Indian Economy-News & Updates

[ashok321]

• GST exemption likely for around 100 items

prasad sold at temples could figure on the exemption list.

 

[Hindustani78]

Ministry of Railways
19-May, 2017 16:38 IST
Minister of Railways Inspects Rake of Tejas Train

Minister of Railways Shri Suresh Prabhakar Prabhu inspected the Rake of Tejas Train. Chairman, Railway Board, Shri A. K. Mital, Member Rolling Stock Railway Board Shri Ravindra Gupta, Member Traction Shri Ghanshyam Singh, other Railway Board Members, GM Northern Railway Shri R. K. Kulshreshta and senior officials were also present on the occasion.

Background:

Tejas Express is a semi high speed train having modern on board facilities, enhanced passenger comfort and showcases the future of Train travel in India. Tejas Express is set to be introduced soon. The coaches are manufactured at Rail Coach Factory, Kapurthala . The newly designed coaches are capable of running at a speed of 200 km/h but due to constraints related to rail tracks these coaches will run at a speed of 160 km/h. Speed potential of 200 Kmph was achieved by providing Steel brake disc, Sintered pads, Electro-pneumatic assist Brake system.

The first rake comprising 19 coaches including sixteen non-executive and two executive chair cars besides one power coach was inspected by Minister of Railways today. One Executive Coach will be turned into a Smart Coach at a later date having extra facilities as announced in the Budget 2016-17.

Features of Tejas Train:

1. Bio-vacuum toilets (less water consumption and hygienic)
2. Water level indicators
3. Touchless Water Taps, Soap dispenser
4. Marble finish Anti graffiti coating
5. Hand dryers
6. New design Dust bin
7. Vinyl Wrapped specially designed exteriors
8. Automatic entrance plug type doors (provides better sound and heat insulation, can be controlled by Guard panel)
9. Secured gangways (reduce sound levels, dirt, sand, water ingress, increase passenger safety & Comfort, energy efficiency, elegant design)
10. Electro Pneumatic Air brakes
11. Fire & smoke detection and suppression system.
12. Fire suppression system in Power car.
13. CCTV cameras for security
14. GPS based Passenger Information display System
15. Call bell integrated with berth reading light.
16. Digital Destination Boards
17. Integrated braille displays
18. E-Leather as improved upholstery
19. Redesigned backrest with higher height
20. Redesigned armrest
21. Leg support for Executive Chair Car with gas spring
22. Energy Efficient LED Lights
23. LED TV with Touch Control for each passenger (with recorded content, can be upgraded to Live TV)
24. Provided with USB charging facility
25. Magazines
26. Tea and Coffee vending machines
27. Snack tables
28. Local cuisine
29. Celebrity Chef Menu

*********

The Union Minister for Railways, Shri Suresh Prabhakar Prabhu inspecting the TEJAS Train at Safdarjung Railway Station, in New Delhi on May 19, 2017. The Chairman, Railway Board, Shri A.K. Mital is also seen.

The Union Minister for Railways, Shri Suresh Prabhakar Prabhu interacting with the media after inspecting the TEJAS Train at Safdarjung Railway Station, in New Delhi on May 19, 2017.

Inner view of the TEJAS Train, being inspected by the Union Minister for Railways, Shri Suresh Prabhakar Prabhu, at Safdarjung Railway Station, in New Delhi on May 19, 2017.

The rake of the TEJAS Train, being inspected by the Union Minister for Railways, Shri Suresh Prabhakar Prabhu, at Safdarjung Railway Station, in New Delhi on May 19, 2017.

 

[ranjeet]

https://twitter.com/x/status/865836327715172352

 

[ashok321]

Lol @ frustrated Modi!

Where are the jobs? Modi asks ministries

• Under GST, insurance premiums to go up

 

[ashok321]

• Indian IT firms struggle to generate revenue from digital businesses

 

[Hindustani78]

Senior scientist Rachit Saxena, director general David Bergvinson, project director Rajeev K. Varshney, and principal scientist Sameer Kumar observing the pigeonpeas at ICRISAT. | Photo Credit: Mohd Arif

http://www.thehindu.com/news/nation...ead-to-superior-varieties/article18526556.ece
Research traces its likely origin to Madhya Pradesh
In a significant breakthrough, a global team of 19 scientists from nine institutes have re-sequenced the genome — or DNA — of 292 pigeonpea varieties (cajanus cajan – commonly called arhar or tur dal).

