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Tag: State Bank of India

  • Mahindra Finance, SBI in co-lending pact for priority sector lending

    Mahindra Finance, SBI in co-lending pact for priority sector lending

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    M&M Financial Services has entered into a co-lending partnership with the State Bank of India to offer affordable solutions to the NBFC’s customers.

    The pact will harness the distribution strength of Mahindra Finance and the cost-efficient capital of SBI, ensuring wider outreach and better interest rates for customers, which will be determined based on the customer’s credit profile.

    This will help unlock the potential of priority sector lending and ensure a “personalised and competitive financing experience”, the lenders said in a joint release, adding that the partnership reflects both entities commitment to empowering the MSME sector.

    “With Mahindra Finance’s strong rural distribution network and expertise in the financial sector and SBI’s competitive capital cost, customers will get a competitive advantage. The objective is to extend joint financial support to customers thereby enabling credit to the unserved segments of the economy at an affordable cost,” the release said.

    This is Mahindra Finance’s first co-lending tie-up with a bank. Under this agreement, the NBFC will facilitate leads and manage loan servicing while serving as a single point of contact for prospective customers.

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  • SBI Card Sees Q3 Sparkle on Festive Season Spending Boost

    SBI Card Sees Q3 Sparkle on Festive Season Spending Boost

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    SBI Cards & Payments Services (SBI Card), the country’s largest pure-play credit card issuer, is upbeat about clocking a better third quarter (Oct-Dec 2023) performance this year, riding on the strong ongoing festive season spends, Abhijit Chakravorty, Managing Director & CEO, has said.

    In his first interaction with BusinessLine post assuming charge at the helm of SBI Card this August, Chakravorty said that transaction volumes in the third quarter are “impressive” and that the company is bound to register a better performance in Q3 considering that the festive season started in October this year.

    “Last year the festive season was split between two quarters i.e festive season started from September 2022. We will be seeing better performance this quarter considering that festive season started as late as Oct 10”, Chakravorty said.

    “My receivables now are at an all time high, my spends are at an all time high. There is great appetite for consumption in the market. So all these leads me to believe that my business volumes to be continuously growing this quarter and those will bring me adequate returns”.

    SBI Card on Friday reported a 15 per cent increase in net profit for the second quarter ended September 30, 2023 at ₹603 crore (₹526 crore). Credit card spends saw 27 per cent year-on-year growth in Q2 at ₹79,164 crore (₹62,306 crore).

    CUSTOMERCENTRICITY

    Asked whether he intends to bring some “strategic shift” in the company’s working, Chakravorty said that it would be a largely “business as usual” approach, but quickly noted that he intends to focus on “customer centricity” as an add-on to the existing business plans.

    “I would be working closely on the customer satisfaction front. I would prefer to give my customers an absolute friction-free experience so far as card usage is concerned.

    We would like to see if there is any gap, if there is anything that can be done, if there is any value additions that can come towards customer satisfaction, have an ear to the market, look at the noises that are coming out and work on them and give them the best experience that they expect”, he said.

    Chakravorty however declined to give any profit guidance for the entire fiscal even as he pointed out that fourth quarter is expected to be an outlier this fiscal too and help boost overall financial performance.

    On Cards-in-force, Chakravorty said he expects to sustain the growth (21 per cent year-on-year in Q2) and noted that gross additions have been comfortable.

    “We had aspirations of adding 10 lakh plus new cards (on gross level) per quarter. That level we have been achieving (overshooting in last two quarters) and would like to maintain and achieve going forward also”, Chakravorty said.

    DIGITAL JOURNEY 

    Going forward, SBI Card would look to push more digital onboarding of customers rather than human sourcing that is prevailing now. 

    “We want to accelerate the digital journey and make customer interaction more digital. The digital journey is already there which helps in getting a card within 10 minutes, provided all documentation are aligned.

    Nothing can beat a digital experience. The delight created by a seamless digital experience, but that kind of awareness we would like to create in the market for our digital journeys which are already there”, he said.

    UPI CREDIT – A THREAT?

    Asked if SBI Card sees UPI on Credit as a threat, Chakravorty replied in the negative. 

