PATHANKOT TERROR ATTACK

Reacting to the attacks in Pathankot, Home Minister Rajnath Singh said, “Pakistan is our neighbour and we want peace, but any terrorist attack on India will get a befitting response. AS security officials continue to sanitise Pathankot Air Force base after suspected Jaish-e-Mohammed terrorists launched an attack, a senior security official has said that the terrorists had infiltrated India three days ago.

Indian intelligence traced four phone calls between the terrorists in Pathankot and Pakistan handlers between 12:35 am to 1:40 am
The terror attack, on since 3.30 am, has claimed the lives of three soldiers. Four terrorists have died. It is not known how many were involved in the attack. The attack is suspected to have been carried out by the terror outfit Jaish-e-Mohammed. Reports reveal that the attackers were from Bhawalpur in Pakistan and were ordered to blow up the helicopters stationed at the base. Pathankot air base,the terrorists were engaging the forces in gun-battle have apparently sneaked out, army sources have revealed.

 Today’s terrorist attack on an Indian Air Force base in Punjab’s Pathankot, where two IAF personnel and four attackers were killed, has striking similarities to the July assault in Gurdaspur district.The Pathankot attack comes six months after another terror strike where suspected Pakistani terrorists had sprayed bullets on a moving bus and stormed Dinanagar police station in Gurdaspur district bordering Pakistan, killing six people and injuring eight.

Both the attacks came weeks after meetings between Indian and Pakistani prime ministers and an upswing in the relations between the two countries. The Pathankot attack came close on the heels of an upswing in India-Pakistan ties after Prime Minister Narendra Modi made a surprise trip to Lahore last month and held talks with his Pakistani counterpart Nawaz Sharif.
Congress was quick to react and asked whether Prime Minister Narendra Modi would take up the issue with his Pakistan counterpart.
“It is a matter of serious concern. Will the PM take up the issue with Pakistan now that he has recently visited Pakistan?” asked Congress leader RS Surjewala. “How does the government propose to control and check terror coming from Pakistan? These are a few issues that Prime Minister Modi needs to address,” he added.
The Congress leaders also pointed out that terrorist exported from Pakistan were behind the attack in Pathankot.
“First in Udhampur, then in Dinanagar in Gurudaspur and now in Pathankot. These terrorists wore army fatigues, they kidnapped vehicles and they consequently attack army or other sensitive installations,” he said.
Surjewala also said that now that in the winter season the infiltration in Jammu and Kashmir is not possible, the peaceful Punjab was being targeted by the terrorists.

A team of National Investigation Agency, mandated to probe terror cases, reached Pathankot IAF base to gather inputs about the attack carried out by suspected militants of Jaish-e-Mohammed group. The NIA team reached the spot as the home ministry has asked the central probe agency to keep a full investigation team in readiness as the case could be transferred to it, official sources said.

INDIA’S EXTERNAL DEBT AT ABOUT US$ 483 BILLION END SEPTEMBER 2015

India’s external debt at end-September 2015 was placed at US$ 483.2 billion recording an increase of US$ 8.0 billion (1.7%) over its level at end June 2015. The increase in external debt during 2014-15 was on account of rise in outstanding NRI deposits and commercial borrowings. The external debt/GDP ratio stood at 24.6% at end-September 2015, as against 25.0 per cent at end-March 2015.

The rise in external debt during the period was due to long-term external debt particularly commercial borrowings and NRI deposits. However, on a sequential basis, total external debt at end September 2015 declined by US$ 291 million from the end-June 2015 level.

The ratio of short-term external debt to foreign exchange reserves stood at 24.6% at end-September 2015 lower than 25% at end-March 2015.

Commercial borrowings continued to be the largest component of external debt with a share of 37.7%, followed by NRI deposits (25.2%) and short-term trade credit (17.8%). The share of US dollar denominated debt continued to be the highest in external debt stock at 57.7 per cent at end-September 2015, followed by the Indian rupee (28.3%), SDR (5.8%), Japanese yen (4.0%), and euro (2.4%).

GROSS BANK CREDIT GROWS AT 8.6% IN NOVEMBER 2015

 

 

Gross bank credit grows at 8.6% in the month of November 2015 as compared to 8.1% in October 2015. The gross bank credit growth stands at 10.4% during November 2014. On a year-on-year (y-o-y) basis, non-food bank credit increased by about 9% in November 2015 as against 8.3% in October 2015. Credit to agriculture and allied activities increased by around 12% in November 2015 as compared to 11.1% in October 2015.

 Monthly trend in growth of gross bank credit (%)                                                                                      (YoY)

   Source: PHD Research Bureau, compiled from RBI

 

Credit to industry increased by about 5% in the month of November 2015 as against 4.6% in October 2015. While there was an  increase of credit to industry by 7.3% in November 2014. Deceleration in credit growth to industry in November 2015 over last year was observed in all major sub-sectors barring chemical and chemical products and basic metal and metal products.

