United States and other major economies including China, the European Union, India and Canada. "Recurring salvos in the trade war and falling asset prices raise the question of how much tariffs could damage the global economy, US&nbspbank JP Morgan said in a note. The bank said a "medium-intensity (trade) conflict would likely reduce global economic growth by at least 0.5 per cent, "before accounting for tighter financial conditions and sentiment shocks." Asia's main economic hub around China, Japan and South Korea all reported a slowdown in export orders in June amid an escalating trade dispute with the United States. Trump warned close US&nbspallies in an interview that aired on Sunday with a threat to sanction European companies that do business with Iran. Oil markets are also awaiting the impact of looming US&nbspsanctions against major exporter crude Iran. "The Trump Administration's plan for Iran sanctions is now abundantly clear. They seek to push Iranian exports of crude, condensate, and oil products to zero," energy consultancy FGE said in a note. "Overall, 2.4-2.7 million bpd of Iranian crude/condensate is at risk by year end ... We must all be prepared for a potentially major price volatility ahead," FGE added.

Oil falls amid rising Saudi output, Asian economic slowdown

Tata Steel Ltd will be able to nearly double its capacity in India as a deal between its British entity and Germany's ThyssenKrupp will reduce the Indian parent's debt, the chairman of the company said on Monday.

Tata Steel and ThyssenKrupp signed a deal on Saturday after months of negotiations to form Europe's second-biggest steel company in which Tata and ThyssenKrupp will have a 50:50 partnership.

"Because Europe becomes stronger, it reduces our leverage," Tata Steel Chairman N Chandrasekaran told a news conference in Brussels that was shown in India via a webcast.

"(The deal) allows Indian operations to grow and address the Indian market," he said.

Chandrasekaran and ThyssenKrupp Chief Executive Heinrich Hiesinger jointly addressed the conference.

The deal will allow Tata Steel to transfer up to 2.6 billion euros ($3 billion) of debt on its European business to the joint venture company, relieving the Indian parent from substantial interest payments, he said.

Chandrasekaran, who is also the chairman of the salt-to-software conglomerate Tata Group, said Tata Steel aims to increase its capacity in India from 13 million tonnes per annum currently to 25 million tonnes.

While he did not give a timeline at the conference in Brussels, he had said in September that Tata Steel would like to double its capacity in India in five years.

In the last few months, the third-biggest steelmaker in India has been one of the most aggressive companies in picking up distressed assets after a new bankruptcy code pushed several steel companies into debt resolution in India.

The company picked up debt-ridden Bhushan Steel Ltd for 352.33 billion rupees ($5.12 billion) in May and has been short-listed as the highest bidder for unlisted Bhushan Power and Steel Ltd.

Together, the two acquisitions would help the company to increase its market share in India while also lead to a higher debt, analysts have said.

Restructuring in Europe allows the company to focus on opportunities in India, said T V Narendran, chief executive of Tata Steel, said in Brussels.

"It will not be a company that will be sucking cash but will be generating cash," Koushik Chatterjee, executive director of Tata Steel told analysts on Saturday.

In the last few months, the third-biggest steelmaker in India has been one of the most aggressive companies in picking up distressed assets.

Tata Steel Ltd will be able to nearly double its capacity in India as a deal between its British entity and Germany's ThyssenKrupp will reduce the Indian parent's debt, the chairman of the company said on Monday. Tata Steel and ThyssenKrupp signed a deal on Saturday after months of negotiations to form Europe's second-biggest steel company in which Tata and ThyssenKrupp will have a 50:50 partnership. "Because Europe becomes stronger, it reduces our leverage," Tata Steel Chairman N Chandrasekaran told a news conference in Brussels that was shown in India via a webcast. "(The deal) allows Indian operations to grow and address the Indian market," he said. Chandrasekaran and ThyssenKrupp Chief Executive Heinrich Hiesinger jointly addressed the conference. The deal will allow Tata Steel to transfer up to 2.6 billion euros ($3 billion) of debt on its European business to the joint venture company, relieving the Indian parent from substantial interest payments, he said. Chandrasekaran, who is also the chairman of the salt-to-software conglomerate Tata Group, said Tata Steel aims to increase its capacity in India from 13 million tonnes per annum currently to 25 million tonnes. While he did not give a timeline at the conference in Brussels, he had said in September that Tata Steel would like to double its capacity in India in five years. In the last few months, the third-biggest steelmaker in India has been one of the most aggressive companies in picking up distressed assets after a new bankruptcy code pushed several steel companies into debt resolution in India. The company picked up debt-ridden Bhushan Steel Ltd for 352.33 billion rupees ($5.12 billion) in May and has been short-listed as the highest bidder for unlisted Bhushan Power and Steel Ltd. Together, the two acquisitions would help the company to increase its market share in India while also lead to a higher debt, analysts have said. Restructuring in Europe allows the company to focus on opportunities in India, said T V Narendran, chief executive of Tata Steel, said in Brussels. "It will not be a company that will be sucking cash but will be generating cash," Koushik Chatterjee, executive director of Tata Steel told analysts on Saturday.

Tata Steel chairman says to help nearly double Indian capacity after ThyssenKrupp deal

European automaker Skoda plans to produce a new mid-sized sport utility vehicle in India, it said on Monday, as part of a 1-billion-euro ($1.16 billion) investment by its parent Volkswagen to revive sales in one of the world's fastest growing automobile markets.

Volkswagen also plans to expand its manufacturing unit at Aurangabad in western India and set up a new engineering center to help raise its market share to 5 per cent by 2025.

Skoda's expansion comes as its Wolfsburg, Germany-based parent embarks on a decentralisation drive aimed at handing responsibility for managing different global regions to its various brands.

Skoda's vehicle sales in India rose 30 per cent in 2017, powered by demand for Skoda Rapid cars as well as Kodiaq SUVs.

VW, however, has lagged rivals including Ford and Toyota in India despite growing sales marginally last fiscal year.

"This year's sales figures show that customers are very excited about our models ... It is also true, however, that the Volkswagen group has struggled in recent years to achieve its growth targets in India," Skoda Chief Executive Bernhard Maier told reporters.

Its new cars will use an Indian version of Volkswagen's MQB A0 vehicle platform, which will adhere to stricter emission and safety standards that are expected to come into force in 2020.

Some 90 percent of each new Skoda vehicle will be produced locally, Maier said, adding that the Czech brand will also explore the possibility of exporting Indian-made cars.

"We think VW group may focus on technology and electric cars and try to hold on to their market share in developed markets, while Skoda may become the front runner for mass products in emerging markets," said Puneet Gupta, associate director of automotive forecasting at research firm IHS Markit.

Though Skoda and India's Tata Motors scrapped a proposed partnership last August to develop cars for emerging markets, the company remains open to tie-ups, Maier said. Skoda is not currently in talks with other parties, he added.

Volkswagen also plans to expand its manufacturing unit at Aurangabad in western India and set up a new engineering center to help raise its market share to 5 per cent by 2025

European automaker Skoda plans to produce a new mid-sized sport utility vehicle in India, it said on Monday, as part of a 1-billion-euro ($1.16 billion) investment by its parent Volkswagen to revive sales in one of the world's fastest growing automobile markets. Volkswagen also plans to expand its manufacturing unit at Aurangabad in western India and set up a new engineering center to help raise its market share to 5 per cent by 2025. Skoda's expansion comes as its Wolfsburg, Germany-based parent embarks on a decentralisation drive aimed at handing responsibility for managing different global regions to its various brands. Skoda's vehicle sales in India rose 30 per cent in 2017, powered by demand for Skoda Rapid cars as well as Kodiaq SUVs. VW, however, has lagged rivals including Ford and Toyota in India despite growing sales marginally last fiscal year. "This year's sales figures show that customers are very excited about our models ... It is also true, however, that the Volkswagen group has struggled in recent years to achieve its growth targets in India," Skoda Chief Executive Bernhard Maier told reporters. Its new cars will use an Indian version of Volkswagen's MQB A0 vehicle platform, which will adhere to stricter emission and safety standards that are expected to come into force in 2020. Some 90 percent of each new Skoda vehicle will be produced locally, Maier said, adding that the Czech brand will also explore the possibility of exporting Indian-made cars. "We think VW group may focus on technology and electric cars and try to hold on to their market share in developed markets, while Skoda may become the front runner for mass products in emerging markets," said Puneet Gupta, associate director of automotive forecasting at research firm IHS Markit. Though Skoda and India's Tata Motors scrapped a proposed partnership last August to develop cars for emerging markets, the company remains open to tie-ups, Maier said. Skoda is not currently in talks with other parties, he added.

Volkswagen's Skoda to invest $1.2 billion to revive India sales

Major US&nbspstock indexes opened about half a percent lower on Monday, starting the second half of 2018 on a grim note due to mounting worries of a tariff war between the United States and its trading partners.

The Dow Jones Industrial Average fell 109.88 points, or 0.45 per cent, at the open to 24,161.53. The S&P 500 opened lower by 13.42 points, or 0.49 percent, at 2,704.95. The Nasdaq Composite dropped 58.41 points, or 0.78 percent, to 7,451.90 at the opening bell.

The Dow Jones Industrial Average fell 109.88 points, or 0.45 per cent, at the open to 24,161.53. The S&P 500 opened lower by 13.42 points, or 0.49 percent, at 2,704.95

Major US&nbspstock indexes opened about half a percent lower on Monday, starting the second half of 2018 on a grim note due to mounting worries of a tariff war between the United States and its trading partners. The Dow Jones Industrial Average fell 109.88 points, or 0.45 per cent, at the open to 24,161.53. The S&P 500 opened lower by 13.42 points, or 0.49 percent, at 2,704.95. The Nasdaq Composite dropped 58.41 points, or 0.78 percent, to 7,451.90 at the opening bell.

Wall Street opens lower as tariff worries weigh

Smartphone maker HTC plans to slash around a quarter of its global workforce through job cuts at its manufacturing unit in Taiwan, in a bid to better manage resources as the company continues to battle dwindling sales.

The job cuts indicate fresh hiccups for the struggling Taiwanese mobile phone maker that once sold one in 10 smartphones globally, but has seen its market share decline amid mounting competition from Apple, Samsung Electronics Co&nbspand Chinese rivals.

HTC said it would cut 1,500 jobs in its manufacturing unit in Taiwan. This represents about a quarter of the 6,450 staff it employed globally as of June, data from the company shows.

"Today HTC announces plan to optimize the manufacturing organizations in Taiwan ... This plan will allow more effective and flexible resource management going forward," HTC said.

