Increasing cigarette prices by 50 per cent would help
avoid over 40 lakh tobacco related deaths in India, said a report released by
multilateral funding agency Asian Development Bank (ADB). "A 50 per cent
price increase in cigarettes avoids about 27 million (or 2.70 crore) tobacco-attributable
deaths, most of which are in the two most populous countries in the world.
China would avoids nearly 20 million tobacco deaths, and India over 4 million
tobacco deaths," said the report. For India, it said, the 50 per cent rise
in cigarette prices corresponds to increase of 70-122 per cent rise in tax
increase. As per the report, China, India, Philippines, Thailand and Vietnam in
Asia are among the top five of the 15 tobacco using countries that account for
two-third of the world tobacco consumption. For each of the five most tobacco
consuming countries in Asia, "increasing taxes on cigarettes would result
in substantially fewer long-term smokers and a reduction in premature death…
Indian economy is set to expand at the world's
fastest rate over the next 50 years to emerge as a major force globally, but it
would still rank as the second worst in terms of prosperity of its citizens. Over
the 50-year period between 2011-2060, India will register an annual economic
growth rate of 4.9 per cent, as per a latest report by Paris-based
international grouping of the world's leading economies, the Organisation for
Economic Cooperation and Development (OECD).
India's per-person GDP (measure of well-being of a country's citizens) will
also grow more than 7-fold during this period, but the country will still rank
at second place from the bottom by 2060 in absolute terms, said the report.
India was ranked lowest in terms of per-person GDP in 2011 and its position
would change only marginally to second lowest after Indonesia in 2060, while
China's position will improve considerably from third-worst to 16th from the
On the top, the US would be followed…
of individuals in the country is expected to double to Rs 179 lakh crore
(rpt) Rs 179 lakh crore in the next four years, according to a report
by Karvy Wealth. "The wealth in the hands of Indian individuals
continues to grow at a decent pace," financial services company Karvy's
Chief Executive and Group Head (Wealth Management) Hrishikesh Parandekar
told reporters here. The report says the individual wealth in the
country grew to Rs 92,26,090 crore as on March, 2012 from the year-ago's
Rs 86,49,764 crore. It will almost double to Rs 179 lakh crore (rpt)
Rs 179 lakh crore in the next four years and grow to Rs 214 lakh crore
(rpt) Rs 214 lakh crore in the next year, the report said. Direct
equity will continue to be the largest asset class, while insurance and
fixed deposits and bonds will be joint second, it said. By FY'17-end,
direct equity will form 28.7 per cent of total assets, up from 25.4 per
cent in FY'12, which reflects th…
President Barack Obama and Mitt Romney enter the final sprint before
Election Day essentially deadlocked nationally in what looks set to be one of
the closest presidential elections in U.S. history.
Polls on the state and national level have been, in many
cases, razor close. What happens if the candidates tie in the popular vote? In
the electoral vote? WSJ's Neil King and Professor of Government Linda Fowler
join the News Hub. Photo: AP Images.
A new Wall Street Journal/NBC News poll of likely voters finds Mr. Obama
leading his rival by a nose, 48% to 47%, as the two men crisscross the country
to rally supporters in the states most likely to decide the outcome.
Final polls in many of those states, from Virginia and Ohio to New
Hampshire, Colorado and Wisconsin, also find the race too close to call.
Full results of the Journal poll will be published later Sunday.
The two candidates enter the final stage with firm advantages they had from
the start. Mr. Obama derives his ti…
With Diwali round the
corner, gold investors with their fat 15 per cent gain since last Diwali appear
to be headed for a hat-trick of better returns than stock markets. The returns
from stock markets, as measured by its benchmark index Sensex, has been a fixed
deposit-like gain of about 8.5 per cent for the same period. With the precious
metal rising from Rs 26,700 levels on last Diwali to Rs 30,700 at present, an
investment of Rs 10 lakh has appreciated to close to Rs 11.50 lakh now. The
total gains by Diwali day next week could be even better as some experts
predict that gold may breach its record price of over Rs 32,000 as demand
outstrips supply on days of Dhanteras (November 12) and Diwali (November 13).
