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Employee benefits firm Sodexo has launched Multi-Benefit Pass, which is a solution that can be used for not just meal-benefits but also for fuel or other purchases. The card will have a pin facility for meal benefits while the chip facility can be used for the other benefits offered in partnership with RuPay (National Payments Corporation of India).

Suvodeep Das, VP-Marketing for Sodexo BRS India, said that the idea of the product is to use one single card for multiple transactions by an employee. RuPay has a 3.6 million network in India.

"There is no such solution at present where one card can be used for multiple types of transactions. We wanted to bring that ease to the employee benefits space," he added.

Das said that the card will have multiple virtual wallets which can be used for meal benefits, fuel or telecom. Further, if companies want to offer digital gifting options to employee, the virtual wallet can be recharged for the particular amount during festivals like Diwali or Christmas.

However, he clarified that clients who want special gift cards can continue to get those from Sodexo as part of the gifting and recognition solutions.

This is the first such 2-in-1 card in India. Das said that their mobile application could be used for using the benefits of the card.

Sodexo offers gift cards and meal cards. At present, while the Sodexo meal card works on a propriety network in compliance with the Reserve Bank of India guidelines, the gift cards are accepted on the RuPay network for 3.6 million retail outlets and 90,000 major online portals.

"More than 75 percent of our consumers use our application frequently. We are hoping that this can be replicated with the new solution as well," he said.

With Sodexo Multi-Benefit Pass, the company aims to cut down the hassle for employees to collate and submit bills.

Nalin Bansal, Head of RuPay, NCMC (National Common Mobility Card) and NFS (National Financial Switch), NPCI said: "Prepaid cards is one of our core business under RuPay portfolio. As part of our strategy, we have increased our focus on the non-bank prepaid issuers and have developed a fast-track, seamless and cost effective onboarding process."

Sodexo Meal Pass is currently accepted across 100,000 plus points in 1,700 locations. The company has more than 11,000 clients in the public and private sector with 3 million daily users.

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India's GDP growth during the fiscal 2018-19 is expected at 6.9 percent, marginally lower than CSO's advance estimate of 7 percent, rating agency Ind-Ra Monday said and urged the new government to take short-term measures to arrest slowdown in the economy.

The Central Statistics Office (CSO) will be releasing the quarterly GDP estimate for the quarter January-March (Q4FY19), 2019 and provisional annual estimates for 2018-19 on May 31.

"Ind-Ra expects FY19 GDP growth to be 6.9 percent as against the 2018-19 advance estimate of 7 percent," it said. The GDP growth was 7.2 percent during 2017-18.

In a release, India Ratings and Research (Ind-Ra) said it expects 4QFY19 GDP growth to decelerate to 6.3 percent from 6.6 percent in previous quarter.

Clearly, Ind-Ra said 2018-19 will be the second consecutive year of an economic slowdown in India.

Arresting the slowdown and reviving the economy will be the first challenge for the new government, it said.

Prime Minister Narendra Modi will be taking oath of office on May 30 for a second time after BJP-led NDA secured majority in the just concluded general elections.

"In Ind-Ra's opinion, the new government will have to devise and execute both short-term and medium-to-long-term measures to arrest the slowdown.

"While cyclical challenges can be addressed through short-term measures, the need of the hour is to address the structural challenges plaguing the Indian economy," it said.

It further said that although little can be done with regard to the global trade environment, certainly a more proactive policy intervention could be pursued to aggressively revive investment.

Meanwhile, private sector lender ICICI Bank in a research report said the immediate priorities of the government should be focused on agricultural sector especially improving farm terms of trade, supporting systemic credit growth not just for banking sector but for the Non Banking Financial Company (NBFC) sector as well.

Growth rates to stay weak but a combination of strong government policy support and benign monetary policy environment should lead to recovery in growth prospects towards the second half of this fiscal year, it said.

According to the report, short term policy priorities of the new government should include, agricultural price stability measures, supporting system credit growth especially to small industry, and provision of adequate liquidity and accommodative policy environment among others.

Long term policy priorities should include, land and natural resource related measures, labour related measures, capital related measures, productivity related measures and sector-wise reforms, ICICI Bank's report added.

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Foreign direct investment (FDI) in India has been declining, even though recent US-China trade tensions and the increasing working population should ideally make the world's fastest-growing economy attractive for investors. This could be because of investors' pre-election nerves and also because of recent protectionist 

Earlier this year, the government announced new rules for e-commerce companies like Amazon and Walmart with respect to FDI to protect the interests of millions of India's small businessmen. Later in February, it was announced that an oil refinery project backed by Saudi Arabia worth $44 billion would be moved from its present place to a new location as farmers opposed the project.

On the other hand, the report noted that the Foxconn Technology Group recently announced that it would start manufacturing Apple's latest models in India. With tension brewing between the US and China, the two largest economies in the world, it may prove to be beneficial for both Apple and Foxconn to move their base to India.