The layoffs will be completed by the end of September. The move is also part of a broader plan that brings HTC's smartphone and VR businesses under common leadership in each region.

This follows a $1.1 billion deal late last year under which HTC shifted around 2,000 staff, mainly handset engineers, to Alphabet's Google, casting doubts over the Taiwanese firm's longer-term future.

HTC's scaling down comes amid a decline in its revenues and sales. The company reported a 55.5 percent plunge in April revenues year-on-year and a 46.7 percent slide in March sales.

This follows a $1.1 billion deal late last year under which HTC shifted around 2,000 staff, mainly handset engineers, to Alphabet's Google, casting doubts over the Taiwanese firm's longer-term future.

Smartphone maker HTC plans to slash around a quarter of its global workforce through job cuts at its manufacturing unit in Taiwan, in a bid to better manage resources as the company continues to battle dwindling sales. The job cuts indicate fresh hiccups for the struggling Taiwanese mobile phone maker that once sold one in 10 smartphones globally, but has seen its market share decline amid mounting competition from Apple, Samsung Electronics Co&nbspand Chinese rivals. HTC said it would cut 1,500 jobs in its manufacturing unit in Taiwan. This represents about a quarter of the 6,450 staff it employed globally as of June, data from the company shows. "Today HTC announces plan to optimize the manufacturing organizations in Taiwan ... This plan will allow more effective and flexible resource management going forward," HTC said. The layoffs will be completed by the end of September. The move is also part of a broader plan that brings HTC's smartphone and VR businesses under common leadership in each region. This follows a $1.1 billion deal late last year under which HTC shifted around 2,000 staff, mainly handset engineers, to Alphabet's Google, casting doubts over the Taiwanese firm's longer-term future. HTC's scaling down comes amid a decline in its revenues and sales. The company reported a 55.5 percent plunge in April revenues year-on-year and a 46.7 percent slide in March sales.

Struggling smartphone maker HTC to slash 1,500 jobs in Taiwan

Honda Cars India (HCIL) today reported a 37.5 per cent increase in its domestic sales to 17,602 units in June on account of strong sales of all new Amaze.

The company had sold 12,804 units in the domestic market in June 2017, HCIL said in a statement.

"The recently launched all-new Amaze which has been receiving an overwhelming customers' response sold a remarkable 9,103 units in June'18, strongly contributing to company's growth last month," HCIL said adding that HCIL has received over 26,000 bookings of the all-new Amaze since its launch.

HCIL also exported 486 units during the month.

"The response to All New Amaze has been excellent, giving a boost to our June sales performance. We are thankful to our customers for this response and continue to maximise Amaze production to meet the strong demand.

"Early arrival of monsoon across India with prospects of abundant rains, should help rural wealth and spending, bringing cheer to the auto industry over the next few months," Rajesh Goel, SVP and Director, Marketing and Sales, HCIL, said.

Honda Cars India (HCIL) today reported a 37.5 per cent increase in its domestic sales to 17,602 units in June on account of strong sales of all new Amaze. The company had sold 12,804 units in the domestic market in June 2017, HCIL said in a statement. "The recently launched all-new Amaze which has been receiving an overwhelming customers' response sold a remarkable 9,103 units in June'18, strongly contributing to company's growth last month," HCIL said adding that HCIL has received over 26,000 bookings of the all-new Amaze since its launch. HCIL also exported 486 units during the month. "The response to All New Amaze has been excellent, giving a boost to our June sales performance. We are thankful to our customers for this response and continue to maximise Amaze production to meet the strong demand. "Early arrival of monsoon across India with prospects of abundant rains, should help rural wealth and spending, bringing cheer to the auto industry over the next few months," Rajesh Goel, SVP and Director, Marketing and Sales, HCIL, said.

Honda Cars India posts 37.5% rise in domestic sales

Shares ended lower on Monday, dragged down by profit-booking in market heavyweights, as sentiment across the globe slid on political developments and factory surveys.

The benchmark BSE Sensex closed down 0.45 per cent at 35,264.41.

The broader NSE Nifty ended 0.53 per cent lower at 10,657.30.

HDFC Bank Ltd was the top drag on the NSE index, ending down 1.7 per cent.

Sensex falling about 315 points to 35,108.91 today on weak global cues amid US-China trade tensions.

Shares ended lower on Monday, dragged down by profit-booking in market heavyweights, as sentiment across the globe slid on political developments and factory surveys. The benchmark BSE Sensex closed down 0.45 per cent at 35,264.41. The broader NSE Nifty ended 0.53 per cent lower at 10,657.30. HDFC Bank Ltd was the top drag on the NSE index, ending down 1.7 per cent.

Sensex ends lower; financials, energy stocks drag

The introduction of the Goods and Service Tax (GST) completed one year on Sunday.

The initiative, aimed at bringing all taxes into a single window along the lines of the 'One Nation-One Tax-One Market' goal, was implemented on July 1 last year.

Overall, the GST regime had a positive impact on overall businesses, however, more has to be done to simplify the rate structure.&nbsp;

 
Businesses give thumbs up to GST regime

According to a CII report on the transition to the Goods and Services Tax, its implementation led to increased efficiency for businesses by reducing their transportation time, on account of the absence of state barriers. The survey was based on the responses from over 200 businesses.

CII Director General Chandrajit Banerjee said filing of returns and payment of tax is much easier and simpler under the new regime, as also the maintenance of records.

According to Deloitte India's annual CFO Survey, 77 per cent CFOs believe that GST has had a positive impact on the overall business.&nbsp;

The GST impact reflected better on revenue and supply chain, and 58 per cent CFOs saw an improvement in ease of doing business, the survey added.

According to experts, the sectors which suffered a setback due to GST implementation are also showing some signs of recovery, owing to progressive government policies.

Even when the property rates haven't come down, developers feel that GST has brought in transparency and accountability in the realty sector. A recent survey by realty consultant JLL has claimed that GST will result in a 20 per cent CAGR growth in the Indian warehousing sector between 2018 and 2020.

Government focus on simplifying the tax structure

In the first year of GST in 2017-18, the government earned Rs 7.41 lakh crore from the tax since its rollout in July. The average monthly collection was Rs 89,885 crore. In the current fiscal, the collections in April touched a record Rs 1.03 lakh crore, followed by Rs 94,016 crore in May and Rs 95,610 crore in June.

Finance minister Arun Jaitley said that the best of GST - in terms of the impact of new tax regime on the GDP growth, ease of doing business, expansion of trade and industry, Make in India initiative and promoting honest business practices was yet to come.

Government is now focussing on further simplifying and rationalising the rate structure and bringing more products into the GST.

Moreover, Finance Ministry would soon set up a system where businesses can discuss their problems relating to GST with revenue officials every month.

Union Minister Piyush Goyal said that a telephone helpline number will also be started soon, where consumers can report against those traders who evade tax by not issuing purchase bill.

Meanwhile, the GST has been criticised time and again by the Opposition for its impact on small traders and Small and Medium Enterprises (SMEs). Congress President Rahul Gandhi has been demanding implementation of one GST across the country.

However, the government has outrightly rejected the idea saying, a uniform 18 per cent rate would lead to a spike in food and essential items' taxation.

GST has made India a more tax-compliant society. Government to a great extent has been successful in addressing the issues, which arose during the implementation of GST, in real time. Finance ministry further hopes to bring GST revenue to the level of Rs 1 lakh crore every month.

Also, as the tax collection from GST goes up, the four-slab rate structure will be rationalised further. Moreover, the new structure will also help increase the tax to GDP ration in the coming years. 
&nbsp;

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

&nbsp;

As the tax collection from GST goes up, the four-slab rate structure will be rationalised further.

The introduction of the Goods and Service Tax (GST) completed one year on Sunday. The initiative, aimed at bringing all taxes into a single window along the lines of the 'One Nation-One Tax-One Market' goal, was implemented on July 1 last year. Overall, the GST regime had a positive impact on overall businesses, however, more has to be done to simplify the rate structure. Businesses give thumbs up to GST regime According to a CII report on the transition to the Goods and Services Tax, its implementation led to increased efficiency for businesses by reducing their transportation time, on account of the absence of state barriers. The survey was based on the responses from over 200 businesses. CII Director General Chandrajit Banerjee said filing of returns and payment of tax is much easier and simpler under the new regime, as also the maintenance of records. According to Deloitte India's annual CFO Survey, 77 per cent CFOs believe that GST has had a positive impact on the overall business. The GST impact reflected better on revenue and supply chain, and 58 per cent CFOs saw an improvement in ease of doing business, the survey added. According to experts, the sectors which suffered a setback due to GST implementation are also showing some signs of recovery, owing to progressive government policies. Even when the property rates haven't come down, developers feel that GST has brought in transparency and accountability in the realty sector. A recent survey by realty consultant JLL has claimed that GST will result in a 20 per cent CAGR growth in the Indian warehousing sector between 2018 and 2020. Government focus on simplifying the tax structure In the first year of GST in 2017-18, the government earned Rs 7.41 lakh crore from the tax since its rollout in July. The average monthly collection was Rs 89,885 crore. In the current fiscal, the collections in April touched a record Rs 1.03 lakh crore, followed by Rs 94,016 crore in May and Rs 95,610 crore in June. Finance minister Arun Jaitley said that the best of GST - in terms of the impact of new tax regime on the GDP growth, ease of doing business, expansion of trade and industry, Make in India initiative and promoting honest business practices was yet to come. Government is now focussing on further simplifying and rationalising the rate structure and bringing more products into the GST. Moreover, Finance Ministry would soon set up a system where businesses can discuss their problems relating to GST with revenue officials every month. Union Minister Piyush Goyal said that a telephone helpline number will also be started soon, where consumers can report against those traders who evade tax by not issuing purchase bill. Meanwhile, the GST has been criticised time and again by the Opposition for its impact on small traders and Small and Medium Enterprises (SMEs). Congress President Rahul Gandhi has been demanding implementation of one GST across the country. However, the government has outrightly rejected the idea saying, a uniform 18 per cent rate would lead to a spike in food and essential items' taxation. GST has made India a more tax-compliant society. Government to a great extent has been successful in addressing the issues, which arose during the implementation of GST, in real time. Finance ministry further hopes to bring GST revenue to the level of Rs 1 lakh crore every month. Also, as the tax collection from GST goes up, the four-slab rate structure will be rationalised further. Moreover, the new structure will also help increase the tax to GDP ration in the coming years. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: GST has made India a more tax-compliant society

A power ministers' conference in Shimla on Tuesday would deliberate on infrastructure development programmes like 100 per cent household electrification, a shift to prepaid metres in next three years, and deployment of charging network for e-vehicles, an official source said.

