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The series of pathbreaking and ambitious reforms unleashed by the Modi government in the last few years will make India a very competitive and productively-efficient economy in the long run, a top Indian official said on December 13.

"There is a great positivity about India," NITI Aayog CEO Amitabh Kant told PTI in an interview here as he wound up his three-city US tour for a series of interaction with academicians, innovators, startups, corporate leaders and government officials in Boston, New York and Washington DC.

People here believe that the fundamental reforms that have been gathered out in India across the economy, including GST, in terms of ending crony capitalism with the bankruptcy code, in terms of real estate reforms through RERA and in terms of direct benefit transfer, "will make India a very competitive and productively-efficient economy in the long run," Kant said.

"India's story has just begun," he added.

The series of pathbreaking and ambitious reforms unleashed by the Modi government in the last few years will make India a very competitive and productively-efficient economy in the long run, a top Indian official said on December 13.

"There is a great positivity about India," NITI Aayog CEO Amitabh Kant told PTI in an interview here as he wound up his three-city US tour for a series of interaction with academicians, innovators, startups, corporate leaders and government officials in Boston, New York and Washington DC.

People here believe that the fundamental reforms that have been gathered out in India across the economy, including GST, in terms of ending crony capitalism with the bankruptcy code, in terms of real estate reforms through RERA and in terms of direct benefit transfer, "will make India a very competitive and productively-efficient economy in the long run," Kant said.

"India's story has just begun," he added.

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Vegetable oil imports fell marginally to 11.28 lakh tonne in November due to decline in inward shipments of non-edible oil, according to Solvent Extractors' Association.

Out of the total vegetable oil import, the shipments of edible oil rose to 10,97,424 tonne in November 2019 from 10,73,353 tonne in the same month last year.

Non-edible oils import, however, fell to 30,796 tonne compared to 60,450 tonne in the year-ago period, SEA said in a statement.

Out of the total vegetable oil import, the shipments of edible oil rose to 10,97,424 tonne in November 2019 from 10,73,353 tonne in the same month last year.

Non-edible oils import, however, fell to 30,796 tonne compared to 60,450 tonne in the year-ago period, SEA said in a statement.

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In a major thrust to infrastructure development in Karnataka, the Road Transport and Highways Ministry on December 10 gave the nod for 22 Green express highways in Karnataka worth Rs 1.5 lakh crore.

This includes a new alignment of the Pune-Bengaluru Express Highway, which will be completed in the next few years at a cost of Rs 50,000 crore.

"Today we met Karnataka Chief Minister BS Yediyurappa. We have just sanctioned projects worth more than Rs 1.5 lakh crore for the state. Actually, the annual infrastruture plan for Karnataka was Rs 2,150 crore, which we decided to increase to Rs 3,990 crore," said Nitin Gadkari, the Union Minister for Road Transport and Highways.

He was speaking at the inaugural session of the 10th edition of Excon-2019, a five-day International Construction Equipment and Construction Technology Trade Fair here.

The event has been organised by the Confederation of Indian Industry in association with the Karnataka government, Ministry for Road Transport and Highways and the National Highway Authority of India.

“We are making 22 green express highways. Today we cleared the Pune-Bengaluru project as a Green Express Highway, a new alignment of 600 km, costing about Rs 50,000 crore." Gadkari said, adding his ministry and the state have sanctioned 2,300 km of new roads where the Detailed Project Report is ready.

The bidding process would start soon, he said, adding that the Chief Minister had given an assurance on clearing any hassles related to land acquisition and environment clearance for these projects.

Another important infrastructure project of ring road in Bengaluru was also resolved in the meeting, with the Centre agreeing to the States request to bear 80 per cent of the land acquisition cost, he said.

However, the Ministry expected the state to exempt taxes on steel and cement to be used for building the ring road.

“So, today the problem with the ring road is resolved and today it will be a great present from the chief minister to the people of Karnataka, Gadkari said.

He opined that these highway projects would become the growth engine for Karnataka.

