India will sign services and investment pacts with Asean: Nirmala Sitharaman
India will honour its commitment to Asean, commerce and industry minister Nirmala Sitharaman has said, clarifying that the country is ready to sign services and investment pacts with the 10-member bloc. Slamming reports which suggested that the Narendra Modi-led government was having a relook at the agreement finalised by its predecessor UPA, the minister said her decision to cancel the trip had nothing to do with the deal.
(Source: Economic Times)
Jan Dhan Yojana: Government loads up RuPay with Rs 30K LIC cover plus Rs 1 lakh accident insurance:
RuPay cardholders will have dual insurance covers, with the government roping in the Life Insurance Corporation of India a day before unveiling its financial inclusion programme Pradhan Mantri Jan Dhan Yojana. LIC, the country's largest financial institution, will offer a life cover of Rs 30,000 while HDFC Ergo will provide a Rs 1-lakh personal accident cover to RuPay cardholders. The massive financial inclusion project to be launched across India on Thursday will give unbanked customers RuPay debit card, launched by the National Payments Corporation of India (NPCI), along with free insurance cover and new bank account. The NPCI has issued 23 million cards, and it is estimated that 150 million new bank accounts will be opened and as many new cards will be issued in the unbanked areas by March 2016, with the NPCI paying the premium instead of the cardholder. The Jan Dhan Yojana aims to cover 60% of the country's population that does not have access to formal banking services.
(Source: Economic Times)
FII flows in debt, equity close to $30 bn in CY14:
Fuelled by expectations of an economic recovery and a stable government at the Center, the combined inflows in debt and equity markets in CY14 look set to become the second-highest ever. The $30 billion invested by foreign institutional investors (FIIs) in CY14 so far, is just a couple of billions away from equaling the investments seen in entire CY12. Among its emerging market peers, Indian equities have attracted the bulk of FII flows at $12.79 billion, making the BSE benchmark Sensex the best performer among its emerging market peers with gains of 28.65% in dollar terms.
(Source: The Financial Express)
ADB to provide $7 bn to India in 3 years:
In addition to support infrastructure development in the country, ADB will provide around $30 million for technical assistance grants for building institutions and capacity at the state as well as the grassroot levels. Stressing that India has a potential to grow at 10%, ADB has said according to estimates, the economy is expected to expand at 5.5% in FY15 and 6.3% in FY16.
(Source: The Financial Express)
Thaiindianet.Team
28 August 2014