While stock markets have also given positive returns since last Diwali, the
performance has not been as robust as the yellow metal. The BSE benchmark
Sensex has risen from near 17,300 levels to 18,755 since last Diwali --
resulting into an appreciation of Rs 10 lakh investment to…
At a time when the real
estate sector is slowing down, the services sector is expected to keep good the
demand for office space with an estimated absorption of 28-30 million sq ft by
the year-end, industry experts say. Being the largest contributor to the GDP
(nearly 63 per cent), the services sector is likely to drive demand for
commercial real estate, Jones Lang LaSalle India Senior Research Manager Subash
Bhola said. "An 8.5 per cent growth in the services sector in FY12 is an
indicator that a major slowdown in office real estate demand is not likely to
occur as it generates the highest demand for office space," Bhola said.
The service sector comprises banking, financial services and insurance (BFSI),
information technology, consulting, trade and communication. The absorption is
likely to be stable in short-to-medium- term, mainly on the back of ready or
near-ready supply, Cushman & Wakefield South Asia Executive Managing
Director Sanjay Dutt said. "The domestic …
People working in the food
sector top the list of employees who need coffee the most at work, while
journalists and PR professionals also figure among the top 10, a new survey has
said. As per the survey conducted by global coffee and baked products major
Dunkin' Donuts and human resource solutions provider CareerBuilder,
professionals in food preparation and service businesses need coffee the most,
followed by the scientists and sales representatives.
These are followed by marketing/public relations professionals (fourth), nurses
(fifth), editors/writers/media workers (sixth), business executives (seventh),
teachers/ instructors (eighth), engineering technicians/support staff (ninth)
and IT managers/network administrators (10th). The survey results also showed
that "coffee plays a major role in helping professionals perk up at work,
as 43 per cent of those who drink coffee claim they are less productive without
a cup of Joe."
The survey was conducted among more than 4,0…
Investments in gold have
yielded higher returns compared to those in equity and real estate in India
during the last three years, according to a study. Those who invested in gold
between September 2009 and September 2012, have received double returns as the
yellow metal has been their first choice for investment, a study released by
industry body Assocham said. Presently, price of gold is over Rs 32,000 per 10
grams against around Rs 15,000 per 10 grams about three years ago. Hence,
giving more than double the returns on investments, it said.
"Gold has really outdone other asset classes and it is likely to remain an
attractive bet as long as uncertainty over the global economy stays"
Assocham Secretary General D S Rawat said. He added that gold is the safest bet
for investments amid uncertainty in other investment avenues. The prices of
yellow metal saw a huge jump due to high prices of gold across the world and a
weakening rupee. The study said those who invested in propert…
Leading US brokerage Morgan Stanley today said the BSE benchmark Sensex is likely to surge 25 per cent to cross the 23,000-mark by December, 2013. The 30-share barometer hit all-time high of 21,206.77 on January 10, 2008. The index would be trading at 14.9 times the estimated earnings of FY2013-14 to touch an all-time high of 23,069 by next year-end, the investment banker said in a statement, adding, the rally is likely to be driven by the cyclicals which are nearing ultra-cheap valuations. "Conditions for a new bull-market are getting slowly satisfied. The yield curve has stopped flattening, liquidity is improving, valuations appear supportive and profit margin expansion is a growing possibility in the coming months," the global financial services firm said in a note. Predicting a near 25-percentage points upside to the Sensex by the end of December 2013 (from Friday's close of 18,464.27), the firm said it is expecting the index earnings growth at 10 p…
As they confront a slowing economy and political gridlock, three-fifth of Indians are dissatisfied with the ways things are working in their country, a 13 percentage point decline in satisfaction since last year, a survey by a US-based research centre has said. The 13 percentage point decline in satisfaction is one of the greatest drops among the 17 nations surveyed by the Pew Research Center in both 2011 and 2012. "Nearly six-in-ten Indians (59 per cent) say they are dissatisfied with India's direction; only 38 per cent are satisfied," the findings of the poll said. It said Indians are increasingly gloomy about the economic future, and also worried about their children's economic prospects. Indian satisfaction now trails that in China (82 per cent), Germany (53 per cent) and Brazil (43 per cent), but still exceeds that in the United States (29 per cent), it said. Pew said falling satisfaction is coupled with widespread concern about the economy, especially unemploym…
President Pranab Mukherjee joked about his transition from an active political life to the Rashtrapati Bhavan. "....of course, it (being the President) has the other side of the picture that perhaps I have become an antique piece in the theatre of the Indian economic activities...," Mukerjee, who was elected President in July after he resigned as the country's Finance Minister, said at a felicitation programme organised by CII in his honour. Observers wondered whether Mukherjee was alluding to the government move to review his controversial retrospective tax proposals. "I am addressing in a different capacity where I have one advantage and one great disadvantage. Advantage is that I can speak freely in the form of advice but disadvantage is I cannot implement what I speak and what I believe should be done," Mukherjee said. The President also showed shades of his much-appreciated sense of humour when he recalled his last speech in Parliament as the Finance Minis…
New residential project launches in the city declined by nearly 75 per cent to 1,500 units in the first half of 2012 over the year-ago period, according to a report by real estate consultant Cushman & Wakefield (C&W).