    “UPI on credit is one more facility, one more window, but it is a limited window. As on date and as per our understanding on what we have read, we don’t see UPI on credit as a threat”, he said.

    He said that credit card is a niche payment option that will continue to prevail and expressed confidence that customer preference will not be taken away.

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  • State Bank of India discusses India’s economy in light of global inflation

    State Bank of India discusses India’s economy in light of global inflation

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    Dinesh Kumar Khara, chairman of the bank, says in many other countries, inflation is attributed to supply-side constraints, but that’s not the case in India.

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  • SBI’s Q1FY24 net profit could more than double: Broking firms

    SBI’s Q1FY24 net profit could more than double: Broking firms

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    State Bank of India’s (SBI) net profit is likely to more than double in the first quarter vis-a-vis year ago period buoyed by robust net interest income and fee income and low credit costs, according to broking firms.

    India’s largest bank is likely to post a net profit of about ₹13,200 crore against ₹6,068 crore in the year ago period, based on an average estimate by 10 broking firms.

    ALSO READ | State Bank of India launches ‘Transaction Banking Hubs’ for efficient solutions

    BNP Paribas, in a report, estimated SBI’s net profit growth at 153 per cent yoy, flattered by a severely MTM (mark-to-market) loss-affected base.

    “Our top candidate for a positive earnings surprise is SBI, on the back of robust fee income,” per the report.

    Analysts expect the bank to have grown its credit portfolio across the board, including retail (housing, vehicles, pre-approved personal loans), MSME and agriculture.

    Broking firm Prabhudas Lilladher expects SBI’s net profit to jump 144 per cent yoy to ₹14,821 crore.

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  • State Bank of India launches ‘Transaction Banking Hubs’ for efficient solutions

    State Bank of India launches ‘Transaction Banking Hubs’ for efficient solutions

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    State Bank of India (SBI) has launched 34 Transaction Banking Hubs in the top 21 district centres across the country to provide customers with quick and efficient transaction banking solutions.

    India’s largest bank, in a statement, said its goal is to meet all customer needs and provide comprehensive solutions for their transaction, payment, and collection requirements under one roof.

    “The newly launched hubs will be staffed by product specialists who will also assist business customers with their other financial service needs by leveraging the ‘Power of One’ within the SBI Group by enabling seamless connectivity with other business verticals and subsidiary companies,” per the statement.

    Dinesh Kumar Khara, Chairman, who launched the Transaction Banking Hubs on SBI’s 68th foundation day, underscored the successful turnaround by onboarding over 2000 Current Account (CA) customers on revamped CA variants.

    “These variants offer attractive concessions on bundled Transaction Banking services. Additionally, during the pre-launch campaign in June 2023, the Bank mobilized over ₹1,000 crore deposits at these centres,” he said.

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  • There is a need to mobilise domestic and international flows to meet India’s green finance requirements: SBI Chief Khara

    There is a need to mobilise domestic and international flows to meet India’s green finance requirements: SBI Chief Khara

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    There is a need to mobilise domestic and international flows from retail as well as institutional investors to meet the green finance requirements of the country, according to Dinesh Kumar Khara, Chairman, State Bank of India.

    Speaking at a seminar on ‘Climate Finance and Risk’, which was hosted by SBI under the aegis of the Department of Financial Services (DFS) in New Delhi, Khara also emphasised on the need for robust climate focused frameworks backed by central regulations.

    SBI, in a statement, said India ranks 7th among the world’s most affected countries by climate change, yet a relatively small share (about 7 per cent) of climate capital flows into the country.

    The Bank organised the workshop as part of an industry-wide effort to delve into complexities of climate finance, examining the opportunities and challenges it presents, and finding practical and impactful solutions to climate change.

    Vivek Joshi, Secretary, DFS, urged banks to collaborate and create policies for mobilizing capital towards mitigation and adaptation finance.

    He also highlighted the fact that the financial sector is well positioned to bring about behavioral change in corporates and contribute towards building a sustainable society.

    Participants, including senior officials from leading public and private sector banks, NABARD, NaBFID, SIDBI, RBI, and policymakers, discussed the gap in climate finance in India, avenues for mobilizing private capital in emerging markets towards climate-friendly initiatives, the importance of fostering green investments and accelerating the transition to a low-carbon economy, per SBI’s statement.

