WEEKLY ECONOMIC BULLETIN - India in...

NEWS FEATUREModi seeks support for demonetisation, assures victory for peoplePrime Minister Narendra Modi on Sunday sought people's support for his demonetisation decision, sayingthat the country will emerge victorious after this "test by fire".

Every Indian will have house by 2022: PM Narendra ModiAiming to provide house to every Indian by the year 2022, Prime Minister Narendra Modi has launched hisflagship housing scheme ‘Pradhan Mantri Gramin Awas Yojna’ in Agra.

More in this section

Sebi mulls allowing Foreign Portfolio Investors to invest in unlisted NCDsWith an aim to deepen capital markets, regulator Sebi is mulling relaxing its norms to permit FPIs to in-vest in unlisted non-convertible debentures and securitised debt instruments.

OVERSEAS INVESTMENTS

Rise in imported coal prices puts overseas coal mines back in focusThe spurt in global coal prices in past six months is likely to put Indian companies’ overseas coal assetsback in focus with talks over fresh plans for these assets now underway.


Economic DiplomacyDivision

Ministry of External Affairs

Government of India

Issue No 702 I November 15-21, 2016

p. 02/03

TRADE NEWSIndia, Britain sign 3 bilateral Advance Pricing AgreementsIndia and Britain have signed three more bilateral Advance Pricing Agreements (APAs) taking the total numberof these pacts to a total of 111 so far, an official statement said.


p. 09/10

p. 04/05

p. 06/08

p. 11/12

SECTORAL NEWSRailways to identify cost-effective energy options: PrabhuRailways Minister Suresh Prabhu emphasised the need of identifying cost-effective options to achieveand realize an energy system with least environmental impact.


NEWS ROUND-UPDemonetisation will define new normal for Indian economy: JaitleyLauding the government's surprise demonetisation move, Finance Minister Arun Jaitley has said that it has at-tacked India's parallel economy that was running outside the banking system for the last 70 years and a "newnormal" will become the way for the country.


WEEKLYECONOMIC BULLETIN

WEEKLYECONOMIC BULLETIN 2

Issue no 702 I November 15-21, 2016

>> NEWS FEATURE

Modi seeks support for demonetisation,assures victory for peoplePrime Minister Narendra Modi on Sunday sought people’s support for his demonetisation decision, saying that the countrywill emerge victorious after this “test by fire”.

“As I said on the very first day when I announced thedecision, it is a time-consuming process. It will causeinconvenience and a little hardship. But, I believe, thenation will come out victorious from this test by fire,”Modi said at a public rally in the city of the Taj in UttarPradesh.

He said his government has been flexible in imple-menting the demonetisation decision and effected al-terations as the need arose.

Only the corrupt rich were worried and those whohad cheated the people, he said.

“They are asking me questions, the dishonest peoplewho had made life difficult for the poor all these years.The poor and the middle income group people wereforced to convert white into black to pay schools or buyhouses. These dishonest people exploited and lootedthe people hurting the economy,” he said.

He raked up the chit fund scam to hit out at West Bengal Chief Minister Mamata Banerjee’s Trinamool Congress which hasbeen rallying against demonetisation.

“I know what kind of people are opposing me and leading the charge against me over demonetisation. Doesn’t the countryknow about the people involved in chit funds?”

“Millions of people invested their hard earned money in this chit funds and under the blessings of politicians all this hardmoney disappeared in the scam. Many people lost their lives,” he added.

“And today, these people are levelling charges against me,” Modi said, referring to the chit fund scam in which severalleaders of the West Bengal’s ruling Trinamool Congress were arrested and interrogated.

Modi’s attack comes days after Banerjee led a march to Rashtrapati Bhavan, demanding roll-back of the demonetisationdecision and seeking President Pranab Mulkherkjee’s intervention in the matter.

Indirectly targeting Bahujan Samaj Party supremo Mayawati, Modi said legislators had to offer money for tickets. “Somepeople have lost their all but this ‘khel’ (game) should stop now. Rights of the poor and the middle classes had to be re-deemed.”

He counselled people not to “let others use your Jan Dhan acccounts. They (paapis -- sinners) will refuse, but you will bein trouble if there is an inquiry”.

Reiterating his plea to give him 50 days to tide over the hardships caused by the move, Modi said he took the demonetisa-tion decision not to trouble anyone but for the welfare of the coming generations.

