CAD Likely To Improve In FY 14, Says Report
India’s current account deficit (CAD) is likely to witness a “gradual” improvement in the next two to three years and it is expected to come down to 3.9 % of the GDP this fiscal, says a Barclays report. “India’s current account balance has weakened significantly since FY2010-11, but we expect an improvement over the next two-three years, albeit at a gradual pace,” Barclays said in a research note.
CAD of a country represents the difference between inflows and outflows of foreign currency. According to Barclays, India’s CAD reached a record 4.9 % of GDP in FY2012-13 (about USD 90 billion) and on a conservative basis, it is likely to improve to 3.9 %of GDP (about USD 80 billion) in FY2013-14.
Surges in commodity prices and a spike in gold imports have been key factors denting the trade and current account balances in the past two years.
However, the commodity import bill is likely to moderate in the near term, reflecting a relatively benign commodity price outlook, subdued domestic growth and likely softer inflation, Barclays said.
Ethyrea Films Announces Deal with Reliance MediaWorks
Ethyrea Films has announced a nine million dollar visual effects co-production deal with Reliance MediaWorks (RMW). Reliance Group has been a contributor to blockbusters like ‘Cowboys and Aliens’, ‘War Horse’ etc. “We have commitments from some of the most talented, Oscar-winning effects artists already in place,” said Danica Fontaine, President of Ethyrea Films. “Reliance is a welcome addition to an amazing and versatile team, which is currently preparing the necessary breakdowns and bids for the design and pre-visual period scheduled to officially begin late next month.” Scott Smith, of Creature Arts and Mechanics said, “We have a great rapport with the RMW team and feel that this new partnership will be instrumental in cultivating world-class Digital Visuals.”
DTDC Acquires 70% Stake In Nikkos Logistics
DTDC Courier & Cargo Ltd., an express courier company, has acquired Bangalore-based Nikkos Logistics with majority stake in the company. The joint venture will be 70% owned by DTDC and 30% by the Bangalore-based Nikkos Logistics Pvt Ltd. The new entity will be called “DTDC Nikkos International logistics Pvt. Ltd.” The acquisition of Nikkos complements and expands DTDC’s strategy to offer complete end-to-end logistic solutions to customers in national and international markets. Nikkos logistics solutions will help expand DTDC’s network by linking the domestic offerings globally and vice versa.
“The acquisition allows DTDC to combine its strength with Nikkos to penetrate & consolidate its presence globally. Tapping on opportunities will further enable more feet on street, robust infrastructure and quality delivery capabilities for DTDC around the globe.” said Abhishek Chakraborty, Executive Director of DTDC
Vinay Sah Takes Over LIC Post
Vinay Sah has taken over as the new Zonal Manager of Western Zone of LIC of India at Mumbai. Before joining Western Zone as Zonal Manager (In-charge), he was Zonal Manager (I/C) of East-Central Zone, Patna. Sah, with his rich and varied experience in marketing was closely associated with various marketing projects and initiatives in the organisation. He was a member of project Assessment team on Data Warehousing initiatives.
Al Adil Trading Sets World Record
Masala king Dhananjay Datar, CMD, Al Adil Trading along with wife Vandana and sons Hrishikesh & Rohit at the 30th years celebrations press conference held on a ‘bateaux’ on 29th April in Dubai, receiving the Limca Book of World Records certificate from Mr. Murty of Limca Records. This event of holding the press conference was a new world record created by Al Adil. This is the 2nd time that Al Adil has created an unique world record. During the silver jubilee celebrations, the press conference was held on a Royal Jet 737 Boeing Business Jet which hovered 30,000 ft in the skies for 3 hours over UAE.