Page 19 - Banking Finance October 017

ROUNDUP

Murthy strong on saving Fitch ratings highlight power supply growth exceeds
the institution the demand
Infosys co-founder N R Narayana Fitch ratings pointed out in its latest report that though
Murthy re- the supply exceeds demand as of now, it would not meet
cently stated the overall power needs. The power generation capacity
that he be- has increased by 2.1 points.This exerts a significant down-
lieved it was ward pressure on India's thermal power utilisation.
his responsi-
bility to en- A B Pandey as interim chairman of GSTN
sure that the governance standard,
which had plummeted ever since Sep- UIDAI CEO A B Pandey has been appointed interim chairman
of Goods and Services Tax Network (GSTN) since he first chair-
tember 2015 was brought back to a
man Navin Kumar completed his term on August 29. The GSTN
reasonable level.Murthy said they did
not want the board to drive this in- is the information technology (IT) backbone and portal for real-
stitution to death through serious time taxpayer registration, migration and tax return filing un-
governance deficits. Murthy said he der the Good Services Tax regime.
just wanted "the board to protect
the institution rather than protecting Country's GDP to grow at 6.7%
some individuals..."
India's economic growth slipped to a three-year low
Chinese Prez asks BRICS of 5.7% in April-June, underscoring the disruptions
caused by uncertainty related to the GST rollout, but
to promote open world underlying growth momentum remains strong and the
economy (ies) country may clock 6.7% growth this fiscal, says a
Chinese president Xi Jinping mentioned Morgan Stanley report.
in a business meet-
ing held in south e-Alfa Mini by Mahindra
eastern China, re- Mahindra and Mahindra Ltd recently launched its first electric three-wheeler, e-
cently that the
BRICS group of Alfa Mini. Priced at Rs 1.12 lakh, e-Alfa Mini is the
emerging econo- maiden offering in the last mile connectivity segment
mies must promote trade liberalisation by the Mumbai-based firm. Road Transport Minister
and an open world economy. Nitin Gadkari asked auto makers to switch to produc-
BRICS leaders will be joined by ob- ing vehicles that run on non-polluting alternative fuels
server countries Thailand, Mexico, or risk being overtaken by inevitable policy change
Egypt, Guinea and Tajikistan, and of- "whether they like it or not".
ficials will discuss a "BRICS Plus" plan
to possibly expand the bloc to new Farmer income to be doubled by 2020
members.
Increasing crop production, reducing cultivation costs and post-harvest losses,
"We should jointly create a new glo- and reform of agriculture markets are few of
bal value chain, and realise a global
economic rebalancing," Xi told BRICS the focus areas of the central government to
business leaders and senior officials. double farmer incomes by 2020. To add value
Xi said he had "full confidence" in to farm produce via food processing, risk miti-
BRICS' development despite claims gation through crop insurance and disaster
that the bloc's relevance had faded relief, and promotion of horticulture and ani-
due to slower growth. mal husbandry will be the other areas of improvement.

18 | 2017 | OCTOBER | BANKING FINANCE

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