India has brought down the number of people living below $1 a day by 2 percentage points to 24.3 per cent in three years up to 2005, as Asia’s third-largest economy accelerated to 7 per cent plus growth in those years, latest data from the World Bank reveal.
In absolute numbers, 9.6 million people came out of poverty between 2002 and 2005, the largest reduction between two consecutive surveys released by the World Bank since 1981.
If $1.25 per day is taken as a benchmark for defining the poverty line, then 4.7 million came out of poverty in this period.
Since the data reported by the World Bank have a time lag of three years, the effect of increase in food and commodity prices — which disproportionately affect the poor — in the last two years is not known.
Also, the World Bank now says it has upwardly adjusted the cost of living in developing countries to $1.25 per day against $1 per day.
The poverty line of $1.25 is the average poverty line found in the poorest 10-20 countries, the World Bank said in a press statement.
The new study suggested the number of people below the poverty line would have increased by 400 million in three years to 1,399.8 million in 2005 (at $1.25 per day), against 1,090.2 million (at $1 per day) in 2002.
If similar comparison were adopted for India, the number of people in poverty would have increased by 179.1 million between 2002 and 2005. In percentage terms, it would be 41.6 per cent as on 2005 as against 26.3 per cent in 2002. The difference between India’s own estimate of poverty and the World Bank’s one is because of a difference in how the poverty line is calculated.
The World Bank’s calculation is based on the average of the poorest countries, whereas India’s estimate is based on how much money is required for an individual to have ideal intake of daily food and expenditure on shelter and other necessities.
GAINS IN POVERTY REDUCTION
(Figures in %) 1990 1993 1996 1999 2002 2005
BELOW $1 A DAY
India 33.3 31.1 28.6 27.0 26.3 24.3
World 29.9 26.9 23.5 22.8 20.8 16.1
BELOW $1.25 A DAY
India 51.3 49.4 46.6 44.8 43.9 41.6
World 41.7 39 34.7 33.7 31.1 25.7
BELOW $2 A DAY
India 82.6 81.7 79.8 78.4 77.5 75.6
World 63.1 61.4 58.3 57.0 53.6 47.6
If India’s poverty line is translated in Purchasing Power Parity (PPP) terms, it is $ 1.02 per day.
“High GDP (Gross Domestic Product) growth in India has reduced poverty. However, to achieve a higher rate of poverty reduction, India will also need to address inequalities in opportunities that impede the poor from participating in the growth process,” the World Bank said.
Wednesday, August 27, 2008
Stocks to watch: Tata Sons, ONGC Videsh, HDIL, DLF, SAIL
Equities are likely to open higher on Wednesday tracking cues from global shores. However, with crude oil prices inching northward, gains may be limited. Volatility is also likely given the August series derivatives contracts expiry due on Thursday.
Oil prices continued to move upwards on Wednesday on concerns that Tropical Storm Gustav may disrupt supplies. Crude for October delivery was at $116.71 per barrel, up $1.16 from its previous close.
Meanwhile, rupee was a tad higher at 43.75/76 per dollar, from the previous close of 43.84/85.
Tata Sons, the unlisted holding company for Tata group firms, is considering options to sell part of its stake in India’s largest software exporter Tata Consultancy Services to fund the group’s expansion plans, especially in telecom. Currently, Tata Sons holds 74.81 per cent stake in TCS, which has a market value of nearly Rs 61,000 crore at Tuesday’s closing price.
ONGC Videsh, the foreign investment arm of the country’s largest exploration company, ONGC, on Tuesday put in a formal bid to acquire UK-based oil firm Imperial Energy at 1,250 pence per share. Imperial Energy, with assets in the Russian Federation and CIS countries, is valued at $2.58 billion at the bid price.
Domestic airlines like Jet Airways and SpiceJet are considering fare hikes ahead of the start of the peak travel season in September-October to cope with rise in jet fuel prices.
In yet another attempt to keep steel prices from rising further, the government may raise export duty on iron ore. The committee of secretaries reviewing prices of essential commodities is set to discuss a proposal to raise export duty on iron ore to 20 per cent from 15 per cent.
Country's largest steel producer SAIL will set up a Steel Processing Unit in Gwalior at an investment of Rs 83 crore to meet the rising demand of the the product. The unit is expected to be completed in 18 months and would have a production capacity of one-lakh ton per annum of TMT bars.
The promoters and two major shareholders of Firstsource Solutions have put their combined 68 per cent in the BPO firm up for sale. The sellers — ICICI group, Aranda Investments and Metavante — are learnt to be asking for Rs 1,865 crore, or Rs 64 a share, for the transaction.
