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The Naresh Kumar Sagar Daily
Published by
Naresh Kumar Sagar
02 January 2016
World Leisure Art & Entertainment Science Sports Business #pathankot #twitter
Today's headline
‘No visible difference between UPA-II and Modi regime’
thumbnailwww­.thehindubusinessline­.com - After a hiatus, veteran social activist Anna Hazare has written to Prime Minister Narendra Modi, reminding him that he is not delivering on his pre-electoral promises to bring back black money in 1...
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Natalie Cole has died at the age of 65 in a Los Angeles hospital from “ongoing health issues,” her publicist Maureen O’Connor said. Cole passed away on Thursday evening. The cause of the death is said to be congestive heart failure that followed complications from a kidney transplant and Hepatitis C, which was diagnosed in 2008. Natalie Cole was the daughter of Nat King Cole, a legendary jazz singer. The peak of Natalie’s popularity was in the early 1990s, when she recorded her multiple Grammy-winning album “Unforgettable: With Love.” Her other hits included “Everlasting,” “Sophisticated Lady,” “I’ve Got love on My Mind,” and “Good to Be Back.” In a career that spanned five decades, which encompassing R&B, soul, jazz, and pop genres, Natalie Cole received nine Grammy Awards and 21 nominations.

PATHANKOT TERROR ATTACK

Reacting to the attacks in Pathankot, Home Minister Rajnath Singh said, “Pakistan is our neighbour and we want peace, but any terrorist attack on India will get a befitting response. AS security officials continue to sanitise Pathankot Air Force base after suspected Jaish-e-Mohammed terrorists launched an attack, a senior security official has said that the terrorists had infiltrated India three days ago.
Indian intelligence traced four phone calls between the terrorists in Pathankot and Pakistan handlers between 12:35 am to 1:40 am
The terror attack, on since 3.30 am, has claimed the lives of three soldiers. Four terrorists have died. It is not known how many were involved in the attack. The attack is suspected to have been carried out by the terror outfit Jaish-e-Mohammed. Reports reveal that the attackers were from Bhawalpur in Pakistan and were ordered to blow up the helicopters stationed at the base. Pathankot air base,the terrorists were engaging the forces in gun-battle have apparently sneaked out, army sources have revealed.
 Today’s terrorist attack on an Indian Air Force base in Punjab’s Pathankot, where two IAF personnel and four attackers were killed, has striking similarities to the July assault in Gurdaspur district.The Pathankot attack comes six months after another terror strike where suspected Pakistani terrorists had sprayed bullets on a moving bus and stormed Dinanagar police station in Gurdaspur district bordering Pakistan, killing six people and injuring eight.
Both the attacks came weeks after meetings between Indian and Pakistani prime ministers and an upswing in the relations between the two countries. The Pathankot attack came close on the heels of an upswing in India-Pakistan ties after Prime Minister Narendra Modi made a surprise trip to Lahore last month and held talks with his Pakistani counterpart Nawaz Sharif.
Congress was quick to react and asked whether Prime Minister Narendra Modi would take up the issue with his Pakistan counterpart.
“It is a matter of serious concern. Will the PM take up the issue with Pakistan now that he has recently visited Pakistan?” asked Congress leader RS Surjewala. “How does the government propose to control and check terror coming from Pakistan? These are a few issues that Prime Minister Modi needs to address,” he added.
The Congress leaders also pointed out that terrorist exported from Pakistan were behind the attack in Pathankot.
“First in Udhampur, then in Dinanagar in Gurudaspur and now in Pathankot. These terrorists wore army fatigues, they kidnapped vehicles and they consequently attack army or other sensitive installations,” he said.
Surjewala also said that now that in the winter season the infiltration in Jammu and Kashmir is not possible, the peaceful Punjab was being targeted by the terrorists.
A team of National Investigation Agency, mandated to probe terror cases, reached Pathankot IAF base to gather inputs about the attack carried out by suspected militants of Jaish-e-Mohammed group. The NIA team reached the spot as the home ministry has asked the central probe agency to keep a full investigation team in readiness as the case could be transferred to it, official sources said.

INDIA’S EXTERNAL DEBT AT ABOUT US$ 483 BILLION END SEPTEMBER 2015


India’s external debt at end-September 2015 was placed at US$ 483.2 billion recording an increase of US$ 8.0 billion (1.7%) over its level at end June 2015. The increase in external debt during 2014-15 was on account of rise in outstanding NRI deposits and commercial borrowings. The external debt/GDP ratio stood at 24.6% at end-September 2015, as against 25.0 per cent at end-March 2015.
The rise in external debt during the period was due to long-term external debt particularly commercial borrowings and NRI deposits. However, on a sequential basis, total external debt at end September 2015 declined by US$ 291 million from the end-June 2015 level.
The ratio of short-term external debt to foreign exchange reserves stood at 24.6% at end-September 2015 lower than 25% at end-March 2015.
Commercial borrowings continued to be the largest component of external debt with a share of 37.7%, followed by NRI deposits (25.2%) and short-term trade credit (17.8%). The share of US dollar denominated debt continued to be the highest in external debt stock at 57.7 per cent at end-September 2015, followed by the Indian rupee (28.3%), SDR (5.8%), Japanese yen (4.0%), and euro (2.4%).

GROSS BANK CREDIT GROWS AT 8.6% IN NOVEMBER 2015



Gross bank credit grows at 8.6% in the month of November 2015 as compared to 8.1% in October 2015. The gross bank credit growth stands at 10.4% during November 2014. On a year-on-year (y-o-y) basis, non-food bank credit increased by about 9% in November 2015 as against 8.3% in October 2015. Credit to agriculture and allied activities increased by around 12% in November 2015 as compared to 11.1% in October 2015.