Besides, the state power ministers' meet chaired by the Union Power, and New and Renewable Energy Minister would focus on new emerging technologies in the renewable energy sector like floating solar, wind solar hybrid, offshore wind and storage.

An official source said that the centre's focus is on the Rs 16,320 crore Pradhan Mantri Sahaj Bijli Har Ghar Yojana Saubhagya' scheme that aims to provide electrical connections to all willing households across both urban and rural areas in the country after it has achieved 100 per cent village electrification.

The scheme provides for energising 40 million households by March next year. But the government is keen to complete the task by December end this year. According to the scheme portal, 7.8 million households have already been energised so far under the programme.

The ministers would also deliberate on schemes, including Integrated Power Development Scheme projects including IT enablement Phase II and UDAY scheme for revival of debt-laden discoms and its ambitious goal of providing 24X7 Power for All from April 1, 2019.

They would also take up reforms agenda and discuss the proposed draft amendments in the provision of Captive Generating Plant in Electricity Rules, 2005 and flexibility in utilisation of coal-case 4 to tide over the coal crisis.

There will also be deliberations on shifting hydropower projects from base station operation mode to peak load operation mode, Energy Conservation.

They will also review progress on adoption of Energy Conservation Building Code (ECBC) by the states and the UTs.

The will also think about the establishment of standalone SDA (state-designated agency) for effective implementation of Energy Conservation and Energy Efficiency Programmes.

The meet would also discuss the compliance of RPO (renewable purchase obligation) targets and alignment of RPO trajectory as per trajectory by States/UTs.

Under the solar rooftop program, the issues of non-implementation of net metering/ rooftop policy by the States/UTs and solar rooftop power plants on Government buildings would also be discussed.

According to the scheme portal, 7.8 million households have already been energised so far under the programme.

A power ministers' conference in Shimla on Tuesday would deliberate on infrastructure development programmes like 100 per cent household electrification, a shift to prepaid metres in next three years, and deployment of charging network for e-vehicles, an official source said. Besides, the state power ministers' meet chaired by the Union Power, and New and Renewable Energy Minister would focus on new emerging technologies in the renewable energy sector like floating solar, wind solar hybrid, offshore wind and storage. An official source said that the centre's focus is on the Rs 16,320 crore Pradhan Mantri Sahaj Bijli Har Ghar Yojana Saubhagya' scheme that aims to provide electrical connections to all willing households across both urban and rural areas in the country after it has achieved 100 per cent village electrification. The scheme provides for energising 40 million households by March next year. But the government is keen to complete the task by December end this year. According to the scheme portal, 7.8 million households have already been energised so far under the programme. The ministers would also deliberate on schemes, including Integrated Power Development Scheme projects including IT enablement Phase II and UDAY scheme for revival of debt-laden discoms and its ambitious goal of providing 24X7 Power for All from April 1, 2019. They would also take up reforms agenda and discuss the proposed draft amendments in the provision of Captive Generating Plant in Electricity Rules, 2005 and flexibility in utilisation of coal-case 4 to tide over the coal crisis. There will also be deliberations on shifting hydropower projects from base station operation mode to peak load operation mode, Energy Conservation. They will also review progress on adoption of Energy Conservation Building Code (ECBC) by the states and the UTs. The will also think about the establishment of standalone SDA (state-designated agency) for effective implementation of Energy Conservation and Energy Efficiency Programmes. The meet would also discuss the compliance of RPO (renewable purchase obligation) targets and alignment of RPO trajectory as per trajectory by States/UTs. Under the solar rooftop program, the issues of non-implementation of net metering/ rooftop policy by the States/UTs and solar rooftop power plants on Government buildings would also be discussed.

Power ministers meet this week to discuss e-vehicle charging, prepaid metres

Petrol and diesel, when brought under GST, will involve a peak tax rate of 28 per cent plus states getting to levy some tax, keeping the retail rates at almost the same level as they are currently, Bihar Deputy Chief Minister Sushil Kumar Modi said on Friday.

Modi, however, said it will take some time for states to get around to including petrol and diesel in the GST and the Council will take a final call on the timing.

"If petrol, diesel is to be brought into GST, then states will be allowed the levy taxes on top of 28 per cent to prop up revenue. It will take some time to include petrol, diesel in GST as the states have divergent views,? Modi said at a PHD Chamber event in Delhi.

"If petro products are brought into GST, then there will be minor impact on the incidence of tax... And minor impact on prices. The price of petrol, diesel will continue to be driven by global factors,"&nbsp;Modi said.

He said 45-50 per cent of tax revenues of states come from petrol and diesel.

Modi said petrol, diesel would not be included in the GST in the coming few months and focus would now be on new return filing system.

The peak GST rate plus VAT will be equal to the present tax incidence, which is made up of excise duty, levied by the central government, and VAT charged by the states.

The Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel. Mumbai has the highest VAT of 39.12 per cent on petrol while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.

The total tax incidence on petrol comes to 45-50 per cent and on diesel, it is 35-40 per cent.

Under GST, the total incidence of taxation on a particular good or a service has been kept at the same level as the sum total of central and state levies existing pre-July 1, 2017. This was done by fitting them into one of the four GST tax slabs of 5, 12, 18 and 28 per cent.

For petrol and diesel, the total incidence of present taxation is already beyond the peak rate and if the tax rate was to be kept at just 28 per cent it would result in a big loss of revenue to both centre and states.

After hitting all-time high of Rs 78.43 a litre for petrol and Rs 69.31 for diesel on May 29, rates have fallen during the subsequent days on softening in international oil prices. Petrol costs Rs 75.55 a litre and diesel Rs 67.38 in Delhi on Friday.

The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

This led to its excise collections from petro goods more than doubling in last four years - from Rs 99,184 crore in 2014-15 to Rs 229,019 crore in 2017-18. States saw their VAT revenue from petro goods rise from Rs 137,157 crore in 2014-15 to Rs 184,091 crore in 2017-18.

GST subsumed more than a dozen central and state levies like excise duty, service tax and VAT when it was implemented from July 1, 2017.

However, its implementation on five petro products - petrol, diesel, natural gas, crude oil and ATF was deferred. This resulted in the industry losing on revenue as they were not able to offset GST tax they paid on input from those paid on the sale of products like petrol, diesel and ATF.&nbsp;

Modi, however, said it will take some time for states to get around to including petrol and diesel in the GST and the Council will take a final call on the timing

Petrol and diesel, when brought under GST, will involve a peak tax rate of 28 per cent plus states getting to levy some tax, keeping the retail rates at almost the same level as they are currently, Bihar Deputy Chief Minister Sushil Kumar Modi said on Friday. Modi, however, said it will take some time for states to get around to including petrol and diesel in the GST and the Council will take a final call on the timing. "If petrol, diesel is to be brought into GST, then states will be allowed the levy taxes on top of 28 per cent to prop up revenue. It will take some time to include petrol, diesel in GST as the states have divergent views,? Modi said at a PHD Chamber event in Delhi. "If petro products are brought into GST, then there will be minor impact on the incidence of tax... And minor impact on prices. The price of petrol, diesel will continue to be driven by global factors," Modi said. He said 45-50 per cent of tax revenues of states come from petrol and diesel. Modi said petrol, diesel would not be included in the GST in the coming few months and focus would now be on new return filing system. The peak GST rate plus VAT will be equal to the present tax incidence, which is made up of excise duty, levied by the central government, and VAT charged by the states. The Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel. Mumbai has the highest VAT of 39.12 per cent on petrol while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel. The total tax incidence on petrol comes to 45-50 per cent and on diesel, it is 35-40 per cent. Under GST, the total incidence of taxation on a particular good or a service has been kept at the same level as the sum total of central and state levies existing pre-July 1, 2017. This was done by fitting them into one of the four GST tax slabs of 5, 12, 18 and 28 per cent. For petrol and diesel, the total incidence of present taxation is already beyond the peak rate and if the tax rate was to be kept at just 28 per cent it would result in a big loss of revenue to both centre and states. After hitting all-time high of Rs 78.43 a litre for petrol and Rs 69.31 for diesel on May 29, rates have fallen during the subsequent days on softening in international oil prices. Petrol costs Rs 75.55 a litre and diesel Rs 67.38 in Delhi on Friday. The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre. This led to its excise collections from petro goods more than doubling in last four years - from Rs 99,184 crore in 2014-15 to Rs 229,019 crore in 2017-18. States saw their VAT revenue from petro goods rise from Rs 137,157 crore in 2014-15 to Rs 184,091 crore in 2017-18. GST subsumed more than a dozen central and state levies like excise duty, service tax and VAT when it was implemented from July 1, 2017. However, its implementation on five petro products - petrol, diesel, natural gas, crude oil and ATF was deferred. This resulted in the industry losing on revenue as they were not able to offset GST tax they paid on input from those paid on the sale of products like petrol, diesel and ATF.

States will get to levy additional taxes on top of 28% GST on petrol, diesel: Sushil Modi

Growth in China's manufacturing sector slowed in June after a better-than-expected performance in May, official data showed, as escalating trade tensions with the United States fuel concerns about a slowdown in the world's second-biggest economy.

China's economy has already felt the pinch from a multi-year crackdown on riskier lending that has driven up corporate borrowing costs, promoting the central bank to pump out more cash by cutting reserve requirements for lenders.

The official Purchasing Managers' Index (PMI) released on Saturday fell to 51.5 in June, below analysts' forecast of 51.6 and down from 51.9 in May, but it remained well above the 50-point mark that separates growth from contraction for a 23rd straight month.

The findings are in line with recent data including credit growth, investment and retail sales pointing to slowing growth in China's economy, as policymakers navigate debt risks and a heated trade row with the United States.

Significantly, the June new export orders index contracted for the first time since February, dropping to 49.8 from 51.2 in May.

A production sub-index fell to 53.6 in June from 54.1 in May, while a new orders sub-index declined to 53.2 from 53.8.

The PMI for large-sized firms fell to 52.9 in June from 53.1 in May, the index for medium-sized firms dipped to 49.9 from 51.0 while that for small firms rose to 49.8 from 49.6.

Pressures on demand

"Domestic demand is weakening and external demand faces pressure from escalating trade frictions between China and the United States," said Wen Bin, senior economist at Minsheng Bank in Beijing.

Wen said he expected the central bank to continue to lower banks' reserve requirement ratios (RRR) in the coming months to help ward off a sharper economic slowdown.

The central bank said on June 24 it would cut the RRR by 50 basis points for some banks to accelerate the pace of debt-for-equity swaps and spur lending to smaller firms.