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Voicing concern over increasing default in loan repayment under the Pradhan Mantri Mudra Yojana (Mudra), the Trinamool Congress (TMC) on Tuesday demanded that the government rollback the scheme before rising NPAs stifle credit growth and bring ruin to the MSME sector.

The Mudra Yojana was launched in 2015 for providing small loans to income generating small enterprises in manufacturing and services. Raising the issue during Zero Hour in the Upper House, TMC member Manish Gupta said, "Public sector banks have suffered hugely because of this scheme as collateral is not mandatory under the scheme. Over 2,300 cases of fraud have been detected and Mudra category loans have increased over last few years."

The NPAs (non-performing assets) have been on a rise in public sector banks. The number of NPA accounts have increased from 17.99 lakh accounts in 2018 to 30.57 lakh accounts in just one year, he said.

Total value of non-performing assets (NPAs) by public sector banks is Rs 7.07 lakh crore.This figure has increased more than 100 per cent, he added.

Gupta said the RBI has advised that rising NPAs under Mudra loans should be addressed aggressively. So far this fiscal year, Rs 1.41 lakh crore loan has been disbursed under Mudra Yojana.

"However, sources have claimed that bankers are pressured to grant Mudra loans to people who sometimes have no business plan," Gupta said. The average loan under the scheme is Rs 45,000, which many reports say is not enough to start a business and create jobs, he added. Moreover, the data suggests, the Trinamool Congress member said only one out of five or 20 per cent of Mudra loans has resulted in job creation. "Sir, this is yet another example of poor economics and poorer implementation. I would only urge the government to roll back the scheme before rising NPAs stifle credit growth and bring ruin upon the MSME sector," Gupta noted.

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Pound Sterling Euro (GBP/EUR) Exchange Rate Muted as German Industrial Production Stumbles

The Pound Sterling Euro (GBP/EUR) exchange rate remained largely flat on Friday, giving up some previous losses. The pairing is currently trading at around €1.1830.

The single currency remained under pressure as data revealed the slump in German factory output could drag on the wider economy.Industrial production in the bloc’s largest economy disappointed at the start of the fourth quarter. Month-on-month, production plummeted by -1.7% after September’s fall of -0.6%.

‘Today’s data suggests that the German economy is continuing to flirt with stagnation and contraction in the final quarter of the year.

‘Looking ahead, both soft and hard indicators bode ill for industrial activity in the months ahead […] Trade conflicts, global uncertainty and disruption in the automotive industry have put the entire German industry in a headlock, from which it is hard to escape.’

Sterling (GBP) Edges Lower After Three-Day Rally

On Friday, after a three-day rally, the Pound edged lower against a handful of currencies.

While the currency edged lower at the end of the week, GBP was still headed for its best week since mid-October.

The Pound Euro (GBP/EUR) exchange rate hit a two-and-a-half year high on Thursday as Brexit optimism sparked a rally.

This week opinion polls have revealed support for the Conservatives has grown, increasing the likelihood the party will win an outright majority in next week’s election.

If Boris Johnson’s party secures a majority it will allow the PM to take the UK out of the EU by the January deadline.

‘It’s a small move and no fundamental change [in terms of what opinion polls show].

‘From a risk-reward perspective most people are too optimistic but if you look at option markets you can see some people positioning for Sterling weakness.’

Markets remained optimistic that a Tory win would see more than three years of Brexit uncertainty come to an end.

However, even if the Conservatives win a majority, some analysts have argued that any further GBP gains will be limited.

Pound Euro Outlook: Will Election Optimism Buoy GBP?

Looking ahead to next week, the Pound (GBP) could edge higher against the Euro (EUR) if there are further polls suggesting the Conservatives will win Thursday’s election.

If markets continue to remain optimistic that Boris Johnson will secure a majority, Sterling sentiment will increase.

Meanwhile, the single currency could slide if Germany’s trade balance disappoints, and October’s exports slump.

If both imports and exports fall in October, the Pound Euro (GBP/EUR) exchanger rate could edge higher.

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 Prices of the safe-haven gold fell on Friday in Asia as traders continued to monitor Sino-U.S. trade news.