They have also discovered new traits such as resistance to various diseases that affect the crop and its insensitivity to photo-period (the duration of daylight hours required for reaching maturity). The research also traces the likely origin of the domesticated pigeonpea to Madhya Pradesh. These discoveries have been published in the prestigious journal Nature Genetics.

According to a press release by the International Crops Research Institute for Semi Arid Tropics (ICRISAT) here on Monday, this breakthrough will lead to the development of superior varieties of the pulse crop which can enable higher production and profits for small farmers.

It would also increase the market value and bring it within an affordable price range for the consumer, especially the poor.

Global collaboration

The nine collaborating institutes are the School of Agriculture and Environment and Institute of Agriculture, The University of Western Australia; Shenzhen Millennium Genomics Inc., China; Macrogen Inc., Seoul, Republic of Korea; Institute of Biotechnology at Professor Jayashankar Telangana State Agricultural University (PJTSAU), Hyderabad; Agricultural Research Station–Gulbarga at University of Agricultural Sciences (UAS), Karnataka; the Department of Plant Sciences at University of California–Davis, U.S.A.; Biological Sciences and International Center for Tropical Botany, Florida International University, Miami, U.S.A.; Visva-Bharati, Shantiniketan, and ICRISAT.

“The study used re-sequencing data to identify genomic regions impacted by domestication and breeding that have contributed to narrowing the genetic base. The study also identified the genetic origin of the crop at a DNA level for the first time, and identified genes with agronomically useful traits such as resistance to sterility mosaic disease and fusarium wilt, and insensitivity to photoperiod that will help to accelerate pigeonpea breeding and reduce the time to develop superior varieties from eight to 10 years to five years,” said Rajeev K. Varshney, research programme director, ICRISAT, and project director.

It was stated that this is one of the biggest breakthroughs in pigeonpea research since the decoding of its DNA sequence in 2011 by an ICRISAT-led global research team.

 

[IndoCarib]

blob:http://ishare.rediff.com/2a8f1f63-152b-4370-9c76-02e9d4969ec1

 

[tw00tw00]

http://in.reuters.com/article/india-economy-gdp-idINKBN18R1LY
India loses fastest growing economy tag after sharp growth slowdown
Rajesh Kumar Singh

India's gross domestic product data shocked again on Wednesday as economic growth unexpectedly slumped to its lowest in more than two years in the March quarter, stripping the country of its status as the world's fastest growing major economy.

Annual economic growth at 6.1 percent in the January-March period was even lower than the lowest analyst estimate of 6.5 percent in a Reuters poll. Overall, the median forecast of 36 analysts was for a year-on-year growth of 7.1 percent.

It was also lower than China's growth of 6.9 percent for the first three months of 2017.

The March quarter growth figure is the lowest since the December quarter in 2014, when the economy registered a 6.0 percent growth, Reuters data shows.

While economists, in general, expected a spillover effect of Prime Minister Narendra Modi's decision last November to scrap high-value old banknotes on economic activity, the extent of the slowdown was unexpected.

A Prasanna, an economist at ICICI Securities Primary Dealership, called the data "quite shocking".

"While we agree that a slowdown...fits in with the theme of a slowdown post-November currency swap, the extent of slowdown is puzzling," Prasanna said.

Modi's unexpected decision was aimed at flushing out all the money Indians hide from the taxman, but it had pounded consumer demand in an economy where most people were paid and bought what they needed with cash.

Yet, the GDP data for the October-December quarter, when the cash crunch was at its worst, showed robust economic activity.

India doesn't publish national figures on retail sales. But indicators such as car sales and quarterly earnings of consumer-facing companies since then showed a recovery in consumer spending.

"(It) doesn't quite tally with other evidence which has tended to suggest that growth stabilised or picked up in last quarter," said Shilan Shah, an economist at Capital Economics in Singapore.

SHARP UPWARD HISTORICAL REVISIONS

Some economists including Shah, however, said that the latest GDP figures were closer to the ground reality than the previous ones, which they said were guilty of overestimating growth by as much as 150 basis points.

The sharp slowdown is also being attributed to an unfavourable statistical base as last year's growth figures for the same quarter were revised up by 1.3 percentage points to 9.2 percent.

The upward revision was done after factoring in newly rebased indices for wholesale prices and industrial production, which were released earlier this month.

Prasanna of ICICI Securities also faults the "deflator" for pulling down overall growth in the last quarter. The federal statistics office uses the deflator to strip out price changes to make quarters comparable.

Both wholesale price and consumer price indices have a representation, but the GDP deflator at 5.7 percent for the March quarter was higher than the average wholesale and consumer price inflation for the quarter.

