PLAN AND DREAM

50000 50000 189.3939394 Dec 200000 200000 9090.909091 Jan 200000 200000 9090.909091 Feb 100000 100000 4545.454545 Mar 550000 25000 1100000 Apr 550000 25000 1100000 May 550000 25000 1100000 Jun 550000 25000 1100 50000 50000 189.3939394 Dec 200000 200000 9090.909091 Jan 200000 200000 9090.909091 Feb 100000 100000 4545.454545 Mar 550000 25000 1100000 Apr 550000 25000 1100000 May 550000 25000 1100000 Jun 550000 25000 1100000 Jul 550000 25000 1100000 Aug 550000 25000 1100000 Sep 550000 25000 1100000 Oct 550000 25000 1100000 Nov 550000 25000 1100000 1 54 22 5500000 20833.33333 9900000 37500 2 55 23 15000000 56818.18182 30000000 113636.3636 3 56 24 25000000 94696.9697 50000000 189393.9394 4 57 25 5 189393.9394 10 378787.8788 5 58 26 6.5 246212.1212 13 492424.2424 6 59 27 8.45 320075.7576 16.9 640151.5152 7 60 28 10.985 416098.4848 21.97 832196.9697 8 61 29 14.2805 540928.0303 28.561 1081856.061 9 62 30 18.56465 703206.4394 37.1293 1406412.879 10 63 31 24.134045 914168.3712 48.26809 1828336.742 11 64 32 31.3742585 1188418.883 62.748517 2376837.765 12 65 33 40.78653605 1544944.547 81.5730721 3089889.095 13 66 34 53.02249687 2008427.912 106.0449937 4016855.823 14 67 35 68.92924592 2610956.285 137.8584918 5221912.57 15 68 36 89.6080197 3394243.171 179.2160394 6788486.341 16 69 37 116.4904256 4412516.122 232.9808512 8825032.243 17 70 38 151.4375533 5736270.958 302.8751066 11472541.92 000 Jul 550000 25000 1100000 Aug 550000 25000 1100000 Sep 550000 25000 1100000 Oct 550000 25000 1100000 Nov 550000 25000 1100000 1 54 22 5500000 20833.33333 9900000 37500 2 55 23 15000000 56818.18182 30000000 113636.3636 3 56 24 25000000 94696.9697 50000000 189393.9394 4 57 25 5 189393.9394 10 378787.8788 5 58 26 6.5 246212.1212 13 492424.2424 6 59 27 8.45 320075.7576 16.9 640151.5152 7 60 28 10.985 416098.4848 21.97 832196.9697 8 61 29 14.2805 540928.0303 28.561 1081856.061 9 62 30 18.56465 703206.4394 37.1293 1406412.879 10 63 31 24.134045 914168.3712 48.26809 1828336.742 11 64 32 31.3742585 1188418.883 62.748517 2376837.765 12 65 33 40.78653605 1544944.547 81.5730721 3089889.095 13 66 34 53.02249687 2008427.912 106.0449937 4016855.823 14 67 35 68.92924592 2610956.285 137.8584918 5221912.57 15 68 36 89.6080197 3394243.171 179.2160394 6788486.341 16 69 37 116.4904256 4412516.122 232.9808512 8825032.243 17 70 38 151.4375533 5736270.958 302.8751066 11472541.92

Real estate: Centre weighs stress fund,

Real estate: Centre weighs stress fund, Hardeep Singh Puri to head committee

By: Rishi Ranjan Kala | 

Updated: August 12, 2019 7:07:03 AM

Sources said the real estate industry flagged an “unrest” on account of liquidity crunch and poor sales, which has created a “fragile situation”.

The industry urged for inclusion of financial institutions under the ambit of Real Estate Regulatory Act (Rera) to aid completion of stalled projects. (Reuters)

Aiming to revive stalled housing projects and help lakhs of homebuyers, the government will explore the possibility of creating a stress fund. The idea is to use the fund — the industry has mooted its initial size to be Rs 10,000 crore — to complete the construction of housing projects that are stuck due to a variety of reasons, including a liquidity crunch with the real estate firms. This was one of the outcomes of a two-hour meeting between finance minister Nirmala Sitharaman and the real estate industry on Sunday.

