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Retirement fund body EPFO has invested Rs 48,946 crore in exchange-traded funds (ETFs) till June 30, 2018, parliament was informed today.&nbsp;

The Employees’ Provident Fund Organisation (EPFO) is investing in ETFs based on Nifty 50, Sensex, Central Public Sector Enterprises (CPSEs) and Bharat 22 indices. The body does not invest in shares and equities of individual companies.&nbsp;

“The total amount invested by EPFO in ETFs as on June 2018 is Rs. 48,946 crore,” Labour Minister Santosh Gangwar said in written reply in the Rajya Sabha.

The EPFO’s apex decision-making body the Central Board of Trustees (CBT) at its 207th meeting held on March 31, 2015, decided to invest only in ETFs in the category of equity and related investments.&nbsp;

In a separate reply, the minister said,” The CBT in its 222nd meeting held on June 26, 2018, has considered a proposal for insertion of paragraph 68HH in the EPF Scheme, 1952 to enable a member who is no longer in employment for a continuous period of one month, to avail (withdraw) 75 per cent of the total fund standing to his credit.”

According to Paragraph 69(2) of Employees’ Provident Funds (EPF) Scheme, 1952, a member can withdraw the full amount standing to his credit in the fund on ceasing to be an employee in an establishment for a continuous period of two months immediately preceding the date on which he makes an application for withdrawal.&nbsp;

The requirement of two months waiting period shall not, however, apply in cases of female members resigning from the services of the establishment for the purpose of getting married.

Retirement fund body EPFO has invested Rs 48,946 crore in exchange traded funds (ETFs) till June 30, 2018, parliament was informed today.

Retirement fund body EPFO has invested Rs 48,946 crore in exchange-traded funds (ETFs) till June 30, 2018, parliament was informed today. The Employees’ Provident Fund Organisation (EPFO) is investing in ETFs based on Nifty 50, Sensex, Central Public Sector Enterprises (CPSEs) and Bharat 22 indices. The body does not invest in shares and equities of individual companies. “The total amount invested by EPFO in ETFs as on June 2018 is Rs. 48,946 crore,” Labour Minister Santosh Gangwar said in written reply in the Rajya Sabha. The EPFO’s apex decision-making body the Central Board of Trustees (CBT) at its 207th meeting held on March 31, 2015, decided to invest only in ETFs in the category of equity and related investments. In a separate reply, the minister said,” The CBT in its 222nd meeting held on June 26, 2018, has considered a proposal for insertion of paragraph 68HH in the EPF Scheme, 1952 to enable a member who is no longer in employment for a continuous period of one month, to avail (withdraw) 75 per cent of the total fund standing to his credit.” According to Paragraph 69(2) of Employees’ Provident Funds (EPF) Scheme, 1952, a member can withdraw the full amount standing to his credit in the fund on ceasing to be an employee in an establishment for a continuous period of two months immediately preceding the date on which he makes an application for withdrawal. The requirement of two months waiting period shall not, however, apply in cases of female members resigning from the services of the establishment for the purpose of getting married.

EPFO invested nearly Rs 50,000 crore in ETFs till June 30: Government

After approving capital support for five public sector banks (PSBs), the finance ministry is assessing the needs of 2-3 more banks and fund infusion in them would be done by the end of the second quarter of the current fiscal.&nbsp

The ministry has already finalised capital infusion of Rs 11,336 crore in five PSBs to help them meet their interest payment commitments without impacting their regulatory capital requirements, a senior government official said.

Two or three more banks will need capital to meet the norms in the coming few weeks, the official said, adding that they would get funds by September. These banks have come under pressure because of interest paid to their bondholders of Additional Tier 1 (AT-1) bonds.

As a result, they were facing the risk of breaching the regulatory capital requirement, sources said, adding that the ministry has decided to provide capital to 4-5 banks which are facing “acute shortage”. Banks raise capital through AT1 bonds, which are perpetual in nature and therefore provide a higher interest rate to investors. A high level of bad loans and widening losses have made it difficult for banks to service these bonds from their own earnings.

Five banks which will soon get capital include Punjab National Bank (PNB), hit by Nirav Modi scam, which will get the highest amount of Rs 2,816 crore out, while Allahabad Bank to get Rs 1,790 crore. Besides, Andhra Bank to get Rs 2,019 crore, Indian Overseas Bank – Rs 2,157 crore and Corporation Bank – Rs 2,555 crore.

The infusion would be part of the remaining Rs 65,000 crore out of Rs 2.11 lakh crore capital infusion over two financial years. In the second half of the current fiscal, the official said, banks will get growth capital to enable them to expand lending activity.

The government announced Rs 2.11 lakh crore capital infusion programme October last year. As per the plan, the PSBs were to get Rs 1.35 lakh crore through re-capitalisation bonds, and the balance Rs 58,000 crore through raising of capital from the market.

Out of the Rs 1.35 lakh crore, the government has already infused about Rs 71,000 crore through recap bonds in the banks and balance would be done during this fiscal. Besides, PSBs are also planning to tap the markets to raise more than Rs 50,000 crore this fiscal to shore up their capital base for business growth and meeting regulatory global risk norms.

Capital is very much required for these banks as they are saddled with non-performing assets (NPAs) or bad loans of about Rs 10 lakh crore. Out of 21 public sector banks, 13 have already taken the approval of their boards or shareholders for raising capital through the equity market. The combined value of the shares sales of these banks is upwards of Rs 50,000 crore.

Leading the pack is the Central Bank of India, which has already got shareholders’ approval for raising Rs 8,000 crore equity capital through various means, including a follow-on public offer, rights issue or a qualified institutional placement (QIP), to shore up its capital base.

After approving capital support for five public sector banks (PSBs), the finance ministry is assessing the needs of 2-3 more banks and fund infusion in them would be done by the end of the second quarter of the current fiscal.

After approving capital support for five public sector banks (PSBs), the finance ministry is assessing the needs of 2-3 more banks and fund infusion in them would be done by the end of the second quarter of the current fiscal. The ministry has already finalised capital infusion of Rs 11,336 crore in five PSBs to help them meet their interest payment commitments without impacting their regulatory capital requirements, a senior government official said. Two or three more banks will need capital to meet the norms in the coming few weeks, the official said, adding that they would get funds by September. These banks have come under pressure because of interest paid to their bondholders of Additional Tier 1 (AT-1) bonds. As a result, they were facing the risk of breaching the regulatory capital requirement, sources said, adding that the ministry has decided to provide capital to 4-5 banks which are facing “acute shortage”. Banks raise capital through AT1 bonds, which are perpetual in nature and therefore provide a higher interest rate to investors. A high level of bad loans and widening losses have made it difficult for banks to service these bonds from their own earnings. Five banks which will soon get capital include Punjab National Bank (PNB), hit by Nirav Modi scam, which will get the highest amount of Rs 2,816 crore out, while Allahabad Bank to get Rs 1,790 crore. Besides, Andhra Bank to get Rs 2,019 crore, Indian Overseas Bank – Rs 2,157 crore and Corporation Bank – Rs 2,555 crore. The infusion would be part of the remaining Rs 65,000 crore out of Rs 2.11 lakh crore capital infusion over two financial years. In the second half of the current fiscal, the official said, banks will get growth capital to enable them to expand lending activity. The government announced Rs 2.11 lakh crore capital infusion programme October last year. As per the plan, the PSBs were to get Rs 1.35 lakh crore through re-capitalisation bonds, and the balance Rs 58,000 crore through raising of capital from the market. Out of the Rs 1.35 lakh crore, the government has already infused about Rs 71,000 crore through recap bonds in the banks and balance would be done during this fiscal. Besides, PSBs are also planning to tap the markets to raise more than Rs 50,000 crore this fiscal to shore up their capital base for business growth and meeting regulatory global risk norms. Capital is very much required for these banks as they are saddled with non-performing assets (NPAs) or bad loans of about Rs 10 lakh crore. Out of 21 public sector banks, 13 have already taken the approval of their boards or shareholders for raising capital through the equity market. The combined value of the shares sales of these banks is upwards of Rs 50,000 crore. Leading the pack is the Central Bank of India, which has already got shareholders’ approval for raising Rs 8,000 crore equity capital through various means, including a follow-on public offer, rights issue or a qualified institutional placement (QIP), to shore up its capital base.

PSB bailout: 5 get Rs 11,000 crore; capital infusion in more banks by September

The US-driven trade war has become the biggest "confidence killer" for the global economy, China`s foreign ministry warned on Wednesday, saying the whole world would fight back if the United States continued to be "wilful".&nbsp

Foreign ministry spokeswoman Hua Chunying told reporters at a regular press briefing that the United States is fabricating all kinds of justifications for its trade actions, including that of national security.

Earlier this month the United States and China slapped tariffs on $34 billion of each other`s imports in an escalating trade tussle that has roiled financial markets.&nbsp

US&nbspPresident Donald Trump has threatened further tariffs unless Beijing agrees to change its intellectual property practices and high-technology industrial subsidy plans.

Trump has also hit European metal imports with tariffs and has threatened to curb car imports from Europe with a 20 per cent duty.&nbsp

"The US&nbsptrade war is not just with China but with the rest of the world. By regarding the rest of the world as adversaries, the US&nbsphas dragged the entire global economy into a place of danger," Hua said.&nbsp

The European Commission last week cut its forecasts for the euro zone`s economic growth this year, saying the main causes for the revision were trade tensions with the United States as well as higher oil prices.

China`s economy grew at a slower pace in the second quarter, data on Monday showed, with Beijing`s trade dispute with Washington challenging the growth outlook for the world`s second-biggest economy.

"If the US&nbspcontinues to be wilful, countries around the world will only harden their resolve to hit back," Hua said.&nbsp

Foreign ministry spokeswoman Hua Chunying told reporters at a regular press briefing that the United States is fabricating all kinds of justifications for its trade actions, including that of national security.