Wednesday's figures, however, have not changed expectations for monetary policy. Analysts still expect the Reserve Bank of India (RBI) to keep interest rates on hold.

"We continue to expect the RBI to remain on pause, with any rate hikes ruled out," said Shubhada Rao, chief economist at YES Bank.

FAULTLINES

The anomalies in the data, however, didn't gloss over the underlying imbalances in Asia's third-largest economy.

Growth is still being driven by consumer and government spending. And capital investments are showing no signs of revival.

Since taking office in May 2014, Modi has stepped up public spending to stimulate private investments. But even after spending billions on dollars on ports, roads, railways and power projects, an upturn in corporate spending remains elusive.

Capital investments fell an annual 2.1 percent in the March quarter.

"The biggest challenge is the lack of, or absence, of private investment," said Upasna Bhardwaj, senior economist, at Kotak Mahindra Bank.

For the 2016/17 fiscal year ending in March, New Delhi reported GDP growth of 7.1 percent, slower than an 8.0 percent expansion a year ago.

(Reporting by Rajesh Kumar Singh; Editing by Douglas Busvine and Toby Chopra)



http://in.reuters.com/article/india-economy-gdp-views-idINKBN18R1MW
Expert Views - India's economy grows 6.1 percent in Jan-March

India's economy grew 6.1 percent in the three months through March from a year earlier, slowing from a provisional 7.0 percent in the previous quarter, government data showed on Wednesday.

That was much lower than the forecasts for annual growth of 7.1 percent in the January-March quarter reflected in a Reuters poll.

Growth for the year ending in March came in at 7.1 percent, in line with the official estimate.

COMMENTS

RADHIKA RAO, GROUP ECONOMIST, DBS

"Higher GVA (gross value added) base effects have played a part in the sharp slowdown in 4QFY17 – as year before growth has been revised sharply up 8.7 percent.

"That aside, slowdown on GVA basis is disappointing, in continuation from the moderation since the first quarter of FY17's 7.1 percent. Suggests spillover slowdown from the December quarter's note ban, when growth had proved to be surprisingly resilient.

"Agriculture and public administration have been the main drivers of growth, barring which the momentum on the ground is soft – especially manufacturing, construction and financial services.

"On the expenditure end, the FY17 storyline is similar to the previous year – consumption and government spending have been key pillars of support, while investment growth continues to lag.

"In this light, focus is next on how the RBI will interpret these numbers. There is a likelihood that the growth and inflation projections are tempered, providing the room for the policy guidance to soften next week.

A PRASANNA, ECONOMIST, ICICI SECURITIES PRIMARY DEALERSHIP

"The data for the full year was not too surprising except for the still wide gap between GVA (gross value added) and GDP. However the data for Q4 is quite shocking.

"While we agree that a slowdown in H2, concentrated in Q4, fits in with the theme of a slowdown post-November currency swap, the extent of slowdown is puzzling. Excluding agriculture and government spending, Q4 GVA expanded by just 3.8 percent yoy. Further the GDP deflator for Q4 has come in at 5.7 percent, which is clearly at odds with the WPI and CPI data for Q4.

"Overall directionally this data is consistent with the other high frequency and macro data but the magnitudes are still questionable due to data issues.

"We expect the MPC (monetary policy committee) to reiterate the neutral stance but acknowledge balanced risks to inflation and tone down the hawkish noises that crept into the discourse in April."

SHUBHADA RAO, CHIEF ECONOMIST, YES BANK

"The lower-than-anticipated fourth quarter GDP number reflects the lingering impact of demonetisation.

"However, incremental data in April shows that growth impulse is improving and economic activity is picking up on the ground.

"We continue to expect the RBI to remain on pause, with any rate hikes ruled out. However the tone will be less hawkish given that both inflation and growth are lower than RBI's projection.

TIRTHANKAR PATNAIK, INDIA STRATEGIST, MIZUHO BANK

"Q4 data is definitely disappointing and clearly reflects some amount of extreme impact from demonetisation. Based on the quarterly numbers, we can expect a strong commentary from the central bank in their next policy meet."

UPASNA BHARDWAJ, SENIOR ECONOMIST, KOTAK MAHINDRA BANK

"The biggest challenge is the lack of, or absence, of private investment given the kind of stressed balance sheet of corporates and alarmingly high NPAs (non-performing assets) of the banks.

"While policy efforts are being adequately made to tackle this, we still have a long way to go before problems get fully resolved."

"We expect a pause on rates but given RBI has been significantly way off the inflation trajectory, we expect a softer tone in the upcoming policy, rather than the extreme hawkish rhetoric we've seen."