"The total number of new residential units launched was approximately 1,500 units in first half of 2012 compared to over 6,000 new project launches during the same period last year in Hyderabad," a C&W research report said.
"The drop in new launches was largely due to the to ambiguity in the governmental policy," it added.
It, however, added Hyderabad is likely to see around 40,000 residential units entering the market in the next three years, of which nearly 60 per cent will cater to the mid-segment category.
"Relaxation in land reservation regulation will positively impact the residential markets with increased new launches in future.
"There are approximately 4,000 units in pre-launch stage in prime and upcoming locations of t…
Majority of equity mutual funds in the country have underperformed against their respective benchmark indices over the last five years, according to a report by S&P Dow Jones Indices and Crisil released today. "The underperformance of actively managed funds in comparison to the benchmarks over the latest five-year period demonstrates once again the difficulty for fund managers to consistently outperform the benchmark," S&P Indices Director Simon Karaban said. A benchmark is a standard against which the performance of mutual fund scheme can be measured. The agency used the S&P Indices Versus Active Funds (SPIVA) scorecard to come to the conclusion. The scorecard reveals a majority of large cap equity funds failed to beat the S&P CNX Nifty, the benchmark for large caps, with 53.33 per cent underperforming their benchmark over the last five years, 57.14 per cent over the last three years and 52.63 per cent over the last year. The percentage of actively managed e…
RBI Governor D Subbarao today "announced" the formation of a committee with K C Chakrabarty and Pratip Chaudhuri to look into the issue of Cash Reserve Ratio (CRR) but only to retract shortly later on the "joke".
"Late last night I signed off a paper forming a committee. The terms of reference for the committee are whether we should continue with CRR or not," he said at the annual Ficci-IBA banking conference here.
For a while the audience took the announcement seriously and some journalists "flashed" the news.
The announcement was made in the presence of his deputy Chakrabarty and SBI chief Chaudhuri, who have been engaged in a spat on the issue.
"Members of the committee are Dr Chakabarty and Shri Pratip Chaudhuri. Process of the committee will be that both of them will be locked up in a room until they reach a conclusion and the time frame is that they will not submit their report till my term as Governor is over," Subbarao told th…
Only 56 salaried individuals surveyed in the country own a house despite earning more than Rs 10 lakh annually indicating that very few people recognise owning a house as a good investment and tax planning option, according to the latest study. As per the findings of the 'India Tax Ratio 2012' report by TaxSpanner, an online income tax return filing portal, 56 per cent of employees own a house with an annual income of more than Rs 10 lakh and amongst those having an earning below Rs 10 lakh annually, only 13 per cent own a house. Among those with the income of less than Rs 5 lakh only, 6.8 per cent of respondents own a house. The study covered employees from over 500 corporates in major cities, including the Delhi, NCR, Mumbai, Chennai, Bangalore and Hyderabad. "The figures clearly indicate that there are only a few people who recognise owning a house as a smart investment and tax planning option in the beginning of their career. The deductions available to individuals as…