Top Headlines: India to overcome Covid losses by FY35, Trai's 5G proposals

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India to overcome Covid-19 pandemic losses by FY35, says RBI report

It is only by 2034-35 that India is expected to make good the losses arising from the pandemic, the “Currency and Finance Report” of the Reserve Bank of India (RBI) has said. “Taking the actual growth rate of (-) 6.6 per cent for 2020-21, 8.9 per cent for 2021-22 and assuming growth rate of 7.2 per cent for 2022-23, and 7.5 per cent beyond that, India is expected to overcome Covid-19 losses in 2034-35,” said the report, released once every year. Read more...

Monthly selling streak by FPIs worst since global financial crisis in 2008

Foreign portfolio investors (FPIs) have been net sellers of domestic equities for the seventh straight month in April — their longest monthly selling streak since the global financial crisis (GFC) in 2008. A combination of headwinds such as hawkishness by global central banks, the raging war in Ukraine, a spike in commodity prices, and stretched valuations have led to continuous pullout by overseas funds from the domestic market. Read more...

Trai may have to discuss and rethink its proposals on 5G spectrum

The Digital Communica­tions Commission (DCC) is believed to have discussed and referred back on Friday some of the recommendations made by the Telecom Regulatory Authority of India (TRAI) on 5G spectrum. Considering that the government is planning for auctions to be held in June, sources say the DCC’s letter is expected to be sent to the regulator in a few days. Read more...

Apollo Global Management may lend $1 bn to JSW for Ambuja Cements buy                                                                         American private equity major Apollo Global Management, which owns a minority stake in JSW Cement, is planning to offer up to $1 billion to the Sajjan Jindal-led JSW group to make a bid for Ambuja Cements, banking sources said. The Jindal family, which is in talks with a number of private equity firms for financing the transaction, is likely to pledge part of its 45 per cent stake in group flagship JSW Steel to raise funds for the acquisition, the sources said. Read more...

RBI new ban likely to push up approval cost for property developers

Property developers’ approval costs are likely to go up owing to the recent directive by the Reserve Bank of India (RBI) to banks that they should not lend to builders for premium payment and transferable development rights (TDR). This will put pressure on them to raise their own funds. It could lead to an increase in prices of affordable housing projects, experts said. The RBI is of the view that these payments are related to land buying and hence banks should not lend for those. Read more...