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Mumbai, April 26, 2017: For the first time, foreign travel has grabbed the spot of the number one reason why Indian individuals spend money overseas.
The top reason for remittances was Indians sending money abroad for study purposes or maintenance of close relatives even until last year.
These remittances are made under the Reserve Bank of India’s Liberalised Remittance Scheme which allows individuals to send up to $250,000 annually.
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Spending money on travel has ranked number three in the list of reasons for remittances for several years. But the current fiscal has witnessed a change in that.
According to TOI reports, in FY17 (up to February 2017), remittances towards travel increased 3.6 times to $2.3 billion, accounting for a third of total international spending by Indians. In FY16, the total amount spent on travel at $651 million, amounted to only 15% of the total remittances.
According to M. Hariprasad, senior VP and head of treasury at Centrum Direct, A good growth has been noticed in travel to destinations like Thailand, Dubai and other places in the Gulf. “A combination of affordable airfares and offers by intermediaries has brought international travel within the reach of a lot many people,” he added.
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In 2013 when the rupee went into a free fall, the forex remittance limit was brought down from $200,000 to $70,000. However, in May 2015 this limit was restored and then increased to $250,000.
The spending on travel has nothing to do with the relaxation of ceiling on forex remittances as average spending is only in thousands of dollars; Hariprasad mentioned.
More than the relaxation of forex limits, overseas travel appears to have been boosted by the firming up of the rupee. However, travel companies insist that the growth is only normal because there is a shift to direct spending through credit cards and online bookings.
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Total remittances by Indians have gone up from $4.3 billion in FY16 to $7 billion in FY17 (up to February), an surprising increase of 63%. On the other hand, Indians sending money abroad for purchase of immovable property has shrunk from $90 million in FY16 to $82 million. A marginal decline on spending for medical treatment purposes overseas from $17 million to $15 million has been spotted as well.
However, as data for March 2017 is not available yet, the numbers could still rise.
– prepared by Durba Mandal of NewsGram. Twitter: @dubumerang
Among the Tamil epics written during the Sangam age, only a few survived to this day. Manimegalai is one such. It is written as a sequel to the Sillapadikaram, taking the story forward of Kovalan and Madhavi's daughter, Manimegalai. The Sillapadikaram is about the injustice of the Madurai kingdom in the execution of Kovalan, which turned Kannagi, his wife into a goddess seeking vengeance for her husband's death. Kovalan, before his death, has an affair with a court dancer, Madhavi, and his daughter, Manimegalai, is said to begin a different tradition among the Tamils.
The epic, written by Sattanar, introduces Buddhism to Dravidian culture, something that has been alien to them for years. Manimegalai is the protagonist, who flees constantly from the pursuit of Chola prince Udhayakumara, and tries to lead an ascetic life. Throughout the plot, Buddhist tenets are used to avoid the culmination of a love-story. Manimegalai is believed to be the anti-love story sequel to the Sillapadikaram.
A complete work of Tamil epic written by hand on leaves Image source: wikimedia commons
The Sillapadikaram was written by a Jain monk, Illango Adigal, and Sattanar, uses the sequel to question Jainism. It is almost a political battle between two new religions competing for a place in a predominantly Hindu society. Parts of Manimegalai even go to the extent of opening ridiculing Jain practices and beliefs.
Critics of Tamil literature have stated that while the Tamil epics have great poetic significance, they are inferior to other world epics when it comes to clearly portraying religious affiliations. In fact, they refer to the newer religions with an infant's perspective. Some scholars have found that Sillapadikaram has more ethical substance than its sequel, but in and of itself, despite being written by a Jain monk, reads like Hindu poetry (Subhramanya Aiyar, 1906).
Keywords: Manimegalai, Sillapadikaram, Tamil Epic, Sattanar, Ilango Adigal, Chola kingdom, Sangam Age, Buddhism
The Covid-19 pandemic could act as an inflection point to shift India's growth model from being consumption driven to investments-led. In its Ecoscope report, Motilal Oswal Financial Services, said: "With Covid-19 hurting India's 'Household' (HH) and 'Government' sectors adversely, the continuity of strong consumption growth is in question."
"On the contrary, with listed companies' financial positions improving and an uptick in household investments in the Real Estate sector (called physical savings), the narrative of investment-led recovery is gaining momentum." The report prescribed that various economic participants - households, governments, listed companies, and unlisted corporates -- to increase their fixed asset investments in the immediate future based on their financial position.
The Covid-19 pandemic could act as an inflection point to shift India's growth model from being consumption driven to investments-led. | Photo by Fusion Medical Animation on Unsplash
At present, the listed and unlisted corporate sector accounts for only about half of total investments in India. The 'HH' sector including unincorporated enterprises accounts for 35-40 per cent in India's investments, while the remaining 12-13 per cent is contributed by centre and states governments. Besides, the report cited that demand environment is expected to remain subdued due to weak financial position of 'HH' and government sector.
"Despite household investments picking up strongly in 2HFY21, given that Indian households bore the maximum brunt of Covid-led losses in CY20 (and CY21), we believe household spending would remain subdued over the next few years." It further pointed out that unless 'HH', 'Unlisted Corporate', and government sectors can improve their financial positions -- leading to a demand uptick -- a strong revival in investments seems challenging. (IANS/ MBI)
Keywords: India, covid, pandemic, growth, household, government, investment
SpaceX and Tesla CEO Elon Musk has said that next time the Dragon spacecraft will have food warmer and free WiFi. Taking to Twitter, the crew of Inspiration4 shared a checklist of things they have been enjoying while orbiting safely around the Earth.
"Can't believe we're eating cold pizza in space. It's extraordinary!" Inspiration4 tweeted. In response, Musk apologised for the cold food, saying: "Sorry, it was cold! Dragon will have food warmer and free WiFi next time."
Inspiration4 Crew | Wikimedia Commons
After lifting off for space, SpaceX's Inspiration4, the first all-civilian crew, is healthy, happy and doing well in the orbit, the company said recently. The mission lifted off at 8.02 p.m. (EDT) on Wednesday (5.30 am IST on Thursday) aboard SpaceX's Falcon 9 rocket and Dragon spacecraft from the historic Launch Complex 39 in NASA's Kennedy Space Center in Florida.
It is commanded by tech entrepreneur Jared Isaacman who has been joined by medical officer Haley Arceneaux, a pediatric cancer survivor; Mission Specialist Chris Sembroski, an Air Force veteran and aerospace data engineer; and Mission Pilot Sian Proctor, a geoscientist, entrepreneur and trained pilot. (IANS/ MBI)
Keywords: Elon Musk, SpaceX, Inspiration4, Dragon, Wifi, food