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  • 12 PSBs cross ₹1 lakh crore profit mark in 2022-23 aided by lower credit cost, strong recoveries

    12 PSBs cross ₹1 lakh crore profit mark in 2022-23 aided by lower credit cost, strong recoveries

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    Top public sector banks have come out all guns blazing when it came to year-on-year bottom line growth in the just-ended March 2023 quarter, an analysis of results declared by these lenders showed. 

    Led by banking major State Bank of India, which saw its Q4 profits surge 83 per cent to ₹ 16,695 crore, the large PSBs such as  Punjab National Bank, Bank of Baroda, and Canara Bank have all reported buoyant increases in year-on-year growth rates in Q4 profits.

    For the fiscal year 2022-23, SBI recorded a profit of ₹ 50,232 crore, up from ₹ 31,675 crore in 2021-22. This is SBI’s, highest-ever quarterly and yearly profit.

    While PNB’s Q4 profits grew 477 per cent to ₹ 1159 crore (₹201 crore),  Bank of Baroda’s net profit in the fourth quarter surged 168 per cent to ₹4,775 crore (₹ 1,779 crore). 

    For the fourth quarter ended March 31, 2023, Canara Bank reported a net profit of ₹3,175 crore, up 91 per cent over a net profit of ₹1,666 crore in the same quarter last fiscal. 

    The aggregate profits of 12 PSBs surpassed the ₹ 1 lakh crore mark (₹1.05 lakh crore mark, to be precise in 2022-23), data showed.

    This growth occurred  after these 12 banks posted a net loss of ₹85,390 crore in 2017-18.

    These 12 PSBs witnessed a 57 per cent increase in total profit compared to ₹66,539.98 crore earned in 2021-22.

    PNB posted a 27 per cent decline in annual net profit from ₹3,457 crore in 2021-22 to ₹2,507 crore in the year ended March 2023.

    The PSBs that reported an annual profit over excess ₹10,000 crore in 2022-23 are Canara Bank (₹10,604 crore) and Bank of Baroda (₹14,110 crore).

    WHAT ARE THE REASONS 

    The main factors behind this strong performance of all PSBs, including large ones, are the decline in credit cost for banks and focused efforts to improve recoveries. Credit cost is different from “cost of funds”.  Credit cost is the cost incurred by a lender for providing credit to a borrower.  

    “Major reason not only for our bank (PNB) but also for all public sector banks is credit costs have been reduced drastically. Gross NPA, Net NPA, aging provision has also reduced. This is reason why profitability has improved across the board”, Atul Kumar Goel, Managing Director & CEO, PNB, told businessline.

    He highlighted that credit costs have been coming down quarter after quarter for PNB. In the case of PNB, the credit cost was 2.05 per cent in 2022-23, and for the current fiscal it is being estimated at 1.5-1.75 per cent, Goel said.

    Goel also noted that PNB has substantially improved its underwriting standards over the last two years. Out of the total disbursement level of ₹ 5.18 lakh crore last one and a half years, the NPA amount has been a meagre ₹ 178 crore.

    “Lot of initiatives have been taken by the bank (PNB) for improving asset quality. This is reason recovery is increasing and addition is declining. Last year was a good year for PNB. This year will be one of the best for us”, Goel added.

    Srinath Sridharan, Policy Researcher, said, “Surely most of the banks have benefited from scaling their credit outreach in the past year, as well as managing their costs – especially the interest spread management and staff productivity”.

    He said these have contributed to increased profitability, adding that the market would be keen to watch if they can maintain the growth and profitability momentum next few quarters as well.

    Krishnan ASV, Lead – BFSI Analyst, HDFC Securities, said, “FY23 has emerged as a blockbuster year for PSBs with ROAs trending ~30-40bps higher through the year (Q1 through Q4). A lion’s share of the ROA reflation was driven by two parameters: Net Interest Margins (accounting for 80-90% of the reflation) and credit costs (<10% of the ROA reflation). Of these two major variables, we believe that the gains from Net Interest Margin (NIM) will partly reverse themselves through FY24 as deposit re-pricing continues to catch up with a lag. Also, despite a benign credit environment prevailing currently, PSBs may witness higher credit costs as they spruce up their balance sheet for the impending ECL norms – in select cases, we expect credit costs for PSBs may not sustain at such abnormally low levels.”.

