Scholar, trainer and risk analyst Nassim Nicholas Taleb has an interesting observation on India: "You have a structure that is not very good for starting businesses. Why? Because smart people here like to go to university and then have a prestigious position. That is not how you build an economy." Taleb says to build an economy, people need to start businesses, learn to take risk to be able to transform it from a rent economy to a risk economy.
STREET PULSE: Where we stand Nifty futures on Singapore Exchange traded some 13 points higher at 7 am (IST), promising a positive start to trade on Dalal Street. Elsewhere in Asia, share markets took a breather at 18-month peaks after having climbed for five straight sessions.
HERE'S WHAT TO WATCH  | MSCI index for Asia-Pacific shares outside Japan was flat in thin early trade, just off its highest since June last year. Japan's Nikkei dipped 0.1%, while Korean shares edged up 0.1% to an eight-month peak. |
| Wall Street's major indices inched higher on Tuesday, extending their record-setting rally. Dow rose 31.27 points to 28,267, the S&P500 gained 1.07 points to 3,192 and the Nasdaq added 9.13 points to 8,823. |
| Oil prices retreated after rising more than 1% in the previous session as US industry data showed a surprise build in crude stocks, but hopes for firmer demand next year checked a deeper fall in prices. Brent crude futures dropped 21 cents to $65.89 a barrel while WTI crude futures fell 31 cents to $60.63 |
| The rupee pared early morning gains to settle 2 paise down at 70.98 against the US currency on Tuesday. |
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Jaypee Resolution… The Committee of Creditors of Jaypee Infratech has selected state-run NBCC to acquire the realty developer after lenders and homebuyers concluded their voting on Monday night. NBCC's proposal received 97.4% of total votes with 39.6% of lenders and 57.7% of homebuyers backing the offer. Ten out of 12 lenders voted in favour of NBCC's proposal, including lead lender IDBI Bank. NBCC has sought three months to raise money and plans to start actual work on the project by the first week of May.
Read More GST Council Agenda… A boost for the real estate sector, rationalisation of tax rates on lotteries, making refunds seamless for exporters are the topics set to dominate Wednesday's GST Council meeting, as per the agenda for the meeting. The government is looking to balance revenue collections between states and the Centre besides ironing out problems faced by a few industries. The council is also likely to consider a proposal to further restrict input tax credit as it eyes measures to plug revenue leakages, a move that could pose cashflow problems for India Inc.
Read More I-T Cuts Coming?… The government is likely to trim personal income tax rates and cut the tax on long-term capital gains from equity investments in its next budget, in a bid to spur economic growth, Reuters reported quoting four government officials. "We are discussing tinkering with ... income tax rates so that more money is put in the people's hands," a senior government official directly involved in budget discussions said.
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Too Pricey for Comfort… Mutual fund penetration in India is just a quarter of the global average, but valuations of Indian asset management companies are outpacing global peers by a wide margin. Shares of HDFC AMC and Reliance Nippon Life Asset Management trade at a trailing multiple of 71 and 44, respectively, making them the most expensive asset management companies compared with the average P/E of 19.6 for global AMCs, Bloomberg data showed. The two Indian AMC stocks have earned more than 100% return in 2019 so far — the best performances among the BSE500 companies and globally listed AMCs.
Read More India Downgrade Ahead… The IMF is all set to revise estimates for India's economic growth in January, which will be a significant downward cut over the previous estimate, its chief economist Gita Gopinath said on Tuesday. "India is one of the emerging markets where growth has surprised on the downside," she at Times Networks' India Economic Conclave. IMF currently projects India to grow at 6.1% in 2019 and 7% in 2020.
Read More PF Money to PEs/VCs?… India's private equity and venture capital industry is asking that domestic pension funds allocate 1% of their overall assets to alternate investment funds and is proposing the creation of multiple startup focused fund-of-funds, backed by the government, to channel such investments. The idea, mooted by the Indian Venture Capital Association, the nodal body representing the sector, is also seeking tax breaks as incentives to create such pools of domestic capital.
Read More Meanwhile... Niti Aayog, the government think tank, is working on a proposal aimed at improving India's low nutrition ranking and centred on the idea that the government subsidises protein-rich food, including eggs, fish, chicken and meat, possibly through its public distribution system.This is likely to be part of Niti Aayog's 15-year Vision Document. The document is expected to be in place by early next year and will be effective from April 1, 2020. licymakers and individuals.
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