Oil price biggest risk for Indian economy: Moody's survey
Mumbai, July 4 : A majority of Indian and foreign investors consider that high oil prices have emerged as a significant risk to the country's economy, Moody's Investors Service said on Wednesday.
The US rating agency's report is based on a survey of 175 respondents, including from over 100 financial institutions at the annual India Credit Conference in Mumbai and Singapore held in June.
Investors were asked questions on issues like top risks facing the Indian economy, fiscal deficit, the recapitalizsation package for public sector banks and credit conditions for Indian corporates among others.
"Most of the respondents highlighted high oil prices as the top risk while 30.3 per cent of those in Singapore picked rising interest rates as the next top risk and 23.1 per cent of those in Mumbai picked domestic political risks as the second top risk," Moody's Vice President Joy Rankothge said in the report.
Most respondents said they believed India would not meet the central government's fiscal deficit target of 3.3 per cent of GDP for the current fiscal.
While only 23.3 per cent of the investors in Singapore and 13.6 per cent in Mumbai felt that the fiscal targets would be achieved, 84.7 per cent in Mumbai and 76.7 per cent in Singapore expected some fiscal slippage.
On the government's bank recapitalisation plan, 85.7 per cent in Singapore and 93.6 per cent in Mumbai thought that it was insufficient to resolve the non-performing assets (NPA), or banks' bad loans, challenges.
In this connection, while 59.6 per cent of the attendees in Mumbai thought that banks will be unable to raise capital from the markets, 32.1 per cent in Singapore felt the same way.
Respondents in both locations said funding conditions will be one of the top factors driving the outlook for non-financial corporates - 38 per cent in Mumbai and 34.6 per cent in Singapore.
According to the report, 28 per cent of respondents in Mumbai selected the resumption of capital investment as the second key factor affecting credit outlook while only 11.5 per cent felt this way in Singapore.
In contrast, 26.9 per cent of the Singapore attendees selected government policy and reforms as the second most important factor affecting the credit outlook, compared with 22 per cent in Mumbai.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Parag fined 25 percent of match fees for vaping incident, BCCI exploring 'stringent action' on RR
New Delhi (PTI): Rajasthan Royals captain Riyan Parag was on Thursday fined 25 per cent of his match fee for bringing the game into "disrepute" after being caught vaping on camera during the IPL game against Punjab Kings in Mullanpur.
Parag's actions during the Royals' chase on Tuesday night drew condemnation on social media.
PTI has learned that on field umpires Tanmay Srivastava and Nitin Menon had not reported the matter to match referee Amit Sharma right after the game. They only did that after seeing visual proof and Sharma found Parag guilty for a code of conduct breach as per the IPL guidelines.
The Level 1 offence carries 25 per cent deduction from match fees and one demerit point.
ALSO READ: 3 held, hunt on for 4 accomplices after they kidnap, assault and urinate on man in Bhopal
"Riyan admitted to the offence and accepted the sanction imposed by the Match Referee, Amit Sharma," said the IPL in a statement.
"The BCCI is also exploring other options to initiate proceedings for stringent action against the erring team, its officials and players to ensure that the reputation of IPL remains intact," the statement added.
When PTI reached out to BCCI secretary Devajit Saika on possible action on Rajasthan Royals, he said: "As it is written clearly in the statement, we are exploring what action to take on the team. It is not decided yet."
The Indian government had banned e-cigarettes back in 2019, prohibiting their production, sale and distribution. As per the law, the offender faces imprisonment up to one year and/or a Rs one lakh fine for a first time offence.
"Article 2.21 of IPL Code of Conduct is intended to cover all types of conduct that bring the game into disrepute and which is not specifically and adequately covered by the specific offences set out elsewhere in this Code of Conduct, including Article 2.20," the IPL Code of Conduct states.
"By way of example, Article 2.21 may (depending upon the seriousness and context of the breach) prohibit, without limitation, the following: (a) public acts of misconduct; (b) unruly public behaviour; and (c) inappropriate comments which are detrimental to the interests of the game.
"When assessing the seriousness of the offence, the context of the particular situation, and whether it was deliberate, reckless, negligent, avoidable and/or accidental, shall be considered.
"Further, the person lodging the Report shall determine where on the range of severity the conduct lays (with the range of severity starting at conduct of a minor nature (and hence a Level 1 Offence) up to conduct of an extremely serious nature (and hence a Level 4 Offence)."
Since it is a Level 1 offence there was no need for a hearing.
Parag, who has not had the best of times with the bat this IPL, was seen inhaling an e-cigarette, also known as vaping, in the dressing room during the live broadcast of their game against Punjab Kings. Royals won the game to end Kings' unbeaten run in the tournament.
This is not the first controversy to hit the Royals this season. Earlier this month, team manager Romi Bhinder was fined Rs one lakh for breaching PMOA protocol after being found using his phone in the dugout.
IPL and BCCI officials involved in the conduct of the IPL termed it as a careless act in the age of social media and prying TV cameras.
Royals next host Delhi Capitals in Jaipur on Friday night.
