India has emerged as a preferred destination for Private Equity investments owing to its strong domestic growth, entrepreneurial ability and favorable demographics. However, the global financial crisis in 2008 and 2009 and the more recent concerns on sovereign debt crisis, slowing economic growth and high inflation continue to pose challenge for Private Equity investors with regard to investments as well as exits.
The current report builds on a series of earlier reports on Private equity and analyzes Private Equity returns in India. Specifically, the report seeks to understand the key drivers for Private Equity returns and exit environment in general. Going further, it talks about the outlook for Private Equity exits in India and suggests probable strategies for General Partners which could potentially help in generating outperformance.
Return-from-Indian-Private-Equity_1.pdf
DataWind, the Canadian company that is manufacturing Aakash, has started the online booking and pre booking of the much anticipated low cost Android tablet. Online booking is for students' version of the tablet and pre booking is for UbiSlate 7, the upgraded version of Aakash.
Students' version of Aakash will be available for Rs 2,500 and will be delivered in seven days. The commercial version, UbiSlate 7 is priced at Rs 2,999. The payment mode for both the tablets is cash on delivery.
The commercial version of Aakash tablet will be powered by Android 2.3 and will have a resistive touchscreen, Cortex A8-700 MHz processor and graphics accelerator HD video processor, 256 MB of RAM and 2 GB of internal memory.
Other specifications are a one standard USB port, 3.5 mm audio jack, a 7 inch display with 800 x 480 pixel resolution, resistive touchscreen, GPRS and WiFi support.
"The improved version of Aakash tablet will be available in retail outlets by January end," aspokesperson of DataWind told The Mobile Indian.
The tablet was to be made available in retail stores by the end of November. "The delay in the availability of the tablet has been due to upgradation in the tablet and some unforeseen delay in manufacturing," the spokesperson said.
To book and prebook student and commercial versions respectively of Aakash tablet, users have to visit DataWind's website and fill up the required form. In case of booking they will get a booking ID and a message which will state, "You will shortly receive an email confirmation from our support team with further details."
In case of pre booking users will get a confirmation message which will state, "The commercial version of the Akash UbiSlate 7 would be launched in early weeks of December. After the commercial launch we would get in touch with you to deliver your device as soon possible."
As a matter of fact, the confirmation message a reader will see is factually incorrect as The mobile Indian had reported earlier the Aakash tablet will be available only by January end.
Datawind has however not cleared how it is going to establish the identity of students who will book the cheapest version of Aakash tablet. When The Mobile Indian contacted spokesperson of Datwind he said, "Anyone can book the student version of Aakash tablet."
This defeats the purpose of providing students an affordable tablet as now anyone can place an order to get the tablet. Interestingly, now it has been revealed that the government has procured only 10,000 Aakash tablets for distribution in schools and colleges of the initial 1 lakh proposed.
It looks like the company was in a hurry to start the online booking process and has not done not proper homework before staring it.
Anyone who has taken out a car loan or bought a house with a mortgage has taken on debt. It's the same for countries. They often need to borrow money to keep services going, with the promise to pay it back.
What is national debt and what is a deficit? How does debt get paid back? Here are the basics.
What is the National Debt?
National debt is the sum of all outstanding debt owed by the federal government. It includes not only the money the government has borrowed, but also the interest it must pay on the borrowed money. The government goes into debt when it doesn't collect enough revenue to cover the expenses it incurs from spending on programs such as the military, or building roads and bridges. The revenues come from corporate and income taxes, and the fees the government imposes, such as for visas and passports, student loans, and admission to national parks.
What is the Deficit?
The deficit refers to the difference, in a single year, between government receipts and spending. Those deficits become the national debt when they are added together. They're tied to each other, but they're different.
Deficit spending is sometimes viewed as temporary but necessary. For the government, that might be true if it needs to spend money to fight a war. For a person, it might be true if he or she wants to take out a loan to buy a car.
But over time, running large annual deficits is a bad thing, for the government and for the average person. Here's why: think of the government's annual deficit spending like a person using a credit card to spend above his or her means. If that type of spending continues year after year, the interest on the credit card builds up. The minimum payments become larger and larger. Eventually, the charges become so unwieldy that the card holder can't pay them off without making big sacrifices (say, selling the house and the car) or declaring bankruptcy.
It's also important to note that a government can still have a national debt even if there's no deficit in a specific year. Here's how that works.
In 2001, for instance, the government had a surplus of $127 billion. However, $127 billion was a surplus for that year alone and did not eliminate the national debt, which at that time was $5.9 trillion — from all the previous years of deficits.
What is the Debt Ceiling?
The debt ceiling is a cap, set by Congress, on how much debt the U.S. government can carry. The debt ceiling idea came about in 1917. Before then, Congress had to approve borrowing for each item when the government needed money.
