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Business Economy

Pause in softening interest rate cycle to allow more transmission is sensible: India Inc

New Delhi, Dec 5 (UNI) Assocham president Mr B K Goenka on Thursday said a temporary pause by the Reserve Bank of India to the policy interest rate reduction cycle while keeping its stance accommodative is understandable as long as it keeps nudging the banks to significantly pass the benefits of earlier rate combined Repo rate cuts of 135 basis points since February this year.
Commenting on the RBI's Monetary Policy Committee's decision to keep the Repo rate unchanged at 5.15 per cent, Mr Goenka said by the central bank's own assessment against rate cuts of 135 basis points in the last 10 months, the transmission by the banks has been only 44 basis points. ''We agree with RBI Governor Mr Shaktikanta Das that there is no point announcing rate cuts mechanically, unless the actual transmission takes place at the ground level.''
The Associated Chambers of Commerce and Industry of India president said that with the growth projections by the RBI being substantially lowered to 5 per cent for FY 20 and the second quarter GDP expanding by 4.5 per cent, the economy needs a major demand push which can be greatly generated by much higher credit growth which remains dismal. " While inflation control remains the mandate of the RBI, balancing the target with growth is equally important and the tone and tenor of RBI Governor's statement and subsequent media interaction points towards this end. Besides, a coordinated approach with the government to prime up the GDP growth, as underscored by Mr Das , is equally appreciable.''
In a statement here, Mr Goenka said the focus should primarily be directed towards demand revival . While the government does seem to be doing the heavy lifting, revival of consumer confidence would do the trick. "Sectors like real estate and construction can really lift the sentiment , making it imperative for the Stress Fund of Rs 25,000 crore to be made functional for the sector. Besides, improved outlook in agriculture should also help the economy bottom out faster''.
UNI RP1855
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Huaneng Dongfang Power Plant: Intelligent for Three Years, Still Going Strong

21 Jan 2020 | 10:25 AM

HAIKOU, China, Jan 21, 2020 /PRNewswire/ - Three years ago, the Huaneng Company and Huawei jointly digitalized the Dongfang Power Plant. As the first PV project to be digitalized, it is worth looking back to see how the new technology has bolstered performance.

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ZTE and MTN launch the first 5G SA network in East Africa

21 Jan 2020 | 9:20 AM

SHENZHEN Jan 21, 2020, SHENZHEN, China /PRNewswire/ - ZTE Corporation (0763.HK/000063.SZ), a major international provider of telecommunications, enterprise and consumer technology solutions for the Mobile Internet, today announced that ZTE and MTN Uganda have jointly launched the first 5G SA network in East Africa, demonstrating 5G use cases at an event themed "Experience the Future Together", taking place in the Nyonyi Garden, Kampala, Uganda.

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G7CR Technologies joins Microsoft to give start-up a big boost in India

G7CR Technologies joins Microsoft to give start-up a big boost in India

20 Jan 2020 | 11:42 PM

New Delhi, Jan 20 (UNI) A booster dose to the start-up ecosystem in India, G7CR Technologies, a leading global information technology and cloud services company, on Monday announced the launch of the SSB 360 program in partnership with Microsoft. The initiative will provide for start-ups and small businesses benefits of up to 3 million dollars and strategic association.

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Airtel, Google Cloud Partner to boost digital transformation in India

Airtel, Google Cloud Partner to boost digital transformation in India

20 Jan 2020 | 10:57 PM

Hyderabad, Jan 20 (UNI) Bharti Airtel (“Airtel”), India’s largest integrated telecommunications services provider, and Google Cloud, on Monday announced a partnership to serve the evolving needs of millions of Indian businesses in a rapidly digitizing economy.

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Hyderabad ranked number two metro for millennial credit demand : CASHe report

20 Jan 2020 | 10:31 PM

Hyderabad, Jan 20 (UNI) Hyderabad soars ahead in terms of millennial credit demand compared to last year, ranking second after Bengaluru, followed by others metros such as New Delhi, Pune, Mumbai, Chennai, Jaipur and Ahmedabad, said CASHe, India’s leading digital lending company for young salaried professionals, in its 2019 report on the millennials key borrowing and spending habits, release on Monday.

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