The US-driven trade war has become the biggest "confidence killer" for the global economy, China`s foreign ministry warned on Wednesday, saying the whole world would fight back if the United States continued to be "wilful". Foreign ministry spokeswoman Hua Chunying told reporters at a regular press briefing that the United States is fabricating all kinds of justifications for its trade actions, including that of national security. Earlier this month the United States and China slapped tariffs on $34 billion of each other`s imports in an escalating trade tussle that has roiled financial markets. US&nbspPresident Donald Trump has threatened further tariffs unless Beijing agrees to change its intellectual property practices and high-technology industrial subsidy plans. Trump has also hit European metal imports with tariffs and has threatened to curb car imports from Europe with a 20 per cent duty. "The US&nbsptrade war is not just with China but with the rest of the world. By regarding the rest of the world as adversaries, the US&nbsphas dragged the entire global economy into a place of danger," Hua said. The European Commission last week cut its forecasts for the euro zone`s economic growth this year, saying the main causes for the revision were trade tensions with the United States as well as higher oil prices. China`s economy grew at a slower pace in the second quarter, data on Monday showed, with Beijing`s trade dispute with Washington challenging the growth outlook for the world`s second-biggest economy. "If the US&nbspcontinues to be wilful, countries around the world will only harden their resolve to hit back," Hua said.

China says US-led trade war has become biggest 'confidence killer' for world economy

Stock benchmark indices BSE Sensex and NSE’s Nifty 50 declined on Wednesday after Parliament speaker admits no-confidence motion against the Modi government.&nbsp

BSE Sensex tumbled from its all-time high to end 147 points lower at 36,373.44 in choppy trade today.

BSE Sensex closed lower by 146.52 points, or 0.40%, to 36,373.44, while the Nifty 50 fell 27.60 points, or 0.25%, to close at 10,980.45.

All the sectoral indices on BSE, except oil and gas, declined with metal falling most at 3.12% followed by reality, basic materials, telecom, industrials and auto. Oil and gas gained 1.07%.

ONGC, BPCL, Asian Paints, Yes Bank and HDFC were among the top gainers, whereas Tata Steel, Vedanta, Axis Bank, Tata Motors and Hindustan Unilever were among the top losers.

BSE Sensex closed 146.52 points down at 36,373.44, while the Nifty 50 ended 27.60 points lower at 10,980.45. Here are the highlights from the markets

Stock benchmark indices BSE Sensex and NSE’s Nifty 50 declined on Wednesday after Parliament speaker admits no-confidence motion against the Modi government. BSE Sensex tumbled from its all-time high to end 147 points lower at 36,373.44 in choppy trade today. BSE Sensex closed lower by 146.52 points, or 0.40%, to 36,373.44, while the Nifty 50 fell 27.60 points, or 0.25%, to close at 10,980.45. All the sectoral indices on BSE, except oil and gas, declined with metal falling most at 3.12% followed by reality, basic materials, telecom, industrials and auto. Oil and gas gained 1.07%. ONGC, BPCL, Asian Paints, Yes Bank and HDFC were among the top gainers, whereas Tata Steel, Vedanta, Axis Bank, Tata Motors and Hindustan Unilever were among the top losers.

Sensex falls 146 points, Nifty ends below 11000

The Indian government will inject a total 113.36 billion rupees ($1.65 billion) in five state-run banks, including fraud-hit Punjab National Bank, in a week or so, a senior government official told Reuters on Wednesday.

Punjab National Bank will get 28.16 billion rupees, while Corporation Bank, Indian Overseas Bank, Andhra Bank and Allahabad Bank are the other four lenders in which the government will inject capital in the latest round, said the official who did not want to be named.

The official said the capital was part of a total 2.11 trillion rupee package that was announced last year, and would not require separate approval from parliament.

There is no demand from banks at this stage to increase the package beyond the planned sum, the official said. 
&nbsp

Punjab National Bank will get 28.16 billion rupees, while Corporation Bank, Indian Overseas Bank, Andhra Bank and Allahabad Bank are the other four lenders in which the government will inject capital in the latest round, said the official who did not want to be named

The Indian government will inject a total 113.36 billion rupees ($1.65 billion) in five state-run banks, including fraud-hit Punjab National Bank, in a week or so, a senior government official told Reuters on Wednesday. Punjab National Bank will get 28.16 billion rupees, while Corporation Bank, Indian Overseas Bank, Andhra Bank and Allahabad Bank are the other four lenders in which the government will inject capital in the latest round, said the official who did not want to be named. The official said the capital was part of a total 2.11 trillion rupee package that was announced last year, and would not require separate approval from parliament. There is no demand from banks at this stage to increase the package beyond the planned sum, the official said.

India to inject $1.65 billion in five state banks in about a week: Government Source

Retail giant Walmart Inc said on Tuesday it entered into a strategic partnership with Microsoft Corp for wider use of cloud and artificial intelligence technology, in a sign of major rivals of Amazon.com Inc coming together.

The five-year agreement will leverage the full range of Microsoft's cloud solutions, including Microsoft Azure and Microsoft 365, to make shopping faster and easier for customers, the Bentonville Arkansas-based company said.

As part of the partnership, Walmart and Microsoft engineers will collaborate to migrate a significant portion of walmart.com and samsclub.com to Azure, Walmart added.

While Walmart is doubling down on its e-commerce presence to better compete with Amazon, Microsoft has been working on a technology that would eliminate cashiers and checkout lines from stores, Reuters reported last month.

Microsoft's technology aims to help retailers keep pace with Amazon Go, the ecommerce giant's highly automated store format.

The Windows software maker has also shown the sample technology to retailers from around the world and has had talks with Walmart about a potential collaboration, Reuters reported.

Through the partnership, Walmart plans to defend itself from Amazon's retail ambitions and expertise in data, and boost its online presence.

The five-year agreement will leverage the full range of Microsoft's cloud solutions, including Microsoft Azure and Microsoft 365, to make shopping faster and easier for customers, the Bentonville Arkansas-based company said.

Retail giant Walmart Inc said on Tuesday it entered into a strategic partnership with Microsoft Corp for wider use of cloud and artificial intelligence technology, in a sign of major rivals of Amazon.com Inc coming together. The five-year agreement will leverage the full range of Microsoft's cloud solutions, including Microsoft Azure and Microsoft 365, to make shopping faster and easier for customers, the Bentonville Arkansas-based company said. As part of the partnership, Walmart and Microsoft engineers will collaborate to migrate a significant portion of walmart.com and samsclub.com to Azure, Walmart added. While Walmart is doubling down on its e-commerce presence to better compete with Amazon, Microsoft has been working on a technology that would eliminate cashiers and checkout lines from stores, Reuters reported last month. Microsoft's technology aims to help retailers keep pace with Amazon Go, the ecommerce giant's highly automated store format. The Windows software maker has also shown the sample technology to retailers from around the world and has had talks with Walmart about a potential collaboration, Reuters reported. Through the partnership, Walmart plans to defend itself from Amazon's retail ambitions and expertise in data, and boost its online presence.

Walmart, Microsoft in partnership to use cloud tech

The BSE Sensex recovered over 107 points to 36,431.17 in early trade today on fresh buying by investors after a sharp drop on global crude oil prices and a strengthening rupee.

The 30-share index, which had lost 224.64 points in the previous two sessions, rebounded 107.40 points, or 0.30 per cent, to 36,431.17 with stocks of oil & gas, FMCG, infrastructure, PSU, banking, consumer durables and auto sectors rising by up to 1.69 per cent.

Similarly, the broader NSE Nifty was trading 40.20 points, or 0.37 per cent, higher at 10,977.05.

Major gainers that supported the recovery were Tata Motors, Sun Pharma, Adani Ports, Yes Bank, Tata Steel, ICICI Bank, Vedanta Ltd, M&M, ONGC, RIL, Maruti Suzuki, Bajaj auto and Infosys.

Shares of state-run oil marketing companies such as HPCL, BPCL and IOC were back in demand and rose by up to 3.34 per cent, supported by a sharp fall in crude prices.

Shares of FMCG major Hindustan Unilever advanced 1.48 per cent to Rs 1,779.95 in early trade after the company yesterday posted a 19.17 per cent increase in standalone net profit at Rs 1,529 crore for the first quarter ended June 30.

Traders said besides encouraging earnings posted by some bluechip companies, a mixed trend at other Asian markets as investors tracked overnight gains on Wall Street, influenced trading sentiments here.

Investors were also awaiting US Federal Reserve Chairman Jerome Powell's first congressional testimony for hints on the pace of interest rate hikes, the added.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 625.68 crore, while domestic institutional investors (DIIs) offloaded shares worth a net of Rs 70.30 crore yesterday, provisional data showed.

Elsewhere in Asia, Japan's Nikkei rose 0.77 per cent, while Singapore Index was up 0.29 per cent in early trade today. However, Hong Kong's Hang Seng was down 0.92 per cent and Shanghai Composite Index fell 1.01 per cent.

The US Dow Jones Industrial Average ended 0.18 per cent higher in yesterday's trade.

Shares of state-run oil marketing companies such as HPCL, BPCL and IOC were back in demand.

The BSE Sensex recovered over 107 points to 36,431.17 in early trade today on fresh buying by investors after a sharp drop on global crude oil prices and a strengthening rupee. The 30-share index, which had lost 224.64 points in the previous two sessions, rebounded 107.40 points, or 0.30 per cent, to 36,431.17 with stocks of oil & gas, FMCG, infrastructure, PSU, banking, consumer durables and auto sectors rising by up to 1.69 per cent. Similarly, the broader NSE Nifty was trading 40.20 points, or 0.37 per cent, higher at 10,977.05. Major gainers that supported the recovery were Tata Motors, Sun Pharma, Adani Ports, Yes Bank, Tata Steel, ICICI Bank, Vedanta Ltd, M&M, ONGC, RIL, Maruti Suzuki, Bajaj auto and Infosys. Shares of state-run oil marketing companies such as HPCL, BPCL and IOC were back in demand and rose by up to 3.34 per cent, supported by a sharp fall in crude prices. Shares of FMCG major Hindustan Unilever advanced 1.48 per cent to Rs 1,779.95 in early trade after the company yesterday posted a 19.17 per cent increase in standalone net profit at Rs 1,529 crore for the first quarter ended June 30. Traders said besides encouraging earnings posted by some bluechip companies, a mixed trend at other Asian markets as investors tracked overnight gains on Wall Street, influenced trading sentiments here. Investors were also awaiting US Federal Reserve Chairman Jerome Powell's first congressional testimony for hints on the pace of interest rate hikes, the added. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 625.68 crore, while domestic institutional investors (DIIs) offloaded shares worth a net of Rs 70.30 crore yesterday, provisional data showed. Elsewhere in Asia, Japan's Nikkei rose 0.77 per cent, while Singapore Index was up 0.29 per cent in early trade today. However, Hong Kong's Hang Seng was down 0.92 per cent and Shanghai Composite Index fell 1.01 per cent. The US Dow Jones Industrial Average ended 0.18 per cent higher in yesterday's trade.