But to have more flexibility as the U.S. entered World War I, lawmakers agreed to give the government approval for all borrowing — as long as the total was less than a specific number. That debt limit number — usually set at a high figure — would be set by Congress.
Whenever the government is going to exceed the debt limit, Congress has to vote its approval to raise it.
So looking at this in real money, the debt ceiling in 2011 is $14.294 trillion. The national debt is more than $14.5 trillion. Congress has to approve raising the debt limit. If it doesn't within a certain time frame, funds would not be available to pay bills.
The debt ceiling has frequently been raised — 74 times since March 1962 and 10 times since 2001.
History of U.S. National Debt
From its beginning as a nation, the U.S. has been in debt at one time or another, according to the Bureau of Public Debt. The country has usually spent more than it's taken in order to keep services going.
The Revolutionary War created a debt of $75 million. The fledgling government had to pay for its soldiers, along with food and supplies. To pay off the debt, the government sold bonds, which we'll see later is one way governments fund themselves.
It wasn't until 1835 — and after another war, the War of 1812 — that the U.S. was in the black.
The Civil War produced a massive round of debt, reaching a figure of $2.7 billion by 1864. After 1865, the U.S. ran deficits in 11 of the next 47 years, having surpluses in the other 36.
Jumping ahead to the 20th century, a major period of debt followed World War I and the build up for World War II, and social programs to fight the Great Depression caused a major increase in debt to $260 billion by 1950.
Over the years, government's role expanded with programs such as agricultural subsidies, highway construction, Medicare, Medicaid, public education, the federal courts, mail delivery, food and work safety inspectors, law protection agencies like the FBI, among others.
And of course there's defense — even with some cuts in the 1990s — leaving the U.S. still spending more for it that any other country.
The debt continued to grow from $260 billion in 1950 to $909 billion in 1980. Between 1980 and 1990, the debt more than tripled, according to the BPD.
How the Debt is Financed
If you've ever bought a savings bond, you've helped provide money to cover the debt. That money helps pay off the government's theoretical 'credit card.'
The government borrows money by selling Treasury Securities such as Treasury Bills or T-Bills— and bonds to the public and/or foreign countries.
These securities come with the promise of a payday with interest. They can be short-term payoff — say, three years — or they can be longer, up to 30 years.
Where Government Spends Money
In 1900, the government spent $332 million on defense, $297 million on domestic spending and other items such as interest on the debt for a total of $629 million in spending, according to the Treasury Department. But there was a surplus that year because the government took in $670 million in revenue.
Fast forward to 2010 and there's a change in spending and programs. The biggest cost was Medicare and Medicaid at $793 billion; and together they made up 23 percent of the budget, according to the Congressional Budget Office.
Next came Social Security at $701 billion or 20 percent, followed by defense spending at $698 billion and 20 percent of the budget.
Medicare, Medicaid and Social Security, along with such items as Congressional salaries, are considered mandatory payments—they have to be paid even if the money isn't in the government till.
And interest on the debt itself was $197 billion in 2010, or 6 percent of the budget.
Summing up 2010, the government had an annual deficit of $1.3 trillion, and the national debt at that time — the sum of all previous yearly deficits — was $13.1 trillion.
Before we move on, we need to note Social Security. Established in 1935, Social Security pays for itself through taxes collected on individuals and money it makes by investing in the government.
In 1968, it was included in the Federal budget. That changed in 1986 when it was taken 'off budget' — or not included as government spending — but has since been used in calculating total budget spending. So, while technically on the federal budget books, Social Security has its own source of revenue.
Who Owns the Debt
The U.S. government sells securities like bonds and T-Bills to finance its debt. Anyone can buy them, including other countries.
The U.S. is the biggest holder of its own debt, with institutions and investors holding 42.2 percent, according to the U.S. Treasury Department. Another holder of U.S. debt is the Social Security trust fund at 17.9 percent. The trust fund is the 'extra' or surplus that was set aside for deficits in payouts. The fund traditionally invests in U.S. securities.
The U.S. Civil Service Retirement Fund and the U.S. Military Fund own a combined 8.1 percent. So, 68.2 percent of the debt is 'home'-owned.
The rest of the debt is owned by countriesincluding Japan, the United Kingdom, Brazil, Venezuela and Saudi Arabia. China owns 7.5 percent of the total U.S. debt, much less than popularly believed.
Why the Debt Matters
A high debt level affects the cost of living, interest rates to buy homes or cars, as well as the overall economy, say analysts.
Money owed to the people/countries/investors who subsidize the debt by buying debt instruments must be paid off.
If the investors and lenders believe the U.S. can't pay its national debt, they stop loaning the government money and the interest rates go up for banks and consumers.
