Latest news with #Pal
Economic Times
10 hours ago
- Business
- Economic Times
US debt crisis fuels de-dollarisation talk; may boost emerging markets: Puneet Pal
The growing fiscal challenges in the United States are starting to ripple across global markets, sparking renewed conversations around de-dollarisation. In an exclusive interaction with ETMarkets, Puneet Pal, Head of Fixed Income at PGIM India Mutual Fund, explains how the rising U.S. debt burden and persistent fiscal deficits are reshaping investor sentiment. While immediate outflows from U.S. bonds remain limited, Pal believes the long-term implications could be significant — potentially benefiting emerging market assets, including India. He also shares his outlook on yield curves, the shift in U.S. bond issuance strategy, and the broader impact on global fixed income markets. Edited Excerpts – ADVERTISEMENT Q) How would you describe the current size and depth of the corporate bond market in India?A) Indian corporate bond market is big, with over Rs. 53 lakh crore of outstanding corporate bonds. Not only in terms of the amount of outstanding bonds but also in terms of different types of instrument/structure, the corporate bond market in India is well developed. In terms of the depth, AAA rated securities dominate both the primary market and the secondary market liquidity. The key challenge is to increase the secondary market liquidity especially in lower rated securities. Institutional investors are, by far, the largest holders and participants in the corporate bond market. Retail participation is limited. Majority of the institutional investors in the corporate bond market are long only investors with a buy and hold is especially true in respect of lower rated bonds below AA with not many participants doing active trading, resulting in lower trading volumes compared to the government securities market. ADVERTISEMENT Thus, we can say that in spite of impressive increase in the total outstanding amount, depth of the corporate bond market remains relatively shallow. The daily trading volumes in the corporate bond market range between Rs. 8,000-10,000 crores on an average which pales in comparison to the daily average trading volumes in government securities market of Rs. 50,000-70,000 crores. ADVERTISEMENT Also, the corporate bond market remains an OTC market compared to the screen-based market in G-secs, which impacts price discovery, especially in lower rated we need to increase liquidity in the secondary market and along with it make the secondary market price discovery more efficient. Q) 2025 has seen record-breaking corporate bond issuances. What factors are driving this surge in new issuance? ADVERTISEMENT A) We have seen a decent increase in primary market activity this year. This is mostly driven by lower interest rates with issuers looking to lock in the current attractive yields. Majority of the issuance has been from NBFCs and PSUs. Q) The US is currently grappling with a growing debt crisis. How do you see this impacting global bond markets? A) The US economy is facing a huge debt challenge with elevated fiscal deficit. The rising debt burden and the Tariff issue has fuelled the narrative of de-dollarisation, leading to a search for diversification away from the US dollar/Bonds. ADVERTISEMENT Though, at present, this has not led to a meaningful flow away from US bond markets but can have potentially far-reaching consequences for US assets and can benefit emerging market assets. Given the fact that higher debt/fiscal deficit in US, will lead to US yields staying elevated, the yield curve can remain/become steeper including in the case of emerging markets. Q) Issuance of ultra-long-term US Treasury bonds has slowed down. What's driving this trend? A) The need to reduce the pressure on long end bond yields in US has led to more issuance at the shorter end and this trend may continue in the near term. (Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Hindustan Times
13 hours ago
- Politics
- Hindustan Times
Efforts to counter SP's PDA: BSP starts increasing Muslim focus in party organisation