“I have asked for 50 days. It’s been just 10 days and over 5,000 crore rupees have already been deposited in banks... thebanks will infuse this money in the markets,” he said.

WEEKLYECONOMIC BULLETIN >> NEWS FEATURE

What will the banks do with the money that has come in just ten days, he asked. “Obviously they will give loans to smallpeople, shopkeepers, at reduced interest rates.”

Assuring that the sacrifices by the people after demonetisation won’t go in vain, Modi said the spiking of Rs 500 and Rs1,000 currency notes caused difficulties to many but for those “who had looted the country”, it has been a “punishment forlifetime”.

Earlier, the Prime Minister launched the Pradhan Mantri Awas Yojana (Grameen) and inaugurated the fourth Mathura-Pal-wal railway line.

He also assured people of fulfilling the government’s commitment of a house for every Indian by 2022 and gas connectionfor every poor household.

Source: Indo Asian News Services

3


Every Indian will have house by 2022: PMNarendra ModiAiming to provide house to every Indian by the year 2022, Prime Minister Narendra Modi has launched his flagship hous-ing scheme ‘Pradhan Mantri Gramin Awas Yojna’ in Agra.

Designed entirely for the rural masses, the ambitious scheme aims to provide affordable houses to all those livingbelow the poverty line by the year 2022.

Addressing a rally after the launch, Modi saidthat his government is dedicated to poor people andall its scheme is for them. “We launched PradhanMantri Jan Dhan Yojna so that people can openbank account. Today I launched Pradhan MantriGramin Awas Yojna so that poor people can have ahouse,” said Modi.

The prime minister also launched PradhanMantri Ujjwala Yojana to provide gas connectionand stove to every household.

Modi also attacked opposition leaders forprotesting against government’s demoentisationmove saying those involved in corrupt activities arehaving tough time. Without mentioning MamataBanerjee, Modi said “Some leaders are raising fingers on me by talking about loss of lives due to demonetisation. I wantto remind them many people committed suicide after they lose their money in chit fund scam.”

He also hit out at the Congress saying governments in the past 70 years kept quiet on blackmoney because they wereworried about losing power.

Source: The Indian Express

With an aim to deepen capital markets, regulator Sebi is mulling relaxing its norms to permit FPIs to invest in unlisted non-convertible debentures and securitised debt instruments. In a slew of proposed reform measures, the regulator also plansto tighten corporate governance rules on profit-sharing agreements between promoters and private equity funds as part ofits efforts to safeguard minority shareholders in mar-kets. These proposals are likely to be discussed in theboard meeting of Securities and Exchange Board ofIndia (Sebi) later this week, sources said.

The regulator plans to allow Foreign Portfolio In-vestors (FPIs) to invest in unlisted non-convertibledebentures and securities debt instruments, theyadded. RBI has also recently relaxed its rules for al-lowing such investments by FPIs.

The move comes after Sebi’s board, in September,allowed well-regulated FPIs to directly trade in corpo-rate bonds, without going through any broker or otherintermediary.

The revised norms are applicable for Category-I FPIs that include sovereign wealth funds and central banks as well asCategory-II FPIs, which include mutual funds and banks.

However, hedge funds, individuals and other high risk foreign investors will not get this facility.Prior to that, FPIs could trade in Indian markets only through brokers who are registered with the stock exchanges as

their members. The move is aimed at boosting foreign inflows in Indian capital markets. It would also deepen and widen thecorporate bond market.

Sebi is planning to make it mandatory for promoters and top executives of companies entering into special profit-sharingdeals with private equity funds to obtain prior approval from the company’s board and shareholders, sources said.

The regulator plans to add a provision to the listing agreement that will require disclosures and prior approval of share-holders. In case of existing profit sharing agreements, such agreements would need to be informed to the stock exchangesfor public dissemination.

“No employee including key managerial personnel, director or promoter of a listed entity shall enter into any agreementfor himself or on behalf of any other person, with any shareholder or any other third party with regard to compensation orprofit sharing agreement unless prior approval has been obtained from the board as well as public shareholders,” a sourcesaid.

Earlier, Sebi had said that instances of private equity funds entering into compensation agreements with promoters, di-rectors and key managerial personnel of listed investee companies, based on performance of such companies have re-cently come to light.

However, when such reward agreements are executed without prior approval of shareholders, it could potentially lead tounfair practices, it had added.