Cairn India is likely to sell its investments in Videocon Industries. At the current rate of Rs 272 per share, this investment us valued at Rs 72 crore.
With Trinamool Congress supremo Mamata Banerjee sticking to her principal demand on the return of the 400 acres set aside for the Singur vendor park, Tata Motors has told its Nano vendors that the company is working on a business plan to ensure they are not “financially hit” if the Nano project is shifted from Singur.
Realty giant DLF is planning to raise Rs 10,000 crore in next one year for its development projects.
Mumbai based HDIL may raise around Rs 1,000 crore to relocate slum dwellers for Mumbai airport project, say reports.
Shares of Nu Tek India, telecom infrastructure services provider offering rollout solutions for both mobile and fixed telecom networks, will list on the exchanges today. The company has fixed the issue price at Rs 192 per share. The issue was subscribed 1.63 times.
Oil prices continued to move upwards on Wednesday on concerns that Tropical Storm Gustav may disrupt supplies. Crude for October delivery was at $116.71 per barrel, up $1.16 from its previous close.
Meanwhile, rupee was a tad higher at 43.75/76 per dollar, from the previous close of 43.84/85.
Tata Sons, the unlisted holding company for Tata group firms, is considering options to sell part of its stake in India’s largest software exporter Tata Consultancy Services to fund the group’s expansion plans, especially in telecom. Currently, Tata Sons holds 74.81 per cent stake in TCS, which has a market value of nearly Rs 61,000 crore at Tuesday’s closing price.
ONGC Videsh, the foreign investment arm of the country’s largest exploration company, ONGC, on Tuesday put in a formal bid to acquire UK-based oil firm Imperial Energy at 1,250 pence per share. Imperial Energy, with assets in the Russian Federation and CIS countries, is valued at $2.58 billion at the bid price.
Domestic airlines like Jet Airways and SpiceJet are considering fare hikes ahead of the start of the peak travel season in September-October to cope with rise in jet fuel prices.
In yet another attempt to keep steel prices from rising further, the government may raise export duty on iron ore. The committee of secretaries reviewing prices of essential commodities is set to discuss a proposal to raise export duty on iron ore to 20 per cent from 15 per cent.
Country's largest steel producer SAIL will set up a Steel Processing Unit in Gwalior at an investment of Rs 83 crore to meet the rising demand of the the product. The unit is expected to be completed in 18 months and would have a production capacity of one-lakh ton per annum of TMT bars.
The promoters and two major shareholders of Firstsource Solutions have put their combined 68 per cent in the BPO firm up for sale. The sellers — ICICI group, Aranda Investments and Metavante — are learnt to be asking for Rs 1,865 crore, or Rs 64 a share, for the transaction.
Cairn India is likely to sell its investments in Videocon Industries. At the current rate of Rs 272 per share, this investment us valued at Rs 72 crore.
With Trinamool Congress supremo Mamata Banerjee sticking to her principal demand on the return of the 400 acres set aside for the Singur vendor park, Tata Motors has told its Nano vendors that the company is working on a business plan to ensure they are not “financially hit” if the Nano project is shifted from Singur.
Realty giant DLF is planning to raise Rs 10,000 crore in next one year for its development projects.
Mumbai based HDIL may raise around Rs 1,000 crore to relocate slum dwellers for Mumbai airport project, say reports.
Shares of Nu Tek India, telecom infrastructure services provider offering rollout solutions for both mobile and fixed telecom networks, will list on the exchanges today. The company has fixed the issue price at Rs 192 per share. The issue was subscribed 1.63 times.
Stocks to watch: Tata Sons, ONGC Videsh, HDIL, DLF, SAIL
Equities are likely to open higher on Wednesday tracking cues from global shores. However, with crude oil prices inching northward, gains may be limited. Volatility is also likely given the August series derivatives contracts expiry due on Thursday.
Oil prices continued to move upwards on Wednesday on concerns that Tropical Storm Gustav may disrupt supplies. Crude for October delivery was at $116.71 per barrel, up $1.16 from its previous close.
Meanwhile, rupee was a tad higher at 43.75/76 per dollar, from the previous close of 43.84/85.
Tata Sons, the unlisted holding company for Tata group firms, is considering options to sell part of its stake in India’s largest software exporter Tata Consultancy Services to fund the group’s expansion plans, especially in telecom. Currently, Tata Sons holds 74.81 per cent stake in TCS, which has a market value of nearly Rs 61,000 crore at Tuesday’s closing price.
ONGC Videsh, the foreign investment arm of the country’s largest exploration company, ONGC, on Tuesday put in a formal bid to acquire UK-based oil firm Imperial Energy at 1,250 pence per share. Imperial Energy, with assets in the Russian Federation and CIS countries, is valued at $2.58 billion at the bid price.