Sensex rises over 100 points after sharp fall in crude prices

The common man is bearing the brunt of the increased wholesale prices of vegetables in India.

India's wholesale inflation grew 5.77 per cent in June, breaking the record of four-and-a-half-year.

A vegetable buyer in Chandigarh said that the price of onion has touched sky high within a week.

"Onions used to be cheaper as they used to be available only for Rs 40 but now 2.5 kg of it is selling somewhere between Rs 60-70 per kg, which is a big difference in a single week," said Samriddhi, a vegetable buyer in Chandigarh.

Whereas in Ludhiana, a buyer complained of bottle gourd being sold for nine times higher the earlier price.

"The previous week bottle gourd was selling for Rs 10 per kg but now it is selling for Rs 90 per kg," said Amit, a vegetable buyer in Ludhiana.

Meanwhile, retailers who are compelled to sell vegetables at a higher price said that due to the onset of monsoon, the prices have hit the roof.

"Due to monsoon, the vegetable prices have increased. Currently, there is an approximate increase of 60 per cent in the price," said Madan Lal, a vegetable seller in Ludhiana.

On a related note, the latest price data released by the commerce and industry ministry shows the Wholesale Price Index (WPI) witnessing a growth of 4.43 per cent in May and 0.90 per cent in June 2017 primarily driven by some food items and fuel prices.

The wholesale inflation rate, which is measured by Wholesale Price Index (WPI) shows that primary articles, which accounts for more than a fifth of the entire wholesale price index, grew 5.3 per cent in June from 3.16 per cent in May.

On the other hand, prices for vegetables grew 8.12 per cent in June as compared with a growth of 2.51 per cent in May.

Prices of pulses have continued to slump for over a year now, with the rate of decline relatively slowing at (-)20.23 per cent in June, as compared with a de-growth of (-)21.13 per cent in May.

Similarly, fuel and power inflation, which has a weightage of 13.15 per cent in WPI, grew at 16.18 per cent in June from 11.22 per cent in May.

Petrol prices are up 17.45 per cent in June from 13.90 in May, while diesel prices grew 21.63 per cent in June as compared to 17.34 per cent in May.

Last week, the government data showed that retail inflation grew five per cent in June, a five-month high, from May's 4.87 per cent on the back of rising fuel prices.

Meanwhile, retailers who are compelled to sell vegetables at a higher price said that due to the onset of monsoon, the prices have hit the roof.

The common man is bearing the brunt of the increased wholesale prices of vegetables in India. India's wholesale inflation grew 5.77 per cent in June, breaking the record of four-and-a-half-year. A vegetable buyer in Chandigarh said that the price of onion has touched sky high within a week. "Onions used to be cheaper as they used to be available only for Rs 40 but now 2.5 kg of it is selling somewhere between Rs 60-70 per kg, which is a big difference in a single week," said Samriddhi, a vegetable buyer in Chandigarh. Whereas in Ludhiana, a buyer complained of bottle gourd being sold for nine times higher the earlier price. "The previous week bottle gourd was selling for Rs 10 per kg but now it is selling for Rs 90 per kg," said Amit, a vegetable buyer in Ludhiana. Meanwhile, retailers who are compelled to sell vegetables at a higher price said that due to the onset of monsoon, the prices have hit the roof. "Due to monsoon, the vegetable prices have increased. Currently, there is an approximate increase of 60 per cent in the price," said Madan Lal, a vegetable seller in Ludhiana. On a related note, the latest price data released by the commerce and industry ministry shows the Wholesale Price Index (WPI) witnessing a growth of 4.43 per cent in May and 0.90 per cent in June 2017 primarily driven by some food items and fuel prices. The wholesale inflation rate, which is measured by Wholesale Price Index (WPI) shows that primary articles, which accounts for more than a fifth of the entire wholesale price index, grew 5.3 per cent in June from 3.16 per cent in May. On the other hand, prices for vegetables grew 8.12 per cent in June as compared with a growth of 2.51 per cent in May. Prices of pulses have continued to slump for over a year now, with the rate of decline relatively slowing at (-)20.23 per cent in June, as compared with a de-growth of (-)21.13 per cent in May. Similarly, fuel and power inflation, which has a weightage of 13.15 per cent in WPI, grew at 16.18 per cent in June from 11.22 per cent in May. Petrol prices are up 17.45 per cent in June from 13.90 in May, while diesel prices grew 21.63 per cent in June as compared to 17.34 per cent in May. Last week, the government data showed that retail inflation grew five per cent in June, a five-month high, from May's 4.87 per cent on the back of rising fuel prices.

High wholesale vegetable prices leave common man burdened

Netflix Inc's subscriber growth fell short of Wall Street expectations on Monday, sending shares of the normally high-flying stock down 14 percent on fears that the company's rapid expansion is slowing.

The streaming video pioneer added 5.2 million customers from April through June, 1 million fewer than forecasts from Thomson Reuters I/B/E/S, as it added new programming including "Lost in Space" and new episodes of Marvel's "Jessica Jones" and "13 Reasons Why."

"We had a strong but not stellar Q2," Netflix said in a quarterly letter to shareholders.

Netflix said it had "over-forecasted" quarterly fluctuations in the pace of new customers. The company noted that it had underestimated subscribers for seven of the past 10 quarters.

Before the earnings report, Netflix shares had gained 109 percent, making it the second-strongest performer on the S&P 500 index. In after-hours trading on Monday, Netflix shares sunk 14 percent to $343.60, eroding $24.2 billion in market capitalization and down from an earlier close of $400.48.

"Investors are devastated by Netflix’s Q2 projection that went down in dramatic flames. Now future projections are suspect and that decimates valuation," said Eric Schiffer, chief executive officer of private equity firm Patriarch.

Wall Street had been betting that Netflix would deliver outsized growth as demand for online entertainment increases around the globe. The company is spending heavily to hook new customers, budgeting $8 billion for programming and $2 billion for marketing in 2018.

Netflix added 670,000 subscribers in the United States, well below analysts' estimates of 1.19 million, according to Thomson Reuters I/B/E/S.

It signed up 4.47 million subscribers internationally, while analysts were expecting 4.97 million.

The overly optimistic projections were "pretty broad across multiple markets," Chief Financial Officer David Wells said on a post-earnings webcast.

Executives voiced confidence about the long-term health of the streaming service. Chief Executive Reed Hastings said median viewing hours were growing, though he did not provide specifics.

"The fundamentals have never been stronger," Hastings said.

Forrester analyst James McQuivey said he believed that the quarterly results were "not a sign of softening in the business overall."

"These are still millions of new subscribers, even if they didn't meet the expectations that might have been set by the last two quarters, which were extraordinarily high," he said.

Earnings per share came in at 85 cents, beating analyst forecasts of 79 cents. Total revenue rose 40.2 percent to $3.91 billion. Analysts had expected revenue of $3.94 billion.

For the current quarter, Netflix projected it would add 5 million customers. It is making a big push in India. Earlier this month, it debuted its first Indian original series, "Sacred Games," part of a slate of new shows aimed at the vast Bollywood entertainment market.

Netflix said operating margins would be narrower than previously expected because of the rapid strengthening of the U.S. dollar, which appreciated by more than 5 percent against major trading partners’ currencies <.DXY> in the second quarter. While most of the company’s revenue growth comes from international markets, the vast majority of its costs remain dollar-denominated.

Hastings said the company would make adjustments to account for foreign exchange rates in order to "steadily" increase operating margins.

At the same time, Netflix faces growing competition.

Amazon.com Inc plans to add more regional content in India as it builds the Prime video service around the world. Apple Inc <APPL.O> is pouring money into original programming, signing up A-list names including Oprah Winfrey. And AT&T Inc <T.N> has promised to boost investment in HBO after taking over the network in its Time Warner acquisition.

Meanwhile, cable distributors are offering smaller and cheaper bundles of channels.

In the letter to shareholders, Netflix said it expected more competition from international players including ProSiebenSat 1 Media <PSMGn.DE> in Germany and on-demand service Salto in France.

"Our strategy is to simply keep improving," Netflix said.

Netflix said it had "over-forecasted" quarterly fluctuations in the pace of new customers. The company noted that it had underestimated subscribers for seven of the past 10 quarters.

Netflix Inc's subscriber growth fell short of Wall Street expectations on Monday, sending shares of the normally high-flying stock down 14 percent on fears that the company's rapid expansion is slowing. The streaming video pioneer added 5.2 million customers from April through June, 1 million fewer than forecasts from Thomson Reuters I/B/E/S, as it added new programming including "Lost in Space" and new episodes of Marvel's "Jessica Jones" and "13 Reasons Why." "We had a strong but not stellar Q2," Netflix said in a quarterly letter to shareholders. Netflix said it had "over-forecasted" quarterly fluctuations in the pace of new customers. The company noted that it had underestimated subscribers for seven of the past 10 quarters. Before the earnings report, Netflix shares had gained 109 percent, making it the second-strongest performer on the S&P 500 index. In after-hours trading on Monday, Netflix shares sunk 14 percent to $343.60, eroding $24.2 billion in market capitalization and down from an earlier close of $400.48. "Investors are devastated by Netflix’s Q2 projection that went down in dramatic flames. Now future projections are suspect and that decimates valuation," said Eric Schiffer, chief executive officer of private equity firm Patriarch. Wall Street had been betting that Netflix would deliver outsized growth as demand for online entertainment increases around the globe. The company is spending heavily to hook new customers, budgeting $8 billion for programming and $2 billion for marketing in 2018. Netflix added 670,000 subscribers in the United States, well below analysts' estimates of 1.19 million, according to Thomson Reuters I/B/E/S. It signed up 4.47 million subscribers internationally, while analysts were expecting 4.97 million. The overly optimistic projections were "pretty broad across multiple markets," Chief Financial Officer David Wells said on a post-earnings webcast. Executives voiced confidence about the long-term health of the streaming service. Chief Executive Reed Hastings said median viewing hours were growing, though he did not provide specifics. "The fundamentals have never been stronger," Hastings said. Forrester analyst James McQuivey said he believed that the quarterly results were "not a sign of softening in the business overall." "These are still millions of new subscribers, even if they didn't meet the expectations that might have been set by the last two quarters, which were extraordinarily high," he said. Earnings per share came in at 85 cents, beating analyst forecasts of 79 cents. Total revenue rose 40.2 percent to $3.91 billion. Analysts had expected revenue of $3.94 billion. For the current quarter, Netflix projected it would add 5 million customers. It is making a big push in India. Earlier this month, it debuted its first Indian original series, "Sacred Games," part of a slate of new shows aimed at the vast Bollywood entertainment market. Netflix said operating margins would be narrower than previously expected because of the rapid strengthening of the U.S. dollar, which appreciated by more than 5 percent against major trading partners’ currencies <.DXY> in the second quarter. While most of the company’s revenue growth comes from international markets, the vast majority of its costs remain dollar-denominated. Hastings said the company would make adjustments to account for foreign exchange rates in order to "steadily" increase operating margins. At the same time, Netflix faces growing competition. Amazon.com Inc plans to add more regional content in India as it builds the Prime video service around the world. Apple Inc is pouring money into original programming, signing up A-list names including Oprah Winfrey. And AT&T Inc has promised to boost investment in HBO after taking over the network in its Time Warner acquisition. Meanwhile, cable distributors are offering smaller and cheaper bundles of channels. In the letter to shareholders, Netflix said it expected more competition from international players including ProSiebenSat 1 Media in Germany and on-demand service Salto in France. "Our strategy is to simply keep improving," Netflix said.