Debt is repaid through higher taxes and/or spending cuts.
Source: CNBC.com
The original article can be found at http://tgs.nationalinterest.in/2011/12/09/shekhar-gupta-spots-recession/ and is written by Dr VAN.
Shekhar Gupta spots recession from The Gold Standard by V Anantha Nageswaran
When a mainstream journalist writes apocalyptic stuff – stuff that many of us have been warning about for years – then you know that things must be really dire. In fact, we have been warning about this ever since the UPA came to office, not just in 2009 but in 2004. I still vividly recall a friend chiding me for an email I had sent out in 2004 in a state of depression after knowing the election results, then. He was justifiably proud of the democratic and peaceful transfer of power that took place. I was more fearful of the future. It gives me no pleasure to write that my fears (and worse) have or are in the process of being realised.
UPA's agenda was regressive. Pro-poor politics is not regressive. Pro-poverty economics is. What UPA has been practising is the latter. They were wedded to that from day one in 2004. Eight to ten years of sustained onslaught on governance, on Centre-State relations, on fiscal health, on civilized discourse with your political opposition (and any opposition for that matter) is too much for any country to handle. India is no exception.
Shekhar Gupta paints a disturbing picture of bank losses turning bad; Indian corporates going overseas and a fiscal bankruptcy to rival Greece!
Every country has been caught in the grip of hubris. That is one unifying theme for the new millennium. India too had assumed its growth rate to be on autopilot at 8% or above. How all of them handle these rude shocks of growth well below what they had taken for granted is going to be the story of 2012 and beyond. It will be interesting to see how India's famed shock-absorbers, resilience and social safety valves work in what are going to be rather difficult times ahead.
In contrast, T. N. Ninan strikes an ambiguous tone – not either wholly negative or positive.
Karthik Muralidharan makes the point that this blogger made in his column in MINT on FDI in retail: Policies should leave room for States to choose and reject reforms so that experimentation can happen naturally and knowledge-transfer would follow:
A more promising approach is to reduce the structural risks of reform, and for the Centre to support experimentation by states to better understand the impacts of specific reforms, and to then facilitate knowledge transfers across states that enable scaling up successful reforms. Proceeding with second-generation reforms in this manner is both economically and politically prudent.
Finally, the analysts at Kotak Mahindra must feel vindicated about their scepticism of India's export numbers. Those of us who either argued for and believed in the veracity of India's export data for 2011 must feel a bit embarrassed now, even if the logic of those who argued against the Kotak hypothesis was sounder.
Global - Economy and Market
Fed won't further stimulate U.S. economy for the time being
The Federal Reserve said it doesn't plan to further stimulate the U.S. economy, whose growth is strengthening as the year ends. The central bank described the economy as "expanding moderately" and promised to keep interest rates low.
Debt crisis pushes developed economies to the edge
LONDON - The sovereign debt crisis crippling the euro zone still threatens other developed economies, leaving Britain and Japan teetering on the edge of recession but with the United States seen several paces away from a slump, a Reuters poll found.
EU to start trade talks with Egypt, Jordan, Morocco, Tunisia
BRUSSELS - European Union governments agreed on Wednesday to start trade talks with Egypt, Jordan, Morocco and Tunisia, with the aim of lowering trade barriers and bolstering economic growth in the North African and Middle Eastern states, the EU executive said.
ECB's Weidmann opposes bond-buy boost, coy on IMF
FRANKFURT - European Central Bank policymaker Jens Weidmann reiterated his opposition to the ECB ramping up its bond purchases and said his Bundesbank would only provide fresh funds for the IMF to help fight the euro zone crisis if countries beyond Europe do so too.
China sees more protectionism due to U.S., EU problems
GENEVA - China expects trade disputes to increase next year as global markets contract due to European and U.S. economic weakness, China's trade minister Chen Deming said on Wednesday.
Italy bond costs hit new high, Germany's near zero
Italy paid 6.47 percent to sell five-paper just minutes after Berlin placed 4 billion eurosof two-year bonds at an average yield of just 0.29 percent - a sign of how strongly cautious investors favour safety over returns.
U.S. stock index futures signal early gains
* U.S. stock index futures pointed to a higher open on Wall Street on Wednesday, with futures for the S&P 500 up 0.36 percent, Dow Jones futures up 0.21 percent and Nasdaq 100 futures up 0.24 percent at 1000 GMT.
Europe debt woes prompt year-end flight from risk
Asian shares fell into bear market territory for the year and commodities and the euro nursed stinging losses on Thursday, after fears that Europe's debt crisis is still worsening prompted investors to dump riskier assets and huddle in the safety of the dollar and Treasuries.