The meeting was followed by a separate round of deliberations with various homebuyers’ associations. Besides Sitharaman, the government was represented by housing and urban affairs minister Hardeep Singh Puri, minister of state for finance Anurag Thakur and top officials from the departments of economic affairs, revenue, housing, CBDT, corporate affairs and Rera. The industry was represented by Credai and Naredco. Sources said the real estate industry flagged an “unrest” on account of liquidity crunch and poor sales, which has created a “fragile situation”. They demanded that banks and NBFCs be encouraged to fund real estate projects.

One of the sources said on condition of anonymity, “During the deliberations, it was decided that a group will be formed under Puri to explore the feasibility of creating a stress fund to complete pending projects. It will include cabinet secretary, housing and urban affairs secretary, corporate affairs secretary and the Rera chief. The group is expected to meet in the next two-three weeks.”

Asked about the creation of a stress fund, Puri said: “We discussed a lot of issues” but refused to elaborate. The meeting was called against the backdrop of a virtual crisis in the real estate sector reflected in liquidity crunch, demand slowdown and stalled projects. The industry urged for inclusion of financial institutions under the ambit of Real Estate Regulatory Act (Rera) to aid completion of stalled projects. “Whatever problems are there of homebuyers, stalled projects etc, we are exploring ways to move forward. Many homebuyers have moved the Supreme Court and there are judgments too. So, it’s a very complicated arena. But given the goodwill within the government, among homebuyers and the industry, whatever problems are there, we will find solutions for them,” Puri said.

Credai chairman Jaxay Shah termed the deliberations positive, adding that the government is cognizant of issues impacting real estate, including liquidity crunch and taxation. Naredco president Niranjan Hiranandani said: “The issue of stalled projects in the NCR region and how it can be sorted came up.” Homebuyers’ body Forum for Peoples’ Collective Efforts president Abhay Upadhyay said five lakh buyers have not got their dwelling units due to huge delays in delivery. He demanded the creation of a Rs 10,000-crore stress fund to complete such projects. To address the sector’s issues, the industry associations suggested various measures, including reduction of interest rates on home loans to 7% and withdrawal of the recent NHB circular prohibiting subvention scheme. They also suggested that for real estate projects, which are commercially viable and require only last-mile funding by way of equity, the National Infrastructure Investment Fund (NIIF) can be a good source of funding.

This can be considered by NIIF if the requirement that real estate projects be covered under the ‘infrastructure’ definition and are not limited to affordable housing as defined under the harmonised list of infrastructure notified by the government is met.

https://www.financialexpress.com/industry/realty-crisis-centre-weighs-stress-fund-hardeep-singh-puri-to-head-committee/1672898/

Sebi extends trading hours for derivatives market till 11:55 PM from Oct 1

Currently, the timings for the derivatives market are 9:00AM to 3:30PM - similar to the cash segment

The Securities and Exchange Board of India (Sebi) on Friday allowed domestic stock exchanges to extend equity derivatives trading till 11.55 pm, in a move aimed at attracting investors dealing in Indian products on overseas exchanges in Singapore and Dubai. The new timings will also help in better alignment with commodity markets — amid implementation of universal exchanges — which function till 11:55 pm.

Currently, the timings for both the equity cash and derivatives segments are 9 am to 3:30 pm. Since derivatives trading started in 2000, the trading timings of both futures and options (F&O) and cash market have remained linked.

Longer hours for the derivatives market, which is typically used by investors for hedging, will cater to investors operating out of Europe and the US and will also provide a tool for domestic investors to price in the news flow that comes after the market hours.

Sebi has said the extended timings will be applicable from October 1, the date set for integration of commodities and equity exchanges. Stock exchanges that wish to extend trading hours will have to seek permission from Sebi. The market regulator will evaluate the requests based on the risk management system and infrastructure of these exchanges.

Sources say all exchanges, including the National Stock Exchange (NSE) and the BSE, will soon approach Sebi to avail of the new provision.

Interestingly, Sebi had granted the extension of trading hours up to 5 pm for the cash segment. However, none of the exchanges opted for the extended hours on account of resistance from brokers.

