India’s refusal to join China’s One Belt and One Road initiative regrettable: Chinese media

Source : Financial Express 15 May 2016

India’s refusal to join China’s high-profile Belt and Road initiative is “regrettable” but New Delhi’s boycott will not at all affect the cooperation in infrastructure development among its neighbouring countries, a report in a state-run newspaper said today.

The two-day Belt and Road Forum which is being attended by leaders from 29 countries, including Pakistan, has been boycotted by India due to sovereignty concerns over the USD 50 billion CPEC (China-Pakistan Economic Corridor), which passes through Pakistan-occupied Kashmir.

“While India recently issued an official statement saying it would not be part of the “One Belt and One Road” (B&R) initiative, it will not affect the trend towards cooperation in infrastructure development among its neighbouring countries at all,” Global Times reported today.

“India was openly sceptical of China’s Belt and Road Forum (BRF) hours ahead of the opening of the event, mainly due to concerns over the China-Pakistan Economic Corridor (CPEC), a key project of the B&R, and whether it might influence the disputed Kashmir region,” it said.

GST to push Indian growth to over eight per cent: IMF

indexSource: Financial Express, Apr 28, 2017

Washington: The ambitious Goods and Services Tax to be implemented from July 1 would help raise India’s medium-term growth to above eight per cent, the International Monetary Fund has said adding that the reforms being done is expected to pay off in terms of higher growth in the future. “The government has made significant progress on important economic reforms that will support strong and sustainable growth going forward,” Tao Zhang, Deputy Managing Director of the International Monetary Fund, told PTI in an exclusive interview.

“We expect that the goods and services tax (GST), which is targeted to be applied starting in July, will help raise India’s medium-term growth to above 8 per cent, as it will enhance production and the movement of goods and services across Indian states,” the IMF official said.

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Start-ups to get more money as Cabinet gievs nod to Rs 1k cr fund

Source: Business Standard, Mar 23, 2017

New Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved Rs 1,000-crore initial corpus for the Fund of Funds for Start-ups (FFS), which was established in June last year.According to the Cabinet decision, Alternate Investment Funds (AIFs) supported by FFS shall invest at least twice the amount of contribution received from FFS in start-ups.

It was also decided that operating expenses for carrying out due diligence, legal and technical appraisals and convening meeting of Venture Capital Investment Committee, among others, would be met out of the FFS to the extent of 0.50 per cent of the commitments made to AIFs.

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Indian M&E industry to grow at 13.9% CAGR to reach Rs 2,419.4 billion by 2021

Source: The Economic Times, Mar 22, 2017

Mumbai:The Indian Media and Entertainment (M&E) industry is projected to grow at a faster pace of 13.9% CAGR over the period 2016–21, with advertising revenue expected to increase at a CAGR of 15.3% according to the FICCI-KPMG Media and Entertainment industry report 2017.

The report was released by on the inaugural day of the three-day annual media conclave

FICCI FRAMES.

According to the report, 2016 was a mixed bag for the M&E industry and while the digital ecosystem penetrated further into the citizens’ day-to-day lives and opened up new avenues of consumption and revenue, it was time for introspection for many parts of the industry.

For instance, television experienced slower growth due to a lacklustre year for subscription revenues, which have faced headwinds owing to continued challenges around digitisation and its intended benefits flowing through the value chain.

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Indian theme park industry grew at 10.25 per cent in 2016 to reach Rs 2930 crore

indexSource: The Economic Times, Mar 22, 2017

Mumbai: More Indians were “taken for a ride” as the Indian theme park industry grew at 10.25 per cent in 2016 to reach Rs 2930 crore, up from Rs 2660 crore in 2015, according to a report released by Ficci and KPMG. The industry, however, has to make greater strides to match the global level.

The global theme park market, buzzing majorly on theme parks in the US, Japan, China, Hong Kong and Korea, and various others coming up in Dubai and Abu Dhabi, is currently valued at Rs 2.7 lakh crore. Theme parks have the usual elements of an amusement park such as rides but also retail stores, restaurants etc, unified by a central theme.

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Govt nod for 18 new airports costing Rs 30,000 cr

download (1).jpgSource: Business Standard, Mar 21, 2017

New Delhi: The government has given in principle approval for setting up 18 airports which together are estimated to cost nearly Rs 30,000 crore.

Minister of State for Civil Aviation Jayant Sinha today said the government has granted “in principle” approval for the greenfield airports.

Citing information provided by developers, the total estimated cost for setting up of the 18 airports “comes out to Rs 30,000 crore (approximately)”, Sinha said.
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RBI recasts norms on currency hedging for MNCs

images (1).jpgSource: The Economic Times, Mar 22, 2017

NEW DELHI: The RBI today changed norms to provide operational flexibility to multinational entities and their Indian subsidiaries exposed to currency risks arising out of current account transactions in the country.

The extant hedging guidelines have been amended to provide operational flexibility for booking derivative contracts to hedge the currency risk arising out of current account transactions of Indian subsidiaries of multi-national companies.

As per the guidelines, the transactions under the facility will be covered under a tripartite agreement involving the Indian subsidiary, its non-resident parent / treasury and the bank.

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