Domestic airlines like Jet Airways and SpiceJet are considering fare hikes ahead of the start of the peak travel season in September-October to cope with rise in jet fuel prices.
In yet another attempt to keep steel prices from rising further, the government may raise export duty on iron ore. The committee of secretaries reviewing prices of essential commodities is set to discuss a proposal to raise export duty on iron ore to 20 per cent from 15 per cent.
Country's largest steel producer SAIL will set up a Steel Processing Unit in Gwalior at an investment of Rs 83 crore to meet the rising demand of the the product. The unit is expected to be completed in 18 months and would have a production capacity of one-lakh ton per annum of TMT bars.
The promoters and two major shareholders of Firstsource Solutions have put their combined 68 per cent in the BPO firm up for sale. The sellers — ICICI group, Aranda Investments and Metavante — are learnt to be asking for Rs 1,865 crore, or Rs 64 a share, for the transaction.
Cairn India is likely to sell its investments in Videocon Industries. At the current rate of Rs 272 per share, this investment us valued at Rs 72 crore.
With Trinamool Congress supremo Mamata Banerjee sticking to her principal demand on the return of the 400 acres set aside for the Singur vendor park, Tata Motors has told its Nano vendors that the company is working on a business plan to ensure they are not “financially hit” if the Nano project is shifted from Singur.
Realty giant DLF is planning to raise Rs 10,000 crore in next one year for its development projects.
Mumbai based HDIL may raise around Rs 1,000 crore to relocate slum dwellers for Mumbai airport project, say reports.
Shares of Nu Tek India, telecom infrastructure services provider offering rollout solutions for both mobile and fixed telecom networks, will list on the exchanges today. The company has fixed the issue price at Rs 192 per share. The issue was subscribed 1.63 times.
Oil prices continued to move upwards on Wednesday on concerns that Tropical Storm Gustav may disrupt supplies. Crude for October delivery was at $116.71 per barrel, up $1.16 from its previous close.
Meanwhile, rupee was a tad higher at 43.75/76 per dollar, from the previous close of 43.84/85.
Tata Sons, the unlisted holding company for Tata group firms, is considering options to sell part of its stake in India’s largest software exporter Tata Consultancy Services to fund the group’s expansion plans, especially in telecom. Currently, Tata Sons holds 74.81 per cent stake in TCS, which has a market value of nearly Rs 61,000 crore at Tuesday’s closing price.
ONGC Videsh, the foreign investment arm of the country’s largest exploration company, ONGC, on Tuesday put in a formal bid to acquire UK-based oil firm Imperial Energy at 1,250 pence per share. Imperial Energy, with assets in the Russian Federation and CIS countries, is valued at $2.58 billion at the bid price.
Domestic airlines like Jet Airways and SpiceJet are considering fare hikes ahead of the start of the peak travel season in September-October to cope with rise in jet fuel prices.
In yet another attempt to keep steel prices from rising further, the government may raise export duty on iron ore. The committee of secretaries reviewing prices of essential commodities is set to discuss a proposal to raise export duty on iron ore to 20 per cent from 15 per cent.
Country's largest steel producer SAIL will set up a Steel Processing Unit in Gwalior at an investment of Rs 83 crore to meet the rising demand of the the product. The unit is expected to be completed in 18 months and would have a production capacity of one-lakh ton per annum of TMT bars.
The promoters and two major shareholders of Firstsource Solutions have put their combined 68 per cent in the BPO firm up for sale. The sellers — ICICI group, Aranda Investments and Metavante — are learnt to be asking for Rs 1,865 crore, or Rs 64 a share, for the transaction.
Cairn India is likely to sell its investments in Videocon Industries. At the current rate of Rs 272 per share, this investment us valued at Rs 72 crore.
With Trinamool Congress supremo Mamata Banerjee sticking to her principal demand on the return of the 400 acres set aside for the Singur vendor park, Tata Motors has told its Nano vendors that the company is working on a business plan to ensure they are not “financially hit” if the Nano project is shifted from Singur.
Realty giant DLF is planning to raise Rs 10,000 crore in next one year for its development projects.
Mumbai based HDIL may raise around Rs 1,000 crore to relocate slum dwellers for Mumbai airport project, say reports.
Shares of Nu Tek India, telecom infrastructure services provider offering rollout solutions for both mobile and fixed telecom networks, will list on the exchanges today. The company has fixed the issue price at Rs 192 per share. The issue was subscribed 1.63 times.
Subscribe to:
Posts (Atom)