Netflix shares tank after big miss on subscriber growth

Chinese ride-sharing giant Didi Chuxing landed a $500 million investment from Booking Holdings, owner of Booking.com and similar sites, in a tie-up that will see the companies offer their services on each other's platforms, they said&nbspTuesday.

The deal comes as Didi China's version of Uber fights off upstart rivals at home while taking on Uber overseas.

The partnership will allow users of Booking's online travel brands&nbspincluding Kayak, Priceline, and Agoda&nbspto hail cars while Didi customers will be able to book hotel stays and other services through those platforms.

"We believe that together we can offer smarter transportation services to our brands' customers," said Todd Henrich, head of corporate development for Booking Holdings.

Chinese food delivery giant Meituan Dianping, as well as a new partnership made up of the country's three largest state-owned automakers, has announced plans to expand into the domestic ride-hailing market, presaging a possible turf war with Didi.

Didi's last battle for China left both it and Uber badly bruised and only ended when Uber sold its China operations to Didi in 2016 in return for a stake in its business.

But the two ride-sharing giants remain fierce competitors in a growing list of markets around the globe.

Last month Didi one of Asia's most valuable start-ups entered Australia following similar moves into Japan and Brazil.

Meanwhile, Uber has retreated from Southeast Asia, selling its business in the region in March to Singapore-based rival Grab.

The deal comes as Didi China's version of Uber fights off upstart rivals at home while taking on Uber overseas.

Chinese ride-sharing giant Didi Chuxing landed a $500 million investment from Booking Holdings, owner of Booking.com and similar sites, in a tie-up that will see the companies offer their services on each other's platforms, they said&nbspTuesday. The deal comes as Didi China's version of Uber fights off upstart rivals at home while taking on Uber overseas. The partnership will allow users of Booking's online travel brands&nbspincluding Kayak, Priceline, and Agoda&nbspto hail cars while Didi customers will be able to book hotel stays and other services through those platforms. "We believe that together we can offer smarter transportation services to our brands' customers," said Todd Henrich, head of corporate development for Booking Holdings. Chinese food delivery giant Meituan Dianping, as well as a new partnership made up of the country's three largest state-owned automakers, has announced plans to expand into the domestic ride-hailing market, presaging a possible turf war with Didi. Didi's last battle for China left both it and Uber badly bruised and only ended when Uber sold its China operations to Didi in 2016 in return for a stake in its business. But the two ride-sharing giants remain fierce competitors in a growing list of markets around the globe. Last month Didi one of Asia's most valuable start-ups entered Australia following similar moves into Japan and Brazil. Meanwhile, Uber has retreated from Southeast Asia, selling its business in the region in March to Singapore-based rival Grab.

China's Didi teams with Booking.com for $500mn investment

India's football exports grew by over 15 per cent to $10.33 million (about 70.5 crore) in 2017-18 on account of growing demand in the markets of South America and Europe.

"Around 60 countries from across the globe imported India-made footballs in 2017-18. The potential is much higher with the country's craftsmen manufacturing footballs of global quality," the department of commerce said in a tweet.

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<blockquote class="twitter-tweet" data-lang="en">
Around 60 countries from across the globe imported India-made footballs in FY 2017-18! The potential is much higher with the country's craftsmen manufacturing footballs of global quality. <a href="https://twitter.com/hashtag/TweetForFootball?src=hash&ref_src=twsrc%5Etfw">#TweetForFootball</a><a href="https://twitter.com/makeinindia?ref_src=twsrc%5Etfw">@makeinindia</a> <a href="https://t.co/nxPEr2aNZ4">pic.twitter.com/nxPEr2aNZ4</a>
— DoC (@DoC_GoI) <a href="https://twitter.com/DoC_GoI/status/1019097702699712512?ref_src=twsrc%5Etfw">July 17, 2018</a></blockquote>
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It said inflatable balls, particularly football, are the top exported items in the sports goods and toys sector from India.

The top 10 export destinations for Indian footballs were the UK, Australia, Germany, Ireland, UAE, Argentina, Spain, France, the US and Chile.

The exports in 2016-17 stood at $8.93 million, as against $12.8 million in 2015-16.&nbsp;

India's football exports grew by over 15 per cent to USD 10.33 million (about 70.5 crore) in 2017-18 on account of growing demand in the markets of South America and Europe.

India's football exports grew by over 15 per cent to $10.33 million (about 70.5 crore) in 2017-18 on account of growing demand in the markets of South America and Europe. "Around 60 countries from across the globe imported India-made footballs in 2017-18. The potential is much higher with the country's craftsmen manufacturing footballs of global quality," the department of commerce said in a tweet. Around 60 countries from across the globe imported India-made footballs in FY 2017-18! The potential is much higher with the country's craftsmen manufacturing footballs of global quality. #TweetForFootball@makeinindia pic.twitter.com/nxPEr2aNZ4 — DoC (@DoC_GoI) July 17, 2018 × It said inflatable balls, particularly football, are the top exported items in the sports goods and toys sector from India. The top 10 export destinations for Indian footballs were the UK, Australia, Germany, Ireland, UAE, Argentina, Spain, France, the US and Chile. The exports in 2016-17 stood at $8.93 million, as against $12.8 million in 2015-16.

60 countries from around the globe are buying 'Made in India' footballs

The BSE Sensex and the NSE Nifty 50 extended gains on Tuesday after yesterday's sharp losses.&nbsp

BSE Sensex closed 196.19 points up at 36,519.96, while the Nifty 50 ended 71.20 points higher at 11,008.05.&nbsp

All the sectoral indices on BSE, except FMCG, ended with gains led by oil and gas, energy, bankex, basic materials and healthcare. FMCG fell 0.80%. On NSE, Nifty PSU Bank Index surged 3.86% led by Union Bank, PNB and Bank of Baroda.

HPCL, IOC, SBI, Sun Pharma and ICICI Bank were among the major gainers, whereas Hindustan Unilever, Bharti Airtel, IndusInd Bank, ITC and Eicher Motors were among top losers.

The BSE Sensex and the NSE Nifty 50 extended gains on Tuesday after yesterday's sharp losses.

The BSE Sensex and the NSE Nifty 50 extended gains on Tuesday after yesterday's sharp losses. BSE Sensex closed 196.19 points up at 36,519.96, while the Nifty 50 ended 71.20 points higher at 11,008.05. All the sectoral indices on BSE, except FMCG, ended with gains led by oil and gas, energy, bankex, basic materials and healthcare. FMCG fell 0.80%. On NSE, Nifty PSU Bank Index surged 3.86% led by Union Bank, PNB and Bank of Baroda. HPCL, IOC, SBI, Sun Pharma and ICICI Bank were among the major gainers, whereas Hindustan Unilever, Bharti Airtel, IndusInd Bank, ITC and Eicher Motors were among top losers.

Sensex rises 196 points, Nifty settles above 11,000 

An aircraft leasing company has predicted India's passenger jet fleet to double by the year 2027. According to Avolon, the total value of aircraft to be delivered over next decade in the country is estimated to be $60 billion. India's jet fleet is expected to expand to almost, 1,100 by 2027.

The airline industry in India operates with nearly 600 passenger aircraft. The company also expects a surge in domestic passenger demand at an average annual rate of 9.6 per cent over next 10 years. International passengers for India will go up at the rate of 8.3 per cent.

Indian airlines carried around 22.8 million international passengers in the year 2017, an increase of 14 per cent as compared to the year 2016.&nbsp

Annual domestic passenger growth has averaged 15 per cent since 2012 in India.

Indian airlines carried around 22.8 million international passengers in the year 2017.

An aircraft leasing company has predicted India's passenger jet fleet to double by the year 2027. According to Avolon, the total value of aircraft to be delivered over next decade in the country is estimated to be $60 billion. India's jet fleet is expected to expand to almost, 1,100 by 2027. The airline industry in India operates with nearly 600 passenger aircraft. The company also expects a surge in domestic passenger demand at an average annual rate of 9.6 per cent over next 10 years. International passengers for India will go up at the rate of 8.3 per cent. Indian airlines carried around 22.8 million international passengers in the year 2017, an increase of 14 per cent as compared to the year 2016. Annual domestic passenger growth has averaged 15 per cent since 2012 in India.

Airline fleet may double to 1,100 by 2027 in India: Report

The board of insurance behemoth LIC is scheduled to meet on Monday to finalise the acquisition of 51 per cent stake in IDBI Bank, sources said.

The due diligence process by LIC is complete as per the directions of Insurance Regulatory and Development Authority of India (IRDAI), they said.

State-owned Life Insurance Corporation will approach markets regulator Sebi after getting approval from its board, which will meet in Mumbai.

IRDAI has already given its approval to LIC for the stake purchase, a move which will help the debt-ridden state-owned bank get a capital support of Rs 10,000- 13,000 crore.