After May's official factory PMI touched an eight-month high, there have been increasing signs that China's economy is finally slowing.

Credit growth has slowed this year as the government cracks down on many types of lending, and the tighter liquidity environment appears to be impacting growth.

On July 16, the government is due to release data on second-quarter growth in gross domestic product (GDP) and other key indicators.

Analysts at ANZ forecast second-quarter growth of 6.7 percent, from 6.8 percent in the first quarter.

In May, industrial output, retail sales and fixed asset investment all missed expectations as auto sales dropped, and local governments scaled back building projects amid scrutiny from Beijing over their borrowings.

While the economy could likely handle these domestic challenges without growth slowing dramatically, the trade dispute with the U.S. is adding to uncertainty about how China's economy will react.

As U.S. President Donald Trump has ratcheted up the pressure on China with threats of new tariffs and investment restrictions, China's stock markets and currency suffered one of their worst months in years in June.

June market losses

After a sustained sell-off, China's yuan and stock markets recovered some ground on Friday, yet investors were grappling with some of their worst losses in years as a bitter Sino-U.S. trade row threatened to rattle the country.

The United States has threatened to impose duties on up to $450 billion of Chinese imports, with the first $34 billion portion set to go into effect on July 6.

China's exports have held up relatively well so far this year, with May shipments rising 12.6 percent in dollar terms.

But the contraction in new export orders in June could indicate tougher times ahead for exports.

A sister survey showed growth in China's service sector picked up slightly in June, with the official non-manufacturing Purchasing Managers' Index (PMI) rising to 55.0 from 54.9 the previous month.

A sub-reading for construction activity, a major driver of growth in 2017, stood at 60.7 in June, up from 60.1 in May.

Chinese policymakers are counting on growth in services and consumption to rebalance their economic growth model from its heavy reliance on investment and exports. The services sector now accounts for more than half of the economy, with rising wages giving Chinese consumers more spending clout.

The composite PMI covering both manufacturing and services activity slipped to 54.4 in June, from May's 54.6.

China's economy has already felt the pinch from a multi-year crackdown on riskier lending that has driven up corporate borrowing costs, promoting the central bank to pump out more cash by cutting reserve requirements for lenders.

Growth in China's manufacturing sector slowed in June after a better-than-expected performance in May, official data showed, as escalating trade tensions with the United States fuel concerns about a slowdown in the world's second-biggest economy. China's economy has already felt the pinch from a multi-year crackdown on riskier lending that has driven up corporate borrowing costs, promoting the central bank to pump out more cash by cutting reserve requirements for lenders. The official Purchasing Managers' Index (PMI) released on Saturday fell to 51.5 in June, below analysts' forecast of 51.6 and down from 51.9 in May, but it remained well above the 50-point mark that separates growth from contraction for a 23rd straight month. The findings are in line with recent data including credit growth, investment and retail sales pointing to slowing growth in China's economy, as policymakers navigate debt risks and a heated trade row with the United States. Significantly, the June new export orders index contracted for the first time since February, dropping to 49.8 from 51.2 in May. A production sub-index fell to 53.6 in June from 54.1 in May, while a new orders sub-index declined to 53.2 from 53.8. The PMI for large-sized firms fell to 52.9 in June from 53.1 in May, the index for medium-sized firms dipped to 49.9 from 51.0 while that for small firms rose to 49.8 from 49.6. Pressures on demand "Domestic demand is weakening and external demand faces pressure from escalating trade frictions between China and the United States," said Wen Bin, senior economist at Minsheng Bank in Beijing. Wen said he expected the central bank to continue to lower banks' reserve requirement ratios (RRR) in the coming months to help ward off a sharper economic slowdown. The central bank said on June 24 it would cut the RRR by 50 basis points for some banks to accelerate the pace of debt-for-equity swaps and spur lending to smaller firms. After May's official factory PMI touched an eight-month high, there have been increasing signs that China's economy is finally slowing. Credit growth has slowed this year as the government cracks down on many types of lending, and the tighter liquidity environment appears to be impacting growth. On July 16, the government is due to release data on second-quarter growth in gross domestic product (GDP) and other key indicators. Analysts at ANZ forecast second-quarter growth of 6.7 percent, from 6.8 percent in the first quarter. In May, industrial output, retail sales and fixed asset investment all missed expectations as auto sales dropped, and local governments scaled back building projects amid scrutiny from Beijing over their borrowings. While the economy could likely handle these domestic challenges without growth slowing dramatically, the trade dispute with the U.S. is adding to uncertainty about how China's economy will react. As U.S. President Donald Trump has ratcheted up the pressure on China with threats of new tariffs and investment restrictions, China's stock markets and currency suffered one of their worst months in years in June. June market losses After a sustained sell-off, China's yuan and stock markets recovered some ground on Friday, yet investors were grappling with some of their worst losses in years as a bitter Sino-U.S. trade row threatened to rattle the country. The United States has threatened to impose duties on up to $450 billion of Chinese imports, with the first $34 billion portion set to go into effect on July 6. China's exports have held up relatively well so far this year, with May shipments rising 12.6 percent in dollar terms. But the contraction in new export orders in June could indicate tougher times ahead for exports. A sister survey showed growth in China's service sector picked up slightly in June, with the official non-manufacturing Purchasing Managers' Index (PMI) rising to 55.0 from 54.9 the previous month. A sub-reading for construction activity, a major driver of growth in 2017, stood at 60.7 in June, up from 60.1 in May. Chinese policymakers are counting on growth in services and consumption to rebalance their economic growth model from its heavy reliance on investment and exports. The services sector now accounts for more than half of the economy, with rising wages giving Chinese consumers more spending clout. The composite PMI covering both manufacturing and services activity slipped to 54.4 in June, from May's 54.6.

China factory growth slows in June as trade tensions rise

Subsidised cooking gas price was hiked by Rs 2.71 per cylinder today as a result of tax impact of base price rising due to spurt in international rates and fall in rupee.

Subsidised LPG with effect from midnight tonight will cost Rs 493.55 in Delhi, a statement issued by Indian Oil Corp (IOC) said.

Oil firms revise LPG price on 1st of every month based on average benchmark rate and foreign exchange rate in the previous month.

"The increase is mainly on account of GST on the revised price of Domestic Non-Subsidised LPG," the statement said.

As a result of higher global rates, the price of Non-Subsidized LPG at Delhi will increase by Rs 55.50 per cylinder.

"The balance Rs.52.79 (Rs.55.50 minus Rs.2.71) is being compensated to the customer by an increase in subsidy transfer to their bank account.&nbsp 
Accordingly, the subsidy transfer in customer's bank account has been increased to Rs 257.74 per cylinder in July 2018 as against Rs 204.95 per cylinder in June 2018. Thus the domestic LPG customer is protected against the increase in international prices of LPG," the statement said.

Consumers buy non-subsidised or market price LPG after exhausting their quota of 12 subsidised cylinders of 14.2-kg each.

Oil firms revise LPG price on 1st of every month based on average benchmark rate and foreign exchange rate in the previous month.

Subsidised cooking gas price was hiked by Rs 2.71 per cylinder today as a result of tax impact of base price rising due to spurt in international rates and fall in rupee. Subsidised LPG with effect from midnight tonight will cost Rs 493.55 in Delhi, a statement issued by Indian Oil Corp (IOC) said. Oil firms revise LPG price on 1st of every month based on average benchmark rate and foreign exchange rate in the previous month. "The increase is mainly on account of GST on the revised price of Domestic Non-Subsidised LPG," the statement said. As a result of higher global rates, the price of Non-Subsidized LPG at Delhi will increase by Rs 55.50 per cylinder. "The balance Rs.52.79 (Rs.55.50 minus Rs.2.71) is being compensated to the customer by an increase in subsidy transfer to their bank account. Accordingly, the subsidy transfer in customer's bank account has been increased to Rs 257.74 per cylinder in July 2018 as against Rs 204.95 per cylinder in June 2018. Thus the domestic LPG customer is protected against the increase in international prices of LPG," the statement said. Consumers buy non-subsidised or market price LPG after exhausting their quota of 12 subsidised cylinders of 14.2-kg each.

LPG price hiked by Rs 2.71 per cylinder

Multinational companies like Amazon and H&M are lobbying to soften a ban against single-use plastic imposed by Maharashtra last week, according to four sources familiar with the matter.

The ban could sharply raise costs for companies that rely heavily on plastic for packaging, such as retailers, beverage makers and sellers of bottled water.

Maharashtra’s move, the first such broad action against plastic by an Indian state, comes as Prime Minister Narendra Modi pushes a plan to completely end the use of single-use plastic in India by 2022.

Plastic packaging accounts for nearly half of all plastic waste globally, and much of it is thrown away within just a few minutes of its first use, according to the United Nations.

Representatives of companies including Amazon, H&M, Pepsi and Coca-Cola as well as plastic industry bodies and lobby groups, met with Maharashtra government officials days before the ban came into effect on June 23, urging them to implement the rule in phases and relax some norms, said the four sources who declined to be named.

“Our demand to the government is: give the industry seven years to come up with alternatives,” said Neemit Punamiya, general secretary of the Plastic Bags Manufacturers Association of India, who attended the meeting. “It cannot happen overnight - we’ve got investments, we’ve got loans to pay and people to manage.”

The Federation of Indian Chambers of Commerce and Industry (FICCI), whose members include online retailers such as Amazon India and Flipkart, said in a June 7 letter to the state government that such a ban “will not be without its own share of adverse environmental impacts which are largely driven by issues associated with the use of alternatives”.

The Internet and Mobile Association of India, which also counts Amazon and Flipkart as members, said it had asked the state to ease the rules but did not specify what relaxation it was seeking.

Beverage makers such as Pepsi and Coca-Cola, meanwhile, want an exemption from the rules as they mandate a buyback of empty bottles at a guaranteed price, which will raise costs, another source familiar with the talks said.

Amazon, Flipkart, Pepsi and Coca-Cola did not respond to requests for comment. H&M said in a statement that it supported reusing and recycling, adding that the company had asked the government to clarify the rules and for help coming up with solutions.

Maharashtra’s environment minister said Wednesday that the government would relax rules for neighborhood grocery stores allowing them to pack commodities such as rice and pulses in plastic. They would, however, have to ensure buyers return the packaging for recycling.

A senior state official told Reuters the government could moderate some aspects of the rule for online retailers as well or give them more time to comply. Another official confirmed that issues raised by the industry was being looked into.

Both officials declined to be named as the talks are not public.

