Page 16 - Banking Finance April 2018

ROUNDUP

BSNL, Air India, among Public debt increases to Rs. 66.6 lakh crore at Decem-
the worst performing en- ber end
terprises in FY17 India's public debt rose to Rs 66.61 lakh crore at the end of December 2017,
representing a quarter-on-quarter increase of 1.22 per cent.
Indian Oil Corp. Ltd, Oil and Natural
The debt (excluding liabilities under the Public Account) of
Gas Corp. Ltd the government was Rs 65.80 lakh crore at the end of Sep-
(ONGC) and
tember last year. Internal debt and marketable securities
Coal India Ltd constituted 93.1 per cent and 82.6 per cent, respectively
have emerged of the total public debt, at the December-end 2017, accord-
as the most ing to the quarterly report on debt management released
profitable public sector undertakings by the Finance Ministry.
for 2016-17, whereas Bharat
Sanchar Nigam Ltd (BSNL), Air India
Ltd and Mahanagar Telephone US will be world's largest oil producer by 2023
Nigam Ltd (MTNL) incurred the high- US shale oil output is set to surge over the next five years stealing market share
est losses, according to a govern- from OPEC producers and moving the country, once
ment survey tabled in Parliament. the world's top oil importer, closer to self suffi-
The Public Enterprises Survey (2016- ciency, the International Energy Agency (IEA) said.
17), which mapped the performance A landmark deal in 2017 between OPEC and other
of central public sector units, showed oil producers to curb output to reduce global over-
that the top ten loss-making state- supply materially improved the outlook for other
owned firms accounted for a whop- producers as oil prices rose sharply throughout the year, the IEA said.
ping 83.82% of the total losses made As a result, US oil output has resumed sharp growth over the past year and is
by 82 loss-making central public sec- expected to rise by 2.7 million barrels per day (bpd) to 12.1 million bpd by 2023,
tor enterprises during the year.
as growth from shale fields more than offsets declines in conventional supply.
Natural gas liquids will add another 1 million bpd to reach 4.7 million bpd by
Coca-Cola aims to local-
2023.
ize two third of its prod-
Exports to contribute 40% of GDP by 2025
ucts in India
The Modi government will soon come out with a comprehensive strategy to
Coca-Cola is planning to introduce eth-
nic drinks and increase the share of global trade to 40% of the GDP,
which is expected to touch $5 trillion by 2025, Com-
fruit juices with
an aim to local- merce Minister Suresh Prabhu said. At present, exports
ize twothird of constitute only around 18% of the $2.6-trillion GDP,
its product which is currently the fifth largest in the world after
portfolio over the next few years. "The the US, China, Japan, Germany and Britain, while the
idea is that over a period of time we country's share in global trade is paltry and is under 2%
may have one-third of products which only.
are basically global and two-third of The more than doubling of shipments will demand that the economy massively
the products which are very local," increase the share of manufacturing in the overall GDP basket, which is around
Coca Cola India and Southwest Asia 14 per cent. Though the previous Congress government had set a target of
president T. Krishnakumar said. Coca- taking this to 25 per cent of GDP by 2020 has come a cropper and same is the
Cola India at present has about 50% of fate under the present regime.
the beverages comprising local brands Addressing the Maharashtra global investor summit, Prabhu said, "exports is
like ThumsUp, Limca and Maaza, the driving force of our growth strategy. We are coming out with a comprehen-
which have been formulated, pro- sive strategy to increase the share of global trade to 40 per cent of GDP, which
duced and sold in India.
is likely to touch USD 5 trillion."

16 | 2018 | APRIL | BANKING FINANCE