"The LIC-IDBI Bank deal will trigger an open offer to protect the interest of minority shareholders in the bank," said a source.&nbsp

As per Sebi takeover code, an acquirer has to give an open offer to the shareholders of target company on acquiring shares or voting rights of 25 per cent or more.

IRDAI at its meeting held in Hyderabad last month had permitted LIC to increase its stake from 10.82 per cent to 51 per cent in IDBI Bank.

As per current regulations, an insurance company cannot own more than 15 per cent in any listed financial firms.

LIC has been looking to enter the banking space by acquiring a majority stake in IDBI Bank as the deal is expected to provide business synergies despite the lender's stressed balance sheet.

It will get about 2,000 branches through which it can sell its products, while the bank would get massive funds of LIC.

The bank would also get accounts of about 22 crore policyholders and subsequent flow of fund.&nbsp

If the deal goes through, IDBI Bank, which is grappling with mounting toxic loans with gross non-performing assets rising to a staggering Rs 55,600 crore at the end of the March quarter, will get much-needed capital support to revive its fortune.

During the January-March quarter of last fiscal, the lender's net loss stood at Rs 5,663 crore. The government would not get the proceeds from the stake reduction as the money would be utilised for the bank's revival.

It could happen through the issuance of fresh equity so that the government's stake which is presently at 80.96 per cent comes down to below 50 per cent as announced in the Budget.

The bank would also get accounts of about 22 crore policyholders and subsequent flow of fund.

The board of insurance behemoth LIC is scheduled to meet on Monday to finalise the acquisition of 51 per cent stake in IDBI Bank, sources said. The due diligence process by LIC is complete as per the directions of Insurance Regulatory and Development Authority of India (IRDAI), they said. State-owned Life Insurance Corporation will approach markets regulator Sebi after getting approval from its board, which will meet in Mumbai. IRDAI has already given its approval to LIC for the stake purchase, a move which will help the debt-ridden state-owned bank get a capital support of Rs 10,000- 13,000 crore. "The LIC-IDBI Bank deal will trigger an open offer to protect the interest of minority shareholders in the bank," said a source. As per Sebi takeover code, an acquirer has to give an open offer to the shareholders of target company on acquiring shares or voting rights of 25 per cent or more. IRDAI at its meeting held in Hyderabad last month had permitted LIC to increase its stake from 10.82 per cent to 51 per cent in IDBI Bank. As per current regulations, an insurance company cannot own more than 15 per cent in any listed financial firms. LIC has been looking to enter the banking space by acquiring a majority stake in IDBI Bank as the deal is expected to provide business synergies despite the lender's stressed balance sheet. It will get about 2,000 branches through which it can sell its products, while the bank would get massive funds of LIC. The bank would also get accounts of about 22 crore policyholders and subsequent flow of fund. If the deal goes through, IDBI Bank, which is grappling with mounting toxic loans with gross non-performing assets rising to a staggering Rs 55,600 crore at the end of the March quarter, will get much-needed capital support to revive its fortune. During the January-March quarter of last fiscal, the lender's net loss stood at Rs 5,663 crore. The government would not get the proceeds from the stake reduction as the money would be utilised for the bank's revival. It could happen through the issuance of fresh equity so that the government's stake which is presently at 80.96 per cent comes down to below 50 per cent as announced in the Budget.

LIC board to meet today to finalise IDBI Bank stake buy

The BSE Sensex turned choppy after rising over 117 points in opening trade, amid weak Asian cues and foreign fund outflows. The broader Nifty, too, slipped below the 11,000-mark.

The 30-share index fell 74.69 points, or 0.20 per cent, to 36,466.94 after touching a high of 36,558.71 in opening trade.

Sectoral indices led by healthcare, realty, oil and gas, infrastructure, auto and banking were trading in the negative zone, falling up to 1.53 per cent.

The NSE Nifty, after rising to 11,019.50, turned negative to quote 38.95 points, or 0.35 per cent, lower at 10,978.40.

India's trade deficit widening to a more than three-and-a-half-year high of US $16.6 billion due to costlier crude oil imports, weighed on investor sentiment, brokers said.

Heavy selling activity was witnessed after investors began booking profits at current levels, they added.

Shares of Infosys, however, topped the gainers list by rising about 2 per cent even as company's earnings fell below market expectations.

Top laggards that dragged key indices were ICICI Bank, Tata Motors, Sun Pharma, Yes Bank, RIL, Hero MotoCorp, SBI, M&M, Tata Steel, Vedanta, Coal India, Adani Ports and Axis Bank.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,104.65 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 872 crore on Friday, provisional data showed.

In Asian region, Hong Kong's Hang Seng was down 0.13 per cent, while Shanghai Composite fell 0.47 per cent in early trade. Financial markets in Japan are closed today for a public holiday.

The US Dow Jones Industrial Average, however, ended 0.38 per cent higher in Friday's trade.

The 30-share index fell 74.69 points, or 0.20 per cent, to 36,466.94 after touching a high of 36,558.71 in opening trade.

The BSE Sensex turned choppy after rising over 117 points in opening trade, amid weak Asian cues and foreign fund outflows. The broader Nifty, too, slipped below the 11,000-mark. The 30-share index fell 74.69 points, or 0.20 per cent, to 36,466.94 after touching a high of 36,558.71 in opening trade. Sectoral indices led by healthcare, realty, oil and gas, infrastructure, auto and banking were trading in the negative zone, falling up to 1.53 per cent. The NSE Nifty, after rising to 11,019.50, turned negative to quote 38.95 points, or 0.35 per cent, lower at 10,978.40. India's trade deficit widening to a more than three-and-a-half-year high of US $16.6 billion due to costlier crude oil imports, weighed on investor sentiment, brokers said. Heavy selling activity was witnessed after investors began booking profits at current levels, they added. Shares of Infosys, however, topped the gainers list by rising about 2 per cent even as company's earnings fell below market expectations. Top laggards that dragged key indices were ICICI Bank, Tata Motors, Sun Pharma, Yes Bank, RIL, Hero MotoCorp, SBI, M&M, Tata Steel, Vedanta, Coal India, Adani Ports and Axis Bank. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,104.65 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 872 crore on Friday, provisional data showed. In Asian region, Hong Kong's Hang Seng was down 0.13 per cent, while Shanghai Composite fell 0.47 per cent in early trade. Financial markets in Japan are closed today for a public holiday. The US Dow Jones Industrial Average, however, ended 0.38 per cent higher in Friday's trade.

Sensex, Nifty turn choppy on weak Asian cues

Chinese growth slowed slightly in the second quarter as the world's number two economy faced a snowballing trade fight with the United States.

The economy expanded by 6.7 per cent in April-June, down from 6.8 per cent in the first quarter and in line with a 6.7 per cent rate tipped in an AFP survey of economists.

Despite the quarterly deceleration, growth was still higher than the annual target of around 6.5 percent set by the government.&nbsp;

Asian shares were lower on Monday after data from China showed the world's second-largest economy slowed slightly in the second quarter, and as investors remain cautious over the impact of the heated Sino-US&nbsp;trade war.

More worryingly perhaps, the data also showed slower-than-expected growth in China's industrial output.

Taken together, the data point to an economy continuing to slow under the influence of a multi-year crackdown on excessive financial risk, even as trade war headwinds gather.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.4 per cent.

China faced an "extremely complex environment both at home and abroad", said Mao Shengyong, a spokesman for the national statistics bureau.

The impact of the deepening trade conflict with the United States was yet to fully kick in, according to analysts, who added that Beijing's battle to rein in pollution and spiralling debt levels had crimped growth.

Both Washington and Beijing slapped tariffs on $34 billion of each others' goods earlier this month, with the US threatening to impose further tariffs on another $200 billion in Chinese goods.&nbsp;

Beijing has vowed to retaliate but has not yet said what measures it will take.

The economy expanded by 6.7 per cent in April-June, down from 6.8 per cent in the first quarter and in line with a 6.7 per cent rate tipped in an AFP survey of economists.

Chinese growth slowed slightly in the second quarter as the world's number two economy faced a snowballing trade fight with the United States. The economy expanded by 6.7 per cent in April-June, down from 6.8 per cent in the first quarter and in line with a 6.7 per cent rate tipped in an AFP survey of economists. Despite the quarterly deceleration, growth was still higher than the annual target of around 6.5 percent set by the government. Asian shares were lower on Monday after data from China showed the world's second-largest economy slowed slightly in the second quarter, and as investors remain cautious over the impact of the heated Sino-US trade war. More worryingly perhaps, the data also showed slower-than-expected growth in China's industrial output. Taken together, the data point to an economy continuing to slow under the influence of a multi-year crackdown on excessive financial risk, even as trade war headwinds gather. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.4 per cent. China faced an "extremely complex environment both at home and abroad", said Mao Shengyong, a spokesman for the national statistics bureau. The impact of the deepening trade conflict with the United States was yet to fully kick in, according to analysts, who added that Beijing's battle to rein in pollution and spiralling debt levels had crimped growth. Both Washington and Beijing slapped tariffs on $34 billion of each others' goods earlier this month, with the US threatening to impose further tariffs on another $200 billion in Chinese goods. Beijing has vowed to retaliate but has not yet said what measures it will take.

China economic growth slows to 6.7% in second quarter

The world needs to produce 43,000 new aircraft over the next two decades to meet booming demand, Boeing's CEO forecast on Sunday.

Dennis Muilenberg, chief executive of the US aerospace giant, revealed the outlook upgrade to reporters in London before the sector's Farnborough Air Show starting Monday.

"We continue to see the aerospace market grow very strongly," said Muilenberg.

"We see $8.1-trillion marketplace in the next ten years" for commercial, defence and services, he added. "We further increased our estimates in the next 20 years.

"We expect the world to need roughly 43,000 new commercial airplanes. That's up from last year's estimates."

European arch-rival Airbus had forecast last week that the world's passenger fleet would more than double to 48,000 aircraft over the next 20 years, on the back of keen demand from emerging economies and low-cost airlines.

In a revised market outlook, Airbus had put the value of nearly 37,400 new aircraft required to meet global demand at $5.8 trillion by 2037.

Boeing Co is also concerned about the impact of possible trade tariffs on the cost of running its supply chain, but has not yet seen any impact from US-Chinese trade tensions on its business, Chief Executive Dennis Muilenburg said on Sunday.