ENFORCING COMPLIANCE

Maharashtra’s plastic ban includes bags, food containers, spoons, forks, glasses and packaging wraps - which the local plastics industry says could cost it up to Rs 150 billion a year and nearly 300,000 jobs.

For online retailers, cost is one of the main issues.

An e-commerce industry source said that packaging charges comprise about 2 per cent to 3.5 per cent of fulfilment costs - the price of shipping, delivery and compensating sellers for discounts - and that the use of biodegradable plastic or other alternatives could push these costs higher.

Cardboard boxes, for example, could cost nearly a third more than plastic packing, according to industry estimates cited by media reports. Since the ban came into force, squads of officials in Mumbai have been raiding shops and restaurants, sometimes accompanied by police, to enforce compliance.

Violations could result in penalties of up to Rs 25,000 and jail terms of up to three months.

Nidhi Choudhari, Mumbai’s deputy municipal commissioner, told Reuters it has collected more than Rs 1.3 million in penalties so far.

Bharati Chaturvedi, founder of the Chintan environmental advocacy group in New Delhi, said she feared the plastics industry would use any compliance extensions to try to put off the ban indefinitely.&nbsp

“We should really have a hard ban,” she said.&nbsp

Representatives of MNCs as well as plastic industry bodies and lobby groups have urged a phased implementation of the ban and relaxation in norms.

Multinational companies like Amazon and H&M are lobbying to soften a ban against single-use plastic imposed by Maharashtra last week, according to four sources familiar with the matter. The ban could sharply raise costs for companies that rely heavily on plastic for packaging, such as retailers, beverage makers and sellers of bottled water. Maharashtra’s move, the first such broad action against plastic by an Indian state, comes as Prime Minister Narendra Modi pushes a plan to completely end the use of single-use plastic in India by 2022. Plastic packaging accounts for nearly half of all plastic waste globally, and much of it is thrown away within just a few minutes of its first use, according to the United Nations. Representatives of companies including Amazon, H&M, Pepsi and Coca-Cola as well as plastic industry bodies and lobby groups, met with Maharashtra government officials days before the ban came into effect on June 23, urging them to implement the rule in phases and relax some norms, said the four sources who declined to be named. “Our demand to the government is: give the industry seven years to come up with alternatives,” said Neemit Punamiya, general secretary of the Plastic Bags Manufacturers Association of India, who attended the meeting. “It cannot happen overnight - we’ve got investments, we’ve got loans to pay and people to manage.” The Federation of Indian Chambers of Commerce and Industry (FICCI), whose members include online retailers such as Amazon India and Flipkart, said in a June 7 letter to the state government that such a ban “will not be without its own share of adverse environmental impacts which are largely driven by issues associated with the use of alternatives”. The Internet and Mobile Association of India, which also counts Amazon and Flipkart as members, said it had asked the state to ease the rules but did not specify what relaxation it was seeking. Beverage makers such as Pepsi and Coca-Cola, meanwhile, want an exemption from the rules as they mandate a buyback of empty bottles at a guaranteed price, which will raise costs, another source familiar with the talks said. Amazon, Flipkart, Pepsi and Coca-Cola did not respond to requests for comment. H&M said in a statement that it supported reusing and recycling, adding that the company had asked the government to clarify the rules and for help coming up with solutions. Maharashtra’s environment minister said Wednesday that the government would relax rules for neighborhood grocery stores allowing them to pack commodities such as rice and pulses in plastic. They would, however, have to ensure buyers return the packaging for recycling. A senior state official told Reuters the government could moderate some aspects of the rule for online retailers as well or give them more time to comply. Another official confirmed that issues raised by the industry was being looked into. Both officials declined to be named as the talks are not public. ENFORCING COMPLIANCE Maharashtra’s plastic ban includes bags, food containers, spoons, forks, glasses and packaging wraps - which the local plastics industry says could cost it up to Rs 150 billion a year and nearly 300,000 jobs. For online retailers, cost is one of the main issues. An e-commerce industry source said that packaging charges comprise about 2 per cent to 3.5 per cent of fulfilment costs - the price of shipping, delivery and compensating sellers for discounts - and that the use of biodegradable plastic or other alternatives could push these costs higher. Cardboard boxes, for example, could cost nearly a third more than plastic packing, according to industry estimates cited by media reports. Since the ban came into force, squads of officials in Mumbai have been raiding shops and restaurants, sometimes accompanied by police, to enforce compliance. Violations could result in penalties of up to Rs 25,000 and jail terms of up to three months. Nidhi Choudhari, Mumbai’s deputy municipal commissioner, told Reuters it has collected more than Rs 1.3 million in penalties so far. Bharati Chaturvedi, founder of the Chintan environmental advocacy group in New Delhi, said she feared the plastics industry would use any compliance extensions to try to put off the ban indefinitely. “We should really have a hard ban,” she said.

Amazon, H&M, other multinationals pressing to soften Maharashtra's plastic ban

The government will mark the first anniversary of GST rollout&nbspin the country on Sunday by organising an event to celebrate the same.&nbsp

The event will be organised at the&nbspAmbedkar Bhawan and will be attended by the Finance Minister Piyush Goyal in collaboration with the Industry chambers, traders and tax officials.

Union Minister Arun Jaitley may also show his presence in the event through a video conferencing.&nbsp

The biggest tax reform in India was implemented last year on the midnight of June 30 in the central hall of Parliament and aimed at transforming India into 'one nation one tax'.

The bill was introduced to subsume over dozens of indirect taxes.&nbsp

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The event will be organised at the Ambedkar Bhawan and will be attended by the Finance Minister Piyush Goyal

The government will mark the first anniversary of GST rollout&nbspin the country on Sunday by organising an event to celebrate the same. The event will be organised at the&nbspAmbedkar Bhawan and will be attended by the Finance Minister Piyush Goyal in collaboration with the Industry chambers, traders and tax officials. Union Minister Arun Jaitley may also show his presence in the event through a video conferencing. The biggest tax reform in India was implemented last year on the midnight of June 30 in the central hall of Parliament and aimed at transforming India into 'one nation one tax'. The bill was introduced to subsume over dozens of indirect taxes. Government to celebrate tomorrow 1st July 2018 as ‘GST day’, to commemorate the first year of the 'unprecedented reform of Indian taxation.' — ANI (@ANI) June 30, 2018 ×

Government to celebrate 'GST day' tomorrow

According to reports, India's Sterlite Power&nbsp;is among the three companies to have clinched licenses to build power transmission lines in Brazil in a government auction on Thursday.

China's State Grid and Colombia's Isa are the other two companies to receive the license. The deal is expected to draw a total of 6 billion reais ($1.55 billion) in investment.

Some 47 companies and consortia registered to present bids at the auction at Sao Paulo's stock exchange B3, which led to a competitive round, Reuters reported.

Under auction rules, the companies that offered the biggest discounts on the tariffs would win.&nbsp;

Sterlite debuted in Brazil last year. The company clinched six projects that will require around 3.6 billion reais to build.

Cteep, a unit of Colombia's Isa, won two projects, with projected investments of 880 million reais, while CPFL, a subsidiary of China's State Grid, was granted a project that is slated to cost about 102 million reais.

The three companies will now enjoy a 30-year contract to operate the lines, with pre-defined annual revenues coming from the tariffs to be charged for the service.

Sterlite Power, which won orders to build power transmission lines in Brazil last year, is mulling an investment of USD 4 billion in energy projects in Brazil by 2022, PTI reported.&nbsp;

"We are already committed to USD 1 billion (in projects), and we are open to expanding this three or four times over the next three or four years," Sterlite Group CEO Pratik Agarwal said in a statement.&nbsp;

"Sao Paulo will be our headquarters in Latin America to look beyond Brazil," Agarwal said. He cited Argentina, Chile, Mexico and possibly Peru as potential countries of interest, and pointed out that the advance to these markets could take place over a period of 1-3 years.

(With inputs from agencies)&nbsp;

Some 47 companies and consortia registered to present bids at the auction at Sao Paulo's stock exchange B3

According to reports, India's Sterlite Power is among the three companies to have clinched licenses to build power transmission lines in Brazil in a government auction on Thursday. China's State Grid and Colombia's Isa are the other two companies to receive the license. The deal is expected to draw a total of 6 billion reais ($1.55 billion) in investment. Some 47 companies and consortia registered to present bids at the auction at Sao Paulo's stock exchange B3, which led to a competitive round, Reuters reported. Under auction rules, the companies that offered the biggest discounts on the tariffs would win. Sterlite debuted in Brazil last year. The company clinched six projects that will require around 3.6 billion reais to build. Cteep, a unit of Colombia's Isa, won two projects, with projected investments of 880 million reais, while CPFL, a subsidiary of China's State Grid, was granted a project that is slated to cost about 102 million reais. The three companies will now enjoy a 30-year contract to operate the lines, with pre-defined annual revenues coming from the tariffs to be charged for the service. Sterlite Power, which won orders to build power transmission lines in Brazil last year, is mulling an investment of USD 4 billion in energy projects in Brazil by 2022, PTI reported. "We are already committed to USD 1 billion (in projects), and we are open to expanding this three or four times over the next three or four years," Sterlite Group CEO Pratik Agarwal said in a statement. "Sao Paulo will be our headquarters in Latin America to look beyond Brazil," Agarwal said. He cited Argentina, Chile, Mexico and possibly Peru as potential countries of interest, and pointed out that the advance to these markets could take place over a period of 1-3 years. (With inputs from agencies)

India's Sterlite group bags power licenses in Brazil 

The United States is not convinced China is willing to make sufficient progress on trade, the U.S. ambassador to China said on Friday, as the world's two biggest economies remain locked in spiralling disputes.

US&nbspPresident Donald Trump is set to impose tariffs on billions of dollars worth of Chinese imports on July 6 to punish China for what the United States says are intellectual property abuses.

The tariffs are likely to set off retaliation that could drive the two sides into a trade war.

Speaking at the opening of a financial forum in Beijing, the US&nbspambassador, Terry Branstad, said there was still a chance to address issues such as non-tariff barriers, loss of intellectual property and forced technology transfers.

"The administration is not convinced that the Chinese are willing to make enough progress soon enough," Branstad said.

"I'm still hopeful that despite the fact that we are moving into these tariffs, that there is still a possibility that we can resolve some of the differences," he said.

Branstad added that Trump and Chinese President Xi Jinping have good "chemistry".

China unveiled on Thursday a long-anticipated easing of foreign investment curbs, including in the banking, agriculture, automotive and heavy industry sectors, as it moved to show it would fulfil pledges to open its markets further.

Branstad said there was "scepticism" in the United States that China would follow through on its pledges to truly open up in areas such as financial services.

