April 2013

Import Duty on Gold and Platinum by 2 Percent increased

The Union Government of India on 21 January 2013 hiked the import duty on Gold and Platinum from 4 percent to 6 percent. The step of the Government came in effect to control the import of the precious metals leading a widening gap in the Current Account Deficit of the country as the import of gold has shown tumbling effects on different economic fronts and has also played a major role in distortion of the balance of trade. The Government has also linked the Gold ETFs (Exchange Traded Funds) along with the Gold Deposit Schemes, so that the supply of the physical gold in the market can be increased. These regulations and increased in the import duty would also show changes on the customs duty as well as the excise duty of gold ores, refined gold, gold dore bars and more. Within a year, the import duty on gold has been hiked for third time. Before this, the government increased the duty on import of gold from 1 percent to 2 percent in January 2012 and it doubled the import duty on standard gold from 2 percent to 4 percent in March 2012.

eBiz Portal to Provide one Stop Shop for all Investment

The Union Minister for Commerce on 28 January 2013 launched an eBiz portal at the CII Partnership Summit in Agra. The portal is India’s Government-to-Business (G2B) portal developed by Infosys in a Public Private Partnership (PPP) Model. This Mission Mode Project will mark a paradigm shift in the Government’s approach to providing Government-to-Business (G2B) services for India’s investor and business communities. In order to enable businesses and investors to save time and costs and in order to improve the business environment in the country, an online single window was conceptualised in the form of the eBiz Mission Mode Project under the National e-Governance Plan. The project aims to create a business and investor friendly ecosystem in India by making all business and investment related regulatory services across Central, State and local governments available on a single portal, thereby obviating the need for an investor or a business to visit multiple offices or a plethora of websites. The core value of the transformational project lies in a shift in the Governments’ service delivery approach from being department-centric to customer-centric. E-Biz will create a 24x7 facility for information and services and will also offer joined-up services where a single application submitted by a customer, for a number of permissions, clearances, approvals and registrations, will be routed automatically across multiple governmental agencies in a logical manner. An inbuilt payment gateway will also add value by allowing all payments to be collected at one point and then apportioned, split and routed to the respective heads of account of Central and State agencies along with generation of challans and MIS reports. This payment gateway is the first of its kind designed in India and can become a universal payment gateway for all e-Governance applications.

The Department of Industrial Promotion & Policy, Ministry of Commerce & Industry, Government of India, is the Nodal Government Agency responsible for the implementation of the eBiz Project. Infosys Technologies Ltd. has been selected as the Concessionaire/ Project Implementation Partner and is responsible for the design, development, implementation and maintenance of the eBiz Solution.

The Implementation of GAAR deferred by 2 Years

The implementation of General Anti Avoidance Rules (GAAR) was deferred by two years by the government of India. It will now come into force from 1 April 2016. Earlier, the provisions of GAAR were to be implemented from 1 April 2014. GAAR will not apply to those Foreign Institutions Investors, FIIs who are not taking any benefit under an agreement under the Income Tax Act. Besides, it will also not apply to non-resident investors in FIIs.The Parthasarathi Shome Committee in its final report submitted to Finance ministry on 30 September 2012 had suggested that GAAR should be deferred by three years. The report was made public on 14 January 2013. Union Government accepted major recommendations of the Shome Committee with some modifications. Shome Committee was set up by Prime Minister Manmohan Singh in July 2012 to address the issue of GAAR.

Union Cabinet Approved 50 Percent Reduction in the Reserve Prices for CDMA Spectrum

The Union Government on 17 January 2013 approved a 50 per cent reduction in the reserve price of spectrum used by CDMA mobile operators. Spectrum auction, for both GSM and CDMA, is supposed to be completed by 31 March 2013 and thereafter the markets will decide how much revenue the government will get. With the reduction of reserve price to 50 percent pan-India 5MHz of 800 MHz spectrum (CDMA radio waves) will now cost 9100 crore rupees. It was witnessed that auction of CDMA spectrum that took place in November 2012 did not attract bidders due to high reserve price. The reserve price set was 11 times higher than what operators paid in 2008. Earlier CDMA spectrum price fixed by government was priced at 1.3 times more than the GSM spectrum in 1800 Mhz band. The Cabinet has already approved a 30 per cent cut in the reserve price of 1,800 MHz band spectrum used for offering GSM services. The Supreme Court has recently allowed the companies whose licences were cancelled to continue operations till 4 February 2013 when the government is supposed to inform it of the final reserve or minimum price for the spectrum sale.

