Current Affairs Quiz - new
The announcement by Prime Minister Dr. Manmohan Singh that the UPA government was opening the gates for Foreign Direct Investments (FDI) in multi brand retail in the country drew a lot of flak from the Opposition, with BJP calling for a nation wide bandh (close down). According to the estimated of CCI and Assocham, the losses from the bandh could be anything between 10,000 to 15,000 crore INR. However, the announcement of the opening of barriers to FDI in multi brand retail has resulted in the huge inflow of FII investments in the month of November.
September saw a resurgent faith in the Indian economy. Overseas investors threw caution to the wind and pumped in as many as $3.5 billion into the Indian stock market. This happens to be the highest figure of FII investments in the past seven months, and the credit has got to go to the Prime Minister's brave decision. In fact, some analysts have drawn parallels between Dr. Manmohan Singh's brave stand in case of the nuclear deal with U.S. in 2008, which led the Opposition into withdrawing support, and the government having to slog out for a trust vote, which it won.
FII investments in the nation's equity market scenario has risen to Rs 82,331 crores, which is equivalent to $15.85 billion. The FII investments in the debt market have reached Rs 25,140 crore, equivalent to $5 billion. These numbers are for this year, till September. This month saw a gross buying of shares worth Rs 66,752 crores, whereas equities worth Rs 47,491 crores were sold in the markets. This further implies that the Indian stock market saw a net inflow of Rs 19,261 crores, which is equivalent to $3.56 billion. These figures are according to the data available with the Securities Exchange Board of India, the market regulating body, popularly abbreviated as SEBI.
The month of February had been particularly great, with the market witnessing a total inflow of Rs 25,212 crore. August and July had also been fairly decent with inflows of Rs 10,804 and Rs 10,273 respectively. However, the massive inflows in September have given the government some reasons to cheer. The government can actually stroke its back, as several investors and market analysts believe that the favourable result in the market is because of some tough economic decisions taken by the government, the primary reason being the allowance of 51% FDI in multi brand retail, including the aviation industry. Other decisions include the increase in diesel price and the cooking gas subsidy being capped up.
News channels were flushed with remarks and statements from the top business leaders of the country, most of whom lauded the forward going indications that the announcements communicated to the market enthusiasts. Vivek Negi, Vice-President of Wellindia commented that FII investments were likely to be health in the next 6 to 8 months as well, with more reforms expected in important sectors like pharmaceuticals and insurance.
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