"I think the concern is it's been promised so many times, and it's been delayed. So, we really want to see it happen and we want to see it happen now. Not three years from now or five years from now," he said.

A strengthened review process by the Committee on Foreign Investments in the United States, or CFIUS, an interagency panel that checks the national security implications of transactions, was likely, Branstad said, adding that he thought that was the right way to deal with investment issues.

Trump said on Wednesday he would use a strengthened CFIUS process to thwart Chinese acquisitions of sensitive American technologies, a softer approach than imposing China-specific investment restrictions.

The Trump administration has been divided over the scope of curbs on foreign investment deals.

White House trade adviser Peter Navarro, a harsh China critic, has argued for China-specific restrictions using an emergency sanctions law, while Treasury Secretary Steven Mnuchin has favoured a more global approach.

China unveiled on Thursday a long-anticipated easing of foreign investment curbs

The United States is not convinced China is willing to make sufficient progress on trade, the U.S. ambassador to China said on Friday, as the world's two biggest economies remain locked in spiralling disputes. US&nbspPresident Donald Trump is set to impose tariffs on billions of dollars worth of Chinese imports on July 6 to punish China for what the United States says are intellectual property abuses. The tariffs are likely to set off retaliation that could drive the two sides into a trade war. Speaking at the opening of a financial forum in Beijing, the US&nbspambassador, Terry Branstad, said there was still a chance to address issues such as non-tariff barriers, loss of intellectual property and forced technology transfers. "The administration is not convinced that the Chinese are willing to make enough progress soon enough," Branstad said. "I'm still hopeful that despite the fact that we are moving into these tariffs, that there is still a possibility that we can resolve some of the differences," he said. Branstad added that Trump and Chinese President Xi Jinping have good "chemistry". China unveiled on Thursday a long-anticipated easing of foreign investment curbs, including in the banking, agriculture, automotive and heavy industry sectors, as it moved to show it would fulfil pledges to open its markets further. Branstad said there was "scepticism" in the United States that China would follow through on its pledges to truly open up in areas such as financial services. "I think the concern is it's been promised so many times, and it's been delayed. So, we really want to see it happen and we want to see it happen now. Not three years from now or five years from now," he said. A strengthened review process by the Committee on Foreign Investments in the United States, or CFIUS, an interagency panel that checks the national security implications of transactions, was likely, Branstad said, adding that he thought that was the right way to deal with investment issues. Trump said on Wednesday he would use a strengthened CFIUS process to thwart Chinese acquisitions of sensitive American technologies, a softer approach than imposing China-specific investment restrictions. The Trump administration has been divided over the scope of curbs on foreign investment deals. White House trade adviser Peter Navarro, a harsh China critic, has argued for China-specific restrictions using an emergency sanctions law, while Treasury Secretary Steven Mnuchin has favoured a more global approach.

China willing to make fast progress on trade, US unconvinced

Facebook, reportedly, has requested for patents that can reveal a lot about its users' preferences and habits. The social networking website is believed to have acquired thousands of patents ever since its launch&nbsp;in the year 2012. Facebook is making headlines again for controversial patents that are raising questions over user privacy.&nbsp;

According to reports, another patent that Facebook is contemplating to acquire involves using a person's microphone to detect and analyse TV viewing habits.&nbsp;

A list of fresh patent requests by Facebook reveals that the company may aim at tracking almost all aspects of a user's life.&nbsp;

Although Facebook has repeatedly stated not to read too deep into its patent requests and imagine the course of its future plants, its patents request signal strongly at the possibility of the company collecting more and more personal data, something for which the Zuckerberg-led company had to pay heavily in the recent past under the Cambridge Analytica scandal.

Facebook's patent requests suggest the company may also be able to peek into our love life by tracking the number of times we visit, rather stalk, another person's social profile. Facebook may&nbsp;also get an access to an individual's phone's microphone and collect&nbsp;ambient noise to study what television programmes one prefers.&nbsp;&nbsp;

Another patent may look into your phone's location to ascertain whom you socialize with most often. Tracking the phone's activity may give an insight into the amount of sleep a person is getting.&nbsp;

The process of filing patents come in the wake of cutthroat technological competition among&nbsp;global giants. Often these patents are never really put into practice, however, that does not nullify the possibility of Facebook's or any other social media giant's ability to extract personal information for insidious purposes.&nbsp;

This patent may also look into your phone's location to ascertain whom you socialize with most often

Facebook, reportedly, has requested for patents that can reveal a lot about its users' preferences and habits. The social networking website is believed to have acquired thousands of patents ever since its launch in the year 2012. Facebook is making headlines again for controversial patents that are raising questions over user privacy. According to reports, another patent that Facebook is contemplating to acquire involves using a person's microphone to detect and analyse TV viewing habits. A list of fresh patent requests by Facebook reveals that the company may aim at tracking almost all aspects of a user's life. Although Facebook has repeatedly stated not to read too deep into its patent requests and imagine the course of its future plants, its patents request signal strongly at the possibility of the company collecting more and more personal data, something for which the Zuckerberg-led company had to pay heavily in the recent past under the Cambridge Analytica scandal. Facebook's patent requests suggest the company may also be able to peek into our love life by tracking the number of times we visit, rather stalk, another person's social profile. Facebook may also get an access to an individual's phone's microphone and collect ambient noise to study what television programmes one prefers. Another patent may look into your phone's location to ascertain whom you socialize with most often. Tracking the phone's activity may give an insight into the amount of sleep a person is getting. The process of filing patents come in the wake of cutthroat technological competition among global giants. Often these patents are never really put into practice, however, that does not nullify the possibility of Facebook's or any other social media giant's ability to extract personal information for insidious purposes.

Patents may allow Facebook to peep into your love life, hijack your phone's mic

&nbspIndia has adequate "firepower" of foreign exchange reserves to deal with the current volatility in the rupee, the country`s Economic Affairs Secretary told reporters.

The volatility is being driven by global factors including the proposed US sanctions on Iran and the mismatch in demand and supply of oil, Subhash Chandra Garg, Economic Affairs Secretary in the Ministry of Finance said.

The partially convertible rupee fell to a record low of 69.0950 per dollar on Thursday and was trading at 68.52/53 per dollar at 0430 GMT on Friday versus its close of 68.79/80.

"We have adequate reserves, there is adequate firepower," Garg said.

If needed, the government could raise funds through foreign currency non-repatriable (FCNR) deposits, sovereign bond or other routes through to increase forex reserves, he added.&nbsp

"If we assess at any stage that we need to buttress or refurbish our reserves, the options are open," he said adding "that situation has not arisen."

Compared to 2013 rupee crisis, when the currency depreciated to its then life low of 68.8650 against the dollar, the current situation was much better, mainly due to higher forex reserves, services exports and inflow of remittances by non-resident Indians, Garg said.

The partially convertible rupee fell to a record low of 69.0950 per dollar on Thursday and was trading at 68.52/53 per dollar at 0430 GMT on Friday versus its close of 68.79/80

&nbspIndia has adequate "firepower" of foreign exchange reserves to deal with the current volatility in the rupee, the country`s Economic Affairs Secretary told reporters. The volatility is being driven by global factors including the proposed US sanctions on Iran and the mismatch in demand and supply of oil, Subhash Chandra Garg, Economic Affairs Secretary in the Ministry of Finance said. The partially convertible rupee fell to a record low of 69.0950 per dollar on Thursday and was trading at 68.52/53 per dollar at 0430 GMT on Friday versus its close of 68.79/80. "We have adequate reserves, there is adequate firepower," Garg said. If needed, the government could raise funds through foreign currency non-repatriable (FCNR) deposits, sovereign bond or other routes through to increase forex reserves, he added. "If we assess at any stage that we need to buttress or refurbish our reserves, the options are open," he said adding "that situation has not arisen." Compared to 2013 rupee crisis, when the currency depreciated to its then life low of 68.8650 against the dollar, the current situation was much better, mainly due to higher forex reserves, services exports and inflow of remittances by non-resident Indians, Garg said.

India has adequate 'firepower' to deal with rupee volatility: Economic Affairs Secretary

The rupee recovered from record lows set on Thursday morning aided by dollar selling intervention by the Reserve Bank of India but weak macro-economic fundamentals and broad dollar strength are likely to keep up the downward pressure on it.

Most other Asian currencies also edged down as a trade dispute between the United States and China kept investors on edge.

The RBI is suspected to have sold dollars through state-run banks at around the 69.09 rupee level, traders said. They were hopeful of larger dollar sales to prevent sharper falls in coming days.

The partially convertible rupee, however, was propped up by dollar selling intervention, closing at 68.79/80 versus the previous close of 68.65/66. The rupee hit a life low of 69.0950 earlier in the session.

The rupee's last record low was 68.8650, on Nov. 24, 2016.

"The fall in the rupee was led by higher oil prices and rising trade war tensions between US and China," HDFC Bank analysts wrote in a note.

"In the near term, the rupee is likely to be under pressure as oil prices continue to remain high, capital outflows from emerging economies continue and trade war tensions keep markets jittery," they said.

Things have gone from bad to worse for the rupee, Indonesian rupiah and Philippine peso after the benchmark 10-year US Treasury yield posted its first weekly close above the 3 per cent threshold in nearly seven years, a Reuters forex analyst wrote.

A senior Indian finance ministry official, who declined to be identified as he is not authorised to speak to media, said the government and the central bank were closely monitoring and there was no need to panic.

"The situation is quite different compared to 2013 rupee crisis. This time, we have enough forex reserves to deal with any sharp fall," he said adding the RBI could spend up to $25 billion to support the rupee whenever needed.

The rupee has shed 7.7 per cent this year, making it the worst performing currency in Asia, followed closely by the Philippine peso.

"Weakening at this pace shatters confidence. Markets expect RBI to manage the currency more effectively. The pressure on INR is high, thus in the absence of major action from regulators, 70 levels can be seen," the head of currency and debt trading at a foreign bank, said.

India's foreign exchange reserves stood at $410.07 billion as of June 15, the latest central bank data showed.

The widening current account deficit, due to higher global crude oil prices and steady capital outflows, has weighed on the rupee.

Oil prices have rallied for much of 2018 on tightening market conditions due to record demand and supply cuts led by the Middle East-dominated producer cartel of the Organization of the Petroleum Exporting Countries.

The January-March current account deficit widened to $13.0 billion, or 1.9 per cent of GDP, from $2.6 billion, or 0.4 per cent of GDP, a year earlier.

The rupee's fall, however, is expected to help exporters, though currency moves in other trading partners will also have an impact, especially with the Chinese yuan in retreat.