With a view to countering Samajwadi Party's PDA (Picchda, Dalit and Alpshanyak) pitch, the Bahujan Samaj Party (BSP) has starting increasing the representation of Muslims, Other Backward Class (OBC) along with Dalit communities in the run-up to the 2027 UP assembly polls. Recently, BSP top brass appointed two coordinators each in eight assembly constituencies of Lucknow. (For Representation) Recently, party's top leadership appointed two coordinators each in eight assembly constituencies of the state capital. Notably, nearly 50% of the coordinators appointed are from the Muslim community. And one Muslim each has been made coordinators in all eight assembly constituencies. 'The BSP's move to appoint Muslims to key positions in the party organisation is seen as an effort to increase the party's appeal to the Muslim vote bank and counter the SP's move to target their Dalit and Picchda votes,' said a senior party functionary. 'The party has been working on the same lines for the past several months. There is no new thing to ensure representation of Muslim community in the party organisation,' BSP state unit chief Vishwanath Pal said. 'The BSP is witnessing a significant influx of Muslim community members across the state. In numerous districts, hundreds of Muslim youth, seniors and women are enrolling in the party. Notably, there has been a surge in defections from the SP and the BJP to the BSP,' he claimed. Pal has been actively campaigning in various districts, including Barabanki and Shravasti, and has successfully inducted many Muslims into the party. Another senior BSP functionary said the party had earlier formed the Pichhda Dalit Bhaichara Committee to reach out to the OBC community. He said the party is now making a concerted effort to reach out to Muslims. 'Behan ji (BSP national president Mayawati) had earlier directed to strengthen the party at the grassroots level. She had announced plans to reconstitute Bhaichara (brotherhood) committees to connect with Muslims and Brahmins along with Dalits and OBCs during the party meeting on September 16, 2024. In addition, she had asked to form Muslim and Brahmin brotherhood committees in each district to connect with people of these communities,' he said while explaining the party's plan to regain its vote bank. He further said the party has been actively engaging with Muslim intellectuals, clerics and scholars in Lucknow, with meetings being held under the leadership of Sarwar Malik, advisor to the party's Lucknow unit, for quite some time. The BSP's efforts to increase the participation of OBC, Dalit, and Muslim communities in the party organisation are seen as a strategic move to strengthen its base in the state before the 2027 UP assembly polls following the party's poor performance in recent assembly as well as parliamentary elections. BSP has appointed the following coordinators for eight assembly constituencies of Lucknow: BKT: Imamuddin and advocate Amit Gautam Sarojini Nagar: Javed Siddiqui and Ajay Kirti Lucknow East: Mohammad Anish and advocate Rameshwar Dayal Lucknow West: Dr Ziaul Haq Khan and Sajjan Lal Gautam Malihabad: Arshi Ahmad and Yashpal Verma Lucknow Central: Kamrul Hasan and Rajesh Gautam Lucknow Cantonment: Mohammad Haseeb and Devesh Kumar Gautam Mohanlalganj: Asif Mohammad and Kanhaiya Lal Rawat
Time of India
2 days ago
- Politics
- Time of India
Man held for threatening Union minister
Ranchi: Two days after Union minister of state for defence Sanjay Seth, also the incumbent Ranchi MP, received death threats from an anonymous caller on his mobile phone, Ranchi police on Monday announced that it had arrested the suspected caller from Dhanbad railway station. Chandan Kumar Sinha, DIG cum Ranchi SSP, said Nityanand Pal is a native of Pindrajora in Bokaro. "The mobile phone, which Pal used to threaten Seth, has been seized," he said. Pal had allegedly threatened Seth over calls and messages by using two separate numbers. Seth, who is currently in New Delhi to attend the monsoon session of Lok Sabha, informed Delhi police and Jharkhand DGP Anurag Gupta about the threats. "In view of serious nature of crime, a team under leadership of Dy SP Prakash Soy was formed to investigate it. With the help of technical inputs, the accused person was traced and arrested. On interrogation, Pal claimed that being a poor man he called up the minister in a state of intoxication to seek help particularly for his daughter's marriage. He said that during the short conversation he become angry and threatened to shoot him," Sinha said. After Seth provided the mobile phone numbers, the police tracked movement of the accused while he was travelling in a train and eventually arrested him at the railway station. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Family Pictures That Will Definitely Make You Laugh Out Loud Undo A case has been registered with the Pandra police outpost under section 308 (3), 308 (4), 352 and 351 (2) of Bhartiya Naya Sanhita. Police stated that during the investigation several other people of his place of residence Bishunpur in Hariharpur police station area of Dhanbad stated that Pal had taken money from them. He had called other persons for extortion as well. A case of molestation was also registered against him with Pindrajora police station in Bokaro in 2017.