Union Government Approved Open Policy

Union Government on 17 January 2013 lifted ban on exports of processed foods and value added agricultural products in order to facilitate uninterrupted supply. The uninterrupted export of such processed food products is projected to be regulated by duty. The list of exportable goods includes processed foods from agricultural commodities, such as wheat, rice, onion and milk.

Benefits of Lifting of Ban

• The lifting of Ban is supposed to give a push to India’s weak merchandise exports and is estimated to add 5 billion dollar to exports over the next two year with West Asia identified as a key market for processed food from India.

• It will help Indian exporters to move up the value chain as well as create additional employment in the country.

• An always open policy of this sector will not only help reduce wastage of perishable products but also encourage value addition.

• Exports of processed or value-added products constitute a very small portion of overall exports and hence, their continuation would not affect the availability in the domestic market owing to very marginal processing capacity in the country.

It was seen that Exports of agricultural and processed foods have almost doubled to around 86018 crore rupees in 2012-13 from 43727 crore rupees in 2011-12. Presently the major agricultural exports of India are that of raw or primary produce and unprocessed or semi processed agriculture commodities, which are vulnerable to restrictions attributing to various reasons such as bad weather conditions, deficient or delayed rainfall and food security issue. The Government opened up export of rice and wheat since September 2011 and has emerged a large exporter of these commodities since then.

World Bank slashed the Global Growth Forecast to 2.4 Percent

The World Bank on 15 January 2013 projected that the world economy would expand 2.4 percent in 2013, little higher than the 2.3 percent achieved in 2012. In June 2012, the Bank forecasted the growth up to 3 percent, but due to the slow growth rate, high unemployment rate and less confidence in businesses across the developing nations it managed to revise the forecast earlier made. The World Bank has reduced the projected growth rate of different countries. It has slashed the growth rate of Japan to its half from the one projected earlier and in case of US the growth rate has been slashed by 0.5 percent points. The bank also projected narrowing in the growth rate of the Euro Region. For emerging markets of Mexico, Brazil and India also the projection was lowered. The report from the lead author of the Bank’s Global Economic Prospects Andrew Burns describes that the predicted recoveries of the bank in 2012 would be carried forward towards the end of the first quarter and second quarter of 2013. The bank report also has claimed that the ongoing political battle in United States for raising the borrowing limit and spending cuts by the Government would bring loss of confidence in the rate of dollar creating an alarming situation for the world financial market and effect the growth rate. It also pointed out the diplomatic tensions between China and Japan would also have an impact on the growth rate.

IMF forecasted Indian Economic Growth Rate to be 5.9 percent in 2013

The International Monetary Fund (IMF) on 23 January 2013 projected that the economic growth rate of India in 2013 would be 5.9 percent. The IMF also projected an increased growth rate of 6.4 percent for 2014 looking forward towards the gradual strengthening of the global expansion in India’s context. In its update at the World Economic Forum (WEO), the IMF also forecasted that the global economic growth rate would be 3.5 percent, little higher than the 3.2 percent estimated earlier. As per the report of IMF, uncertainty in policy making and supply bottlenecks were one of the most visible causes that hampered the growth aspects of the economies like India and Brazil. It also stated that the scopes of easing the policy to any further extent have also gone down in these countries.

About International Monetary Fund (IMF)

The International Monetary Fund (IMF) is an organization of 188 countries that works for fostering the global monetary cooperation, promote high employment and sustainable economic growth, facilitate international trade, secure financial stability and reduce poverty around the world. Since the end of World War II, the IMF had been playing a major role in shaping the global economy. The IMF has played a part in shaping the global economy.

SEBI Revised the Mechanism of Offer for Sale

The Securities and Exchange Board of India (SEBI) on 25 January 2013 revised the mechanism of the Offer for Sale (OFS). The board took the decision of revising the norms because the deadline for the promoters of the listed companies to offload their stake for meeting the minimum public shareholding norm of 25 percent by June 2013 is approaching. These revisions would make the norms much more efficient, transparent and economical. The quantity for cumulative bidding would be made available online for the market across the trading session at different intervals to take care of the orders that carries 100 percent upfront margin and also of the orders which have been placed without the upfront margin. The indicative price of the market would be disclosed for the market across the trading session and is calculated on the basis of bids and orders.