Shares of software service exporters such as Infosys rose 1.5 per cent but investors are cautious amid volatile market conditions.

Investors are now awaiting the fiscal deficit data from the government due to be released on Friday.

Despite the rise in the current account deficit, it remains modest relative to GDP and is largely financed by equity inflows, including foreign direct investment, Moody's said in a note on Thursday, adding that the large foreign exchange reserves provided a good buffer.

"India's low dependence on foreign-currency borrowing to fund its debt burden limits the risk of currency depreciation transmitting into materially weaker debt affordability," Moody's added.

The rupee has shed 7.7 per cent this year, making it the worst performing currency in Asia, followed closely by the Philippine peso

The rupee recovered from record lows set on Thursday morning aided by dollar selling intervention by the Reserve Bank of India but weak macro-economic fundamentals and broad dollar strength are likely to keep up the downward pressure on it. Most other Asian currencies also edged down as a trade dispute between the United States and China kept investors on edge. The RBI is suspected to have sold dollars through state-run banks at around the 69.09 rupee level, traders said. They were hopeful of larger dollar sales to prevent sharper falls in coming days. The partially convertible rupee, however, was propped up by dollar selling intervention, closing at 68.79/80 versus the previous close of 68.65/66. The rupee hit a life low of 69.0950 earlier in the session. The rupee's last record low was 68.8650, on Nov. 24, 2016. "The fall in the rupee was led by higher oil prices and rising trade war tensions between US and China," HDFC Bank analysts wrote in a note. "In the near term, the rupee is likely to be under pressure as oil prices continue to remain high, capital outflows from emerging economies continue and trade war tensions keep markets jittery," they said. Things have gone from bad to worse for the rupee, Indonesian rupiah and Philippine peso after the benchmark 10-year US Treasury yield posted its first weekly close above the 3 per cent threshold in nearly seven years, a Reuters forex analyst wrote. A senior Indian finance ministry official, who declined to be identified as he is not authorised to speak to media, said the government and the central bank were closely monitoring and there was no need to panic. "The situation is quite different compared to 2013 rupee crisis. This time, we have enough forex reserves to deal with any sharp fall," he said adding the RBI could spend up to $25 billion to support the rupee whenever needed. The rupee has shed 7.7 per cent this year, making it the worst performing currency in Asia, followed closely by the Philippine peso. "Weakening at this pace shatters confidence. Markets expect RBI to manage the currency more effectively. The pressure on INR is high, thus in the absence of major action from regulators, 70 levels can be seen," the head of currency and debt trading at a foreign bank, said. India's foreign exchange reserves stood at $410.07 billion as of June 15, the latest central bank data showed. The widening current account deficit, due to higher global crude oil prices and steady capital outflows, has weighed on the rupee. Oil prices have rallied for much of 2018 on tightening market conditions due to record demand and supply cuts led by the Middle East-dominated producer cartel of the Organization of the Petroleum Exporting Countries. The January-March current account deficit widened to $13.0 billion, or 1.9 per cent of GDP, from $2.6 billion, or 0.4 per cent of GDP, a year earlier. The rupee's fall, however, is expected to help exporters, though currency moves in other trading partners will also have an impact, especially with the Chinese yuan in retreat. Shares of software service exporters such as Infosys rose 1.5 per cent but investors are cautious amid volatile market conditions. Investors are now awaiting the fiscal deficit data from the government due to be released on Friday. Despite the rise in the current account deficit, it remains modest relative to GDP and is largely financed by equity inflows, including foreign direct investment, Moody's said in a note on Thursday, adding that the large foreign exchange reserves provided a good buffer. "India's low dependence on foreign-currency borrowing to fund its debt burden limits the risk of currency depreciation transmitting into materially weaker debt affordability," Moody's added.

Rupee recovers from record lows after RBI intervention

Reversing a two-session slide, the benchmark BSE Sensex rose over 200 points and the Nifty reclaimed the 10,600-mark in early trade today on fresh buying by investors as the July derivatives contracts started on a strong note amid recovery in the rupee.

The 30-share Sensex bounced back by 200.13 points, or 0.57 per cent, at 35,237.77.&nbsp

All the sectoral indices, led by metal, oil and gas and consumer durables, were in the positive zone, rising by up to 2.03 per cent.

The NSE Nifty went up by 63.15 points, or 0.60 per cent, to 10,652.25.

Brokers said building up of bets following the beginning of the July futures and options (F&O) series coupled with a firming trend at other Asian markets and overnight gains at Wall Street influenced trading sentiment here.

Besides, the rupee recovering from its record low and easing crude oil prices supported the recovery, they added.

Prominent gainers included Tata Steel, SBI, ONGC, Vedanta, RIL, L&T, Sun Pharma, ICICI Bank, Tata Motors, Coal India, Bajaj Auto and Yes Bank, rising up to 2.43 per cent.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 442.64 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 951.51 crore yesterday, as per provisional data.

In Asia, Hong Kong's Hang Seng was up 1.08 per cent, Japan's Nikkei rose 0.03 per cent while Shanghai Composite Index advanced 1.20 per cent cent in early trade today.

The US Dow Jones Industrial Average ended 0.41 per cent higher yesterday.

Prominent gainers included Tata Steel, SBI, ONGC, Vedanta, RIL, L&T, Sun Pharma, ICICI Bank, Tata Motors, Coal India, Bajaj Auto and Yes Bank, rising up to 2.43 per cent

Reversing a two-session slide, the benchmark BSE Sensex rose over 200 points and the Nifty reclaimed the 10,600-mark in early trade today on fresh buying by investors as the July derivatives contracts started on a strong note amid recovery in the rupee. The 30-share Sensex bounced back by 200.13 points, or 0.57 per cent, at 35,237.77. All the sectoral indices, led by metal, oil and gas and consumer durables, were in the positive zone, rising by up to 2.03 per cent. The NSE Nifty went up by 63.15 points, or 0.60 per cent, to 10,652.25. Brokers said building up of bets following the beginning of the July futures and options (F&O) series coupled with a firming trend at other Asian markets and overnight gains at Wall Street influenced trading sentiment here. Besides, the rupee recovering from its record low and easing crude oil prices supported the recovery, they added. Prominent gainers included Tata Steel, SBI, ONGC, Vedanta, RIL, L&T, Sun Pharma, ICICI Bank, Tata Motors, Coal India, Bajaj Auto and Yes Bank, rising up to 2.43 per cent. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 442.64 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 951.51 crore yesterday, as per provisional data. In Asia, Hong Kong's Hang Seng was up 1.08 per cent, Japan's Nikkei rose 0.03 per cent while Shanghai Composite Index advanced 1.20 per cent cent in early trade today. The US Dow Jones Industrial Average ended 0.41 per cent higher yesterday.

Sensex rebounds 200 points as July F&O series opens strong

After crashing to life-time lows yesterday, the rupee staged a spirited recovery to end higher by 33 paise at 68.46 against the US dollar today in line with a big relief rally in domestic equities.

Propped up by heavy dollar selling intervention by the RBI, the Indian unit touched a fresh intra-day high of 68.35.

This was the first gain posted by the rupee in the last four sessions.

Overall forex sentiment, however, remained cautious due to rising crude prices and concerns over fiscal slippage.

The rupee largely took cue from weak dollar overseas, despite month-end greenback demand from corporates and oil importers.

The Indian currency had suffered its worst drubbing and crumbled to hit a fresh all-time low of 69.10 against the benchmark currency US dollar on Thursday before staging some recovery.

The domestic unit had yesterday ended at a record closing low of 68.79, falling 18 paise against the US dollar due to multiple headwinds. The rupee's previous all-time closing low was 68.73, touched on November 24, 2016.

Today, at the interbank foreign exchange (forex) market, the home currency opened sharply higher at 68.70 against overnight close of 68.79 on fresh selling of the American currency by banks and exporters.

Keeping the overall bullish trend, it touched a session high of 68.35 in late morning deals before concluding at 68.46, showing a steep rise of 33 paise, or 0.48 per cent.

The RBI, meanwhile, fixed the reference rate for the dollar at 68.5753 and for the euro at 79.8491.

The bond market also regained some lost ground and the 10-year benchmark bond yield slipped to 7.90 per cent against 7.94 per cent previously.

Meanwhile, the benchamark Sensex surged by 385.84 points to end at 35,423.48, while the Nifty zoomed 125.20 points at 10,714.30.

On the energy front, brent crude futures, an international benchmark, is trading sharply up at USD 78.73 a barrel in early Asian trade.

As the second half of 2018 gets under way, the rupee has depreciated by 8.03 per cent or a staggering 509 paise against the greenback after an impressive start.

The rupee has emerged as the worst performing currency in Asia In the current year so far.

Most Asian currencies also suffered worst against the grim backdrop of US President Donald Trump's protectionist policy measures.

The rupee has been steadily losing ground this year on concerns over deteriorating macro environment after a sharp crude rally put the focus back on India's widening twin deficit and potential impact on the economy.

Escalating trade tensions between the world's two largest economies against the backdrop of a potentially more hawkish Federal Reserve have complicated matters further.

The local unit had touched a fresh three-year high of 63.37 per dollar in January before starting downfall.

Globally, the dollar traded substantially weak against major trading rivals, especially against many emerging market currencies on increasing worries about US trade disputes.

The dollar index, which measures the greenback's value against basket of six major currencies, was down at 94.52.

In the cross currency trade, the domestic unit remained firm against the pound sterling to settle at 89.98 per pound from 90.05 and edged higher against the Japanese yen to finish at 61.90 per 100 yens from 62.41 earlier.

The local currency, however fell back against the euro to close at 79.78 as compared to 79.71.

In forward market today, premium for dollar moved up due to mild paying pressure from corporates.

The benchmark six-month forward premium payable in October edged up to 97-99 paise from 96.50-98.50 paise and the far-forward April 2019 contract rose to 245-247 paise from 243-245 paise.&nbsp

Propped up by heavy dollar selling intervention by the RBI, the Indian unit touched a fresh intra-day high of 68.35.

