DAILY G.A UPDATE : 13-08-2016
1. RBI's G Mahalingam appointed Whole-Time Member at Sebi
RBI's Executive Director Gurumoorthy Mahalingam was appointed Whole-Time Member of market regulator Sebi.
He has been appointed to the post for five years, or till the age of 65 years whichever is earliest. He will get a consolidated salary of Rs 3.75 lakh, an order issued by Department of Personnel and Training said.
Besides Chairman, the Securities and Exchange Board of India (Sebi) can have three WTMs, but one post has been vacant since retirement of Prashant Saran in June. The existing WTMs are Rajeev Kumar Agarwal and S Raman.
While Chairman U K Sinha will retire next year, the term of one existing WTM will end this year itself, search process for whose replacement has already been initiated.
Mahalingam is Executive Director and former regional director of Reserve Bank of India. He has also been associated with NISM (National Institute of Securities Markets), an educational initiative of Sebi, as part of its visiting faculty.
He has been associated with RBI for last 30 years in various roles as Inspecting Officer, Chief Forex Dealer, Chief Investment Dealer, and Head of Internal Debt Management Department.
2. IIP growth dips 2.1 per cent, retail inflation shoots up to 6.07 per cent
Raising concerns about cost of credit and pick-up in economic activity, retail inflation soared to 23-month high of 6.07 per cent in July on higher food prices, while factory output grew at a subdued rate of 2.1 per cent in June.
The data, released by the government today, may lead to stronger calls by the industry for an interest rate cut to lower cost of capital and boost economic demand, though spike in inflation may lower the chances of any such move as the rate of price rise has exceeded RBI’s comfort zone.
Industrial production data — better than a growth rate of 1.1 per cent in previous month but sharply below 4.2 per cent a year ago — showed a poor performance of manufacturing sector as also a heavy contraction in capital goods output.
The retail inflation measured by Consumer Price Index, continued to move northwards on account of rising food prices as demand for sugar, oil & fats and spices rose ahead of the festival season.
According to the data, factory output, measured in terms of the Index of Industrial Production (IIP) grew at 4.2 per cent in June, 2015.
On cumulative basis, the factory output in the April-June quarter grew by 0.6 per cent compared to 3.3 per cent growth in the year-ago period.
The manufacturing sector that constitutes over 75 per cent of the index saw a meager growth of 0.9 per cent in June compared to 5.2 per cent a year ago.
For the April-June quarter, this sector’s output showed contraction by 0.7 per cent, as against a growth of 3.7 per cent a year ago.
The capital goods output registered a steep decline of 16.5 per cent in June over a contraction of 2 per cent in last year. In April-June, the production of these goods, which are considered as barometer for investment, declined by 18 per cent compared to a growth of 2 per cent in year ago period.
Growth in output of consumer durables decelerated to 5.6 per cent in June compared to 16.1 per cent a year ago. The consumer non-durable goods also recorded low growth of 1 per cent in June compared to 2.3 per cent a year ago.
Overall, consumer goods production recorded a growth 2.8 per cent in June compared to 7.2 per cent a year ago.
3. Ahead of World Doubles, Dipika Pallikal pockets Australian Open title
India’s top squash player Dipika Pallikal warmed up for the World Doubles Championship, which begins in Darwin, by winning the PSA Australian Open in Melbourne.
4. Sonam Kapoor, Nawazuddin Siddiqui win top awards at IFF Melbourne
Bollywood actors Sonam Kapoor and Nawazuddin Siddiqui bagged the best actress and best actor awards at the Indian Film Festival of Melbourne 2016.
While Sonam, 31, was awarded for her performance in Neerja Bhanot’s biopic, “Neerja,” Nawazuddin won the award for his role of psycho serial killer in “Raman Raghav 2.0”.
Filmmaker Shakun Batra’s “Kapoor and Sons” and Leena Yadav’s “Parched” also scooped the top awards.
Batra’s directorial venture won the best film award and Yadav’s film lead the best indie film category. She also bagged the best director award.
