The document provides an economic summary for the week of February 3-8, 2014. It discusses recent US and domestic Indian economic data. US unemployment decreased but for questionable reasons, while India's FY14 GDP growth is estimated higher at 4.8% compared to the previous year. The summary also includes updates on European, US, and Chinese macroeconomic indicators as well as information on Indian stock market indices and commodity prices for the week.
The Union Budget presented by Finance Minister Mr. Arun Jaitley, with the muted expectation, it was a good budget considering the local and global financial constraints. The budget stuck to the path of fiscal consolidation. The Government targets to narrow the central fiscal deficit to 3.5% in 2016-17, after having comfortably met its 3.9% target for 2015-16.
The Indian economy was facing Agrarian distress for the past 3 years. This was primarily because the Minimum Support Prices were raised by less than 5% every year in the backdrop of MSP increases between 12% -16% between 2005 and 2013. This was the primary reason for inflation being in double digits since 2009. By keeping the MSP increases below 5% the food prices continue to be under control and the CPI has remained below the RBI’s threshold of 6%. On this backdrop, the government’s decision on focusing on social sector spending was welcome.
The Union Budget presented by Finance Minister Mr. Arun Jaitley, with the muted expectation, it was a good budget considering the local and global financial constraints. The budget stuck to the path of fiscal consolidation. The Government targets to narrow the central fiscal deficit to 3.5% in 2016-17, after having comfortably met its 3.9% target for 2015-16.
The Indian economy was facing Agrarian distress for the past 3 years. This was primarily because the Minimum Support Prices were raised by less than 5% every year in the backdrop of MSP increases between 12% -16% between 2005 and 2013. This was the primary reason for inflation being in double digits since 2009. By keeping the MSP increases below 5% the food prices continue to be under control and the CPI has remained below the RBI’s threshold of 6%. On this backdrop, the government’s decision on focusing on social sector spending was welcome.
The Market has opened Positive on Monday with Equity benchmark Nifty 50 was up 16 points or 0.18 percent at 8654 or above its crucial level 8650. The crucial Constitutional Amendments Goods and Services bill has passed by the Rajya
The Market has opened Positive on Monday with Equity benchmark Nifty 50 was up 16 points or 0.18 percent at 8654 or above its crucial level 8650. The crucial Constitutional Amendments Goods and Services bill has passed by the Rajya
The World This Week - 03rd Aug to 08th Aug, 2015
As expected rates were kept unchanged in the RBI credit policy last week but the tone of the policy along with macro economic factors suggest that there could be a chance of rate cut in the next credit policy which is due on 29th September or even before that. The only concern is distribution of monsoon which is very uneven so if monsoon plays out properly then the rates may be cut. The change witnessed from previous credit policy to this one is the probability of another rate cut happening in this calendar year has increased from 50% to 75%. There would be certain consequences of a rate cut. Sectors which would benefit are stable businesses like Auto, Private Banks, and NBFC etc. Sectors like infrastructure, manufacturing, high capital intensive business which are facing problems of raising capital, inadequate profitability etc would still struggle despite a rate cut. Know
This week RBI policy will be announced expectation for the same has been muted; mostly RBI would maintain the
status quo right before onset of the monsoon. RBI would not cut rate primarily because CPI has started inching up
both ways in absolute terms and in its contribution to WPI, RBI’s decision will be impending until how monsoon
and CPI panes out . So the policy would remain flat.
Earnings have been marginally better than expectation, Certain quarters people expected good results from PSU
banks but it did not happen, apart from this results specially from IT, FMCG, Consumer durable and Auto was
surprising and expectations are that this trend would continue for some time.
Introduction of GST in the Rajya Sabha has significance because it could have been passed in the Lok Sabha also. However, Rajya Sabha is where the government does not have majority and since it’s a constitutional amendment that requires two thirds majority, convincing all the parties is a key milestone and to that extent, introduction and subsequent passage of the bill in the Rajya Sabha will be important.
•Earnings Data for 8 core industries including mining, infrastructure and electricity was received which indicated a growth by 5.2% which augers well. However, one needs to see if this is a onetime occurrence or will it continue. Also, since rainfall was moderate, by the end of July, rural consumption is expected to be strong. To that extent, GDP is likely to grow anywhere between 7.5-8% this year. The government’s earlier projections in the budget carry an upward bias.
Dear Investors,
The month of July has seen the heavens literally open their doors and shower their blessings on us. After a late start in June, the monsoon picked up
smartly and the country as a whole received abundant rainfall, bringing cheer to one and all and definitely a sense of relief. The same good cheer
seems to have percolated to the global equity markets as well. Having brushed off the Brexit issue, markets have continued their upward move
relentlessly through the month of July. The US benchmark index, the S&P 500 hit a new lifetime high earlier in the month on the back of good jobs
data and an optimistic view of growth in the US economy. Not wanting to be left out in any way, the Nifty set a new 52-week high and the Sensex
scaled 28,000.