The U.S. Gold Futures fell 0.4% to $1,477.45 by 1:42 AM ET (05:42 GMT).

On Thursday, U.S. President Donald Trump said trade talks were "moving right along", pushing global equities higher.

Uncertainties over a deal remained, as the president’s comments this week sent mixed signals regarding the trade talk progress.

Trump said overnight that negotiations with China are going "very well” overnight, just one day after he dented hopes for a trade deal by saying that an agreement to end the trade dispute may have to be delayed until after the American presidential election in November 2020.

Meanwhile, U.S. Treasury Secretary Steven Mnuchin told reporters that negotiations between Washington and Beijing were progressing, without a deadline for conclusion.

On the data front, the latest U.S. job report due later in the day is expected to generate some attention.

Gold traders are also awaiting the upcoming U.S. Federal Reserve meeting...

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The U.S. dollar was unchanged on Friday in Asia as traders awaited the release of the latest U.S. job report, which is due at 8:30 AM ET (13:30 GMT).

The U.S. dollar index that tracks the greenback against a basket of other currencies was unchanged at 97.380 by 1:30 AM ET (05:30 GMT).

Analysts tracked by Investing.com expect the job report to show the economy added 186,000 jobs in November, up from 128,000 jobs in October and 155,00 jobs in November 2018. The unemployment rate is projected to hold steady at 3.6%, unchanged from October and down slightly from December 2018.

Traders also kept an eye out for the latest development on the Sino-U.S. trade front as U.S. President Donald Trump said "something could happen" on whether the Washington will impose new tariffs on Chinese goods starting Dec. 15.

Trump said on Thursday that negotiations with China are going "very well," just one day after he said an agreement to end the trade dispute may have to be delayed until after the American presidential election in November 2020.

The USD/CNY pair traded 0.1% lower to 7.0417.

The EUR/USD pair was little changed at 1.1102 as data on Thursday showed that German factory orders unexpectedly declined in October.

The GBP/USD pair was also near flat at 1.3156. Reports this week suggested that U.K. Prime Minister Boris Johnson could win a majority at next week's election, paving the way for Britain to leave the European Union on Jan. 31.

The USD/JPY pair slipped 0.1% to 108.68.

Meanwhile, the AUD/USD pair and the NZD/USD pair both gained 0.2%.

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State-run trading company MMTC is importing onions to check spiralling prices and the shipment is expected to arrive by January 20, Union Minister Danve Raosaheb Dadarao said in Rajya Sabha on Friday.

Delayed and prolonged rains are the main reason for damage to onion crops, Minister of State for Consumer Affairs, Food and Public Distribution, Dadarao said during Question Hour.

He said the government used buffer stock to meet the crisis.

"Onion prices are rising ... there can be no two opinions. Late rains and prolonged rains damaged onion crop...But government had buffer stock, it was distributed from that. MMTC is importing from various countries and it is expected by January 20," the Minister said replying to a supplementary.

On Thursday, onion prices which have been fluctuating for over a month in Delhi, touched Rs 109 per kg in many markets in the city.

About edible oil, the minister said its domestic production is not adequate to meet demand in the country and gap between demand and production is met through imports.

"The production of soyabean in Maharashtra for 2019-20 is expected to be 42.08 lakh tonne as compared to 45.48 Lakh tonne in 2018-19. However, the expected production of 42.08 LT of soyabean in 2019-20, in Maharashtra, is more than the last five year average production of 34.77 LMT," the minister said.

In case of any decline in the domestic production, the gap between demand and availability is met through import of edible oils, he said.

He said while government has taken various steps to enhance edible oil production, 60 per cent of its requirement is met through imports while only 40 per cent was met through domestic production.

He said its minimum support price has been increased.

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India's services sector activity returned to growth after two months of decline in November, driven by new business orders, faster job creation and strengthening business confidence, a monthly survey showed on Wednesday but noted that there were signs of "fragility".

The IHS Markit India Services Business Activity Index improved to 52.7 in November from 49.2 in October.