"India definitely needs to attract investments in manufacturing and other sectors. There are huge opportunities for it, with western companies having second thoughts about their Chinese operations. If India could provide an alternative, it would have a great advantage," Vivek Wadhwa, professor at Carnegie Mellon University in Silicon Valley, told the wire agency.

To boost its investment to GDP ratio from 30 percent to 40 percent and see double-digit growth, according to Girija Pande, a former TCS CEO. "We have seen China and East Asian economies grow at such fast rates of growth with that kind of investment levels," he said.

The publication noted that though India's progress is notable as it jumped 23 spots to 77 in the World Bank's ease of doing business ranking in 2019, but old labour laws, long land acquisition processes, red tape and foreign exchange limitations are still in its way. The report said that to grow at over 8 percent, more FDI is crucial.

"It isn't much of a stretch to think that even a partial loosening of restrictions in large sectors like banking or multi-brand retail, could be enough to lift FDI inflows to over 2 percent of GDP from around 1.5 percent currently," Shilan Singh, an economist with Capital Economics (Asia) told the publication.

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The Centre has purchased 29.26 million tonne of wheat from farmers in the ongoing 2019-20 marketing year so far, according to latest government data.

The Centre has set the wheat procurement target at 35.7 million tonne for the 2019-20 marketing year (April-March) on hopes of a record 100 million tonne production this year.

State-run Food Corporation of India (FCI) along with state government agencies buy wheat at the minimum support price to meet the demand of welfare schemes.

Wheat MSP has been fixed at Rs 1,840 per quintal for this year.

As per the data, the FCI and state agencies have procured 29.26 million tonne of wheat so far this year.

About 12.1 million tonne of wheat has been purchased in Punjab and 9 million tonne in Haryana so far in the current marketing year.

Around 5.3 million tonne of the grain has been procured in Madhya Pradesh, 1.93 million tonne in Uttar Pradesh and 8,59,000 tonne in Rajasthan in the said period.

It may be noted that FCI is facing space crunch to keep the new wheat crop because of huge stock in the godowns. As a result, the agency has decided to offload 10 million tonne wheat to bulk consumers during this fiscal.

Last year, the government had procured 358 lakh tonne, surpassing the target of 320 lakh tonne. Wheat procurement normally starts from April.

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A high-level panel led by former RBI governor Bimal Jalan, set up to decide the appropriate capital reserves that the central bank should maintain, is likely to submit its report next month.

The six-member Jalan panel was appointed on December 26, 2018 to review the Economic Capital Framework for the RBI.

The broadly finalised report on RBI economic capital framework will be submitted to the apex bank in June, sources said after meeting of the panel on Monday here.

Prior to the submission of its report there will be one more meeting in June, sources said.

The panel has already got extension beyond three months term. The committee was to submit its report in 90 days from the first day of its meeting, which held on January 8.

The other key members of the committee include Rakesh Mohan, former deputy governor of RBI as the vice-chairman, finance secretary Subhash Chandra Garg, RBI deputy governor NS Vishwanathan, and two RBI central board members -- Bharat Doshi and Sudhir Mankad.

The panel has been entrusted with the task of reviewing the best practices followed by central banks worldwide in making assessment and provisions for risks.

The panel, having former economic affairs secretary Rakesh Mohan as its vice chairman, will propose a suitable profit distribution policy, taking into account all the likely situations of the RBI, including the requirement of holding more provisions than required.

The government and the RBI under previous governor Urjit Patel had been at loggerheads over the Rs 9.6 lakh crore surplus capital with the central bank.

The finance ministry was of the view that the buffer of 28 per cent of gross assets maintained by the central bank is well above the global norm of around 14 per cent. Following this, the RBI board in its meeting on November 19, 2018 decided to constitute a panel to examine Economic Capital Framework.

In the past, the issue of the ideal size of the Reserve Bank of India reserves was examined by three committees -- V Subrahmanyam in 1997, Usha Thorat in 2004 and YH Malegam in 2013.

While the Subrahmanyam panel recommended for building a 12 per cent contingency reserve, the Thorat panel suggested it should be maintained at a higher 18 per cent of the total assets of the central bank.

The RBI board did not accept the recommendation of the Thorat committee and decided to continue with the recommendation of the Subrahmanyam committee.

The Malegam panel said the RBI should transfer an adequate amount of its profit to the contingency reserves annually but did not ascribe any particular number.

According to a report of by Bank of America Merrill Lynch, the Jalan committee is likely to identify an excess buffer of up to Rs 3 lakh crore. This includes the excess capital in contingency reserves and also revaluation of reserves.

Halving of the contingency reserves to a level of 3.25 per cent from the present 6.5 per cent will release Rs 1.282 lakh crore, the report said, pointing out that the level is still 50 per cent higher than what central banks in the BRICS (Brazil, Russia, India, China and South Africa) grouping have.

Similarly, halving the yield cover hike to 4.5 per cent from the present 9 per cent will release another Rs 1.170 lakh crore, it said.

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