GECs
India fourth most economically confident country: Ipsos Study
MUMBAI: Little did anyone know that the Modi sarkar that had vowed to boost growth, control inflation and restore investor confidence will actually work wonders at such a short span.
According to the study conducted by Ipsos, India’s economic confidence has got a major boost primarily due to a landslide victory of the business-friendly government led by Narendra Modi.
‘Ipsos Economic Pulse of the World’ survey reports that the country’s economic confidence shot up by six points to 66 per cent in May 2014 compared to April 2014, making it the fourth most economically confident country in the world after Saudi Arabia, Germany and China.
Indians are the most optimistic people in the world and are very confident of good time coming soon. For the very first time India (60 per cent) tops the list of countries whose citizens expect that its economy will be stronger in next half year. Marginally less than a half of Indian citizens (43 per cent) believe their local economy which impacts their personal finance is good, a significant rise of five points.
“All the data points in the Ipsos report indicate that India’s economic confidence has shot up substantially, which is also corroborated by the fact that India’s current account deficit has significantly eased, the currency has stabilised, inflation has substantially pulled back, stock market had a dream run so far and corporate earnings are improving,” said Ipsos CEO Mick Gordon in India.
“However, recent high food inflation, conflict in oil-producing Iraq and the fear of a below normal monsoon is big challenge for the new government,” added Gordon.
The online ‘Ipsos Economic Pulse of the World’ survey was conducted in May 2014 among 19,242 people in 25 countries. For the results of the survey herein, a total sample of 19,242 adults aged 18-64 in US and Canada, and aged 16-64 in all other countries, were interviewed between 1 and 15 April 2014.
For a second month in a row, the average global economic assessment of national economies surveyed in 25 countries remains unchanged as 39 per cent of global citizens rate their national economies to be good.
Although down two points since last round, Saudi Arabia (87 per cent) is in the lead once again, with Germany (75 per cent), China (66 per cent), India (66 per cent), Canada (65 per cent), Sweden (64 per cent) and Indonesia (59 per cent) following behind. European countries dominate the bottom of the global average: France (9 per cent), Italy (9 per cent), Spain (10 per cent), Romania (10 per cent), Hungary (18 per cent) and Argentina (18 per cent).
Countries with the greatest improvements in this wave: South Africa (28 per cent, 10points), Indonesia (59 per cent, 9 points), Russia (58 per cent, 8points), India (66 per cent, 6points), Great Britain (43 per cent, 6points), Poland (31 per cent, 6points) and Belgium (42 per cent, 2points).
Countries with the greatest declines: Australia (53 per cent, -7pts), Hungary (18 per cent, -6pts), Brazil (20 per cent, -6pts), South Korea (19 per cent, -4pts), Sweden (64 per cent, -2pts), Saudi Arabia (87 per cent, -2pts) and China (66 per cent, -2pts).
Up three points since last sounding, Saudi Arabia (67 per cent) leads the local economy assessment which impacts their personal finance, followed by Germany (55 per cent), Sweden (51 per cent), China (48 per cent), India (43 per cent), Canada (42 per cent), and Indonesia (39 per cent). Ranked the lowest in this measure this month is Italy (9 per cent), followed by Spain (11 per cent), Romania (12 per cent), Hungary (13 per cent), France (13 per cent), Japan (14 per cent) and Argentina (15 per cent).
New leader emerges, as for the first time India (60 per cent) tops the list of countries that predict their local economies will be stronger in the next six months. The rest of the highest-ranking countries are: Brazil (56 per cent), Saudi Arabia (53 per cent), Indonesia (50 per cent), China (39 per cent), Mexico (31 per cent) and Argentina (31 per cent). Only 6 per cent of those in France expect their future local economies will be “stronger” in the next half year, followed by South Africa (11 per cent), South Korea (13 per cent), Hungary (14 per cent) and Japan (14 per cent).
GECs
Sebi sends show-cause notice to Zee over fund diversion, company responds
Regulator questions 2018 letter of comfort and governance lapses; company vows robust legal response
MUMBAI: India’s markets watchdog has reignited its long-running scrutiny of Zee Entertainment Enterprises, issuing a sweeping show-cause notice that drags the broadcaster and 84 others into a widening governance storm.
The notice, dated February 12, has been served by the Securities and Exchange Board of India to Zee, chairman emeritus Subhash Chandra and managing director and chief executive Punit Goenka, among others. At its heart: allegations that company funds were indirectly routed to settle liabilities of entities linked to the Essel Group.
The regulator’s probe traces its roots to November 2019, when two independent directors resigned from Zee’s board, flagging concerns over the alleged appropriation of fixed deposits by Yes Bank. The deposits were reportedly adjusted against loans extended to Essel Group entities, triggering questions about related-party dealings and board oversight.
A key flashpoint is a letter of comfort dated September 4, 2018, issued by Subhash Chandra in his dual capacity as chairman of Zee and the Essel Group. The document, linked to credit facilities availed by certain group companies from Yes Bank, was allegedly known only to select members of management and not disclosed to the full board—an omission SEBI believes raises red flags over transparency and governance controls.
Zee has pushed back hard. In a statement, the company said it “strongly refutes” the allegations against it and its board members and will file a detailed response. It expressed confidence that SEBI would conduct a fair review and signalled readiness to pursue all legal remedies to protect shareholder interests.
The notice marks the latest twist in a saga that has shadowed the broadcaster since 2019. What began as boardroom unease has morphed into a full-blown regulatory confrontation. The final reckoning now rests with SEBI—but the reputational stakes for Zee, and the message for India Inc on governance discipline, could scarcely be higher.