Source: Press Trust of India

WEEKLYECONOMIC BULLETIN >> OVERSEAS INVESTMENT4


Sebi mulls allowing Foreign Portfolio Investors to invest in unlisted NCDs

The spurt in global coal prices in past six months is likely to put Indian companies’ overseas coal assets back in focus withtalks over fresh plans for these assets now underway.

“Higher global coal prices are encouraging such Indian firms to commence discussions on capital investment to open ordevelop their mines (abroad), even if in part. There areno buyers in sight at the moment, but financing is be-coming possible,” said Kameswara Rao, partner withPWC.

Most of the Indian energy companies bought stakesin overseas coal assets in the 2010-2011 period whenglobal coal prices were at a peak of $135 a tonne.Since then, Australian thermal coal spot prices, one ofthe indicators of global coal prices, hit $100-a-tonne inOctober for the first time since 2012.

The rise in coal prices might also give fresh impetusto companies that have been trying to exit from theseassets. “In the past one to two months, with the coalprices, there is a lot of interest in evaluating options toexit them as they may get a better price. Some of theborrowers who had taken mines in Indonesia are now seriously looking at the option of selling and cutting losses,” said aninvestment banker who deals with power companies.

Adani Power, Tata Power Co, GMR Infrastructure, Reliance Power, GVK Power and Infrastructure, and Lanco Infratechare some of the larger companies which bought overseas coal assets in the 2010-2011 period. The two people quoted ear-lier in the story did not name any specific coal assets.

“At current coal prices, there is definitely business sense for some mines, especially the ones in Indonesia, as there is de-mand in the adjoining markets for this coal. These mines is a profitable venture in the short-term; anyone with a long-termview not seeing coal as a huge play may want to sell it,” said a coal analyst who did not wish to be identified. The analystadded the rise in prices may make a case for certain other companies to start or restart work at these overseas coal minesif the coal prices continue to remain firm.

An email questionnaire sent to Adani Power, Tata Power, Reliance Power, GVK Power, and Lanco remained unanswered.In an interview with Business Standard earlier this month, G B S Raju, chairman, Energy for GMR Group, had said: “We havean existing partner who might be interested; we are evaluating various options.” In 2011, GMR Infrastructure invested $500million to buy a 30 per cent in Indonesia’s PT Golden Energy Mines stake.

However, not everyone is convinced global coal prices have firmed enough to bring cheer to Indian energy companiesholding on to their overseas assets. “Even if global coal prices move up, India and China are the influencing factors. India isincreasingly meeting its coal demand with domestic sources and China’s influence on the global commodity prices contin-ues to fluctuate,” said a power sector analyst with a domestic brokerage firm.

Source: Business Standard

WEEKLYECONOMIC BULLETIN >> OVERSEAS INVESTMENT

Rise in imported coal prices puts overseas coal mines back in focus

5


WEEKLYECONOMIC BULLETIN >> SECTORAL NEWS6


Railways Minister Suresh Prabhu emphasised the need of identifying cost-effective options to achieve and realize an en-ergy system with least environmental impact.

“Indian Railways being a significant consumer ofenergy, identifying cost-effective options toachieve and realize an energy system with leastenvironmental impacts is essential,” Prabhu saidwhile chairing a meeting of the consultative com-mittee of MPs for the Railways Ministry.

He also said that the Indian Railways’ “Vision2020” document states that the key target is toutilise at least 10 per cent of its energy require-ment from renewable sources.

“As a part of this, Indian Railways has planned toset up 1,000 MW solar power plant and about 200MW of wind power plants by 2020 across zonalrailways and productions units,” he added.


Railways to identify cost-effective energyoptions: Prabhu

Israel has expressed its commitment for ‘Make in India and Make with India’ in the security domain, said a industry re-lease.

Participating at a ‘Round table on Indo-Israel Cooperation in Defence & Homeland Security’, Israeli Defence Ministry’sinternational defence cooperation directorate(SIBAT) chief Brig. Gen. Mishel Ben Baruch (retd.)said: “We are willing to cooperate with India andtransfer technologies through partnership with In-dian companies. SIBAT and Ministry of Defence ofIsrael are committed for a long term relationshipwith India.”

He called the event, organised by Federation ofIndian Chambers of Commerce and Industry(FICCI), “historic” and “an opportunity to find waysto enhance cooperation between India and Israel inthese areas”.”

