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GTC Egypt Business Convention to address needs of 3 distinct verticals

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GTC Business Convention

The Global Tourism Council (GTC) is now focussing on tourism Conclave ,Investment Summit and Film Industry Connect – at the inaugural Egypt-India Business Convention. Set to be organised by GTC in association with Egypt Tourism.

The Convention will be held from September 16-19, 2018, at the Marriott Cairo & Omar Khayyam Casino.

Around 300 delegates from different business segments of India are expected to participate in the 4 day-long event, where they will interact with their Egyptian counterparts over B2B meetings.

As part of the Tourism Conclave, the Convention will offer an opportunity for delegates to explore the possibility of developing and promoting the Biblical Tourism Circuit – Jordan, Israel and Egypt. For corporate houses, the Investment Summit will facilitate opportunities for investment in sectors like agriculture, pharma, hospitality, infrastructure, energy, etc. Film-makers and production houses attending the Convention will be able to meet with their counterparts in Egypt and undertake recee of locations for shooting and explore discussions on co-productions.

“GTC is the first council in the tourism sector of India and we have the best of brains from segments like tourism, pharma, investment, hospitality, etc. The objective of the Convention is to strengthen the bilateral relations between the two countries,” said M Iqbal Mulla, Chief Council, GTC. According to Mulla, “The response from the industry for this is quite encouraging. Even NTOs of six countries have already approached us,” he said.

Talking on this, Ismail Amer, Egyptian Tourism Counselor, said the theme of the convention ‘Innovate & Invest’ is brilliant and will offer immense benefits in myriad sectors of both the countries. “The three sectors i.e. tourism, investment and film are very much connected with each other and Egypt’s USP in all the segments is very strong. Hence, this convention will immensely benefit Egypt,” said Amer.

According to Amer, “Experts from different segments are associated with GTC, secondly there is a difference between council and association and people associated with council are always serious in business. Apart from this, the convention will highlight the strength of Egypt in the three segments.”

Citing an example, he said that new administrative capital which is coming up has thrown up huge opportunity for investment. “Our new administrative capital (will have a name later) is as big as Singapore and 7 times bigger than Washington D.C. Currently, lot of construction work is going on for shipping, logistics industries, etc. The length of new development corridor by the Suez Canal is 40 km,” pointed out Amer.

The Council will also strongly suggest for developing a Holy Land Circuit among Jordan, Israel and Egypt which will increase in pilgrimage tourism manifolds from what it is now. “We have already discussed it in our committee and will put it in conclave for implementation,” said Mulla.

The film industry is another priority sector for the Council and the Convention will discuss the issue thoroughly so that the film sectors of both the countries are benefitted. Throwing light on possible outcome, Manoj Gursahani, Member Governing Council, GTC, said, “The film industry will benefit
in very unusual way. The Egyptian film industry can look at cross collaboration opportunities with the Indian film industry. Similarly, Indian film industry and can look at opportunities of exploring and doing television serials, movies and web series which are sold on Netflix and other platforms can be captured on Egypt and look at Egypt talent and combine do a hybrid model. I strongly believe that these are largely the areas where the film and media entertainment sectors want to grow with each other and collaborate with each other.” He also said that the response so far is phenomenal. “All the big brands have already shown their interest but I can’t tell the name at this juncture,” said Gursahani.

“It helps empower local community groups, strengthening their voice.” – Neha Dhupia

Global Tourism Council aims to be the world’s biggest non-government organisation recognised by the Government of India Charitable Trust. It is the brain child of the reputed professionals from India and across the world who are committed to the advancement of the global trade and tourism industry.

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Fiscal slippage remains a risk for rate cut: Report

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India economy

New Delhi, Jan 17 While concerns of liquidity, coupled with declining inflation, may have prompted the industry to expect a rate cut in RBI’s Monetary Policy Committee (MPC) meeting from February 7, fears of fiscal slippage may turn out to be a spoiler, a report said.

“There is a high likelihood of a change in RBI stance from ‘calibrated tightening’ to ‘neutral’ with a possible rate cut in the next MPC meeting. Fiscal slippage, however, continues to be a risk for rate cut,” JM Financial said in its report on Thursday.