Mode of Payments

For institutional investors their exists an option of paying the upfront margin in cash or without margin is available the non-institutional investors it is mandatory to pay in cash the 100 percent of upfront margin

Facilities available

The upfront margin paid by both the institutional and non-institutional investors can be cancelled or modified up to 100 percent even during the trading hours Institutional investors would not be able to modify or cancel their orders until they pay their upfront margin but they can make upward revision of the price or quantity

Provisions available for Institutional Investors

The investors who have placed their bids or orders with 100 percent upfront margin, they can take the custodian confirmation within trading hours, with provisions of settlements within T+1 (trading plus one day) and in case of trading without upfront margin it can be done on T+1 and settlement can be on T+2 as it would be followed by the secondary market transactions.
The facility of extended half-an-hour after trading hours that was given to the custodians previously has been omitted.

CCEA approved Defreeze in the Tariff Value of Edible Oils

The Cabinet Committee of Economic Affairs on 17 January 2013 approved the de-freezing of the tariff values of the all types of edible oils and notified that the tariffs of these oils would be decided on the basis of the existing international prices in the market. Oils that would suffer the effect of this decision are Soyabean Oil – Crude Palm Oil - RBD (Refined Bleached Deoderized), Palm Oil – Crude, Palmolein – Crude, Palm Oil – others and Palmolein – others. The decision would bring an advantage to the domestic refining industry because of the impact that the imports of the edible oils will do on the collected duty.

Background

Under Section 14 (2) of the Customs Act – 1962 – the tariff value is fixed on the edible oils mentioned would be notified fortnightly. The tariff value of the edible oils remained unchanged since 31 July 2006 as a result of fiscal measures to control inflation. This halt in increase in the tariff value have created a great difference between the notified tariff and the computed landed prices following the price of edible oils in the international market. This halt had an adverse impact on the domestic refining industry as well as the revenue collection.

The cap on Subsidized LPG Cylinders raised from 6 to 9

The Union Government of India on 17 January 2013 hiked a cap on the subsidized LPG Cylinders from 6 to 9 and offered a partial relief to the consumers of LPG cylinders. This move of the Union Government would come into effect from April 2013. As per the orders of the Government and the decisions made by the Cabinet Committee on Political Affairs (CCPA) the rate of the kerosene and LPG would remain unchanged and the quota on the five subsidized cylinders from September 2012 to March 2013 would be given to the consumers. Further, from 1 April 2013 onwards people would be entitled for nine cylinders per annum. Subsidized rates of LPG for 14.2 kg cylinder in the market is 410.50 rupees and further requirement of any household beyond the cap of 6 cylinders costs 895.50 rupees per cylinder. As per the reports from Oil Ministry, it suffered a total subsidy loss of about 37411 crore rupees on cooking gas in 2012-2013 at 520.50 rupees per cylinder.

The Election Commission of India has also granted no-objection to this act of Government of raising the cap on LPG gas quota. This decision was taken in a meeting of the commission, under the chairmanship of VS Sampath the Chief Election Commissioner of India. The Union Government on 15 January 2013 wrote an application to the election commission to know its stand on the issue of raising the cap on the subsidized cylinders. The center wanted to take the permission from the commission as the model code of conduct was operational in Nagaland, Meghalaya and Tripura, where the elections are scheduled to be conducted in February 2013.

CCEA approved the Continuation of JNNURM

The Cabinet Committee on Economic Affairs on 17 January 2013 approved the continuation of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) to sanction new projects and capacity building activities till 31st March, 2014 under Urban Infrastructure and Governance (UIG) and Urban Infrastructure Development Scheme for Small and Medium Towns (UIDSSMT) components of JNNURM.
New Urban infrastructure projects in States / UTs would be approved till 31st March, 2014, and taking up new capacity building activities in Urban Local Bodies (ULBs) and States has also been approved. The proposal would enable provisioning of creation of urban infrastructure, particularly in small and medium towns, in all States and UTs. These projects would be subsumed in the next phase of the JNNURM for the 12th Five Year Plan.