ANJALI VERMA, ECONOMIST, PHILLIPCAPITAL INDIA, MUMBAI

"It looks pretty tepid. GVA at 5.6 percent is weak, except for public administration and some bit on agriculture.

"Everything else is very, very weak. Manufacturing is pretty tepid, construction continues to remain very weak despite all the things the government has been saying. It's not looking good. The numbers are not at all good.

"This data is closer to the ground reality than the previous ones.

"Going ahead, I think one key factor will be the banking sector. That's dragging growth substantially. I am surprised why there is still no growth coming in construction, but I think with housing impetus it should happen gradually."

GAURAV DUA, HEAD OF RESEARCH, SHAREKHAN

"The current GDP rate is much closer to ground reality, and it is likely to soften the Reserve Bank's hawkish stance on growth. Hence, I do not expect a rate hike by the RBI anytime soon. Neither do I see a rate cut in the next few months.

"The implementation of GST (goods and services tax) could have a short-term impact, which will reflect on the overall full-year GDP growth, but that is because of the rollout of GST and not because of the tax slabs."

VARUN KHANDELWAL, MANAGING DIRECTOR, BULLERO CAPITAL

"Q4 GDP number was a bit disappointing.

"Since listed companies have reported a slowdown in their earnings for Q3 and Q4, I expect the data to be revised downwards.

"The most significant imbalance in India's growth story is the paucity of job creation. The demographic 'dividend' is slowly turning into a 'tax' as more young people enter the workforce, while the pace of job creation is meagre.

"It is critical that policy makers focus on a more equitable distribution of growth for the long-term socio-political stability of the country."

(Reporting by Samantha Kareen Nair, Tanvi Mehta, Arnab Paul, Abhirup Roy, and Suvashree Dey Choudhury; Compiled by Rafael Nam)

 

[anant_s]

GE Transportation unveils Indian Railways Evolution locomotive
INDIA: The first of 1 000 Evolution Series diesel locomotives which GE Transportation is to supply to Indian Railways over 10 years was unveiled at the manufacturer’s plant at Erie in the USA on June 1.

The first of the 1 000 Evolution Series diesel locomotives which GE Transportation is to supply to Indian Railways has been unveiled at Erie in the USA (Photo: David Lustig).

GE Transportation is to supply 700 locos of 4 500 hp and 300 of 6 000 hp under a US$2·6bn joint venture agreement signed with the Ministry of Railways in November 2015, the largest contract ever won by GE in India. They will have Tier 1 GEVO engines.

The first 100 of the twin-cab 1 676 mm gauge locos locomotives are to be exported from the USA complete or in kit form. To meet the requirement for local production under the government’s Make in India programme, the other 900 are to produced with mainly Indian components at a factory which GE is building at Marhowra in Bihar. This is expected to be completed later this year, and will produce two locomotives per week for the current contract.

The GE locomotives for Indian Railways will have a livery based on colours representing energy and freshness.

GE will also develop facilities at Roza in Uttar Pradesh and Gandhidham in Gujarat to support long-term maintenance of the fleet.

http://www.railwaygazette.com/news/...ils-indian-railways-evolution-locomotive.html

@Abingdonboy @Nilgiri @nair @AndrewJin @RISING SUN @Grevion @ahojunk @thesolar65

 

[Nilgiri]

GE Transportation unveils Indian Railways Evolution locomotive
NDIA: The first of 1 000 Evolution Series diesel locomotives which GE Transportation is to supply to Indian Railways over 10 years was unveiled at the manufacturer’s plant at Erie in the USA on June 1.
View attachment 402032
The first of the 1 000 Evolution Series diesel locomotives which GE Transportation is to supply to Indian Railways has been unveiled at Erie in the USA (Photo: David Lustig).

GE Transportation is to supply 700 locos of 4 500 hp and 300 of 6 000 hp under a US$2·6bn joint venture agreement signed with the Ministry of Railways in November 2015, the largest contract ever won by GE in India. They will have Tier 1 GEVO engines.

The first 100 of the twin-cab 1 676 mm gauge locos locomotives are to be exported from the USA complete or in kit form. To meet the requirement for local production under the government’s Make in India programme, the other 900 are to produced with mainly Indian components at a factory which GE is building at Marhowra in Bihar. This is expected to be completed later this year, and will produce two locomotives per week for the current contract.
View attachment 402033
The GE locomotives for Indian Railways will have a livery based on colours representing energy and freshness.