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  • India’s banking system is resilient to U.S. banking stress, says State Bank of India’s chairman

    India’s banking system is resilient to U.S. banking stress, says State Bank of India’s chairman

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    Dinesh Kumar Khara, chairman of State Bank of India, discusses the characteristics that make India’s banking system “structurally different” from some U.S. banks.

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  • India’s Global Happiness Index rank should be 46, not 126: SBI Ecowrap

    India’s Global Happiness Index rank should be 46, not 126: SBI Ecowrap

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    India has been wrongly placed at 126th rank in the World Happiness Report 2023, according to the State Bank of India’s research report Ecorwap.

    “We estimate India at 48th position in terms of happiness and we summarily dismiss the results of India’s 126th rank in World Happiness Index as a measure of happiness,” Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India said in the report.

    “While happiness is a subjective thing to define, therefore measuring happiness across the world through the same lens could only mean every country and it’s countrymen/women feel happy the same way and in the same proportion, which is highly unlikely as evolution has given a distinct aura to distinct geographies,” SBI said.

    ‘No right indicators’

    The common measures of happiness for all countries may not be the right indicators to generate happiness indications. There are always country-specific parameters in each domain of social science and development, and happiness measurement cannot be an exception to that, it added.

    “The factor that is closely related to a higher level of happiness is social relationships, which in India are much more broadened and altruistic than in any other country in the world. The amount of time people spend with their friends and family is associated with positive happiness,” SBI said.

    It added, “As per psychological theories, married people are also associated with higher happiness than single people. Religious people again are happier than non-religious people. Mental happiness is also very important for long-term happiness.”

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  • SBI asks field functionaries to desist from mis-selling of insurance products

    SBI asks field functionaries to desist from mis-selling of insurance products

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    Within days of the finance ministry issuing a diktat against mis-selling, the State Bank of India (SBI) has asked its field officers to desist from forced selling of insurance products to its customers. 

    In a communication to all public sector banks, the Department of Financial Services (DFS) had said there was an alarming increase in the number of complaints arising out of customers being forced to buy insurance products.

    “We are confident that the circles must be fully adhering to the best practices and need based selling of insurance products, still there is an ongoing requirement of a strong emphasis and re-iteration of the zero-tolerance policy of bank towards any incident of mis-selling and forced selling to all operating functionaries,” SBI said in a communication to all its chief general managers.

    The bank asked the field functionaries to ensure that the branches conduct need-based selling of insurance products with strict compliance to the Assessment of Suitability and Appropriateness Framework (ASAF) and sourcing of business is undertaken for 100 per cent KYC compliant accounts.

    Many complaints received

    The DFS letter to heads of public sector banks said it had received complaints that fraudulent and unethical practices are adopted by banks and life insurance companies for procuring policies from the bank customers. There have been instances where life insurance policies were sold to customers aged above 75 years in tier-II and III cities.

    Usually, branches of the banks push products of their subsidiary insurers. When resisted by customers, branch officials would sheepishly admit that they are under pressure from the top. Insurance products are pushed when customers go to seek any kind of loan or buy a term deposit. 

    In this regard, the letter had said, the department has already issued a circular wherein it has been advised that a bank should not adopt restrictive practices of forcing customers for getting insurance from a particular company.

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  • Digital Rupee coming on Dec 1: How will it work and what does it mean for you?

    Digital Rupee coming on Dec 1: How will it work and what does it mean for you?

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    After months of anticipation, the Reserve Bank of India (RBI) on Tuesday said that it would launch its first pilot for retail digital Rupee, or e₹-R, on December 1. The central bank-backed Central Bank Digital Currency (CBDC), which is similar to cryptocurrency to some extent, will be for retail users.  