Though the government maintains confidence in meeting the 3.3 per cent fiscal deficit target for this fiscal, the deficit in the first eight months till November stands at Rs 7.17 lakh crore, or 114.8 per cent of the Rs 6.24 lakh crore full year’s target.

Ahead of the RBI’s monetary policy review, India Inc on Thursday urged the Reserve Bank of India (RBI) to cut its interest rate and the cash reserve ratio (CRR) to infuse liquidity in the economy and boost growth.

In a meeting with RBI Governor Shaktikanta Das, who will preside over his first MPC meeting on February 7, leading industry chambers also suggested various measures to ease the ongoing liquidity crunch and reduce the high cost of credit.

JM Financial has predicted that CPI inflation over the next three months to inch up from the current levels, but will remain in the range of RBI’s forecast, which is 2.7 per cent to 3.2 per cent.

The double digit food inflation during 2008-14 was tamed to mid-single digits over the last four years owing to easing agri-imports in a declining global agri-commodity price environment and steady yield improvements, it said.

The report, however, mentioned that in the last three months, food inflation has turned negative and that its study indicates a build-up of excess supply in several food categories (pulses, fruits and vegetables, sugar, milk etc.) exerting price pressure.

“Liquidity challenges have also adversely impacted economic activity, as per our channel checks,” it added.

The report also takes note of liquidity challenges in the rural economy saying the low food inflation does have calming impact on the overall inflation, but a sustained low inflation regime can also lead to adverse impact on rural income and can be a cause of social unrest, it warns.

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Sensex ends 52 points up, Nifty holds 10,900

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Sensex Nifty Equity

Mumbai, Jan 17: Amid mixed global markets and the ongoing corporate earning session, Indian equities ended higher on Thursday. Ahead of the release of quarterly results by index heavyweights, the Sensex closed with a 52 point gain while the Nifty ended above 10,900.

According to market participants, investors were cautious ahead of the third quarter results by Reliance Industries and Hindustan Unilever, to be announced later in the day.

The S&P BSE Sensex closed 52.79 points of 0.15 per cent higher after it shuttled between a high of 36,468.42 and a low of 36,170.80.

It opened close to 100 points up at 36,413.60 from its previous close of 36,321.29.

The broader Nifty ended in the green, up 14.90 points and 0.14 per cent.

Oil and gas and finance scrips led the gains on the Sensex. The index pivotal, banking stocks erased early losses to end flat while the healthcare stocks declined 0.90 per cent.

Stock-wise, Axis Bank, HCL, HDFC, TCS and Kotak Mahindra gained in the range of 1 to 2 per cent.

In contrast, Sun Pharma lost over 5 per cent followed by Yes Bank which declined over 3 per cent.

State Bank of India, Bajaj Finance, Hindustan Unileiver declined between 1 to 2 per cent.

Globally, markets traded on a mixed note amid political uncertainty in the UK over Brexit and the longest-ever partial shutdown of the US government.

However, British Prime Minister Theresa May won a confidence vote in the House of Commons on Wednesday, averting any immediate risk of an early general election.

IANS

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RBI relaxes external commercial borrowing norms

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Reserve Bank of India

New Delhi, Jan 16 : The Reserve Bank of India (RBI) on Wednesday announced a new framework for external commercial borrowings (ECBs) and rupee-denominated bonds in a bid to improve ease of doing business.

As per the new framework, all eligible borrowers can now raise external commercial borrowings up to $750 million or equivalent per financial year under the automatic route, replacing the existing sector-wise limits.

It also set the minimum average maturity period at three years for all external commercial borrowings irrespective of the amount.

Previously, the RBI had only allowed companies to borrow up to $50 million for three years. For funds beyond $50 million, companies had to borrow for at least five years.

“Tracks I and II under the existing framework are merged as ‘Foreign Currency-denominated ECB’ and Track III and Rupee-denominated Bonds framework are combined as ‘Rupee Denominated ECB’ to replace the current four-tiered structure,” the RBI said in a statement.

It also expanded the list of eligible borrowers allowing all entities eligible to receive foreign direct investment to borrow under the ECB framework.

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