GE will also develop facilities at Roza in Uttar Pradesh and Gandhidham in Gujarat to support long-term maintenance of the fleet.

http://www.railwaygazette.com/news/...ils-indian-railways-evolution-locomotive.html

@Abingdonboy @Nilgiri @nair @AndrewJin @RISING SUN @Grevion @ahojunk

They will be replacing an existing class?

 

[AndrewJin]

GE Transportation unveils Indian Railways Evolution locomotive
NDIA: The first of 1 000 Evolution Series diesel locomotives which GE Transportation is to supply to Indian Railways over 10 years was unveiled at the manufacturer’s plant at Erie in the USA on June 1.
View attachment 402032
The first of the 1 000 Evolution Series diesel locomotives which GE Transportation is to supply to Indian Railways has been unveiled at Erie in the USA (Photo: David Lustig).

GE Transportation is to supply 700 locos of 4 500 hp and 300 of 6 000 hp under a US$2·6bn joint venture agreement signed with the Ministry of Railways in November 2015, the largest contract ever won by GE in India. They will have Tier 1 GEVO engines.

The first 100 of the twin-cab 1 676 mm gauge locos locomotives are to be exported from the USA complete or in kit form. To meet the requirement for local production under the government’s Make in India programme, the other 900 are to produced with mainly Indian components at a factory which GE is building at Marhowra in Bihar. This is expected to be completed later this year, and will produce two locomotives per week for the current contract.
View attachment 402033
The GE locomotives for Indian Railways will have a livery based on colours representing energy and freshness.

GE will also develop facilities at Roza in Uttar Pradesh and Gandhidham in Gujarat to support long-term maintenance of the fleet.

http://www.railwaygazette.com/news/...ils-indian-railways-evolution-locomotive.html

@Abingdonboy @Nilgiri @nair @AndrewJin @RISING SUN @Grevion @ahojunk

These babies look powerful and energetic!

 

[proud_indian]

@anant_s

I only wish they use the original GE color scheme not this flashy yellow red in the CG

 

[anant_s]

They will be replacing an existing class?

As a part of HP increase and reduction of specific fuel consumption values for diesel locomotives, IR plans to replace all its ALCO fleet (barring WDM 3D) in next 15 years. By that time codal life of all locos built till late 90s would be over.
Now this is planned by two means:
1. Use of EMD / GE technology spread for 4500, 5500 and 6000 HP category viz WDG 4, WDG 4G, WDG 5 and WDG 6. Out of these, there is plan to increase axle loading by atleast 2 tons for GE locos (from existing 22 tons to around 24.5/25 Tons) to take advantage of DFC capacity of higher line loading. this will have substantial impact on train capacity and one single loco would haul higher load at faster speed, at lower cost and at lesser emission.
2. Use of Genset modular locos for slower and smaller trains (with power of upto 2400 HP). these too have advantage of switching on and switching off power based on loads, giving massive flexibility of operation, again saving on cost and emission values.

I hope you get to see the whole picture of what IR is trying to achieve on Diesel loco front.

WDG 5 (5500 HP, 22.5 Ton/ Axle, Co-Co)

These babies look powerful and energetic!

Yes they do at 4500 and 6000 HP (very similar to Chinese HXN5)

I only wish they use the original GE color scheme not this flashy yellow red in the CG

I agree, this Orange and yellow livery looks Gaudy

 

[GuardianRED]

@anant_s

I only wish they use the original GE color scheme not this flashy yellow red in the CG

Do post this GE livery please

 

[anant_s]

Do post this GE livery please

(Brazilian ES58ACi, the same model is going to be Indian WDG 6, 6000 HP)

Also if you may like

I hope not only assembly takes place in India and substantial amount of domestic production also occurs.
though i know GE is a good quality manufacturer

The same is going to happen from new DLF (Diesel Locomotive Factory) Marhaura. This will also provide large scale employment and will be one of the shining examples of MiI.

why does IR not explore similar locos from japan, switzerland or germany , etc ?

Simply because non of the above countries have that kind of Diesel locomotive.
btw, this too is coming (Prima 2, T8, 12000 HP for EDFC) from Alsthom

Also with India going for electrification of its tracks at a rapid pace , wont these become redundant wrt more powerful and efficient electric locos ?

Not really, these are about as efficient as electric locomotives (infact in some cases more efficient than exisitng DC motored, tap changer electric locomotives like WAG 7).
That said, IR won't electrify its entire network and even after a decade or two, we won't have more than 65-70% of our network electrified. this would still leave us with enough room for High Horse Power diesel locomotives. this technology is for future, but we are rightly starting with its induction from today.

@XiNiX