Industry players say exchanges might look to extend the trading hours in the cash segment following Sebi’s latest move.

The extended timings will lead to higher costs and manpower, which could weigh on the near-term profitability of brokers, particularly smaller players.

Longer derivatives trading hours, however, are a trend across global exchanges. Platforms such as Singapore Exchange (SGX) and CME Group offer round-the-clock trading in key equity indices.

Shorter trading hours in India are seen as a reason for shift in domestic trading volumes to overseas exchanges.

“Globally, derivative exchanges are already following the extended trading hours. The introduction of the extended hours is a positive development and will bring Indian market in line with the international markets,” said Ashishkumar Chauhan, managing director and chief executive officer (CEO), BSE.

Brokers are hoping that the move will increase volumes and offset increased costs.

“All the market management processes are digitised. There shouldn’t be any transition issues for brokers. However, their fixed costs could go up as the brokers will need more manpower. We hope an increase in volumes will offset the expenses,” said Motilal Oswal, managing director, Motilal Oswal Financial Services.

http://www.business-standard.com/article/markets/sebi-allows-exchanges-to-extend-trading-in-derivatives-till-11-55-pm-118050400653_1.html

Which are the jobs that the robots will steal?

The Fourth Industrial Revolution—automation, robotics, biotechnology, artificial intelligence, blockchain and 3D printing—is already impacting jobs in labour-intensive manufacturing and textile industries

Robots reduce hours worked and wages for low- and middle-skilled workers, but has no significant effect on high-skilled workers.

Will the Fourth Industrial Revolution and widespread automation lead to job losses in countries such as India? Some reports have been alarming—a paper by Frey and Rahbari said China risks losing 77% of jobs to automation, while India risks losing 69%. Thankfully, a new study by the Asian Development Bank on how technology affects jobs gives us hope.

Since fears of job losses have been with us since the days of the Luddites, the key question is: is the Fourth Industrial Revolution—technological advancements in robotics, biotechnology, artificial intelligence, quantum computers, blockchain and 3D printing—different from the ones that preceded it?

Sure, technology will displace jobs. But automation also increases productivity and lowers production costs, increasing demand in the economy. It could also lead to new jobs. A study shows that in India, between 2004 and 2015, electrical trade workers had a significant share of new job titles. Examples of these new job titles are computerized numerical control (CNC) operator, machining technician, CNC setter-cum-operator–vertical machining centre, CNC programmer, smartphone repair technician, solar panel installation technician, and optical fibre technician. These are all new jobs.

A paper has said that China and India stand to lose 77% and 69% of jobs to automation, but another study on how technology affects jobs gives us hope

On the effect of rising demand, the study says if the Indian economy grows at 7% over the 16 years from 2015 to 2031, annual per capita income will rise from $1,500 to $4,900. Given the rate of growth of per capita income, India’s textile market can be expected to grow 2.5 times over that period. This would offset job displacement from future automation in the garment industry.

Moreover, automation is used the most in capital-intensive industries. “The two largest users of industrial robots in Asia, electrical and electronics industries and automotive manufacturers, each accounted in 2015 for 39% of Asia’s robot stock but only 9.2% and 4.2%, respectively, of manufacturing employment,” according to the study. If robots have to be deployed in a labour-intensive industry, they will have to be cheap enough to compete with very low wages. The problem with that argument is, even in Bangladesh, automation has started in the garments industry.

As automation is adopted more widely, some classes of workers will certainly be displaced. The study found that robotics reduce hours worked and wages for low- and middle-skilled workers, but has no significant effect on high-skilled workers. Unfortunately, International Labour Organization estimates show that in India, only 15.5% of employment is in the highly skilled category, with the rest in the medium- and low-skilled group.

If robots have to be deployed in a labour-intensive industry, they will have to be cheap enough to compete with very low wages. The problem with that argument is, even in Bangladesh, automation has started in the garments industry

The research shows that, with technological advances in global value chains, the share of non-routine cognitive occupations increases; for non-routine manual occupations, half the economies showed increased employment share; and for both cognitive and routine manual occupations, the employment share is decidedly negative for manufacturing and mainly negative for services.