FDI Inflow in China Decreased 3.7 Percent

The FDI inflow of China dipped in for the first time in 3 years. There was a decline of 3.7 percent in the FDI inflow of China over 2012, as per the data revealed by the Ministry of Commerce in Beijing. However, China still holds its position as the most lucrative FDI destination in the world. It drew 111.7 billion dollar FDI in 2012 in comparison to 116 billion dollar in 2011. FDI flows nevertheless sink in for 7th month in a row in December 2012 with a fall of 4.5 percent in comparison to November 2012. Analysts are of the view that the foreign players were restricting their investments keeping in mind the taking over of new President of China, Xi Jinping in March 2013, who is expected to liberalise the Chinese economy more. This might lead to relaxation of capital account controls.

India has crossed One Billion Mark in Tea Production

The Union Commerce Ministry of India in the third week of January 2013 released figures and it mentioned that tea-industry in India had passed the one billion kilogram mark production. This target has been crossed by the participation of the small tea-growers. To bring into net and check out the production of tea in the nation the industry regulator, Tea Board of India launched a major exercise in which it tried to rope producers from both organised and unorganized sectors of India, these producers also included those who never reported the crop statistics at their end. The exercise was taken up in 2012 and it helped in bringing up the fact that India was able to produce 75 million kilogram more tea than the 988 million kilogram, estimated earlier in a year from January 2011 to December 2011.
By November 2012, it was reported that 1023.9 million kilogram of tea crop was crossed following the figures of the field level data.

The SC of India ended the Tax Exemption of Cookie Man under SSI Notification

The Supreme Court of India on 14 January 2013 ended the tax benefit from the Australian Foods India Private Limited, makers of Cookie Man cookies with a claim that branded goods cannot claim excise exemption that is designed for small-scale industry, even in case those are sold loose and without packaging. The Australian cookie making company claimed the benefits of excise duty on the cookies sold by its retail stores across the nation without any brand name or packaging. The two judge bench of the Supreme Court comprising Justices DK Jain and JS Khehar heard the appeal from the revenue department against the decision of the tax-tribunal for granting the Australian company the excise exemption. The two judge bench in its decision of review stated that Physical Branding of any product is not necessary to prove that it was a branded product, as the product in itself shows its association with the brand name and thus it can’t take the benefits of the SSI (small scale industry) notification. The Revenue Department went to the Supreme Court to challenge the orders of the CEGAT (Customs, Excise and Service Tax Appellate Tribunal) against the excise exemption offered to the Australian Cookie making company.

MTNL launched its Video Telephony Service in Delhi and Mumbai

Government Telecom Service Provider MTNL on 17 January 2013 launched its video telephony service in Delhi and Mumbai, the first by any service provider in these two cities. This service will change the way people communicate with each other without travelling and will improve their quality of life in many ways.

The service is ideal for communication and applications like tele-medicine, tele-education and e-governance adding that the service would save time, and cost and improve productivity. Our correspondent reports that using this service, calls can be made within India on MTNL/BSNL HD-Voice and video telephony network and the video call charges would be 2.50 rupees per minute.

RBI slashed Repo Rate to 7.75 Percent and CRR to 4 Percent

The Reserve Bank of India on 29 January 2013 slashed its key interest rates by 0.25 per cent and released 18000 crore rupees additional liquidity into the system to perk up growth through reduced cost of borrowing. RBI in its third quarter monetary policy review surprised the market by cutting short-term lending rate called repo, by 0.25 per cent to 7.75 per cent and Cash Reserve Ratio (CRR) by similar margin to 4 per cent.

The repo rate cut will reduce the cost of borrowing for individuals and corporates, whereas the reduction in CRR, which is the portion of deposits that banks have to park with RBI, would improve the availability of funds. Unveiling the policy review in Mumbai, RBI stated that the stance of monetary policy in this review is intended to provide an appropriate interest rate environment to support growth as inflation risks moderate. CRR cut will have impact on long term interest rates.