 

Deployment of Gross Bank Credit by major sectors                                                                                           (Rs. Billion)

Sector

October

2015*

November 2015**

October 2015^

(Y-O-Y growth)

November2015^^

(Y-O-Y growth)

(%)

(%)

Gross Bank Credit

63022

63466

8.1

8.6

Food Credit

924

1069

-6.0

0.5

Non-food Credit

62097

62397

8.3

8.8

Agriculture & Allied Activities

8232

8260

11.1

11.8

Industry (Micro & Small, Medium and Large)

26506

26687

4.6

5.0

Services

14503

14403

6.8

6.8

Personal Loans

12857

13046

16.9

18.0

Priority Sector

21225

21183

10.3

10.3

Source: PHD Research Bureau, compiled from RBI. Note: Data are provisional and relate to select banks which cover 95 per cent of total non-food credit extended by all scheduled commercial banks * Data pertains to Oct 30,2015 ^ Growth pertains to Oct 30,2015 over Oct 31, 2014

** Data pertains to Nov 27,2015 ^^ Growth pertains to Nov  27, 2015 over Nov 28, 2014

November core infra grows at (-)1.3%

 

The core infrastructure grows to -1.3% (Y-O-Y) in November 2015 in comparison to 3.2% in October, 2015. The combined Index of Eight Core Industries stands at 166.8 in November, 2015 with a growth rate of (-) 1.3% in November 2015 as compared to 8.5% in November 2014. Crude oil and Natural gas registered a growth rate of (-) 3.3% and (-) 3.9% respectively in the month of November 2015.

 

   Sector wise trend in monthly production                                                           (% growth)

Sector

Weight in IIP

November’15

October’15

Crude Oil

5.22

-3.3

-2.1

Natural Gas

1.71

-3.9

-1.8

Petroleum Refinery Products

5.94

2.5

-4.4

Coal

4.38

3.5

6.3

Fertilizer

1.25

13.5

16.2

Electricity

10.32

0.0

8.8

Cement

2.41

-1.8

11.7

Steel

6.68

-8.4

-1.2

Overall

37.90

-1.3

3.2

  Source: PHD Research Bureau, compiled from the office of the economic advisor to the Govt. of India

 

In cumulative terms, core infrastructure industries registered a growth of 2% during April- November 2015-16 as against 6% during the corresponding period of the previous year.

    

    Sector wise trend in production                                                                                   (% growth)  

Sector

Weight

Apr-Nov’15

Apr-Nov’14

Crude Oil

5.22

-0.4

-0.8

Natural Gas

1.71

-2.3

-5.1

Petroleum Refinery Products

5.94

2.5

-0.5

Coal

4.38

4.3

9.8

Fertilizer

1.25

9.7

-1.3

Electricity

10.32

4.2

10.7

Cement

2.41

2.1

8.4

Steel

6.68

-1.5

7.9

Overall

37.90

2.0

6.0

   Source: PHD Research Bureau, compiled from the office of the economic advisor to the Govt. of India

 

  Trend in growth of steel, cement, electricity, coal and overall  (%)

Source: PHD Research Bureau, compiled from the office of the economic advisor to the Govt. of India

RBI ADVISED SLBC CONVENOR BANKS

RBI advised SLBC Convenor banks to identify villages with population above 5000 for opening of bank branches

State Level Bankers’ Committees (SLBC) Convenor banks were advised by RBI vide circular RPCD.CO.LBS.BC. No. 86/02.01.001/2011-12 dated June 19, 2012 to prepare a roadmap to provide banking services in all unbanked villages with population less than 2000 through a combination of business correspondents (BCs) and branches. Banks were also advised to ensure that there is a brick and mortar branch to provide support to a cluster of BC units at a reasonable distance of 3-4 kilometers.

In February 2013, SLBC Convenor banks were advised to review the roadmap and increase the proportion of branches for covering the unbanked villages allotted to them such that about 5 percent of the unbanked villages identified in a State is covered through branch mode. Further, keeping in view the ongoing implementation of Pradhan Mantri Jan Dhan Yojana (PMJDY), SLBC Convenor banks and lead banks were advised vide circular FIDD.CO.LBS.BC.No. 47/02.01.001/2014-15 dated January 2, 2015 to complete the process of providing banking services in unbanked villages with population below 2000 by August 14, 2015.

On a review of the roadmap, it has been observed by RBI that coverage of banking services in unbanked villages is skewed towards the BC model and the ratio of branches to BC is very low. For increasing banking penetration and financial inclusion, brick and mortar branches are an integral component. Therefore, it has been decided to focus on villages with population above 5000 without a bank branch of a scheduled commercial bank. This will also enable banks to provide quality financial services and timely support to BC outlets that would help in sustaining and strengthening the services provided through BCs and also ensure close supervision of BC operations.

Accordingly, SLBC Convenor banks are advised by RBI to identify villages with population above 5000 without a bank branch of a scheduled commercial bank in their State. The identified villages may be allotted among scheduled commercial banks (including Regional Rural Banks) for opening of branches. The opening of bank branches under this Roadmap should be completed by March 31, 2017.

RBI has invited finalised roadmap with details of allocated villages to various banks as per Annexe A and B. The details of the same is mentioned in the enclosed circular for your kind reference.

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News Headlines
*Terrorists attack Pathankot Air Force Base this morning; Four terrorists killed; Two jawans also martyred.
*Security tightened in Punjab, Himanchal, Haryana and national capital; Union Home Minister says such attacks on Indian soil will be repulsed effectively.
*Finance Minister says he is hopeful on passing of GST bill in budget session as composition in Rajya Sabha is changing.
*Saudi Arabia executes 47 prisoners including shiite cleric Sheikh Nimr al-Nimr for protests during Arab Spring.
*In opening encounter of revamped Premier Badminton League, host Mumbai Rockets to take on Awadhe Warriors.

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