1. RBI's G Mahalingam appointed Whole-Time Member at Sebi
RBI's Executive Director Gurumoorthy Mahalingam was appointed Whole-Time Member of market regulator Sebi.
He has been appointed to the post for five years, or till the age of 65 years whichever is earliest. He will get a consolidated salary of Rs 3.75 lakh, an order issued by Department of Personnel and Training said.
Besides Chairman, the Securities and Exchange Board of India (Sebi) can have three WTMs, but one post has been vacant since retirement of Prashant Saran in June. The existing WTMs are Rajeev Kumar Agarwal and S Raman.
While Chairman U K Sinha will retire next year, the term of one existing WTM will end this year itself, search process for whose replacement has already been initiated.
Mahalingam is Executive Director and former regional director of Reserve Bank of India. He has also been associated with NISM (National Institute of Securities Markets), an educational initiative of Sebi, as part of its visiting faculty.
He has been associated with RBI for last 30 years in various roles as Inspecting Officer, Chief Forex Dealer, Chief Investment Dealer, and Head of Internal Debt Management Department.
2. IIP growth dips 2.1 per cent, retail inflation shoots up to 6.07 per cent
Raising concerns about cost of credit and pick-up in economic activity, retail inflation soared to 23-month high of 6.07 per cent in July on higher food prices, while factory output grew at a subdued rate of 2.1 per cent in June.
The data, released by the government today, may lead to stronger calls by the industry for an interest rate cut to lower cost of capital and boost economic demand, though spike in inflation may lower the chances of any such move as the rate of price rise has exceeded RBI’s comfort zone.
Industrial production data — better than a growth rate of 1.1 per cent in previous month but sharply below 4.2 per cent a year ago — showed a poor performance of manufacturing sector as also a heavy contraction in capital goods output.
The retail inflation measured by Consumer Price Index, continued to move northwards on account of rising food prices as demand for sugar, oil & fats and spices rose ahead of the festival season.
According to the data, factory output, measured in terms of the Index of Industrial Production (IIP) grew at 4.2 per cent in June, 2015.
On cumulative basis, the factory output in the April-June quarter grew by 0.6 per cent compared to 3.3 per cent growth in the year-ago period.
The manufacturing sector that constitutes over 75 per cent of the index saw a meager growth of 0.9 per cent in June compared to 5.2 per cent a year ago.
For the April-June quarter, this sector’s output showed contraction by 0.7 per cent, as against a growth of 3.7 per cent a year ago.
The capital goods output registered a steep decline of 16.5 per cent in June over a contraction of 2 per cent in last year. In April-June, the production of these goods, which are considered as barometer for investment, declined by 18 per cent compared to a growth of 2 per cent in year ago period.
Growth in output of consumer durables decelerated to 5.6 per cent in June compared to 16.1 per cent a year ago. The consumer non-durable goods also recorded low growth of 1 per cent in June compared to 2.3 per cent a year ago.
Overall, consumer goods production recorded a growth 2.8 per cent in June compared to 7.2 per cent a year ago.
3. Ahead of World Doubles, Dipika Pallikal pockets Australian Open title
India’s top squash player Dipika Pallikal warmed up for the World Doubles Championship, which begins in Darwin, by winning the PSA Australian Open in Melbourne.
4. Sonam Kapoor, Nawazuddin Siddiqui win top awards at IFF Melbourne
Bollywood actors Sonam Kapoor and Nawazuddin Siddiqui bagged the best actress and best actor awards at the Indian Film Festival of Melbourne 2016.
While Sonam, 31, was awarded for her performance in Neerja Bhanot’s biopic, “Neerja,” Nawazuddin won the award for his role of psycho serial killer in “Raman Raghav 2.0”.
Filmmaker Shakun Batra’s “Kapoor and Sons” and Leena Yadav’s “Parched” also scooped the top awards.
Batra’s directorial venture won the best film award and Yadav’s film lead the best indie film category. She also bagged the best director award.
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