The Manila-based development finance institution has decided not to guarantee loans directed to Andhra Pradesh, where the microfinance activity has fallen sharply due to strict rules introduced by the state government in October last year.
When Kamath took over the organisation, ICICI had 33 subsidiaries. He gradually brought them down to 24 and then to a dozen, preparing the organisation for an initial public offer in December 2005.
The 55 basis point (bps) spike in the US 10-year bond yield, triggered by a combination of FOMC's hawkish commentary and BOJ's relaxation of the yield control curve (YCC) has made analysts cautious on Asian equities and expect them to trade sideways in the short-to-medium term.
Easy global liquidity and investors' eagerness to tap one of the world's few fast-growing regions should create a sweet spot for the region to fill the $600 billion in infrastructure needs the Asian Development Bank identifies over the next decade.
The rupee remains overvalued against the currencies of India's trading partners, even as it hit record lows against the dollar in August and September. According to the Reserve Bank of India's (RBI) real effective exchange rate (REER) index, the rupee stood at 5.5 per cent above its fair value in August, down from 7.7 per cent in July. This slight easing followed fears of a US recession and the unwinding of yen carry trades, which exerted pressure on the Indian currency.
Equity benchmark Sensex tumbled 674 points on Friday, weighed by losses in banking stocks as an unabated spike in new coronavirus cases fuelled uncertainty over the economic impact of the pandemic. After hitting a low of 27,500.79 during the day, the 30-share BSE barometer ended 674.36 points or 2.39 per cent lower at 27,590.95. The NSE Nifty shed 170 points, or 2.06 per cent, to finish at 8,083.80.
The Asian Development Bank (ADB), on Wednesday said it has approved $17.51 billion in financing operations last year to assist its developing member countries achieve their Millennium Development Goals.
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
Takao replaced Haruhiko Kuroda, who had, in March, quit ADB to take charge as Japan's central bank governor.
From the Sensex pack, Adani Ports & Special Economic Zones, Mahindra & Mahindra, Reliance Industries, HDFC Bank, Larsen & Toubro, NTPC, State Bank of India, UltraTech Cement and Kotak Mahindra Bank were the major gainers. In contrast, Tata Steel, Titan, Bajaj Finserv, JSW Steel, Bajaj Finance, Hindustan Unilever, ITC, Tata Motors and Tata Consultancy Services were among the laggards.
The Manila-based multilateral lender had extended $2.4-billion loan to India across sectors like transport, energy, commerce, industry, trade and finance in 2012. India is the biggest borrower of ADB.
Union Road Transport and Highways Minister Nitin Gadkari on Wednesday pitched for formulating a policy for using the Reserve Bank of India's rising foreign exchange reserves for funding road projects, saying the country needs low cost finance for such infrastructure projects. Addressing a virtual event organised by industry body CII, Gadkari further said that the National Highways Authority of India (NHAI) should also have a financial arm like the power ministry's Power Finance Corporation (PFC). "We have a surplus of dollar reserves in the country. I have decided to talk with the RBI Governor, about how we can formulate a policy by which we can use this foreign exchange reserves for development of infrastructure in the country," he said.
The project will be in three stages and sources indicate that the funding will be for the first stage of 107 kilometre from Sarai Kale Khan to SNB Urban Complex.
Asian Development Bank has asked Dhaka to send a formal request by Sunday.
After swinging nearly 330 points, BSE Sensex finished 172.69 points or 0.43 per cent higher at 40,412.57. Similarly, the 50-scrip NSE Nifty appreciated 53.35 points or 0.45 per cent to close at 11,910.15.
European Investment Bank has expressed interest in financing solar park projects in India, the Asian Development Bank senior investment specialist Don Purka said on Thursday.
UltraTech Cement was the top loser in the Sensex pack, shedding around 3 per cent, followed by M&M, HDFC Bank, IndusInd Bank, Axis Bank and Reliance Industries. NSE Nifty fell 50.80 points or 0.38 per cent to 13,478.30.
The report, however, warned of challenges arising from large capital inflows.