After crashing to life-time lows yesterday, the rupee staged a spirited recovery to end higher by 33 paise at 68.46 against the US dollar today in line with a big relief rally in domestic equities. Propped up by heavy dollar selling intervention by the RBI, the Indian unit touched a fresh intra-day high of 68.35. This was the first gain posted by the rupee in the last four sessions. Overall forex sentiment, however, remained cautious due to rising crude prices and concerns over fiscal slippage. The rupee largely took cue from weak dollar overseas, despite month-end greenback demand from corporates and oil importers. The Indian currency had suffered its worst drubbing and crumbled to hit a fresh all-time low of 69.10 against the benchmark currency US dollar on Thursday before staging some recovery. The domestic unit had yesterday ended at a record closing low of 68.79, falling 18 paise against the US dollar due to multiple headwinds. The rupee's previous all-time closing low was 68.73, touched on November 24, 2016. Today, at the interbank foreign exchange (forex) market, the home currency opened sharply higher at 68.70 against overnight close of 68.79 on fresh selling of the American currency by banks and exporters. Keeping the overall bullish trend, it touched a session high of 68.35 in late morning deals before concluding at 68.46, showing a steep rise of 33 paise, or 0.48 per cent. The RBI, meanwhile, fixed the reference rate for the dollar at 68.5753 and for the euro at 79.8491. The bond market also regained some lost ground and the 10-year benchmark bond yield slipped to 7.90 per cent against 7.94 per cent previously. Meanwhile, the benchamark Sensex surged by 385.84 points to end at 35,423.48, while the Nifty zoomed 125.20 points at 10,714.30. On the energy front, brent crude futures, an international benchmark, is trading sharply up at USD 78.73 a barrel in early Asian trade. As the second half of 2018 gets under way, the rupee has depreciated by 8.03 per cent or a staggering 509 paise against the greenback after an impressive start. The rupee has emerged as the worst performing currency in Asia In the current year so far. Most Asian currencies also suffered worst against the grim backdrop of US President Donald Trump's protectionist policy measures. The rupee has been steadily losing ground this year on concerns over deteriorating macro environment after a sharp crude rally put the focus back on India's widening twin deficit and potential impact on the economy. Escalating trade tensions between the world's two largest economies against the backdrop of a potentially more hawkish Federal Reserve have complicated matters further. The local unit had touched a fresh three-year high of 63.37 per dollar in January before starting downfall. Globally, the dollar traded substantially weak against major trading rivals, especially against many emerging market currencies on increasing worries about US trade disputes. The dollar index, which measures the greenback's value against basket of six major currencies, was down at 94.52. In the cross currency trade, the domestic unit remained firm against the pound sterling to settle at 89.98 per pound from 90.05 and edged higher against the Japanese yen to finish at 61.90 per 100 yens from 62.41 earlier. The local currency, however fell back against the euro to close at 79.78 as compared to 79.71. In forward market today, premium for dollar moved up due to mild paying pressure from corporates. The benchmark six-month forward premium payable in October edged up to 97-99 paise from 96.50-98.50 paise and the far-forward April 2019 contract rose to 245-247 paise from 243-245 paise.

Rupee recovers from life low, rebounds 33 paise to 68.46

Union Minister Arun Jaitley today warned that Indians having illegal deposits in Swiss banks would face harsh penal proceedings under the black money law after Switzerland starts real-time sharing of details of accounts from January onwards.

Latest data from the Swiss National Bank showed that money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed by its citizens overseas.

"A news item has appeared today indicating an increase of money by 'Indians' in the Swiss banking system. This has led to a misinformed reaction in certain circles raising a query whether the government's anti-black money steps have yielded results," Jaitley said in a blog.

Noting that Switzerland in financial disclosures was always a reluctant state, Jaitley said the Alpine nation has amended its domestic laws involving all disclosures and entered into a treaty even with India and real-time flow of information with regard to Indians would be made.

"The flow of information is starting in January 2019. Any illegal depositor knows that it is a matter of months before his name becomes public and he will be subjected to the harsh penal provisions of the black money law in India," said the senior BJP leader and an eminent lawyer.

Further, Jaitley said those who participate in a public discourse must understand these basic facts before expressing an opinion which may be ill-informed.

"To assume that all the deposits are per se tax evaded money or that Switzerland in the matter of illegal deposits is what it was decades ago is to start on a shaky presumption," he added.

According to Jaitley, past investigations by the tax department have shown that this includes funds held by persons of Indian origin who now hold foreign passport and monies belonging to Non-Resident Indians.

There were also monies belonging to resident Indians who have made legitimate investments abroad, including the transfer of money under the liberalised remittance scheme.

"It is only monies kept by resident Indian outside these categories which become actionable," he said.

Jaitley, who was Finance Minister, is currently a Minister without any portfolio as he is recuperating after a kidney transplant operation.

Prime Minister Narendra Modi-led NDA government has a multi-pronged strategy to increase the tax base, Jaitley said, adding that a campaign involving various steps to flush out black-money was initiated.

"The first big news for this year is that the advance tax deposit during the first quarter of this year has seen a gross increase of 44 per cent in the personal income tax category and 17 per cent in the corporate tax category," Jaitley said.

Because of steps were taken by the government, the total income tax collection for the year 2017-18 is Rs 10.02 lakh crore, a four-year increase of 57 per cent, he said.

Jaitley said Switzerland has amended its domestic laws involving all disclosures and entered into a treaty even with India and real-time flow of information with regard to Indians would be made.

Union Minister Arun Jaitley today warned that Indians having illegal deposits in Swiss banks would face harsh penal proceedings under the black money law after Switzerland starts real-time sharing of details of accounts from January onwards. Latest data from the Swiss National Bank showed that money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed by its citizens overseas. "A news item has appeared today indicating an increase of money by 'Indians' in the Swiss banking system. This has led to a misinformed reaction in certain circles raising a query whether the government's anti-black money steps have yielded results," Jaitley said in a blog. Noting that Switzerland in financial disclosures was always a reluctant state, Jaitley said the Alpine nation has amended its domestic laws involving all disclosures and entered into a treaty even with India and real-time flow of information with regard to Indians would be made. "The flow of information is starting in January 2019. Any illegal depositor knows that it is a matter of months before his name becomes public and he will be subjected to the harsh penal provisions of the black money law in India," said the senior BJP leader and an eminent lawyer. Further, Jaitley said those who participate in a public discourse must understand these basic facts before expressing an opinion which may be ill-informed. "To assume that all the deposits are per se tax evaded money or that Switzerland in the matter of illegal deposits is what it was decades ago is to start on a shaky presumption," he added. According to Jaitley, past investigations by the tax department have shown that this includes funds held by persons of Indian origin who now hold foreign passport and monies belonging to Non-Resident Indians. There were also monies belonging to resident Indians who have made legitimate investments abroad, including the transfer of money under the liberalised remittance scheme. "It is only monies kept by resident Indian outside these categories which become actionable," he said. Jaitley, who was Finance Minister, is currently a Minister without any portfolio as he is recuperating after a kidney transplant operation. Prime Minister Narendra Modi-led NDA government has a multi-pronged strategy to increase the tax base, Jaitley said, adding that a campaign involving various steps to flush out black-money was initiated. "The first big news for this year is that the advance tax deposit during the first quarter of this year has seen a gross increase of 44 per cent in the personal income tax category and 17 per cent in the corporate tax category," Jaitley said. Because of steps were taken by the government, the total income tax collection for the year 2017-18 is Rs 10.02 lakh crore, a four-year increase of 57 per cent, he said.

Indians with illegal Swiss bank deposits to face harsh penal proceedings says Arun Jaitley

To sustain the high growth rate India has achieved, the country should carry out banking sector reforms continue with fiscal consolidation, simplify and streamline GST and renew impetus on reforms, the International Monetary Fund (IMF) said today.

India's growth accelerated to 7.7 per cent in the fourth quarter of Financial Year (FY) 2017-18. That was up from 7 per cent in the previous quarter.

"We expect the recovery to continue in FY 2018-19. Growth is projected at 7.4 per cent in FY 2018-19 and actually 7.8 percent in FY 19-20, respectively," IMF Communications Director Gerry Rice told reporters at his fortnightly news conference.

In order to sustain the high growth rate, Rice suggested three steps for India to follow.

"One, to revive a bank credit and enhance the efficiency of credit provision by accelerating the cleanup of bank and corporate balance sheets and enhancing the government of public sector banks," he said.

"Point two, to continue fiscal consolidation and to lower elevated public debt levels supported by simplifying and streamlining the goods and services tax (GST) structure," he added. 
He then suggested India to renew impetus to reforms of key markets over the medium-term.

"And thirdly, over the medium-term, renew impetus to reforms of key markets, for example, labour and land, as well as improving the overall business climate would be crucial to improving competitiveness and again, maintaining that very high level of growth in India," Rice said in response to a question.

The IMF Board is tentatively scheduled to meet on July 18 for its annual India meeting.

"We will be releasing the staff report in relation to that Board meeting and it will have detail (about GST)," he said when asked about simplifying and streamlining the goods and services tax structure.

"It (GST) is a complicated tax to administer and to implement, so I think some suggestions that streamlining can be important. There will be more on that in the context of the Article IV," Rice said.

The IMF is scheduled to release on July 16 the update on World Economic Outlook.&nbsp

In order to sustain the high growth rate, Rice suggested three steps for India to follow.

To sustain the high growth rate India has achieved, the country should carry out banking sector reforms continue with fiscal consolidation, simplify and streamline GST and renew impetus on reforms, the International Monetary Fund (IMF) said today. India's growth accelerated to 7.7 per cent in the fourth quarter of Financial Year (FY) 2017-18. That was up from 7 per cent in the previous quarter. "We expect the recovery to continue in FY 2018-19. Growth is projected at 7.4 per cent in FY 2018-19 and actually 7.8 percent in FY 19-20, respectively," IMF Communications Director Gerry Rice told reporters at his fortnightly news conference. In order to sustain the high growth rate, Rice suggested three steps for India to follow. "One, to revive a bank credit and enhance the efficiency of credit provision by accelerating the cleanup of bank and corporate balance sheets and enhancing the government of public sector banks," he said. "Point two, to continue fiscal consolidation and to lower elevated public debt levels supported by simplifying and streamlining the goods and services tax (GST) structure," he added. He then suggested India to renew impetus to reforms of key markets over the medium-term. "And thirdly, over the medium-term, renew impetus to reforms of key markets, for example, labour and land, as well as improving the overall business climate would be crucial to improving competitiveness and again, maintaining that very high level of growth in India," Rice said in response to a question. The IMF Board is tentatively scheduled to meet on July 18 for its annual India meeting. "We will be releasing the staff report in relation to that Board meeting and it will have detail (about GST)," he said when asked about simplifying and streamlining the goods and services tax structure. "It (GST) is a complicated tax to administer and to implement, so I think some suggestions that streamlining can be important. There will be more on that in the context of the Article IV," Rice said. The IMF is scheduled to release on July 16 the update on World Economic Outlook.

India should carry out banking reforms, simplify GST: IMF