"The discussion right now is proposed tariffs, ongoing discussions. So in terms of actual implementation and things that are impacting us, we haven't seen a material impact yet," Muilenburg told reporters.

"We are very much engaged in the discussion. We are concerned that it could affect supply chain costs. But note that supply chains are flowing in both directions between (these) countries as we both support existing fleets as well as build new airplanes."

Washington recently imposed 25-per cent tariffs on $34 billion of Chinese imports, and Beijing responded with tariffs on the same amount of US exports to China.

Boeing will publish exact details of its latest outlook on Tuesday, the second day of the Farnborough event held southwest of London.

The world needs to produce 43,000 new aircraft over the next two decades to meet booming demand, Boeing's CEO forecast on Sunday. Dennis Muilenberg, chief executive of the US aerospace giant, revealed the outlook upgrade to reporters in London before the sector's Farnborough Air Show starting Monday. "We continue to see the aerospace market grow very strongly," said Muilenberg. "We see $8.1-trillion marketplace in the next ten years" for commercial, defence and services, he added. "We further increased our estimates in the next 20 years. "We expect the world to need roughly 43,000 new commercial airplanes. That's up from last year's estimates." European arch-rival Airbus had forecast last week that the world's passenger fleet would more than double to 48,000 aircraft over the next 20 years, on the back of keen demand from emerging economies and low-cost airlines. In a revised market outlook, Airbus had put the value of nearly 37,400 new aircraft required to meet global demand at $5.8 trillion by 2037. Boeing Co is also concerned about the impact of possible trade tariffs on the cost of running its supply chain, but has not yet seen any impact from US-Chinese trade tensions on its business, Chief Executive Dennis Muilenburg said on Sunday. "The discussion right now is proposed tariffs, ongoing discussions. So in terms of actual implementation and things that are impacting us, we haven't seen a material impact yet," Muilenburg told reporters. "We are very much engaged in the discussion. We are concerned that it could affect supply chain costs. But note that supply chains are flowing in both directions between (these) countries as we both support existing fleets as well as build new airplanes." Washington recently imposed 25-per cent tariffs on $34 billion of Chinese imports, and Beijing responded with tariffs on the same amount of US exports to China.

Boeing needs 43,000 more planes to meet demand, concerned about US-China tariffs

Asian markets mostly fell Monday as data showed that China's economic growth slowed in the second quarter on the brink of a potential trade war with the United States.

After a positive end to last week's roller-coaster ride for equities, investors shifted back into defensive mode in early business, with concerns about the impact of tit-for-tat tariffs on the world's top two economies.

Beijing said growth in April-June came in at 6.7 per cent, in line with forecasts in an AFP survey and better than the government's annual target but a shade down from the previous three months.

While the reading refers to the three months before US levies on billions of dollars of Chinese goods were imposed, observers had already said the country was likely to struggle with a trade face-off as leaders battle a debt mountain and pollution.

At the same time, the yuan and local stock markets are tumbling.

News Friday that China's trade surplus with the US, a major cause of Trump's anger, hit a record in June has further fuelled tensions.

Mao Shengyong, a spokesman for the national statistics bureau, warned that the trade row "will have an impact on the economies of both China and the United States, and now that the world economy is deeply integrated, and the industrial chain is globalised, many related countries will also be affected".

Shanghai closed down 0.6 per cent and Sydney eased 0.4 per cent but Hong Kong ended slightly up after a late rally. Singapore, Seoul, Wellington and Taipei were lower while Tokyo was closed for a public holiday.

'Conflict and chaos'

There are hopes that Beijing and Washington can reach an agreement to avert an all-out trade war, with some experts optimistic at China's relatively muted response to Donald Trump's threats of further tariffs on $200 billion of goods.

"Should the US eventually move ahead with these tariffs, China could not escalate on an even basis given China only imports roughly $130 billion annually from the US, suggesting they would either need to levy higher trade tariffs on a small number of selected products or take the least attractive measure of tactically weakening the yuan," said Stephen Innes, head of Asia-Pacific trading at OANDA.

"Hence the lack of immediate response from China, as administrators will be ultra-careful not to send the wrong signal, triggering another market melt in China."

On Monday EU Council President Donald Tusk called on the United States, China and Russia to cool tensions, warning they could spiral into "conflict and chaos".

On currency markets, the pound held its own against the dollar after fluctuating on Friday in reaction to an interview in which Trump hit out at Prime Minister Theresa May's handling of Brexit and appeared to dampen hopes of a future trade deal.

He later took the edge off his remarks.

Traders are now looking ahead to congressional testimony by Federal Reserve chief Jerome Powell, hoping for some insight on its plans for raising interest rates in light of the trade war.

In early trade London rose 0.1 per cent, Paris was flat and Frankfurt lost 0.1 per cent.

After a positive end to last week's roller-coaster ride for equities, investors shifted back into defensive mode in early business, with concerns about the impact of tit-for-tat tariffs on the world's top two economies.

Asian markets mostly fell Monday as data showed that China's economic growth slowed in the second quarter on the brink of a potential trade war with the United States. After a positive end to last week's roller-coaster ride for equities, investors shifted back into defensive mode in early business, with concerns about the impact of tit-for-tat tariffs on the world's top two economies. Beijing said growth in April-June came in at 6.7 per cent, in line with forecasts in an AFP survey and better than the government's annual target but a shade down from the previous three months. While the reading refers to the three months before US levies on billions of dollars of Chinese goods were imposed, observers had already said the country was likely to struggle with a trade face-off as leaders battle a debt mountain and pollution. At the same time, the yuan and local stock markets are tumbling. News Friday that China's trade surplus with the US, a major cause of Trump's anger, hit a record in June has further fuelled tensions. Mao Shengyong, a spokesman for the national statistics bureau, warned that the trade row "will have an impact on the economies of both China and the United States, and now that the world economy is deeply integrated, and the industrial chain is globalised, many related countries will also be affected". Shanghai closed down 0.6 per cent and Sydney eased 0.4 per cent but Hong Kong ended slightly up after a late rally. Singapore, Seoul, Wellington and Taipei were lower while Tokyo was closed for a public holiday. 'Conflict and chaos' There are hopes that Beijing and Washington can reach an agreement to avert an all-out trade war, with some experts optimistic at China's relatively muted response to Donald Trump's threats of further tariffs on $200 billion of goods. "Should the US eventually move ahead with these tariffs, China could not escalate on an even basis given China only imports roughly $130 billion annually from the US, suggesting they would either need to levy higher trade tariffs on a small number of selected products or take the least attractive measure of tactically weakening the yuan," said Stephen Innes, head of Asia-Pacific trading at OANDA. "Hence the lack of immediate response from China, as administrators will be ultra-careful not to send the wrong signal, triggering another market melt in China." On Monday EU Council President Donald Tusk called on the United States, China and Russia to cool tensions, warning they could spiral into "conflict and chaos". On currency markets, the pound held its own against the dollar after fluctuating on Friday in reaction to an interview in which Trump hit out at Prime Minister Theresa May's handling of Brexit and appeared to dampen hopes of a future trade deal. He later took the edge off his remarks. Traders are now looking ahead to congressional testimony by Federal Reserve chief Jerome Powell, hoping for some insight on its plans for raising interest rates in light of the trade war. In early trade London rose 0.1 per cent, Paris was flat and Frankfurt lost 0.1 per cent.

Asian markets mostly down as data shows China growth slowing

The Sensex and Nifty ended lower on Monday, as a dip in oil prices hurt energy stocks such as Reliance Industries Ltd, while ICICI Bank Ltd fell on reports that the bank has hired a law firm to look into allegations of irregularities in some loan accounts.

The Nifty closed 0.74 per cent lower at 10,936.85, while the Sensex was down 0.6 per cent at 36,323.77.

Reliance Industries closed 2.2 per cent lower, while ICICI Bank fell 3.2 per cent.

Asian shares declined after official data showed China`s economy slowed slightly in the second quarter, compounded by fears of a full-scale Sino-US trade war looming over markets.&nbsp

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.43 per cent.

The market is retracing a little bit after hitting record levels last week, said Gaurang Shah, head investment strategist, Geojit Financial Services.

"There is lot more to be seen," Shah said, adding, "corporate earnings are looking good, monsoon has panned out well, and India doesn`t have to worry much about trade war jitters as we are a consumption-driven economy."

Energy shares took a beating after crude prices dropped as concerns around supply disruptions eased, while traders eyed potential supply hikes by Russia and other oil producers.&nbsp

Shares in ICICI Bank Ltd dropped up to 4.2 per cent to their lowest since October 2017, on media reports that the bank has launched an external probe to examine allegations of irregularities in some loan accounts.&nbsp

Healthcare stocks fell with Nifty Pharma index dropping 2.9 per cent.

Dr.Reddy`s Laboratories Ltd plunged as much as 10.8 per cent after a US court granted Indivior a preliminary injunction, blocking the Indian company from selling generic versions of the British drugmaker`s bestselling opioid addiction treatment in the United States.

Shares of Glenmark Pharmaceuticals Ltd posted their biggest fall in over a month on report that the Indian competition regulator has penalised the firm, three of its officials and chemists associations about 470 million rupees ($6.86 million) for indulging in unfair business practices.