Defence Ministry Joint Secretary (Planning &International Cooperation) Shambhu S. Kumaransaid: “In India, defence production is set to shiftfrom public sector to private companies and offset programme of the country is also taking shape with a target of $10billion in next 5 years.”

Emphasising on the high degree of trust shared between the two countries and the growing concern of cyber threat,Kumaran called it one of the areas where India and Israel could collaborate.

Israel is one of the leading exporters of weapon systems to India, providing missiles, unmanned aircrafts, electronicwarfare and radars in last decade.


Israel expresses commitment towards‘Make in India’ in defence sector



Indian mobile handsets shipments are set to reach 265 million by the year end, of which 116 million will be smart-phones, a new report revealed on Monday.

According to market research firm CyberMedia Research’s (CMR) “India Monthly Mobile Handset Market Review” re-port for third quarter of 2016, India shipped 197.5million mobile handsets by the end of September2016, of which 78.4 million were alone shippedduring the third quarter.

“All these years, smartphone makers have beenfocusing on making the handsets affordable formore and more hands-on experience,” said FaisalKawoosa, Principal Analyst, Telecoms, CMR.

Sixty-six per cent of the phones in third quarterwere “Made in India”.

Over 98 per cent of the smartphones were usingGoogle’s Android OS with more than 25 per centcame preloaded with Android Marshmallow oper-ating system.

“Every second 4G smartphone shipped duringthird quarter of this year, using third party chipset solution had a Qualcomm chipset. Sixty-six percent of the smart-phones shipped were phablets,” the report added.

Nearly 64 per cent of the smartphones were quad-core, while 29 per cent had a processor with clock rate of 1.3 Ghz.Source: Indo Asian News Services

Mobile handsets shipments in India to hit265 mn: Report



WEEKLYECONOMIC BULLETIN >> TRADE NEWS

India and Britain have signed three more bilateral Advance Pricing Agreements (APAs) taking the total number of thesepacts to a total of 111 so far, an official statement said.

“The Central Board of Direct Taxes (CBDT)signed three three bilateral APAs here today tak-ing the total number of APAs signed (both-bilat-eral and unilateral) so far to 111,” the FinanceMinistry said in a statement.

“These three agreements cover internationaltransactions in the nature of payment of intra-group service charges and pertain to the telecomindustry. They also have a roll-back provision,”the statement said.

With this, India and Britain have concluded fivebilateral APAs and some more would be con-cluded in the near future, it added.

Authorities from both countries had earlier ex-changed mutual agreements amongst themunder the Mutual Agreement Procedure (MAP)Article of the India-UK Double Taxation Avoidance Convention (DTAC).

The Advance Pricing Agreement programme was introduced by the Finance Act, 2012 with a view to provide a pre-dictable and non-adversarial tax regime and to reduce the litigation in the Indian transfer pricing arena.

An APA can be entered into for a maximum of five years at a time. Since the notification of the APA scheme on August30, 2012, a total of about 700 APA applications have been received during the first four years of the programme, whichindicates the wide acceptance by the taxpayers, it said.

“The Indian APA programme has been appreciated nationally and internationally for being able to address complextransfer pricing issues in a fair and transparent manner,” it added.


9


India, Britain sign 3 bilateral Advance Pricing Agreements

WEEKLYECONOMIC BULLETIN >> TRADE NEWS

Signalling a clear reversal of the earlier continuous decline in Indian exports, official data on Tuesday showed thesegrew for the second month in a row at $23.51 bil-lion in October on the back of a good showing bythe jewellery and engineering sectors.

Exports thus registered a healthy 9.59 per centgrowth over that recorded in the same month lastyear at $21.46 billion.

However, cumulatively for the April-Octoberperiod, exports were down 0.17 per cent in dollarterms at $154.9 billion, as against exports of$155.2 billion over the same period last year, asper data released by the Commerce Ministry.

The government said there was growth in ex-ports for US (0.20 per cent), EU (5.78 per cent),Japan (10.03 per cent) but China exhibited nega-tive growth (-3.01 per cent) for August 2016 overthe corresponding period of the previous year, as per latest WTO statistics.

“Non-petroleum exports in October 2016 are valued at $20.80 billion against $18.92 billion in October 2015, an in-crease of 9.9 per cent,” a statement here said.

Imports during the month in question at $33.67 billion, were 8.11 per cent higher than the imports of $31.15 billion inOctober 2015.

Consequently, the trade deficit in October this year at $10.16 billion witnessed an 4.8 per cent rise, compared to thesame month last year at $9.69 billion.

