New project announcements decline 23% yoy adjusting for projects with low visibility: Newprojectsannouncedin1QFY17(Rs1246bn)wereflatyoy.However,adjustingforafew large size projects with limited visibility (Rs 200bn steel plant expansion by Bhushan Steel and Rs 100bn fertilizer plant by China Huanqui), new project announcements declined sharply by 23% yoy. Cumulative projects announced are now at Rs 58tn (+10% yoy). Manufacturing (Rs 575bn, particularly chemical products), transport services (Rs 28bn, primarily road) and rail (Rs 63bn) accounted for 54% of these new announcements. By ownership, the private sector accounted for 73% of new project announcements. Key...