What about wages? While wages of skilled and managerial workers would rise, those in routine and manual labour would decline. The worst case would see the wages of less skilled workers not rise at all—this happened during the first Industrial Revolution, says the report, when “the average wage of workers barely increased over several decades despite a dramatic increase in labour productivity in manufacturing.” Trouble is, for many in India, it’s the first, second, third and fourth industrial revolutions combined, all at one shot.

Due to automation, while wages of skilled and managerial workers would rise, those in routine and manual labour would decline

What is to be done? An ILO Employment Policy brief had pointed out that “the challenge of technical change may not be so much whether there will be more jobs destroyed than created, but the facility with which workers are able to transition from old to new jobs in a period of rapid change and to equitably share in productivity gains.” The need to upgrade skills is obvious. In 2016, 46% of employers in Asia and the Pacific reported difficulty in filling vacancies for skilled positions. Moreover, rapidly changing technologies imply workers will continually have to learn new skills. The rise in contract work will result in many being intermittently unemployed. They will need protection. Unfortunately, India’s social protection system is totally inadequate. The ILO says the population covered by any one social security scheme in India is 19%, compared to 63% in China, 28.4% in Bangladesh and 37.9% in Vietnam.

We are already seeing the social consequences of the lack of decent jobs and rising inequality in India. It’s time we heed the warnings

How will increased social security be funded? The ADB recommends taxes on property, inheritance and capital gains. That is unlikely to go down well with our elites.

We are already seeing the social consequences of the lack of decent jobs and rising inequality in India. It’s time we heed the warnings.

https://www.livemint.com/Opinion/gmvEw19NRmJgyHRtC60wMJ/Which-are-the-jobs-that-the-robots-will-steal.html

‘Amazing’ execution of Narendra Modi government’s insolvency and bankruptcy code trumps rest of Asia for this trader

Cleaning up India’s stressed loans has been a big priority of Prime Minister Narendra Modi in order to attract investments to the country.

Prime Minister Narendra Modi greets as Union Home Minister Rajnath Singh looks on during the Padma Awards 2018 function at Rashtrapati Bhavan in New Delhi, on Tuesday. 

SC Lowy Financial HK Ltd. said it will trade more distressed debt in India, which has become its most important market in Asia, thanks to a hefty supply spurred by the rollout of a new bankruptcy law.

India now accounts for 30 to 40 percent of the Hong Kong-based loan and bond trading firm’s activities, up from 10 to 15 percent just a year ago, said Soo Cheon Lee, its co-founder and chief investment officer. Previously, it was more or less evenly spread in Australia, Korea, China, India, South East Asia and the Middle East.

“India is the main market for distressed debt in Asia for us,” Lee said in an interview. “It’s because of the Modi government’s initiative to clean up non-performing loans at its lenders” and the “amazing” execution of the new insolvency law, he said.

Cleaning up India’s stressed loans has been a big priority of Prime Minister Narendra Modi in order to attract investments to the country. The new insolvency resolution process, born in 2016 after the government overhauled its archaic bankruptcy laws, was designed to clear out distressed companies through asset sales.

Among companies under the resolution process are Essar Steel India Ltd., Aircel Ltd. and Bhushan Steel Ltd. A $2 billion bank fraud at Punjab National Bank will also likely add to the supply of distressed loans.

As a foreign financial firm, it is easier to do business in India than in China, where local partnerships are usually required, Lee said. High returns of about 15 percent from its distressed debt investments in India is a draw too, he said.

Rising bankruptcy cases in the South Asian nation are presenting new opportunities for hedge funds focusing on the latest fallout in banking and other key industries. Regulatory pressure for banks to recognize bad loans has also led to a 30 percent jump in non-performing loans, Fitch Ratings said in a Feb. 22 note.

“The government is fine-tuning the bankruptcy process, which has to continue as they are cleaning up the NPLs,” Lee said. “It is still just the beginning and we expect this to last for at least 1-2 years.”

http://www.financialexpress.com/economy/amazing-execution-of-narendra-modi-governments-insolvency-and-bankruptcy-code-trumps-rest-of-asia-for-this-trader/1107146/