Cumulative imports for April-October were worth more than $208 billion, which was a 10.85 per cent fall from over$233 billion worth imports recorded for the same period a year ago.

With global oil prices climbing back to near-$50 a barrel levels, India’s oil imports during October 2016 were valued at$7.14 billion, which was 3.98 per cent higher than oil imports valued at $6.87 billion in the corresponding period lastyear.

Non-oil imports in October rose by 9.28 per cent to $26.53 billion, from $24.28 billion in the same month of last year The trade deficit cumulatively for April-October also declined to $53.16 billion against $78.24 billion in the same pe-

riod of 2015-16.Source: Indo Asian News Services

India’s October exports at $23.5 bn grownearly 10%

10


WEEKLYECONOMIC BULLETIN >> NEWS ROUND UP11


Demonetisation will define new normal forIndian economy: JaitleyLauding the government’s surprise demonetisation move, Finance Minister Arun Jaitley has said that it has attackedIndia’s parallel economy that was running outside the banking system for the last 70 years and a “new normal” will be-come the way for the country.

“Shadow or parallel economy had become a way oflife. When you have a large chunk of currency outsidethe banking system, taxation system is narrow, be-cause shadow economy becomes a way of life. Demon-etisation redefines that,” Jailtey said at the IndiaEconomic Conclave organised by ET Now.

“Demonetisation move will set a new normal for theeconomy. We see good, steady economic growth incoming years. We expect India to be a large digitaleconomy in coming years,” he added.

“Formally, the high denomination currency hasceased to be a legal tender. We now move to a situationwhere farmer receives money from trader throughelectronic mode. In five to eight years down the road, it is going to be a normal,” he said.

Rebutting the allegations of bad implementation of the demonetization plan, Jaitley said that it could not have beendone in a better way than this.

“On the execution part, I don’t think this could have executed better than it is being done now. You are replacing 86 percent of India’s currency without any social disruptions within a couple of weeks. A substantial amount of currency has tobe printed in advance. It takes years because of the specialization involved and to keep it all a secret,” he said.

Jaitley said that though the move is bound to cause initial inconvenience, in the long run it will be welcomed by all, in-cluding traders.

“At the end of the day, Indian shopkeeper, traders will also realise that formal official trade is a superior way of doingbusiness than the shadow economy. It brings everyone in the cleaner system of economy and will be welcomed by all inthe long run,” he added.

Jaitley said that demonetization will also help India move towards a zero-deficit budget.“If everyone honestly pays the taxes, there will be no deficit budget, enough money to invest in rural areas,” he said.Promising increased ability of the government to support the economic activity, more money for infrastructure, manu-

facturing and informal sector, he said, “The move has suddenly improved the lending ability of the banks.”“If we go on the track and follow the roadmap, India will have better infrastructure, a larger manufacturing base, re-

duced poverty, more job creation. We have to change the way India spends. That is the effort of the entire exercise (de-monetization),” he added.


WEEKLYECONOMIC BULLETIN >> NEWS ROUND UP12


GST important milestone in cooperative federalism: Cabinet SecretaryThe Goods and Services Tax (GST) is an important milestone in cooperative federalism, wherein the Centre and thestates come together to address the issue of complex indirect tax regime in the country, a top government official saidon Saturday.

“Successful implementation of the GST can lead toreplication of this model of cooperative federalism inother spheres. The GST is an important milestone incooperative federalism,” Cabinet Secretary PradeepKumar Sinha said at a seminar organised by the GSTCouncil here.

Sinha said the GST reform process entails movingaway from tax exemptions in various sectors of the In-dian economy to a regime of seamless flow of creditand payment of tax.

More than 400 senior officers, including secretariesof ministries and departments, participated in the semi-nar, held to sensitise them on the GST’s key features.

Sinha urged senior officers to be fully prepared for the GST rollout and to keep in touch with various stakeholders toaddress their concerns so as to ensure its smooth implementation.