Time of India
3 days ago
- Business
- Time of India
2 conmen arrested from Tamil Nadu for duping salt lake sisters in investment fraud
KOLKATA: Two conmen were arrested from Tamil Nadu in connection with an investment fraud where a Salt Lake-based woman was duped of Rs 1.3 crores in February this year. According to the complaint lodged at the cyber crime police station, Sreyoshi Pal (38), a resident of FE Block in Salt Lake, and her elder sister Sayantani Chakraborty were duped by the conmen over a period of days. According to the FIR, the fraud began in October 2024, when Pal came into contact with one "Ali Vikas" via WhatsApp, who introduced her to a platform called Stonewall Capital for trading and wealth management. After initially investing Rs 9.9 lakhs, Pal received small returns that encouraged her to recommend the platform to her sister. Sayantani Chakraborty later transferred around Rs 1.2 crore across 12 transactions. When the fraudster demanded more money, the sisters realised they were cheated. The sisters also submitted their grievances on the National Cyber Crime Reporting Portal, which led to the registration of the case. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata Probing into the case, police arrested Venkatesan Dharuman (43) and Devan M (35) from a hotel on Acharapakkam Road in Vandavasi, Tamil Nadu. 'Both of them are residents of Agarakorakottai village in Tiruvannamalai district. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dhoni's Exclusive Home Interior Choice? HomeLane Get Quote Undo During the arrest, we seized multiple documents from their possession. The stolen money was deposited into the bank accounts of these two persons. The funds were later withdrawn through self-issued cheques,' said a senior officer of Bidhannagar city police. The men were brought to Kolkata on transit remand on Sunday, and on being produced before a Salt Lake court, they were remanded to police custody. 'We will interrogate them further to trace the main accused and identify others linked to the fraud network,' said the officer.
Time of India
5 days ago
- Politics
- Time of India
Opposition paralyses House again over Bihar rolls
Opposition paralyses House again over Bihar rolls NEW DELHI: Proceedings of both Houses of Parliament were disrupted for the fifth consecutive day Friday as opposition kept up its demand for a discussion on SIR of electoral rolls in Bihar, despite repeated assurances from the Chair that govt was ready for all discussions. Both the Houses failed to transact Question Hour and later Zero Hour before it was adjourned for the day due to ruckus caused by protesting MPs from opposition benches who assembled in the well of the House and shouted slogans against govt. RS deputy chairman Harivansh said he received 28 notices seeking suspension of business to discuss SIR, Bengali migrant issues, and India-UK FTA. Similar notices were received in LS but not admitted by the Speaker. Opposition escalated its protest against SIR with the MPs marching from Gandhi statue to main entrance of the Parliament building, shouting slogans and seeking a roll back of SIR. The climax came when Congress president Mallikarjun Kharge led the MPs, including Dharmendra Yadav of SP and Rahul Gandhi, in tearing of the symbolic SIR in the form of a red card and dumping it in a dustbin placed in the middle of the gathering. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Up to 70% off | Libas Purple Days Sale Libas Undo Kharge said SIR is RSS design to rob SC/STs, OBCs, minorities and the poor of their right to vote. In LS, before adjourning the House for the day, BJP made a point with Jagdambika Pal in the Chair rebuking opposition members for not taking up matters important to their constituents. He told them that they are not serious about even taking up private members' bills, which have the same importance as the bills brought by govt, which are discussed by members in the House. The House was finally adjourned till Monday. While Pal continued to persuade the protesting MPs to go back to their respective seats and allow discussion on the private members' bill, Meghwal mentioned 'The Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of Goa Bill, 2024'. A bill concerning STs should be taken up for discussion, he said, and asked: "Are they against STs?". Pal told opposition MPs to desist from disrupting proceedings. "The Speaker has taken the initiative," he said referring to Om Birla's meeting with opposition members for running of the House, assuring them of taking up for discussion all issues raised by them. "The whole week has been washed out. People of the country have some expectations, but you don't want this House to run," Pal told the protesting MPs as he adjourned the House.