The RBI, however, has reduced the growth projections for the current financial year to 5.5 per cent from its earlier estimate of 5.8 per cent. On inflation, it moderated the rate to 6.8 per cent for March-end from earlier projection of 7.5 per cent. The repo rate, which was cut last in April 2012, stands revised at 7.75 per cent with immediate effect, while the liquidity infusing CRR stands at 4 per cent effective 9 February 2013. Inflation has been the prime inhibiting factor that has prevented the RBI from cutting repo rate in the last nine months, which have seen a host of liquidity infusing measures like a cut of 1.75 per cent in CRR, government bond buybacks and a one percentage point cut in SLR. RBI however, added the caveat stating that the stance will depend on how the government manages the risk from the twin deficits on the fiscal and current account side, and the evolving growth-inflation dynamics. Stating that the widening current account deficit, which represents the differential between the foreign exchange earned and expended through trade and services, is a big concern, RBI said the number is expected to widen in third quarter,beyond the 5.4 percent in the preceding quarter. RBI praised government’s recent reform measures including liberalisation of FDI in retail, deferment of GAAR and progressive deregulation of fuel prices saying these actions will help engender stable macroeconomic conditions and return the economy to its high growth trajectory. The RBI will come out with mid-quarter review on 19 March 2013 and the annual policy on 3 May 2013.

2.5 Percent Import Duty imposed on Crude Edible Oil

Union government on 17 January 2013 imposed a 2.5 per cent import duty on crude edible oil with keeping the duties unchanged on refined cooking oil fearing a hike in retail prices. The decision was taken at the meeting of Cabinet Committee on Economic Affairs (CCEA) in New Delhi with a view to protect domestic farmers. The Agriculture Ministry had proposed an increase in the duty on crude edible oil to protect the interest of palm growers, particularly from Andhra Pradesh. Presently there is no import duty for crude edible oil but refined edible oil attracts an import duty of 7.5 per cent India imports about half of the total domestic requirement of cooking oil. In 2011-12 oil years (November-October), the total import of vegetable oils (edible and non-edible oil) was at an all-time high of 10.19 million tonnes. In the first two months of the current oil year, imports were up 5 per cent. The Agriculture Ministry sought for 7.5 per cent import duty on crude edible oil and 15 per cent on refined oil. But during the inter-ministerial meeting, the finance ministry felt such a sharp rise would lead to rise in inflation. There is zero duty on crude edible oil and 7.5 per cent on refined edible oils. India imports over 50 per cent of its domestic demand. In 2011-12 oil years, the country imported a record 10.19 million tonnes of vegetable oils.

RBI set up Working Group to review Banking Ombudsman Scheme
The Reserve Bank of India in the month of January 2013 had set up a working group to evaluate and make improvements in the grievance redressal mechanism for bank customers. The working group constituted in the Reserve Bank of India is going to review, update, and revise the Banking Ombudsman Scheme, 2006. As per the RBI annual report of the Banking Ombudsman Scheme 2011-12, In Financial Year 2011-12, the banking ombudsman’s office of the RBI received around 72889 complaints. It disposed off 94 per cent of the customer complaints, About one-fourth of the total customer complaints were about banks’ failure to meet commitments and non-observance of fair practices code. Also, it was seen that the Banking Ombudsman received 14492 card-related complaints in the reporting year. Unsolicited cards and charging of annual fee in spite of being offered ‘free’ card formed the basis of some of the complaints against the banks. Presently, we have 15 Banking Ombudsmen with unambiguous jurisdiction covering the 29 States and seven Union Territories in India.

12517 crore Rupees of Capital Infusion approved in 10 PSU Banks

The Union Cabinet on 10 January 2013 approved a proposal of infusing 12517 crores rupees in public sector banks so that bank could enhance the lending activity and meet the capital adequacy norms. As per the Finance Minister P Chidambaram about 9-10 public sector banks are going to be benefitted from the capital infusion programme. Also, the name of the banks, the amount for each bank and terms of the conditions will be decided in consultation with them at the time of infusion. The government is supposed to Provide capital funds to PSBs during the year 2012-13 to the tune of 12517 crore to maintain their Tier-l CRAR (capital to risk-weighted assets ratio) at comfortable level. The need for that is to make the PSU remain obedient with the stricter capital adequacy norms under BASEL-III as well as to support internationally active PSBs for their national and international banking operations undertaken through their subsidiaries and associates. In principle approval of the Cabinet is accorded for need based additional capital infusion in PSBs from the year 2013-14 to 2018-19 for ensuring compliance to Capital Adequacy norms under Basel- III.

Benefits of the Capital Infusion in Banks

• The capital investment will ensure fulfillment to the regulatory norms on capital adequacy and will cater to the credit needs of productive sectors of the economy as well as to withstand the impact of stress in the economy.

• It will support national and international banking operations of PSBs and will boost the confidence of investors and market sentiments.

