Government’s total public debt increased by 2.4% in Q3 FY2017
The Public Debt (excluding liabilities under the ‘Public Account’) of the Central Government provisionally increased by 2.4% in Q3 of FY 17 on Q-o-Q basis. Internal debt constituted 92.6% of Public Debt as at end-December 2016, while marketable securities accounted for 83.6% of Public Debt.
During Q3 of FY17, the Government issued dated securities worth Rs.161,000 crore taking the Gross Borrowings in April-December of FY17 to Rs. 5,02,000 crore or 83.7% of BE, vis-a-vis 85.6% of BE in April-December of FY 16. Net market borrowings from April-December of FY17 were at Rs.362,012 crore, 85.1% of BE. Auctions of both Government dated Securities and Treasury Bills, during Q3 of FY17 were held in accordance with the pre-announced issuance calendar. In the 11 tranches of G-securities auction, five new securities, namely 7.06% GS 2046, 6.51% FRB 2024, 6.62% GS 2051, 6.57%GS 2033 and 6.79% GS 2029 were issued during the Quarter on October 10, November 7, November 28, December 5 and December 26, 2016, respectively.
The Weighted Average Maturity (WAM) and Weighted Average Yield (WAY) issued during Q3 FY17 was 15.59 years and 6.7%. The liquidity condition in the economy continued to improve during the quarter. The cash position of the Government during Q3 of FY17 was comfortable and remained in surplus mode.
The Public Debt (excluding liabilities under the ‘Public Account’) of the Central Government provisionally increased by 2.4% in Q3 of FY 17 on Q-o-Q basis. Internal debt constituted 92.6% of Public Debt as at end-December 2016, while marketable securities accounted for 83.6% of Public Debt. About 26.6% of outstanding stock has a residual maturity of up to 5 years at end – December 2016, which implies that over the next five years, on an average, around 5.3% of outstanding stock needs to be repaid every year. Thus, rollover risk in the debt portfolio continues to be low. The implementation of budgeted buy back/ switches in coming period is expected to further reduce roll over risk.
G-sec yields declined sharply across the curve during the quarter, post the Government’s decision on November 8, 2016 to demonetize high denomination value notes which was viewed positively by market as deposits were expected to surge in banks and led to bullish market sentiment, particularly for short end bonds. The bullish market sentiment was however, restrained to a certain extent with rise in global crude prices on OPEC agreement with Russia in its meeting to cut oil output, hiking by US Fed of key policy rate by 25 bps and FOMC commentary suggesting further rate hikes at a faster pace. The trading volume of Government Securities on an outright basis during Q3 FY 17 decreased by 11.87% over the previous quarter.
The Public Debt Management Quarterly report for the period October - December 2016 is attached for your kind reference.
During Q3 of FY17, the Government issued dated securities worth Rs.161,000 crore taking the Gross Borrowings in April-December of FY17 to Rs. 5,02,000 crore or 83.7% of BE, vis-a-vis 85.6% of BE in April-December of FY 16. Net market borrowings from April-December of FY17 were at Rs.362,012 crore, 85.1% of BE. Auctions of both Government dated Securities and Treasury Bills, during Q3 of FY17 were held in accordance with the pre-announced issuance calendar. In the 11 tranches of G-securities auction, five new securities, namely 7.06% GS 2046, 6.51% FRB 2024, 6.62% GS 2051, 6.57%GS 2033 and 6.79% GS 2029 were issued during the Quarter on October 10, November 7, November 28, December 5 and December 26, 2016, respectively.
The Weighted Average Maturity (WAM) and Weighted Average Yield (WAY) issued during Q3 FY17 was 15.59 years and 6.7%. The liquidity condition in the economy continued to improve during the quarter. The cash position of the Government during Q3 of FY17 was comfortable and remained in surplus mode.
The Public Debt (excluding liabilities under the ‘Public Account’) of the Central Government provisionally increased by 2.4% in Q3 of FY 17 on Q-o-Q basis. Internal debt constituted 92.6% of Public Debt as at end-December 2016, while marketable securities accounted for 83.6% of Public Debt. About 26.6% of outstanding stock has a residual maturity of up to 5 years at end – December 2016, which implies that over the next five years, on an average, around 5.3% of outstanding stock needs to be repaid every year. Thus, rollover risk in the debt portfolio continues to be low. The implementation of budgeted buy back/ switches in coming period is expected to further reduce roll over risk.
