IL&FS RAISES $895 MN FOR SECOND REALTY FUND
Braving a slowdown, IL&FS Investment Managers Limited (IIML), a leading private equity fund manager, on Tuesday announced the closure of its IL&FS India Realty Fund-II (IIRF2) at $895 million, exceeding the target by $145 million.
Hindustan Times
Friday, December 12, 2008
INDIA’S ‘SLOWDOWN’ MAY BE THE WORLD’S ENVY
The world economy may be slowing down to less than 2.5 per cent, but in relative terms the “slowdown” in India would be something the world would envy. Overnight, India has become the second-most powerful engine of global growth, after China.
Even after moderating their GDP growth projections, estimates by economists show that the Indian economy could grow by between 6.3 per cent and 8 per cent, with World Bank and foreign investment banking firms being the pessimists and Indian research organisations and International Monetary Fund the optimists.
India’s economic growth may fall short of Reserve Bank of India’s 7.5-8 per cent forecast. “All indications are that it (GDP forecast) may be revised downwards,” RBI governor D. Subbarao said on Wednesday. He warned 2009-10 could be more painful.
With global trade expected to contract in 2009, the World Bank on Wednesday, in a report titled ‘Global Economic Prospects’, projected that the Indian economy would grow at 5.8 per cent in 2009, down from 6.3 per cent estimated for 2008.
It, however, raised the estimate for 2010 to 7.7 per cent.
“In India, growth slowed across all sectors, with tighter monetary policy, rising inflationary pressures, and mounting fiscal and current account deficits weighing down economic activity,” the report stated.
India’s data keeper, the Centre for Monitoring Indian Economy (CMIE), the most optimistic of the lot, expects the GDP growth to be about 8 per cent for FY 2009. “A combination of these factors (global slowdown, falling commodity prices and falling demand in textiles, automobiles and services) has led to this downward revision,” said Mahesh Vyas, CEO, CMIE.
Commenting on the World Bank projection, Suman K. Bery, director general, National Council of Applied Economic Research -- which has forecast a 7.6 per cent growth -- said, “It implies there’ll be a much steeper recession in the developed countries and global growth will be substantially because of India and China. I think we’ll be fortunate if we’re able to keep a growth rate of 7 per cent for FY 2010, which is unlikely.”
D.K. Joshi, principal economist, CRISIL, said, “We’ve reworked the growth rate to 6.5-7.0 per cent. The economy was already slowing down on account of high interest rates but the global meltdown that came sharply has made matters worse.”
But even these are subject to changing conditions. “Things are very volatile right now and we’ll have to see how they pan out,” said Abheek Barua, chief economist, HDFC Bank, which has forecast a 7.3 per cent growth.
Hindustan Times
The world economy may be slowing down to less than 2.5 per cent, but in relative terms the “slowdown” in India would be something the world would envy. Overnight, India has become the second-most powerful engine of global growth, after China.
Even after moderating their GDP growth projections, estimates by economists show that the Indian economy could grow by between 6.3 per cent and 8 per cent, with World Bank and foreign investment banking firms being the pessimists and Indian research organisations and International Monetary Fund the optimists.
India’s economic growth may fall short of Reserve Bank of India’s 7.5-8 per cent forecast. “All indications are that it (GDP forecast) may be revised downwards,” RBI governor D. Subbarao said on Wednesday. He warned 2009-10 could be more painful.
With global trade expected to contract in 2009, the World Bank on Wednesday, in a report titled ‘Global Economic Prospects’, projected that the Indian economy would grow at 5.8 per cent in 2009, down from 6.3 per cent estimated for 2008.
It, however, raised the estimate for 2010 to 7.7 per cent.
“In India, growth slowed across all sectors, with tighter monetary policy, rising inflationary pressures, and mounting fiscal and current account deficits weighing down economic activity,” the report stated.
India’s data keeper, the Centre for Monitoring Indian Economy (CMIE), the most optimistic of the lot, expects the GDP growth to be about 8 per cent for FY 2009. “A combination of these factors (global slowdown, falling commodity prices and falling demand in textiles, automobiles and services) has led to this downward revision,” said Mahesh Vyas, CEO, CMIE.