Meanwhile, Infosys was the top boost on both indexes, gaining as much as 5.1 per cent, as brokerages remained upbeat on the growth outlook for India`s second-biggest IT firm, even as it missed market estimate for the June-quarter results.&nbsp

The Nifty closed 0.74 per cent lower at 10,936.85, while the Sensex was down 0.6 per cent at 36,323.77

The Sensex and Nifty ended lower on Monday, as a dip in oil prices hurt energy stocks such as Reliance Industries Ltd, while ICICI Bank Ltd fell on reports that the bank has hired a law firm to look into allegations of irregularities in some loan accounts. The Nifty closed 0.74 per cent lower at 10,936.85, while the Sensex was down 0.6 per cent at 36,323.77. Reliance Industries closed 2.2 per cent lower, while ICICI Bank fell 3.2 per cent. Asian shares declined after official data showed China`s economy slowed slightly in the second quarter, compounded by fears of a full-scale Sino-US trade war looming over markets. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.43 per cent. The market is retracing a little bit after hitting record levels last week, said Gaurang Shah, head investment strategist, Geojit Financial Services. "There is lot more to be seen," Shah said, adding, "corporate earnings are looking good, monsoon has panned out well, and India doesn`t have to worry much about trade war jitters as we are a consumption-driven economy." Energy shares took a beating after crude prices dropped as concerns around supply disruptions eased, while traders eyed potential supply hikes by Russia and other oil producers. Shares in ICICI Bank Ltd dropped up to 4.2 per cent to their lowest since October 2017, on media reports that the bank has launched an external probe to examine allegations of irregularities in some loan accounts. Healthcare stocks fell with Nifty Pharma index dropping 2.9 per cent. Dr.Reddy`s Laboratories Ltd plunged as much as 10.8 per cent after a US court granted Indivior a preliminary injunction, blocking the Indian company from selling generic versions of the British drugmaker`s bestselling opioid addiction treatment in the United States. Shares of Glenmark Pharmaceuticals Ltd posted their biggest fall in over a month on report that the Indian competition regulator has penalised the firm, three of its officials and chemists associations about 470 million rupees ($6.86 million) for indulging in unfair business practices. Meanwhile, Infosys was the top boost on both indexes, gaining as much as 5.1 per cent, as brokerages remained upbeat on the growth outlook for India`s second-biggest IT firm, even as it missed market estimate for the June-quarter results.

Sensex, Nifty end lower; Reliance, ICICI Bank top drags

The LIC board today gave approval to the insurance behemoth for acquiring of up to 51 per cent stake in IDBI Bank, Economic Affairs Secretary S C Garg said today.&nbsp

Now the state-owned Life Insurance Corporation of India (LIC) will approach markets regulator Sebi.

Insurance regulator Irdai has already given its approval to the insurer for the stake purchase.

Garg said the board, which met here, approved LIC buying up to 51 per cent stake in IDBI Bank.

LIC stake buy will help the debt-ridden state-owned bank get a capital support of Rs 10,000- 13,000 crore.

LIC has been looking to enter the banking space by acquiring a majority stake in IDBI Bank as the deal is expected to provide business synergies despite the lender's stressed balance sheet.

It will get about 2,000 branches through which it can sell its products, while the bank would get massive funds of LIC.

The bank would also get accounts of about 22 crore policy holders and subsequent flow of fund.&nbsp

Once the deal goes through, IDBI Bank, which is grappling with mounting toxic loans with gross non-performing assets rising to a staggering Rs 55,600 crore at the end of the March quarter, will get much-needed capital support to revive its fortune

LIC has been looking to enter the banking space by acquiring a majority stake in IDBI Bank as the deal is expected to provide business synergies despite the lender's stressed balance sheet

The LIC board today gave approval to the insurance behemoth for acquiring of up to 51 per cent stake in IDBI Bank, Economic Affairs Secretary S C Garg said today. Now the state-owned Life Insurance Corporation of India (LIC) will approach markets regulator Sebi. Insurance regulator Irdai has already given its approval to the insurer for the stake purchase. Garg said the board, which met here, approved LIC buying up to 51 per cent stake in IDBI Bank. LIC stake buy will help the debt-ridden state-owned bank get a capital support of Rs 10,000- 13,000 crore. LIC has been looking to enter the banking space by acquiring a majority stake in IDBI Bank as the deal is expected to provide business synergies despite the lender's stressed balance sheet. It will get about 2,000 branches through which it can sell its products, while the bank would get massive funds of LIC. The bank would also get accounts of about 22 crore policy holders and subsequent flow of fund. Once the deal goes through, IDBI Bank, which is grappling with mounting toxic loans with gross non-performing assets rising to a staggering Rs 55,600 crore at the end of the March quarter, will get much-needed capital support to revive its fortune

LIC board nod for acquisition of up to 51% stake in IDBI Bank

Inflation based on wholesale prices shot up to 5.77 per cent in June on increasing prices of vegetables and fuel items.

The Wholesale Price Index (WPI) based inflation stood at 4.43 per cent in May and 0.90 per cent in June last year.

According to the government data released today, inflation in food articles stood at 1.80 per cent in June 2018, as against 1.60 per cent in the preceding month.

Inflation in vegetables jumped to 8.12 per cent in June, from 2.51 per cent in the previous month.

Inflation in 'fuel and power' basket too rose sharply to 16.18 per cent in June from 11.22 per cent in May as prices of domestic fuel increased during the month in line with rising global crude oil rates.

Potato inflation was at a peak of 99.02 per cent, against 81.93 per cent in May. Price rise in onion was 18.25 per cent during June, as against 13.20 per cent in the preceding month.

Deflation continued in pulses at 20.23 per cent in June.

The WPI inflation for April was revised upwards to 3.62 per cent from the provisional estimate of 3.18 per cent.

Data released last week showed retail inflation scaled a 5-month high of 5 per cent in June on costlier fuel. RBI mainly takes into account retail inflation data while formulating monetary policy.

Rising inflation affirms RBI's forecast. The apex bank has revised upwards its retail inflation projection for October-March to 4.7 per cent from 4.4 per cent earlier.

In its second monetary policy review for the fiscal, the Reserve Bank last month hiked interest rate by 0.25 per cent -- the first hike in more than four years -- due to growing concerns about inflation stoked by rising global crude oil prices as well as domestic price increases.

The price of Indian basket of crude surged from USD 66 a barrel in April to around USD 74 currently.

The next meeting of the RBI's interest rate fixing panel is from July 30 to August 1.&nbsp;

The Wholesale Price Index (WPI) based inflation stood at 4.43 per cent in May and 0.90 per cent in June last year.

Inflation based on wholesale prices shot up to 5.77 per cent in June on increasing prices of vegetables and fuel items. The Wholesale Price Index (WPI) based inflation stood at 4.43 per cent in May and 0.90 per cent in June last year. According to the government data released today, inflation in food articles stood at 1.80 per cent in June 2018, as against 1.60 per cent in the preceding month. Inflation in vegetables jumped to 8.12 per cent in June, from 2.51 per cent in the previous month. Inflation in 'fuel and power' basket too rose sharply to 16.18 per cent in June from 11.22 per cent in May as prices of domestic fuel increased during the month in line with rising global crude oil rates. Potato inflation was at a peak of 99.02 per cent, against 81.93 per cent in May. Price rise in onion was 18.25 per cent during June, as against 13.20 per cent in the preceding month. Deflation continued in pulses at 20.23 per cent in June. The WPI inflation for April was revised upwards to 3.62 per cent from the provisional estimate of 3.18 per cent. Data released last week showed retail inflation scaled a 5-month high of 5 per cent in June on costlier fuel. RBI mainly takes into account retail inflation data while formulating monetary policy. Rising inflation affirms RBI's forecast. The apex bank has revised upwards its retail inflation projection for October-March to 4.7 per cent from 4.4 per cent earlier. In its second monetary policy review for the fiscal, the Reserve Bank last month hiked interest rate by 0.25 per cent -- the first hike in more than four years -- due to growing concerns about inflation stoked by rising global crude oil prices as well as domestic price increases. The price of Indian basket of crude surged from USD 66 a barrel in April to around USD 74 currently. The next meeting of the RBI's interest rate fixing panel is from July 30 to August 1.

WPI inflation rises to 5.77% in June on costlier veggies, fuel

Economic Affairs Secretary Subhash Chandra Garg&nbsp;on Saturday&nbsp;said that India's digital economy is expected to touch a $1 trillion mark by 2022.

"We expect the Indian economy to be a $1 trillion digital economy by 2022 and going forward... possibly by 2030, the digital economy would be half of the total economy," Garg said at the Platinum Jubilee Celebrations of the Institute of Cost Accountants of India (ICAI) here&nbsp;on Saturday.

The Economic Affairs Secretary further said that India is the sixth largest world economy and it&nbsp;would become fifth largest economy by 2022.

"We will become 5th largest economy by 2022. If a situation is favourable then we can become 5th largest economy by 2019 hopefully," he noted.

Garg also underscored that today 7-8 per cent rate of growth has become a norm. "We have to work hard to grow above the 8 per cent growth rate. The economy is stable."

"Good days are ahead and a lot of good work is happening in the economy. The economy is on a stage of takeoff where Indians can legitimately hold their heads high," he said.

Expressing optimism, the Economics Affairs secretary said, "By 2030 we can expect 10 per cent growth rate. This is a challenge but we can achieve. This is a challenge as well as an opportunity for us."

His comments came in the backdrop of latest World Bank data showing that India emerged as the sixth largest economy in the world, surpassing France, last year.

India became the sixth largest economy with a GDP of $2.59 trillion in 2017.&nbsp;

Garg said, India is the sixth largest world economy and it would become the fifth largest economy by 2022.

Economic Affairs Secretary Subhash Chandra Garg on Saturday said that India's digital economy is expected to touch a $1 trillion mark by 2022. "We expect the Indian economy to be a $1 trillion digital economy by 2022 and going forward... possibly by 2030, the digital economy would be half of the total economy," Garg said at the Platinum Jubilee Celebrations of the Institute of Cost Accountants of India (ICAI) here on Saturday. The Economic Affairs Secretary further said that India is the sixth largest world economy and it would become fifth largest economy by 2022. "We will become 5th largest economy by 2022. If a situation is favourable then we can become 5th largest economy by 2019 hopefully," he noted. Garg also underscored that today 7-8 per cent rate of growth has become a norm. "We have to work hard to grow above the 8 per cent growth rate. The economy is stable." "Good days are ahead and a lot of good work is happening in the economy. The economy is on a stage of takeoff where Indians can legitimately hold their heads high," he said. Expressing optimism, the Economics Affairs secretary said, "By 2030 we can expect 10 per cent growth rate. This is a challenge but we can achieve. This is a challenge as well as an opportunity for us." His comments came in the backdrop of latest World Bank data showing that India emerged as the sixth largest economy in the world, surpassing France, last year. India became the sixth largest economy with a GDP of $2.59 trillion in 2017.

Indian digital economy will touch $1 trillion-mark by 2022: Report

Days after Amartya Sen lamented that India has taken a quantum jump backwards since 2014, Niti Aayog Vice Chairman Rajiv Kumar today said the Nobel laureate should spend some time in the country to see the structural reforms undertaken by the Modi government.&nbsp;

“I wish Professor Amartya Sen would spend some time within India and actually look at conditions on the ground. And at least review all work that has been done in the last four years by the Modi government before making such statements,” Kumar said in an interview.