    There has been a lot of buzz around the concept of cryptocurrencies, CBDC, and digital currencies. A central bank digital currency can be described as the digital form of a country’s fiat currency, whereas a cryptocurrency is also a digital currency, which is an alternative form of payment with unique encryption algorithms. In layman’s terms, a CBDC is simply digital fiat, whereas cryptocurrencies are digital assets on a decentralised network.   

    What is Digital Rupee or e₹-R? 

    The Reserve Bank of India has defined the e-Rupee as a form of digital token that represents legal tender. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency, and unlike cryptocurrencies, the digital Rupee is issued in the same denominations as paper currency and coins. 

    How will it work? 

    The e₹-R, which will be released on December 1, will be a digital token that represents legal tender. It will be issued in the same denominations as paper currency and coins and will be distributed through intermediaries, here it is banks. 

    2. As per the central bank, users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones and devices. 

    3. The transactions in digital Rupee can take place between Person to Person (P2P) and Person to Merchant (P2M), as per RBI’s statement. 

    4. Payments to merchants can be made using QR codes displayed at merchant locations, just like customers do for Paytm or Google Pay. “The e₹-R would offer features of physical cash like trust, safety, and settlement finality. As in the case of cash, it will not earn any interest and can be converted to other forms of money, like deposits with banks,” the RBI said. 

    5. The pilot will kickstart in four banks – State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank – in four cities, including Mumbai, New Delhi, Bengaluru and Bhubaneswar.  

    6. Four other banks – Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank – will join this pilot eventually and it would also be extended to other cities such as Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, and Shimla. 

    “The Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) aims to fulfill the promise of affordable, safer, and easier payments for all. Since it provides a regulated alternative to cryptocurrencies in the market, the CBDC would lead to more robust and reliable payments, lowering the dependency on cash. The underpinning technology would make transaction costs low. Being interoperable with other payment systems, it will complement existing techniques like UPI, thus completing the mobile payments ecosystem,” said Jaya Vaidhyanathan, CEO, BCT Digital.  

    What’s expected? 

    As per sector experts, India’s CBDC initiative is very much in line with its recent digitalisation efforts worldwide. India is one of the few countries that have launched its own CBDC. Globally, many nations, such as China, Ghana, Jamaica, and some European countries are exploring their CBDC products. Some have even launched their digital currencies. There are nine countries that have fully launched their CBDCs. Eight of the nine countries are located in the Caribbean. The Sand Dollar of the Bahamas was the first CBDC of the world, which was launched in 2019. 

    “The digital rupee (e₹-R) will provide better security, traceability, and accountability for the movement of money through the world’s 5th largest economy. Instead of a distributed ledger, the e ₹-R will get regulated by the RBI, providing legal cover and stability to the digital currency. Since the digital asset is backed by a sovereign institution and can get tracked, it should reduce the excessive fraud inflicted upon UPI users because these funds become untraceable once they are taken out of the banking system,” said Anirudh A. Damani, Founder of Artha Group. 

    The retail digital currency, which will be launched on December 1, will be distributed through a two-tier model. The central bank will first issue to it the chosen banks. The banks will further distribute currency into the hands of consumers. “The introduction of the Digital Rupee in India is anticipated to improve our currency management system’s efficiency, transparency, systemic resilience, and governance. One of the main advantages of the change is that transactions can be completed without even opening a bank account. The government would be able to quickly view all transactions occurring within authorized networks, facilitate real-time account settlements, and maintain ledgers once the digital rupee is released,” said Rajeev Yadav, MD & CEO, Fincare Small Finance Bank. 

    “CBDC-backed currencies are a logical next step in the journey of digital currencies. It eliminates several of the inefficiencies which mar cryptocurrencies by providing stability and comfort with the backing of the central bank (RBI). CBDC will further be a positive step towards the adoption of blockchain for financial services, and will align India with the world that is rapidly progressing towards adoption of digital currencies,” said Deepak Kothari, Co-founder and COO, ftcash. 

    Also read: RBI Guv Shaktikanta Das lauds the launch of digital Rupee, calls it is ‘landmark’

     

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  • Rise in Indian corporate lending signals new investment cycle

    Rise in Indian corporate lending signals new investment cycle

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    Indian lenders are expanding lending to local corporations at the fastest pace in more than eight years, a sign of a new private investment cycle starting in the world’s fifth-largest economy even as growth in large developed economies and China slows.

