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Sunday, November 24, 2013

Restructured debt shot up 52pc to Rs 2.3 trillion in FY13: RBI
[Editor: The report says, Iron and steel and infrastructure sectors showed maximum distress. "As of March 2013, iron and steel accounted for 23 percent of the total restructured debt, while infrastructure (including power and telecom) held an almost comparable share of 22.7 percent in the total restructured debt," RBI said. The RBI in its efforts to contain food inflation is destroying India Inc by slow poisoning. How can food inflation come down only by squeezing liquidity when there are infrastructure bottlenecks in the whole of India, apart of scarce resources? The government of India wants to starve Indians or what by limiting their income sources? Implementing bookish theories is what has landed India into,; as of now, with the growth plummeting near 5%. It is no brainier to raise Interest rate when inflation rises--even a clerk in a government office can do it. So, why do we need an economist for the same, if he cannot show some exceptional qualities, away from what the general masses think? On  14th November, 2013, Udit Prasanna Mukherji writes in The Times of India: 
//Rising inflation, both at the retail level and the wholesale price index, clearly indicate that the cost of production for exportable goods is increasing, thus negating the positive impact of the currency depreciation, engineering exporters' body EEPC India has said. 
"A near 15 per cent increase in the primary articles translate into well over 20 per cent rise at the retail level. This shows the extent of cost pressure that Indian exporters are faced with. Going forward, besides the tough global conditions, inflationary pressures at home are a major challenge for the exporting community," EEPC India chairman Anupam Shah said. //
Therefore, unless the interest rates are reduced to some competitive levels, the exports are not likely to pick up, putting pressure on the INR]
"In fiscal 2013, there was a growth of about 37 percent in the total number of cases approved for restructuring and the debt thus restructured grew 52 percent, marking a sharp increase over the previous fiscal," according to 'Trends and progress of banking in 2012-13' report of RBI.

As of March 2013, banks restructured 401 accounts worth Rs 2,29,000 crore as against 292 cases worth Rs 1,50,500 crore in FY12.

Iron and steel and infrastructure sectors showed maximum distress. "As of March 2013, iron and steel accounted for 23 percent of the total restructured debt, while infrastructure (including power and telecom) held an almost comparable share of 22.7 percent in the total restructured debt," RBI said.

However, the report said during the first quarter of the current fiscal growth in the number of loan restructured cases and the amount of debt recast declined marginally to 34.3 percent and 48.6 percent, respectively from the year-ago.

In the first quarter of this fiscal, banks restructured 415 accounts with an aggregate debt of Rs 2,50,300 crore.
(Agencies)

Courtesy: Post Jagran