A presentation on the GST’s salient features was made by Central Board of Excise and Customs Chairman Najib Shah. The seminar concluded with a question-answer session, wherein queries pertaining to exports, transport, real estate,

railways and airlines sectors were addressed. Source: Indo Asian News Services

Mining Opportunities�)()5%7-21�2*��1(-%1�',%0&)56�2*�'200)5')��1(8675<��%/21+:-7,�7,)��-1-675<�2*�!7))/�-6�25+%1-=61+�7,)�7,-5(�);,-&-7-21�2*��!"�� *520� �35-/� �� %7� �80&%-� �;,-&-7-21� �)175)��80&%-�

",)� );,-&-7-21� '80� '21*)5)1')�:-//� 3529-()� %� 3/%7*250� 72� %//� 7,)�%57-'-3%176�� )/)+%7)6�� 86-1)66�#-6-7256� %1(� 27,)5� .)<� ()'-6-210%.)5�*520�7,)�!7))/�%1(�27,)5�5)/%7)(�-1(8675<�72�-17)5%'7�:-7,��%1();3/25)�1):�&86-1)66�%9)18)6�

SHOW HIGHLIGHTS� �1)�2*�7,)�*2'86)(�);,-&-7-21�'80�'21*)5)1')�21�!7))/�-1��1(-%� ��648%5)�0)7)56�2*�);,-&-7-21�%5)%� ��6�� 281(�"%&/)� �-9)� ()021675%7-21� 72� 6,2:'%6)� 7,)� )48-30)176� :-7,� /%7)677)',12/2+-)6�

� �25)�7,%1��);,-&-7256�%'5266�7,)�67))/�6)'725� �21'855)17�'21*)5)1')�:,-',�:28/(�,%9)�&5%-167250-1+�6)66-21621�9%5-286�%63)'76�2*�67))/

� �17)51%7-21%/��28175<��%9-/-21� �)7:25.-1+�23325781-7-)6�72�,)%5�*520�%1(�0))7�.)<�+29)510)175)+8/%7256��&27,�(20)67-'�%1(��17)51%7-21%/

� #-6-725� *520� 352(8')5�� 86)5� %1(� 5%:� 0%7)5-%/� 6)+0)17� /-.)��216758'7-21� �1(8675<�� %-/:%<6�� 87202&-/)� �1(8675<�� !,-3�8-/()56�� 2%(� %1(� "5%1632576�� 2576�� /%17� %1(� �%',-1)5<�%18*%'785)56��-1-1+�)7'

WHY VISIT?� �)7:25.�:-7,�/)%(-1+�-1(8675<�3/%<)56�*520��1(-%� �()17-*<�1):�6285'-1+�()67-1%7-216� �17)5�-1��86-1)66�"5%16%'7-216� �17)5%'7�$-7,��)%(-1+��17)51%7-21%/��203%1-)6� �-1(�%&287�6285')6�2*�-19)670)176��*81(-1+� !,%5)�.)<�.12:/)(+)�%1(�1):�7)',12/2+-)6� �))7�*%')�72�*%')�:-7,�);-67-1+�%1(�1):�327)17-%/�&86-1)66��

ADVANTAGE INDIA� �1(-%� -6� 7,)�:25/(�6� 7,-5(� /%5+)67�352(8')5�2*�'58()�67))/�%1(� -6);3)'7)(�72�&)'20)�7,)�6)'21(�/%5+)67�352(8')5�&<��

� !7))/�352(8'7-21�-1��1(-%�,%6�-1'5)%6)(�*520��0-//-21�7211)6��07�-1�� 72��07�-1�� :-7,�7,)�'%3%'-7<�&)-1+�-1'5)%6)(*520��07�-1�� 72��07�-1��

� ",)�67))/�6)'725�'2175-&87)6�1)%5/<��2*�7,)�'28175<>6��%1()03/2<6�29)5��/%.,�3)23/)��

� ",)�3)5�'%3-7%�'2168037-21�2*�727%/�*-1-6,)(�67))/�-1�7,)�'28175<,%6�5-6)1�*520��.+�-1��72�%&287��.+�-1��

� ",)�0267�-03257%17�%63)'7�*25�7,)��1(-%1�!7))/�-1(8675<�-6�7,)�,8+)%9%-/%&-/-7<�2*�.)<�5%:�0%7)5-%/�-�)��-521

Ministry of SteelGovernment of India :::�-1(-%67))/);32�-1

DISCLAIMER

This newsletter is compilationof news articles from variousbusiness-e-newspapers and inno way is an endorsement

or reflection of Ministry of External

Affairs views.

Designed & Developed by IANS Publishing

WEEKLYECONOMIC BULLETIN


WEEKLY ECONOMIC BULLETIN - India in...

Documents

Transcript of WEEKLY ECONOMIC BULLETIN - India in...