The report, titled Women and Labour Markets in Asia: Rebalancing for Gender Equality, noted that although Asia's economic growth of 6.2 per cent in 2000-2007 exceeded the
The Asian Development Bank (ADB) on Wednesday slashed India's GDP growth forecast for FY23 to 7 per cent from the earlier estimate of 7.2 per cent mainly on account of higher inflation and a tight monetary policy. India's economy grew 13.5 per cent year-on-year in the first quarter of 2022-23, reflecting strong growth in services, ADB said in its second supplement to Asian Development Outlook Report 2022 (ADO 2022). "However, GDP growth is revised down from ADO 2022's forecasts to 7 per cent for FY2022 (ending March 2023) and 7.2 per cent for FY2023 (ending March 2024) as price pressures are expected to adversely impact domestic consumption, and sluggish global demand and elevated oil prices will likely be a drag on net exports," ADB said.
Offering "huge scope" for foreign investments, Finance Minister Pranab Mukherjee on Friday said India needs about $1 trillion in next five years for infrastructure development, half of which has to come from the private sector.
The Asian Development Bank has given a loan of $313.6 million to the Indian Railways for strengthening its golden quadrilateral project, an official release said on Wednesday.
As the export-driven growth model is fraught with extreme risks caused due to a multiplicity of factors, a revisit to Swadeshi economics is inevitable, says M R Venkatesh.
Funds will invest in new technology companies involved with climate change mitigation.
With almost $ 1.815 billion out of the fund's bucket for the bridge, the fate of Bangladesh's most important bridge has now become uncertain.
Noted economist Arvind Panagariya says India is an emerging power. With liberalisation, Indian entrepreneurs have emerged and they are top class.
With economic activity still to reach pre-pandemic levels, the RBI may slow down the pace of rate hikes until next year to quell soaring inflation while supporting growth, the Asian Development Bank (ADB) says in its latest report. The Manila-based multilateral funding agency has raised the inflation forecast for the current fiscal year ending in March 2023 to 6.7 per cent from its earlier projection of 5.8 per cent. For the next fiscal year too, the forecast has been revised upwards to 5.8 per cent from 5 per cent earlier.
While the world's largest and the most populous continent has more than doubled its share in the global gross domestic product from 15 per cent in 1950 to 35 per cent currently, billions of its people do not get even basic amenities of life, the Philippines-based institutions president Haruhiko Kuroda said.
The estimate was presented in the Damage and Needs Assessment (DNA), a survey conducted nationwide by ADB and the World Bank to assess the extent of the flood damage.
A feature of this year's BRICS summit was economic cooperation.
The global financial crisis slashed the value of financial assets worldwide by a massive $50 trillion last year, with developing Asia suffering more than other emerging market regions.
The growth in the current fiscal is likely to slip to a decade-low of 5.7 per cent.
The demographics favour India, as it is a relatively young country with more working people than anywhere else
The Reserve Bank of India's (RBI's) interest rate decision, West Asia conflict and trading activity of foreign investors are the key factors that will dictate investors' sentiment in the market this week, analysts said. Moreover, quarterly earnings from IT bellwether TCS, domestic macroeconomic data and movement in global oil benchmark Brent crude would also guide trends in the market. Worsening tensions in the Middle East and foreign fund outflows were the major culprits behind the equity markets sharp fall last week.
A study, commissioned by ADB and titled 'Policy Changes for Asia after the Global Recession: Impact of the Global Economy and Policy Implications', found Asian economies are poised for accelerated growth as the global economic crisis recedes.
Surging oil prices are unlikely to restrain the strong economic growth in India and China, Haruhiko Kuroda, president, Asian Development Bank said.
As India raised its pitch for upgrade of ratings from the current lowest investment grade, Atsi Sheth, vice-president and senior analyst, sovereign risk group, Moody's Investors Service, tells Business Standard that she does not foresee any movement from the current grade in the next 12-18 months.
Indians are conservative, curious and women here are expected to dress modestly to avoid sexual harassment. This is the advice given out by the Asian Development Bank to all its delegates visiting India for the annual meeting beginning in Greater Noida on Thursday.
The Indian equity market has emerged as third biggest after China and Hong Kong in the emerging Asian region, with a market capitalisation of nearly $600 billion, a latest ADB report says.