He was responding to a query regarding Sen’s recent remarks about the present government. “I actually would like to challenge him to show me another period of four years where so much work has been done for the making India cleaner, inclusive and more caring economy,” Kumar said.

According to him, structural reforms that have been taken are ensuring that benefits of growth reach to the last person. “If these things are not clear to him, then, I think he should spend some time here,” he added. Prime Minister Narendra Modi is the Chairman of Niti Aayog. Modi-led NDA government came to power in May 2014.

On July 7, speaking at the launch of ‘Bharat aur Uske Virodhabhas’ — the Hindi edition of his book ‘An Uncertain Glory: India and its Contradictions’ — Sen had said that due to moving backwards the country is now the second worst in the region.&nbsp;

“Things have gone pretty badly wrong… It has taken a quantum jump in the wrong direction since 2014. We are getting backwards in the fastest-growing economy. “Now, India is the second worst. Pakistan has managed to shield us from being the worst,” Sen had said.&nbsp;

Days after Amartya Sen lamented that India has taken a quantum jump backwards since 2014, Niti Aayog Vice Chairman Rajiv Kumar today said the Nobel laureate should spend some time in the country to see the structural reforms undertaken by the Modi government.

Days after Amartya Sen lamented that India has taken a quantum jump backwards since 2014, Niti Aayog Vice Chairman Rajiv Kumar today said the Nobel laureate should spend some time in the country to see the structural reforms undertaken by the Modi government. “I wish Professor Amartya Sen would spend some time within India and actually look at conditions on the ground. And at least review all work that has been done in the last four years by the Modi government before making such statements,” Kumar said in an interview. He was responding to a query regarding Sen’s recent remarks about the present government. “I actually would like to challenge him to show me another period of four years where so much work has been done for the making India cleaner, inclusive and more caring economy,” Kumar said. According to him, structural reforms that have been taken are ensuring that benefits of growth reach to the last person. “If these things are not clear to him, then, I think he should spend some time here,” he added. Prime Minister Narendra Modi is the Chairman of Niti Aayog. Modi-led NDA government came to power in May 2014. On July 7, speaking at the launch of ‘Bharat aur Uske Virodhabhas’ — the Hindi edition of his book ‘An Uncertain Glory: India and its Contradictions’ — Sen had said that due to moving backwards the country is now the second worst in the region. “Things have gone pretty badly wrong… It has taken a quantum jump in the wrong direction since 2014. We are getting backwards in the fastest-growing economy. “Now, India is the second worst. Pakistan has managed to shield us from being the worst,” Sen had said.

Would like to challenge Amartya Sen: Niti Aayog vice chairman

Scam-hit PNB's recovery of over Rs 7,700 crore in bad loans during the first quarter in the current fiscal has surpassed the total amount it recovered in the entire 2017-18 financial year, indicating that it has embarked on the turnaround path, the bank's top official has said.

The Insolvency and Bankruptcy Code (IBC) resolution process has greatly helped Punjab National Bank, which was hit by nearly USD 2 billion fraud allegedly carried out by jeweller Nirav Modi and his associates, he said.

"In the first quarter itself, 2-3 big accounts have been resolved. As a result, the bank has got over Rs 3,000 crore only through the resolution process," PNB Managing Director Sunil Mehta told PTI.

During the quarter (April-June, 2018-19), two big accounts --Bhushan Steel and Electrosteel were resolved through the IBC process.

"Last financial year, the bank had made recovery of about Rs 5,400 crore. Against that we have done recovery of over Rs 7,700 crore in the first quarter itself. IBC played a big role in such huge recovery because two big accounts were resolved," he said.

Going forward, Mehta said, the resolution of other accounts including Essar Steel and Bhushan Power and Steel (BPSL) are expected to give good value.

Sharing details of the 12 accounts forming part of the first list, he said the bank had total exposure of Rs 12,000 crore in the 9 accounts out of 12. Of the 9 accounts, he said, 5 stressed assets with exposure of Rs 9,000 crore are from the steel sector alone.

"In the second list, the bank has exposure in 20 accounts out of total of 28 accounts. The total outstanding is Rs 6,500 crore and we expect these to resolved during the current fiscal itself," he said.

That apart, Nirav Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of about Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs).

A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011.

With regards to provision made for the loss incurred on account of Nirav Modi fraud, the bank provided Rs 7,178 crore, 50 per cent of the total amount of Rs 14,356 crore in the fourth quarter of 2017-18.

The remaining amount will be covered in the three quarters of the current fiscal year.

PNB paid Rs 6,586.11 crore to other banks to discharge its liabilities towards Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs) issued fraudulently and in unauthorised manner to certain overseas branches of Indian banks through the misuse of SWIFT system of the bank, which was then not integrated with CBS (Core Banking Solution).

A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011.

Scam-hit PNB's recovery of over Rs 7,700 crore in bad loans during the first quarter in the current fiscal has surpassed the total amount it recovered in the entire 2017-18 financial year, indicating that it has embarked on the turnaround path, the bank's top official has said. The Insolvency and Bankruptcy Code (IBC) resolution process has greatly helped Punjab National Bank, which was hit by nearly USD 2 billion fraud allegedly carried out by jeweller Nirav Modi and his associates, he said. "In the first quarter itself, 2-3 big accounts have been resolved. As a result, the bank has got over Rs 3,000 crore only through the resolution process," PNB Managing Director Sunil Mehta told PTI. During the quarter (April-June, 2018-19), two big accounts --Bhushan Steel and Electrosteel were resolved through the IBC process. "Last financial year, the bank had made recovery of about Rs 5,400 crore. Against that we have done recovery of over Rs 7,700 crore in the first quarter itself. IBC played a big role in such huge recovery because two big accounts were resolved," he said. Going forward, Mehta said, the resolution of other accounts including Essar Steel and Bhushan Power and Steel (BPSL) are expected to give good value. Sharing details of the 12 accounts forming part of the first list, he said the bank had total exposure of Rs 12,000 crore in the 9 accounts out of 12. Of the 9 accounts, he said, 5 stressed assets with exposure of Rs 9,000 crore are from the steel sector alone. "In the second list, the bank has exposure in 20 accounts out of total of 28 accounts. The total outstanding is Rs 6,500 crore and we expect these to resolved during the current fiscal itself," he said. That apart, Nirav Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of about Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs). A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011. With regards to provision made for the loss incurred on account of Nirav Modi fraud, the bank provided Rs 7,178 crore, 50 per cent of the total amount of Rs 14,356 crore in the fourth quarter of 2017-18. The remaining amount will be covered in the three quarters of the current fiscal year. PNB paid Rs 6,586.11 crore to other banks to discharge its liabilities towards Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs) issued fraudulently and in unauthorised manner to certain overseas branches of Indian banks through the misuse of SWIFT system of the bank, which was then not integrated with CBS (Core Banking Solution).

PNB after Nirav Modi: Rs 7,700 crore raised via NPAs in first quarter

<a href="http://wionews.com/business-&-economy/india-becomes-worlds-sixth-largest-economy-muscles-past-france-150780">Indian economy</a> is on a stage of “take off” and is expected to be the world’s third largest by 2030 with gross domestic product (GDP) worth $10 trillion, economic affairs secretary Subhash Chandra Garg said on Saturday.

Also read: <a href="http://wionews.com/business-&-economy/sensex-touches-all-time-high-mark-nifty-crosses-11000-mark-on-positive-global-cues-150952">Sensex at record high led by oil, banking stocks; Nifty 50 above 11,000</a>

“Good days are ahead and lot of good work is happening in the economy. The economy is on a stage of take off where Indians can legitimately hold their heads high,” he said in New Delhi.

In the first 40 years of independence, the country hardly grew at 3.5% and today, 7-8% is the norm, Garg said at a function to mark the platinum jubilee celebrations of the Institute of Cost Accountants of India.

“By 2030, we can legitimately expect to be a $10 trillion economy. That is the challenge. That is also the opportunity,” he said. “Eight per cent growth is very much achievable... If we keep that... we can look forward to be an Indian economy of $10 trillion which would be the third largest economy in the world,” Garg said.

His comments also come close on the heels of latest World Bank data showing that the country emerged as the sixth largest economy in the world, surpassing France, in 2017.

In 2017, India became the sixth largest economy with a GDP of $2.59 trillion, relegating France to the seventh position, according to the data.

“We expect the Indian economy to be a $1 trillion digital economy by 2022 and going forward... possibly by 2030, the digital economy would be half of the total economy,” the economic affairs secretary said.

The country’s economy grew at a seven-quarter high of 7.7% in the three months ended March 2018, helped by higher government spending and investments.

Economic affairs secretary says good days are ahead and lot of good work is happening in the economy. It’s on a stage of take off where Indians can legitimately hold their heads high.

Indian economy is on a stage of “take off” and is expected to be the world’s third largest by 2030 with gross domestic product (GDP) worth $10 trillion, economic affairs secretary Subhash Chandra Garg said on Saturday. Also read: Sensex at record high led by oil, banking stocks; Nifty 50 above 11,000 “Good days are ahead and lot of good work is happening in the economy. The economy is on a stage of take off where Indians can legitimately hold their heads high,” he said in New Delhi. In the first 40 years of independence, the country hardly grew at 3.5% and today, 7-8% is the norm, Garg said at a function to mark the platinum jubilee celebrations of the Institute of Cost Accountants of India. “By 2030, we can legitimately expect to be a $10 trillion economy. That is the challenge. That is also the opportunity,” he said. “Eight per cent growth is very much achievable... If we keep that... we can look forward to be an Indian economy of $10 trillion which would be the third largest economy in the world,” Garg said. His comments also come close on the heels of latest World Bank data showing that the country emerged as the sixth largest economy in the world, surpassing France, in 2017. In 2017, India became the sixth largest economy with a GDP of $2.59 trillion, relegating France to the seventh position, according to the data. “We expect the Indian economy to be a $1 trillion digital economy by 2022 and going forward... possibly by 2030, the digital economy would be half of the total economy,” the economic affairs secretary said. The country’s economy grew at a seven-quarter high of 7.7% in the three months ended March 2018, helped by higher government spending and investments.

India expected to be $10 trillion economy by 2030: Economic affairs secretary