G-sec yields declined sharply across the curve during the quarter, post the Government’s decision on November 8, 2016 to demonetize high denomination value notes which was viewed positively by market as deposits were expected to surge in banks and led to bullish market sentiment, particularly for short end bonds. The bullish market sentiment was however, restrained to a certain extent with rise in global crude prices on OPEC agreement with Russia in its meeting to cut oil output, hiking by US Fed of key policy rate by 25 bps and FOMC commentary suggesting further rate hikes at a faster pace. The trading volume of Government Securities on an outright basis during Q3 FY 17 decreased by 11.87% over the previous quarter.
The Public Debt Management Quarterly report for the period October - December 2016 is attached for your kind reference.
Quality Infrastructure: Japanese Investment in India
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The Embassy of Japan in New Delhi and the Centre for Policy Research are pleased to invite you to a workshop on
Quality Infrastructure: Japanese Investment in India |
Monday, 27 February 2017, 9:00 a.m. - 2:00 p.m.
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Official development assistance from Japan has contributed substantially to India's efforts in priority areas like power, transportation, environment and human development. Concomitantly, supported in part by such infrastructure investments, investment from the Japanese private sector in manufacturing has grown. Recently, at the 2016 G7 Ise-shima summit Japan announced the “Expanded Partnership for Quality Infrastructure”, building on its earlier initiative at the 21st International Conference on the Future of Asia in Tokyo. With this Partnership, the Government of Japan promotes “quality infrastructure investment” in collaboration with other countries and international organisations. To that end, Japan, will provide approximately USD 200 billion for “quality infrastructure development” over the next 5 years.
There are five aspects to quality infrastructure, viz. (a) effective mobilisation of financial resources through PPP; (b) ensuring alignment with socio-economic development and development strategies of developing countries/regions; (c) application of high-quality standards, regarding compliance with international standards established to mitigate environmental and social impact; (d) ensuring the quality of infrastructure, in particular, aspects of economic efficiency and durability, inclusiveness, safety and resilience, sustainability and convenience and amenities and finally, (e) contribution to the local society and economy. The workshop will be inaugurated by His Excellency, the Ambassador of Japan to India. Mr Amitabh Kant, CEO of NITI Aayog will deliver the keynote address. Other key speakers include Mr. Koki Hirota, Chief Economist of JICA from Japan and Mr R C Bhargava, Chairman of Maruti Suzuki and representatives of industry from Japan and India. The event will be followed by interaction over lunch. More information about the event (including the programme schedule) can be accessed here. |
United Nations Secretary-General’s
High-Level Panel on Women’s Economic Empowerment
High-Level Panel on Women’s Economic Empowerment
Press Release: First report by High-Level Panel on Women’s Economic Empowerment outlines drivers to advance gender equality
Date: 21 February 2017
New Delhi—The first report of the United Nations High-Level Panel for Women’s Economic Empowerment draws attention to challenges faced by the most marginalized women and proposes solutions to address them based on global good practice and consultations.
The report, which was presented to the UN Secretary-General in September 2016, was released in New Delhi today by Nirmala Sitharaman, Union Minister of State for Commerce and Industry; Renana Jhabvala, founder of the Self-Employed Women’s Association, (SEWA) and member of the High-Level Panel; Sir Dominic Asquith, British High Commissioner to India; and Dr. Rebecca Reichmann Tavares, Representative, UN Women.
“The HLP report holds special relevance for India, where women’s labour force participation rate has declined to 22 percent, and where 93 percent of women’s work is informal and unprotected,” said Dr. Tavares in her welcome address.
“Governments, private sector businesses and civil society have been demonstrating leadership and initiative to accelerate the agenda of women’s economic empowerment. They understand that it is not only the right thing to do, but also the smart thing to do.”
