Moody’s sees India’s sovereign outlook stable, pegs GDP growth at 6%

Apartment Interior at The Grand Arch, Gurgaon

Apartment Interior at The Grand Arch, Gurgaon

Global rating agency Moody’s has said India’s sovereign outlook is stable and does not warrant any action on the country’s credit rating in the next 12-18 months.

“We feel the outlook (on India) is stable. We do not see ratings movement up or down in the next 12-18 months,” Moody’s Sovereign Ratings VP and lead analyst (India) Atsi Sheth said on the sidelines of ADB annual meet here.

Sheth said Moody’s has already incorporated the possibility of an improvement in India’s growth in its current rating outlook.

In January, Moody’s had reaffirmed sovereign credit rating of India at ‘Baa3’, which indicates investment grade, with a stable outlook. It had, however, cautioned that a high fiscal deficit could pull down the growth in the coming years.

“We expect the downturn will be extended if that is what the world is going through right now. But we do expect that as conditions globally improve, if the domestic situation improves, growth too will see an upward trajectory,” Sheth said.

Read more: Indian Express

India growth story intact, reforms in place, says FM

Finance minister P Chidambaram said on Friday that the India growth story remained intact and the economic and fiscal reforms already in place would help revive growth to robust levels in the months ahead.

Speaking at the India Day function Chidambaram urged investors to look at the tremendous opportunities available in the country and detailed the steps taken by the government to revive growth and investment.

“The Indian growth story is fascinating. . I’m not a great story teller but have a good story to tell… I expect India’s growth to be robust and sustainable. I am confident that it will gather further momentum in the coming years. FDI regime in areas like multi/single brand retail, airlines have been further liberalized and I am confident there will be forward movement in areas like insurance and pensions,” he told delegates attending the 46th annual meeting of the Asian Development Bank.

Read more: The Times of India

Market

Wall Street: S&P 500 closes at record again; financials, Apple lead

The S&P 500 closed at another record high, pushing further above 1,600 as financial shares led the way after Bank of America’s settlement with MBIA.

Apple’s advance helped lift both the S&P and the Nasdaq. Bank of America said it would settle claims with MBIA for $1.6 billion, lifting shares of both companies as well as the S&P financial sector Index, which gained 1 per cent. MBIA shares jumped 45.4 per cent to $14.29 and Bank of America shares rose 5.2 per cent to $12.88.

The day’s gains followed a strong run in stocks since the start of the year. Supportive monetary policies that have kept interest rates low as well as solid earnings have helped to keep the market up. The S&P 500 has gained 13.4 per cent since Dec. 31.

Read more: The Economic Times

Infrastructure

Soon, Gurgaon to get metro link to airport

The long-pending project of connecting Millennium city in Gurgaon with Delhi’s Indira Gandhi International Airport may soon see the light of the day.

The ministry of urban development is likely to call a policy-level meeting next week to finalise the project, said ministry sources. The new line, however, will have no connection whatsoever with the existing Airport Metro express.

“We hope a final decision on the project will be taken at the meeting. The ministry of urban development has suggested four alternatives – general metro, high-speed metro, extension of soon-to-be-launched Gurgaon’s rapid metro and a regional rail transit system – of which the most feasible plan would get a nod,” said SD Sharma, director (business development), Delhi Metro Rail Corporation Limited (DMRC).

Read more: Business Line

Power

Rs 5-lakh cr investment in power generation by FY17: Scindia

Confident of resolving woes of the power sector, Union Minister Jyotiraditya Scindia says that the country’s electricity generation capacity will leapfrog to nearly 315 gigawatts by fiscal year 2016-17 with an estimated investment of about Rs 5 lakh crore.

“Investments are already on stream. All we need to do for meeting this target of power generation is to resolve all the issues faced by the sector. Once these problems are resolved then the investments would be put in place,” Scindia said.

Admitting that all the four main areas of the power sector — generation, transmission, distribution and last-mile solutions — have their own issues, the Minister told PTI in an interview that he is confident of resolving those problems and the required initiatives are being put in place.”Each of these areas have its own characteristics, its own peculiarities, its own issues for which very customised solutions have to be devised,” said the 42-year-old Scindia who took over as the Power Minister about five months ago.

Read more: Business Standard

New distribution and gas pricing policy to boost energy sector

India’s energy sector is preparing for a new regime for natural gas pricing and distribution with fresh norms for allocating the scarce resource and revised prices that makes the business attractive enough for companies to commit risk capital and boost output.

The government proposes to grant the fuel-starved power sector the same priority as fertiliser plants for supply of depleting domestic gas. Currently, fertiliser plants get the top priority, and consequently the maximum natural gas. The change in pecking order can give the power sector enough fuel to generate 2,200 MW from existing plants, if the proposal is approved by empowered group of ministers (EGoM) scheduled to meet this week.

Read more: The Economic Times

IT

Public cloud services market to reach $ 443 million in 2013: Gartner

Public cloud services market in India is forecast to grow 36 per cent in 2013 to total $ 443 million, research firm Gartner today said.

Cloud computing facilitates sharing of technological resources, software and digital information. It operates on a pay-per-use model, helping companies to cut costs as they do not have to invest heavily in infrastructure.

The public cloud services market stood at $ 326 million in 2012, Gartner said in a statement.

Infrastructure as a service (IaaS), including cloud compute, storage and print services, which was the fastest- growing segment, grew 22.7 per cent in 2012 to $ 43.1 million.

It’s expected to further grow 39.6 per cent in 2013 to $ 60.2 million, Gartner said.

Read more: The Economic Times

NRI

Indian embassy issues fresh guidelines for Overseas Citizens of India card holders

The Overseas Citizens of India card holders, while travelling to India, must carry the OCI booklet and their passport having ‘U’ visa sticker, the Indian Embassy has said.

While the OCI card provides its holder a multiple entry, multi-purpose life-long visa for visiting India, in many cases its holders are required to apply for its re-issuance, including re-issuance of new passport for those below 20 and above 50.

“For an applicant who is 21 to 49 years of age, there is no need to re-issue OCI documents each time a new passport is issued. However, if the applicant desires, he/she can request that the OCI documents be re-issued so that the OCI documents reflect the correct passport number,” the Embassy said.

For an applicant who is 50 years of age or older, OCI documents must be re-issued once after the issuance of a new passport, the statement said.

Read more: The Economic Times

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