    That international slowdown will limit the strength of the new Indian cycle, economists say.

    Private investment in India was constrained for years by the heavy indebtedness of companies and banks and by weak demand. But over the past two years, corporations and lenders have cut costs and raised equity capital, and companies have been able to spend on new capacity as demand has strengthened.

    It has strengthened so much that productive capacity and working capital are now being used more intensively. That, in turn, is driving the higher demand for credit, said Swaminathan Janakiraman, managing director at India’s largest lender, State Bank of India (SBI).

    “The capex that is taking place is generating financing requirements across the industry and the services sector and to a small extent there is a shift in borrowings from bonds to loans,” said Swaminathan. “Corporate credit demand has been low for too long and it is time for a pick-up.”

    SBI expects its stock of corporate loans to rise by between 14% and 15% this year and by 12% a year on average in 2023 and 2024. 

    Across India’s banking sector, lending has been rising steadily. In the last two weeks of October, it was up nearly 17% on a year earlier. Lending to corporations, including small, medium and large businesses, was up 12.6% in September, the highest rate of annual growth since 2014, the latest sectoral data shows.

    Sectors seeing strong loan demand range from infrastructure to real estate, iron and steel, and new economy segments such as data centres and electric-vehicle makers, said M.V. Muralikrishna, chief general manager for large corporate lending at Bank of Baroda, India’s second-largest state-owned lender. “Six months ago, the demand was mainly from the infrastructure sector, but it has now broadened out.”

    Annual capital spending for India’s 15,000 largest industrial companies will be 4.5 trillion rupees ($55 billion) in the financial year to March 2023 and 5 trillion rupees in each of the following two financial years, forecasts Hetal Gandhi, director for research at CRISIL Market Intelligence and Analytics. That spending will be about a third higher than the average in the three financial years before the COVID-19 crisis.

    “While the initial part of these investments were funded through internal accruals, borrowings from banks are rising and expected to grow further next year,” Gandhi said.

    GOVERNMENT PUSH

    About a quarter of current capital expenditure is linked to a government manufacturing-subsidy scheme launched in 2021 called Production-Linked Investment (PLI), CRISIL estimates.

    Dixon Technologies, an electronics manufacturer with annual revenue of about 150 billion rupees ($1.85 billion), will receive incentives under the scheme for setting up facilities in five sectors, including electronics.

    The company expects to invest up to 6 billion rupees ($74 million) and is partly funding the expansion through bank debt, said Saurabh Gupta, its chief financial officer. “The borrowing environment is conducive and banks are willing to lend, particularly to companies under the PLI scheme,” he said.

    The government also plans to spend a record 7.5 trillion rupees ($92 billion) on infrastructure in 2022-23, adding to demand commodities such as steel and cement.

    That has prompted Birla Corp to plan a $1 billion expansion of its annual cement manufacturing capacity to 30 million tonnes from 20 million tonnes. The company is partly funding that with debt but is wary of rising interest rates, said Harsh Lodha, chairman of its parent, MP Birla Group.

    “Capex appears to show recovery, led by incipient signs of a pickup in private capex and sustained support from public capex,” Morgan Stanley economists Upasana Chachara and Bani Gambhir said in a Nov. 14 report.

    The economy was benefiting from post-COVID reopening, policy measures to reinvigorate capital expenditure, and stronger balance sheets in the private sector, they said.

    RISK

    However, a slowdown in global growth due to rising interest rates and pandemic restrictions in China presents a risk – or at least limitation – to this investment pick-up.

    Already, October exports were lower than a year earlier, and Nomura economists cautioned in a note this week that India’s investment cycles were closely linked to its export cycles. So the current investment phase was not likely to be strong. Read full story

    “October marks the first contraction in exports in the post-pandemic phase,” they wrote. “The last time exports contracted was back in February 2021 – attesting to the increasingly challenging global environment, and India’s sensitivity to this global slump.”

    Credit Suisse economists noted that the weakness was broad. Only the electronics sector saw higher exports in October.

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