Rupee may touch 76 levels against dollar in next 3 months: UBS

Bengaluru, Feb 3: India's manufacturing activity expanded at its quickest pace in nearly eight years in January with robust growth in new orders and output, a private survey showed on Monday, suggesting the economy may be getting back on firmer footing.

In response to the jump in sales, factories hired new workers at the fastest rate in more than seven years.

If sustained, the improvement in business conditions could point to a gradual economic recovery in coming months, as forecast by analysts in a Reuters poll last month, after growth slowed to a more than six-year low in the July-September quarter.

The Nikkei Manufacturing Purchasing Managers' Index , compiled by IHS Markit, jumped to 55.3 last month from 52.7 in December. It was the highest reading since February 2012 and above the 50-mark separating growth from contraction for the 30th straight month.

"The PMI results show that a notable rebound in demand boosted growth of sales, input buying, production and employment as firms focused on rebuilding their inventories and expanding their capacities in anticipation of further increases in new business," Pollyanna De Lima, principal economist at IHS Markit, said in a news release.

A new orders sub-index that tracks overall demand hit its highest level since December 2014 and output grew at its fastest pace in over seven and a half years, pushing manufacturers to hire at the strongest rate since August 2012.

Meanwhile, both input costs and output prices rose at a slower pace, indicating overall inflation may have eased after hitting a more than five year high of 7.35% in December, although probably not below the Reserve Bank of India's medium-term target of 4%.

That might keep the central bank, which cut its key interest rate by a cumulative 135 basis points last year, on the sidelines over the coming months.

"To complete the good news, there was also an uptick in business confidence as survey participants expect buoyant demand, new client wins, advertising and product diversification to boost output in the year ahead," added De Lima.

Aligarh, Jul 20: The son of a motor mechanic in Aligarh, who had received a scholarship, topped at his high school in the United States.

Mohammad Shadab, son of the motor mechanic, told ANI, "Last year, I received the Kennedy-Lugar youth exchange scholarship worth Rs 20 lakh from the US government. Following this, I went to the States to pursue my high school education."

Out of 800 students, Shadab was also selected Student of the Month at his school. On his achievement, he said, "It was an achievement for me to be awarded this tag."

"I have worked really hard to top the high school," Shabad said.

Shadab said, "The condition at home was not good and it is still not that good. I want to support my parents and make them feel proud."
He also thanked the Indian government. "I am thankful to the Indian government for making me the flag-bearer in another county and choosing me for this scholarship."

Shabad's father, Arshad Noor, who is working as a motor mechanic for the past 25 years, said, "We had sent him to the US for his education and I am happy that he topped at the school."
On being asked about his son, Arshad said, "I want my son to become an IAS officer and serve the country."

But Shadab expressed the desire to work at the United Nations as a human rights officer.

Bhopal, Mar 13: The Madhya Pradesh Economic Offences Wing (EOW) on Thursday decided to verify facts afresh in a complaint against former Union Minister Jyotiraditya Scindia and his family, in which they are accused of falsifying a property document while selling land.

The development came after Mr Scindia quit the Congress and joined the BJP on Wednesday. 22 MLAs who belong to his camp also resigned, threatening the survival of the Kamal Nath government in the state.

"Yes, an order has been given for re-verification of facts in the complaint filed by Surendra Shrivastava," an Economic Offences Wing official told PTI.

An EOW release said Mr Shrivastava on Thursday filed a new complaint against Mr Scindia and his family, alleging that by falsifying a registry document, they sold him a piece of land at Mahalgaon which was smaller by 6,000 sq feet than the original agreement in 2009.

He had lodged the complaint first on March 26, 2014. But it was investigated and closed in 2018, the EOW official said. "As he again petitioned us today, we will re-verify the facts," the officer said.

Jyotiraditya Scindia's close aide Pankaj Chaturvedi alleged that it was political vendetta.

"The case had been closed for want of evidence. Now for vengeance, it is being reopened. We have full faith in the Constitution and law. We will get justice and Kamal Nath government a befitting reply," Mr Chaturvedi said.