• The infusion of. 12517 crore rupees in the equity capital of PSBs would enable them to expand their credit growth.

• This additional availability of credit will cater to the credit needs of our economy and will also benefit employment oriented sectors, especially agriculture, micro and small enterprises, export, entrepreneurs etc. in promotion of their economic activities which would, in turn, contribute substantially to the growth of the economy. The Government is committed in making all the PSBs financially sound and healthy so as to ensure that the growing credit needs of our economy are adequately met. To meet the credit requirement of the economy, banks would require capital funds commensurate to the increase in their Risk Weighted Assets (RWAs). The government earlier had infused about 20117 crore rupees in public sector banks during 2010-11, and 12000 crore rupees in 2011-12.

10% Stake Sale in Engineers India Ltd (EIL) approved

The Union Government on 10 January 2013 approved 10 per cent stake sale in Engineers India Ltd (EIL), which is supposed to bring back a sum of around 800 crore Rupees to the government. The stake is going to take place this fiscal, April 2012 to March 2013 and is approved by Cabinet Committee on Economic Affairs (CCEA). At present 80.40 Percent of Stake in EIL is held by the Government. Earlier in 2010 Government divested 10 per cent stake through an FPO in EIL, a leader in engineering consultancy. For the July-September quarter of the current fiscal, April 2012 to March 2013, EIL reported net profit of 161.24 crore of rupees up 10 per cent over the same period in 2011-12. The government has proposed to raise 3000 crore rupees. by way of disinvestment in 2012-13. So far this fiscal, the government has been able to realise just over 6900 crore rupees through stake sale in PSUs. Further stake sale in Oil India and NTPC is lined up for January and February 2013.

Fitch Ranked India’s Sovereign Rating into Negative Status

The Rating Agency Fitch released its latest outlook on India’s Sovereign Rating on 8 January 2013 and maintained the negative status for India. The negative rating came out of the concerns over the inflammatory pressures, slow economic growth and uncertain fiscal outlook. Moody’s and Standard and Poor are the other two agencies along with Fitch that has rated India into its negative category of the sovereign rating outlook. There are prospects of shifting India in the junk grade in case the economic slowdown and fundamentals doesn’t improve in next few months.

Manufacturing Sector Displayed Six-Month Highest Growth in December 2012

The Purchasing Managers’ Index (PMI) from HSBC survey revealed on 2 January 2013 that the manufacturing activity of India increased in December 2012 to maximum in six months. This happened because of an increase in the new orders as well as strengthened factory output. The survey provides a peep into the sector of manufacturing ranging from jobs to output. The survey showed that the manufacturing activity increased from 53.7 in November 2012 to 54.7 in December 2012. The parameter for measuring is a figure of 50 points. The sector showing figure more than 50 points displays growth while that below 50 points indicates contraction. The chief economist of HSBC described that the manufacturing sector gained pace because of upstick in the new orders as well as faster growth of output. An increase in the manufacturing activity of India indicated a positive sign for the economy as well.

Private Sector of India registered a Net Profit of 4.3 percent

The data released from the Reserve Bank of India on 9 January 2013 reported that the Private Corporate Sector of India registered a net profit of 91800 crore rupees in the first half of 2012-13 (April to September), which is 4.3 percent higher than the one reported in the first half of the 2011-2012. In terms of growth in Sales on the basis of the financial results of 2832 listed non-financial and non-government companies in the first half of the current fiscal the companies grew by 12.3 percent, which is equivalent to 14.34 lakh crore. The details of the report states that the operating profit (EBITDA) of these companies has gone up by 4.9 percent to 1.88 lakh crore rupees.

The report states that with a net profit margin of 17 percent, the performance of the Information Technology (IT) sector was better, when compared with the manufacturing and non-IT service sectors. The net profit margin of the non-IT service sector and manufacturing sector were 4.9 percent and 5.7 percent respectively. The manufacturing companies show a rise in its net profit by 2.4 percent, which is equivalent to 61200 crore rupees and the non-IT companies dropped down by 3.9 percent, from the one recorded previous year. The companies involved in computer and activities related to it show a rise in net profit of 18.6 percent that is equivalent to 18200 crore rupees. The financial companies registered a net profit of 27.3 percent that was equivalent to 8500 crore rupees, when compared to previous year profit.

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