The quarterly results have been a mixed bag so far. While there have been more hits than misses, the IT sector as a whole and some pharma
companies have been the major pockets of underperformance. Most of the private sector retail banks and NBFCs have shown a stellar performance,
while growth in public sector banks was stagnant due to liquidity and NPA issues. In the consumer space, lower costs have added to the profits of
several companies, but revenue growth and volume growth were disappointing. There is hope that these will see a significant pick up in the second
half of the financial year once the benefits of the 7th Pay Commission and a good monsoon kick in.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
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The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
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Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
2. Equity View:
The US data on employment numbers this month showed muted results against expectations. The
unemployment rate has gone down to 6.6% which is the lowest since 2008 but, is essentially because a
lot of people have moved out of the employment space completely rather than a recovery. The number
following this month would lead to concerns on whether the US recovery is actually as strong as expected
previously. This would also be a key input for the monetary policy and the tapering of QE in the months
to come.
Domestically, the FY14 GDP data estimates a recovery in the H2 of this year at 5.2% which is higher than
expectations. This would take the full year GDP growth to 4.8% vs. 4.5% in FY13, which is a mild recovery.
This increase in GDP growth is essentially on the back of higher agricultural production and higher
exports as compared to FY13. We believe that the Manufacturing sector will show some signs of growth
going forward. In terms of Capex and infrastructure activity, some kind of activation for large projects
could be seen with more and more government projects getting cleared. This would help the
infrastructure sector grow in future. The RBI estimates the GDP growth to be 5.5% For FY15 which we
believe is a very conservative number looking at the current state of affairs.
News:
DOMESTIC MACRO:
The HSBC Services Purchasing Managers' Index (PMI), compiled by Markit, rose to 48.3 in January from
46.7 in December.
India last week, cut its estimate of annual growth for the fiscal year to 4.9 percent from 5 percent because
of a contraction in the manufacturing and mining sectors.
Finance minister of India, Mr. Chidambaram has asked regulators to introduce a common demat account
for financial assets.
Consumption, which contributes about 70 percent to the near $1.8-trillion economy, is expected to grow
4.4 percent in fiscal 2013/14, down from 5.2 percent the previous year.
3. GLOBAL MACRO
EURO
The European Central Bank will attain significant powers over the euro zone's commercial banks once it
becomes their supervisor later this year, including withdrawing bank licenses and assessing acquisitions.
The ECB has a euro zone inflation target of just fewer than 2 percent.
Non-performing loans at Italian banks, the ones least likely to ever be repaid, have reached 150 billion
Euros and are expected to keep rising through 2016.
United States
U.S. manufacturing activity slowed sharply in January on the back of the biggest drop in new orders in 33
years. The Institute for Supply Management (ISM) said its index of national factory activity fell to 51.3 last
month, its lowest level since May 2013, from 56.5 in December.
The unemployment rate hit a new five-year low of 6.6 percent in January.
China
The Markit/HSBC manufacturing PMI fell to a six-month low of 49.5 in January, suggesting the overall
factory sector contracted from December.
Indices:
Date
Sensex Midcap Auto Bankex
CD
CG
FMCG
HC
IT
Metals
O&G
Power Realty
Teck
3/2/2014 20,209 6,257 11,351 11,554 5,518
9,405
6,457 10,221 9,321
8,872
8,351
1,505
1,186
5,080
4/2/2014 20,212 6,282 11,416 11,659 5,544
9,419
6,508 10,158 9,155
8,828
8,341
1,515
1,193
5,030
5/2/2014 20,261 6,311 11,602 11,695 5,542
9,439
6,449 10,173 9,242
8,969
8,318
1,529
1,212
5,061
6/2/2014 20,311 6,300 11,701 11,668 5,598
9,352
6,537 10,165 9,227
9,052
8,321
1,536
1,193
5,061
7/2/2014 20,377 6,337 11,791 11,743 5,593
9,402
6,505 10,337 9,169
9,293
8,328
1,548
1,205
5,032
0.83% 1.27%
3.88%
1.63% 1.35% -0.03% 0.73% 1.13% -1.63% 4.74% -0.28% 2.89%
1.61% -0.94%
4. Commodities and Currency:
Date
USD
GBP
EURO
YEN
Crude
(Rs. per BBL)
Gold
(Rs. Per
10gms)
3/2/2014
62.69
102.97
84.58
61.41
6648
29676
4/2/2014
62.68
101.98
84.78
62.12
6648
29774
5/2/2014
62.45
102.01
84.35
61.58
6630
29823
6/2/2014
62.50
101.92
84.50
61.59
6636
29797
7/2/2014
62.32
101.78
84.68
61.01
6700
29801
0.60%
Rupee
Appreciated
1.17%
Rupee
Appreciated
-0.12%
Rupee
Depreciated
0.66%
Rupee
Appreciated
-0.78%
-0.42%
Debt:
Tenor
Gilt Yield in % (Friday)
Change in bps (Week)
1-Year
8.76
-6
2-Year
8.66
-2
5-Year
8.83
-9
10-Year
8.69
-10
5. Satadru Mitra
Varun Goel
Nupur Gupta
Jharna Agarwal
Kinjal Doshi
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