Jul

21

Reliance Capital Looking To Sell Stake in Insurance Business

Filed Under Banking, India Investment Opportunities, Indian Stock Market, Insurance | Leave a Comment 

Reliance Capital aims to be a world-class financial enterprise, chairman Anil Ambani said today at the company’s AGM in Mumbai: “Our focus has shifted from gaining market share to profitability,” he said.

Anil Ambani also said Reliance Capital company was considering various options to unlock value in the insurance business, and that it was likely to go for stake sale, IPO of its insurance business.

Reliance Capital is also raising a private equity fund, and they are raising capital mostly from domestic investors and FIs.

Jul

2

Indian Government shares Economic Survey of India 2008-2009

Filed Under Banking, India Business, Indian Government, Infrastructure, Insurance, Regulations, Training & Education | Leave a Comment 

The Indian Government today presented the Economic Survey of India 2008-2009 in the Indian parliament. The FY 2009-2010 budget session commenced today with Finance Minister Pranab Mukherjee tabling the Economic Survey of India for the year 2008-09. The railway budget 2009 will be presented tomorrow by the railway minister Mamta Banerjee.

Here are some highlights:

* In the 11th “Five-Year Plan” period from 2007-12, the Govt is expecting to create 58 million jobs in the country. This is great news.

* The next phase of economic stimulus will include both govt expenditure and tax cuts, while keeping the macro economic fundamentals like interest rates, exchange rates and growth rates in mind.

* For the current fiscal 2009-10, the economic survey has projected a fiscal deficit of 5.5% of the GDP. The target for the Govt is to bring down the fiscal deficit to about 3% of the GDP.

* Recommends raising the FDI cap in Insurance sector from 26% to 49%

* Recommends raising the FDI limits in defence sector from 26% to 49%

* Suggests removing the cess, fringe benefit tax, different surcharges on taxes and bring in many different reforms in petrol pricing and the financial sector.

*  India could grow at an average rate of 7% in FY 2009-10, and achieve growth rates of 8-9% in medium term if all reforms being planned are implemented.

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