MOSL: MOrning India (22/August/19): AGIC - CEO Track Takeaways (1. Shri Piyush Goyal; 2. UBER; 3. Indian Hotesl; 4. HDFC Life; 5. Titan Company)
MOrning India (22/August/19): AGIC - CEO Track Takeaways (1. Shri Piyush Goyal; 2. UBER; 3. Indian Hotesl; 4. HDFC Life; 5. Titan Company)
Today’s top research theme
AGIC 2019 - CEO Track: Shri Piyush Goyal – Growth booster on anvil; Fiscal prudence to be maintained
- While Modi 1.0 was focused on laying the foundation for sustainable growth and cleaning up irregularities in various sectors, structural reforms like the GST, RERA, and IBC further propelled the clean-up process. However, it resulted in some teething troubles in the economy.
- The government is on top of the on-ground issues impacting the economy and will take decisions in due course to get the mojo back into the economy; some announcements are already in the pipeline and should be made soon.
- With thrust on exports being a focus area for the Commerce ministry, it is planning to bring import substitution (especially in O&G, Coal, Electronics, etc.) back into the spotlight.
- Target for infra spending over the next five years is INR100t and will be a large enabler for economic growth in the medium to long term.
- Over the next 12 years, Indian Railways should see opportunities worth INR50t.
- Government believes that no knee-jerk reactions are needed to solve issues on the macro front. Instead of band-aid solutions, the economy needs structural answers.
- A fine balance is needed between Fiscal prudence and Fiscal stimulus. The government is committed to maintain the path of Fiscal prudence, even as growth gets a massive boost.
Piping hot news
Sebi relaxes FPI rules, share buyback norms
The markets regulator on Wednesday eased the regulatory and compliance framework for foreign portfolio investors (FPI) by broad-basing their classification, and simplifying their registration, entry and know-your-customer (KYC) norms in a bid to boost investments. In another key move, the Securities and Exchange Board of India (Sebi) relaxed the buyback norms for listed firms that own non-banking financial companies (NBFCs) and housing finance companies (HFCs) subsidiaries.
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