Notwithstanding the upturn, the headline figure remained below its long-run average of 54.2, the survey added.

"Although the services economy shrugged off some of the weakness seen in September and October, the latest PMI results continue to sound a note of caution regarding demand and the underlying state of the sector," said Pollyanna de Lima, Principal Economist at IHS Markit.

Lima further cautioned that "while the sector moved along nicely and looks set for a sustained expansion in December, there were signs of fragility".

"Rates of expansion in sales and activity were mild by historical standards, while the degree of business confidence remained subdued. Also, a moderation in charge inflation, which came despite the strongest upturn in cost burdens for over a year, highlights a lack of pricing power among services firms," Lima said.

On the prices front, the survey said that the average input prices increased solidly in November, with the rate of inflation quickening to a 13-month high. While, average prices charged for the provision of services in India increased only slightly and at the weakest pace since July.

"This relatively weak rise in charges likely supported demand in November, but leads to questions on how long firms can absorb cost increases and sacrifice margins in favour of demand growth," Lima said.

The Composite PMI Output Index that maps both the manufacturing and services sector, rose from 49.6 to 52.7, signalling a moderate pace of increase that was below the long-run survey average.

According to official data, India's GDP growth hit an over six-year low of 4.5 per cent in July-September 2019.

Bankers and experts believe the Reserve Bank may cut interest rates for the sixth straight time on December 5, to support growth that has continued to slip.

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The government on Tuesday assured the Rajya Sabha that merger of 10 public sector banks will not lead to any job losses and employees' interest will be protected.

In August, the government announced a mega plan to merge 10 public sector banks into four with a view to creating fewer and stronger global-sized lenders with robust balance sheets that can be used to boost credit and spur growth.

During the Question Hour, Minister of State for Finance Anurag Singh Thakur said lending and other banking services to eastern states will be improved after two Kolkata-based banks are merged.

While United Bank of India (UBI) will be merged with Punjab National Bank, Allahabad Bank will be amalgamated with Indian Bank. These two banks are headquartered in Kolkata.

"Merger of banks will strengthen the lending capacity. It has been ensured that no person loses job. The employees of merging banks will benefit the maximum. Merger is being done keeping their interest in mind," he said.

"We have taken enough precaution," he said, adding that Narasimham Committee in 1998 and Leeladhar Committee in 2008 recommended amalgamation of the banks.

"Amalgamating banks was advised to duly factor in and draw road maps for converging IT systems and HR and to put in place institutional arrangements to ensure expeditious integration," Thakur said.

After due consideration by their respective boards, the banks have informed that multi-level coordination and integration committees have been set up to ensure faster integration across functionalities, he added.

The minister was responding to a query from Trinamool Congress member Manish Gupta who said that about 50,000 employees will be jobless by next year due to the merger.

To another query on banking services likely to be affected in eastern states due to the merger, the minister said the reach and lending capacity will be "much larger and better" with the amalgamation.

"In today's time of competition, I think expansion of these banks is very important...It was our government which went for asset quality review of bank loans given between 2004 and 2014. We adopted an approach for better functioning of the banks and recapitalised them with over Rs 2.35 lakh crore for better strengthening and functioning," he said.

As far as lending to eastern states is concerned, the minister said, "Let me assure the member there would not be any shortage or shortfall of services."

Responding to another query from Trinamool Congress member Manas Ranjan Bhunia on reasons for merger of UBI with PNB, the minister said, "I think the overall intention was to create a strong and competitive bank that may serve as catalyst of growth with improved risk profile of the bank. As far as the interest of the employees are concerned, pay allowances were less favourable overall."

He said UBI's total business size is Rs 2,08,000 crore, whereas that of PNB is Rs 11,82,224 crore. With the merger, total business size will be Rs 17,94,526 crore, making it the second largest bank in the country.

"What we have kept in mind is the software 'Core Banking System' being used by them. All these banks which are using similar kind of software have been merged accordingly so that there would not be any difficulty for the employees," he said.

As far as the sentiment of eastern states or Kolkata is concerned, that will be taken care of, Thakur added.