Commenting on the World Bank projection, Suman K. Bery, director general, National Council of Applied Economic Research -- which has forecast a 7.6 per cent growth -- said, “It implies there’ll be a much steeper recession in the developed countries and global growth will be substantially because of India and China. I think we’ll be fortunate if we’re able to keep a growth rate of 7 per cent for FY 2010, which is unlikely.”
D.K. Joshi, principal economist, CRISIL, said, “We’ve reworked the growth rate to 6.5-7.0 per cent. The economy was already slowing down on account of high interest rates but the global meltdown that came sharply has made matters worse.”
But even these are subject to changing conditions. “Things are very volatile right now and we’ll have to see how they pan out,” said Abheek Barua, chief economist, HDFC Bank, which has forecast a 7.3 per cent growth.
Hindustan Times
BEST TIME TO HIRE FOR INDIA INC
Even as companies worldwide resort to layoffs or freeze hirings as part of cost-saving measures to counter the economic slowdown, Deloitte Consulting believes the current turbulence actually presents India Inc with its best opportunity to enrol good people in their organisations.
The Economic Times
Even as companies worldwide resort to layoffs or freeze hirings as part of cost-saving measures to counter the economic slowdown, Deloitte Consulting believes the current turbulence actually presents India Inc with its best opportunity to enrol good people in their organisations.
The Economic Times
ARUN SARIN BEING CONSIDERED FOR YAHOO TOP JOB
The former chief executive of Vodafone Group Plc, Arun Sarin, is among those being considered by board members at Yahoo Inc to take the top job at the internet firm.
The Economic Times
The former chief executive of Vodafone Group Plc, Arun Sarin, is among those being considered by board members at Yahoo Inc to take the top job at the internet firm.
The Economic Times
GREEN BUILDINGS TO CHANGE INDIA’S SKYLINE BY 2010
There will be over 1,000 green buildings dotting the Indian skyline by 2010 saving energy and environment. Already 375 buildings are under construction. Indian industry will also be a key player in the $40-billion green building material business in the world. There will be over 50,000 accredited green professionals in the country to make India a leading player in green building business and technologies.
The Financial Express
There will be over 1,000 green buildings dotting the Indian skyline by 2010 saving energy and environment. Already 375 buildings are under construction. Indian industry will also be a key player in the $40-billion green building material business in the world. There will be over 50,000 accredited green professionals in the country to make India a leading player in green building business and technologies.
The Financial Express
GOVT ANNOUNCES STIMULUS PACKAGE, INCLUDING TAX CUTS
The government on Sunday announced major tax cuts across the board to boost demand and allocated additional funds and incentives for exports, housing, textile and infrastructure to stimulate the economy, hit by the global financial crisis.
Livemint
The government on Sunday announced major tax cuts across the board to boost demand and allocated additional funds and incentives for exports, housing, textile and infrastructure to stimulate the economy, hit by the global financial crisis.
Livemint
MORE ISSUANCES LIKELY BY INDIAN CORPORATES AS COSTS FALL
Indian companies are likely to step up their fund-raising plans as borrowing costs ease after the Reserve Bank of India slashed rates over the weekend.
Livemint
Indian companies are likely to step up their fund-raising plans as borrowing costs ease after the Reserve Bank of India slashed rates over the weekend.
Livemint
PRIORITY STATUS TO BOOST HOUSING DEMAND
To facilitate credit flow into the cash-strapped real estate sector, the Reserve Bank of India (RBI) on Saturday announced several measures, including a refinance facility for the National Housing Bank and priority sector status for housing loans up to Rs 20 lakh.
RBI said the loans granted by banks could classify housing loans up to Rs 20 lakh given to house finance companies (HFC) as “priority sector” advances, subject to a ceiling of five per cent of their total priority sector target.
The Hindu Business Line
To facilitate credit flow into the cash-strapped real estate sector, the Reserve Bank of India (RBI) on Saturday announced several measures, including a refinance facility for the National Housing Bank and priority sector status for housing loans up to Rs 20 lakh.
RBI said the loans granted by banks could classify housing loans up to Rs 20 lakh given to house finance companies (HFC) as “priority sector” advances, subject to a ceiling of five per cent of their total priority sector target.
The Hindu Business Line
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