 Monthly trend in growth of gross bank credit (%)                                                                                       (YoY)
   Source: PHD Research Bureau, compiled from RBI

Credit to industry increased by about 5% in the month of November 2015 as against 4.6% in October 2015. While there was an  increase of credit to industry by 7.3% in November 2014. Deceleration in credit growth to industry in November 2015 over last year was observed in all major sub-sectors barring chemical and chemical products and basic metal and metal products.

Deployment of Gross Bank Credit by major sectors                                                                                           (Rs. Billion)
Sector
October
2015*
November 2015**
October 2015^
(Y-O-Y growth)
November2015^^
(Y-O-Y growth)
(%)
(%)
Gross Bank Credit
63022
63466
8.1
8.6
Food Credit
924
1069
-6.0
0.5
Non-food Credit
62097
62397
8.3
8.8
Agriculture & Allied Activities
8232
8260
11.1
11.8
Industry (Micro & Small, Medium and Large)
26506
26687
4.6
5.0
Services
14503
14403
6.8
6.8
Personal Loans
12857
13046
16.9
18.0
Priority Sector
21225
21183
10.3
10.3
Source: PHD Research Bureau, compiled from RBI. Note: Data are provisional and relate to select banks which cover 95 per cent of total non-food credit extended by all scheduled commercial banks * Data pertains to Oct 30,2015 ^ Growth pertains to Oct 30,2015 over Oct 31, 2014
** Data pertains to Nov 27,2015 ^^ Growth pertains to Nov  27, 2015 over Nov 28, 2014
November core infra grows at (-)1.3%

The core infrastructure grows to -1.3% (Y-O-Y) in November 2015 in comparison to 3.2% in October, 2015. The combined Index of Eight Core Industries stands at 166.8 in November, 2015 with a growth rate of (-) 1.3% in November 2015 as compared to 8.5% in November 2014. Crude oil and Natural gas registered a growth rate of (-) 3.3% and (-) 3.9% respectively in the month of November 2015.

   Sector wise trend in monthly production                                                            (% growth)
Sector
Weight in IIP
November’15
October’15
Crude Oil
5.22
-3.3
-2.1
Natural Gas
1.71
-3.9
-1.8
Petroleum Refinery Products
5.94
2.5
-4.4
Coal
4.38
3.5
6.3
Fertilizer
1.25
13.5
16.2
Electricity
10.32
0.0
8.8
Cement
2.41
-1.8
11.7
Steel
6.68
-8.4
-1.2
Overall
37.90
-1.3
3.2
  Source: PHD Research Bureau, compiled from the office of the economic advisor to the Govt. of India

In cumulative terms, core infrastructure industries registered a growth of 2% during April- November 2015-16 as against 6% during the corresponding period of the previous year.
    
    Sector wise trend in production                                                                                   (% growth)  
Sector
Weight
Apr-Nov’15
Apr-Nov’14
Crude Oil
5.22
-0.4
-0.8
Natural Gas
1.71
-2.3
-5.1
Petroleum Refinery Products
5.94
2.5
-0.5
Coal
4.38
4.3
9.8
Fertilizer
1.25
9.7
-1.3
Electricity
10.32
4.2
10.7
Cement
2.41
2.1
8.4
Steel
6.68
-1.5
7.9
Overall
37.90
2.0
6.0
   Source: PHD Research Bureau, compiled from the office of the economic advisor to the Govt. of India

  Trend in growth of steel, cement, electricitycoal and overall  (%)
Source: PHD Research Bureau, compiled from the office of the economic advisor to the Govt. of India

RBI ADVISED SLBC CONVENOR BANKS

RBI advised SLBC Convenor banks to identify villages with population above 5000 for opening of bank branches
State Level Bankers’ Committees (SLBC) Convenor banks were advised by RBI vide circular RPCD.CO.LBS.BC. No. 86/02.01.001/2011-12 dated June 19, 2012 to prepare a roadmap to provide banking services in all unbanked villages with population less than 2000 through a combination of business correspondents (BCs) and branches. Banks were also advised to ensure that there is a brick and mortar branch to provide support to a cluster of BC units at a reasonable distance of 3-4 kilometers.
In February 2013, SLBC Convenor banks were advised to review the roadmap and increase the proportion of branches for covering the unbanked villages allotted to them such that about 5 percent of the unbanked villages identified in a State is covered through branch mode. Further, keeping in view the ongoing implementation of Pradhan Mantri Jan Dhan Yojana (PMJDY), SLBC Convenor banks and lead banks were advised vide circular FIDD.CO.LBS.BC.No. 47/02.01.001/2014-15 dated January 2, 2015 to complete the process of providing banking services in unbanked villages with population below 2000 by August 14, 2015.
On a review of the roadmap, it has been observed by RBI that coverage of banking services in unbanked villages is skewed towards the BC model and the ratio of branches to BC is very low. For increasing banking penetration and financial inclusion, brick and mortar branches are an integral component. Therefore, it has been decided to focus on villages with population above 5000 without a bank branch of a scheduled commercial bank. This will also enable banks to provide quality financial services and timely support to BC outlets that would help in sustaining and strengthening the services provided through BCs and also ensure close supervision of BC operations.
Accordingly, SLBC Convenor banks are advised by RBI to identify villages with population above 5000 without a bank branch of a scheduled commercial bank in their State. The identified villages may be allotted among scheduled commercial banks (including Regional Rural Banks) for opening of branches. The opening of bank branches under this Roadmap should be completed by March 31, 2017.
RBI has invited finalised roadmap with details of allocated villages to various banks as per Annexe A and B. The details of the same is mentioned in the enclosed circular for your kind reference.

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