Ms. Jhabvala called for the recognition of women’s contribution to the economy and strengthening their enterprises. “Let us hear the voices of women workers and producers,” she added. Ms. Jhabvala pointed to the seven drivers of women’s economic empowerment discussed in the report, which include:
- Strengthening visibility, collective voice and representation
- Improving public sector practices in employment and procurement
- Changing corporate culture and practice
- Building assets – digital, financial and property
- Recognising, reducing and redistributing unpaid work and care
- Ensuring legal protections and reforming discriminatory laws and regulations
- Tackling adverse norms and promoting positive role models
In her keynote address, Ms. Sitharaman said that the Indian government’s efforts were in line with the seven drivers in the report, and committed to engaging more deeply with all stakeholders on three of them in the Indian context – strengthening collective voice, building assets and ensuring legal protection. Women’s economic empowerment was also defined by their status within society, she observed, adding that in that context “schemes such as Beti Bachai Beti Padhao have had a significant impact in states like Haryana. Tamil Nadu’s cradle scheme is another example of proactive steps on gender equality”.
Ms. Sitharaman also referred to the Government of India’s MUDRA scheme which supports micro and small enterprises, and direct benefit transfers under the Jan Dhan Yojana – all of which also seek to empower women. The government was committed to supporting Scheduled Caste and Scheduled Tribe women under the ‘Start Up India Stand Up India’ initiative, Ms. Sitharaman added.
Sir Dominic Asquith, British High Commissioner to India said the United Kingdom was proud to have partnered with the High Level Panel. “The UK strongly believes in accelerating participation of women in economic activities which will lead to a more equitable and prosperous society,” he added. “Prime Minister Modi rightly refers to the UK-India relationship as a ‘Living Bridge’ and we believe that education, skills, research and entrepreneurship, all play an integral key role in deepening that relationship. Our initiatives – whether scholarship programmes or research programmes – encourage women to come forward to avail the best of what the UK has to offer. British companies are also at the forefront of mainstreaming women in their workforce and skill development. For instance, JCB, the iconic earth moving equipment maker, has encouraged women to take up jobs as welders - a job usually associated with men.”
The launch of the report was followed by a discussion on strengthening good practices on women’s economic empowerment. The panelists included Rashmi Saxena Sahni, Joint Secretary, Ministry of Women and Child Development, representatives from SEWA, Fab India, H&M India, and Dr. Firoza Mehrotra from HomeNet South Asia, a network of home-based workers.
Among the panelists was Sakhiben, an artisan from SEWA's Trade Facilitation Centre. "I grew up in a drought prone area in Gujarat,” she said. “I learnt embroidery from my mother when I was 10 years old, but did not know its value until SEWA helped me sharpen my skills and access markets.”
“My mother had been a SEWA member for 25 years, so I am the next generation,” Sakhiben said. “Thanks to the support and income, I was able to pursue my studies, and graduated with an MA degree followed by a Teacher's Certificate. My story also motivated 200 girls in my village to complete their education."
About the UNHLP:
The United Nations High-Level Panel on Women’s Economic Empowerment was established in 2016 by then UN Secretary-General Ban Ki-moon to recognise that gender equality and women’s economic empowerment are imperative in achieving sustainable and inclusive growth as envisioned by the Sustainable Development Agenda. The HLP’s membership comprises of powerful and influential leaders in business, government and civil society. They are committed to developing actionable recommendations to close gender gaps and economically empower women.
The HLP members include the CEO of IKEA Switzerland, the President of Costa Rica, leaders of the International Monetary Fund, World Bank Group, UN Women, eminent gender equality champions, economics experts, academics, trade union leaders, and business and government representatives from all over the world.
The Panel Secretariat is hosted by UN Women, and backed by the Government of the United Kingdom and the World Bank Group.
Full text of the HLP report: http://www.womenseconomicempowerment.org/
Media Inquiries:
Rineeta Naik (UN Women) - Ph: +91-95605 97782; rineeta.naik@unwomen.org
Ali Matalon (HLP Secretariat) –ali.matalon@unwomen.org
Ali Matalon (HLP Secretariat) –ali.matalon@unwomen.org
Rineeta NaikCommunications AnalystUN Women
C-83, Defence Colony New Delhi 110024 INDIA Tel: +91-11-4045 2327Email: rineeta.naik@unwomen.org Twitter: @rineetanaik |
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