India - Economy and Market
Nov inflation eases to 9.11% MoM, yet too high
Hopes have been just crushed. November inflation has eased to 9.11% (MoM) vs 9.73 % in October. This is much higher than estimates as most experts were expecting inflation to drop below 9%.CNBC-TV18 poll had estimated it to be 8.93%.
The data shows food inflation tumbled to 8.54% in November from more than 11% in October, while fuel inflation increased to 15.48% from 14.79% and manufacturing inflation increased marginally, to 7.7%
Tax authorities unearth $12.3 bln unaccounted money - Mukherjee
NEW DELHI - Tax authorities have unearthed 660 billion rupees of unaccounted money, the finance minister told the parliament on Wednesday, as part of the government's efforts to curb tax evasion.
Government can do little to check rupee slide: Rangarajan
The slide in rupee, which fell to a new low of 53.75 against a dollar Wednesday, is driven by external factors especially general appreciation in the value of greenback.
Credit growth picks up again after a lull
After seeing a slowdown in the previous fortnight, commercial loans have again picked up in the latest fortnight ended December 2, 2011.
Government clears Rs 8,400 crore interest subsidy fund for power distribution sector
The government on Tuesday approved Rs 8,400 crore interest subsidy scheme for power distribution projects.
Rajesh Exports to import more gold for retail thrust
India's Rajesh Exports , the world's biggest jewellery maker, expects to raise gold imports 17 percent next year to power its renewed thrust.
Manmohan Singh sees FDI in retail after March - Bloomberg
NEW DELHI - Prime Minister Manmohan Singh expects to succeed in his push to open the domestic retail market to foreign companies after regional elections conclude by the end of March, according to an interview published by Bloomberg on Wednesday.
Indian shares shed 0.8 pct; sticky inflation disappoints
Indian rupee seen hitting new low again, The rupee is expected to open around 53.80 to the dollar and move in a range of 53.60 to 54.10, traders said.
Technology News –
India Inc not to trim 2012 IT budgets; plans to spend $25 billion next year: Poll
The focus of most of the companies next year is to keep maintenance costs flat and put money on new services.
Mid-sized IT company MindTree may miss Q3 target; bullish on long term growth: KK Natarajan, CEO
"Despite a traditionally weak quarter, MindTree's revenue growth will top 2.5% to 3 % this quarter, which still tops industry rates," he said.
Nokia enters mobile wallet service
Nokia India today launched its own standalone mobile wallet service to provide a secure and convenient alternative to cash on a mass scale to cellphone customers.
Lenders, investors shun debt-laden 3i Infotech; prospect of distress sale looms
3i's market cap has collapsed by Rs 900 crore so far this year, it has struggled to pay salaries and may be forced to sell assets.
World's cheapest tablet Aakash goes on sale for Rs 2500 online
Datawind, the maker of world's cheapest tablet has put up for sale about 30,000 tablets online at a price of Rs 2500 each, with a delivery period of 7 days.
After overtaking Apple as the world's largest, Samsung smartphones set to dethrone Nokia in India
If Samsung is on a roll, Nokia too is on a comeback trail and nobody dares to write it off in the great Indian smartphone battle.
Dell to increase focus on small & medium businesses
Dell India said that there were close to eight million SMBs in the country, of which about 1.5 million were adressable by IT.
Internet base in India crosses 100 million mark: What does it mean for businesses that can ride on this?
When an industry body announced in Nov crossing of that milestone, it was seen as a representation of the buzz being felt in the Indian Internet space.
Yahoo shares fall after Goldman derides company
Yahoo shares dropped on Wednesday after Goldman Sachs advised investors to sell the struggling Internet company's stock.
Inflation- November Inflation at 9.11% vs 8.2 % (YoY ) Vs 10.0 % ( MoM)
· Fuel Group -15.48 Vs 14.79% (MoM)
· Manufacturing Products - 7.7% to 7.66% ( MoM)
· Primary articles – 8.53% Vs 11.4 ( MoM)
View- Inflation hopefully should continue to reduce on account of slowing growth and its consequent favorable impact on manufactured inflation. However, double-digit increase in MSPs, and approximately 20% depreciation in the rupee since August present an upside risk to inflation.
Economics- India’s industrial production contracted 5% YoY in October, 2011 as against a growth of 2% in September, 2011 on account of -
· Slowdown in the capex cycle mainly driven by government policy rather than monetary policy.
· Basic goods (5.9 vs 6.0), Intermediate goods (0.5 vs 11.4) , Consumer durables goods ( 4.5 Vs 14.2 ), Consumer non- durables ( 2.9 Vs 4.3 ) contracted in October, 2011
· Other indicators include decline in Excise collections (YoY) for two consecutive months & deceleration in export growth
2 of 2 File(s)
FRONT PAGE 20111214.pdf
Debt Market 9-Dec-11.pdf
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