The BJP could ask at least a dozen of its 92 Rajya Sabha MPs, particularly those who have served more than one term, to contest the 2024 Lok Sabha polls.
The productivity of the Budget session was abysmal. The Lok Sabha functioned for 33% of its scheduled time (46 hours); the Rajya Sabha 24% (32 hours).
India's outward Foreign Direct Investment (FDI) nosedived to $11.12 billion in January-June (H1 2023) from $23.57 billion in the same period last year, indicative of the slowdown in the global economy, according to the Reserve Bank of India (RBI) data. The outward FDI expressed as the total financial commitment, has three components, namely equity, loan and guarantees. The sharp contraction in the commitments (outward FDI) was prominent in the April-June 2023 period.
Outward remittances under the Reserve Bank of India's (RBI) liberalised remittance scheme (LRS) rose in May 2023 to $2.88 billion as compared to $2.33 billion in April, mainly due to an uptick in travel spend. People in India spent close to $1.5 billion on international travel in May, against $1.10 billion in April.
Benefiting from higher credit off-take and loan repricing, listed commercial banks are expected to post 43.9 per cent year-on-year (YoY) growth in their net profit in the quarter ended June 30 (Q1FY24), analysts have said. Controlled credit costs due to a healthy asset quality profile and a steady treasury book will also support a strong bottom line for the lenders in the first quarter. However, net profit may shrink sequentially, according to analysts' estimates for 13 banks sourced from Bloomberg data.
The simple 1,500 square feet house will be in some contrast to the spacious 12, Tughlaq Lane Lutyens Delhi bungalow that was Rahul Gandhi's home for 19 years.
The merged entity's deposits grew by 16.2 per cent YoY at Rs 20.63 trillion at the end of the first quarter. Sequentially, the merged entity's advances rose by about 0.7 per cent to Rs 22.30 trillion as of March 31, 2023. However, the pace of deposit mobilisation was higher at 1.2 per cent over Rs 20.39 trillion as of March 31, 2023.
To provide more choices to customers, the Reserve Bank of India has suggested mandating bank and non-bank card issuers to issue debt, credit and prepaid cards on more than one network. Customers can choose any one either at the time of issue of the card or anytime later, according to draft norms released by the Reserve Bank of India on Wednesday. The RBI said card issuers would also be barred from signing agreements that limit their ability to tie-up with other card-networks, according to the draft.
Reflecting strong momentum in business, commercial banks, including one public sector lender, reported a year-on-year (YoY) growth in advances. This was higher than or around the banking sector trend in the first quarter ended June 2023. Bank of Maharashtra said its loans expanded by 25 per cent YoY to Rs 1.75 trillion. This pace was much higher than the banking system's 15.4 per cent growth till June 16, 2023, according to Reserve Bank of India (RBI) data.
The pace of lending to the infrastructure sector, including power and roads, fell sharply to 1.8 per cent year-on-year (YoY) in May, 2023 compared to 9.8 per cent in May, 2022. Within the segment, the growth in loans to the power sector was at 0.3 per cent YoY in May 2023, down from 9.3 per cent in May 2022. The RBI data showed that outstanding credit to power sector stood at Rs 6.17 trillion in May.
The 21st Law Commission said the special status given to the entity of HUF was a 'so-called gift by the British', who could not comprehend the complex socioeconomic structure of Indian families. 'Now, this status is being used for the evasion of tax only,' it said.
In UP and Bengal, it is willing to sacrifice its interests to stop the BJP and would work towards ensuring the BJP did not win incremental seats in Odisha and Telangana.
It should announce its candidates 45 days before the elections; trust rooted leaders; start its campaign focused on five guarantees six months before elections.
Prime Minister Narendra D Modi's itinerary for his June 21-24 US visit could include an address to a fledgling business advocacy group, the US-India Strategic Partnership Forum.
'Karnataka's finances are much healthier than the Union government's, which is indebted to nearly twice the extent of the state.'
Both the BJP and Congress understand that coalitions and alliances are not just about numbers, but have symbolic value.
The BJP's challenge is whether it can again deflate a Congress, which now looks reinvigorated and has adopted sharper messaging around its 'guarantees', and several regional parties, especially in Bihar, Maharashtra and West Bengal.
With Lok Sabha elections months away, the visits are vital politically as these would showcase Modi's standing as a world leader to the home electorate.
'It is not just about numbers. Sometimes coalitions and alliances have symbolic value.'
Bank of Baroda (BoB) has made prudential provision of Rs 500 crore for exposure to Go First, which has sought bankruptcy protection after the National Company Law Tribunal (NCLT) admitted its plea for voluntary insolvency. Sanjiv Chadha, managing director and chief executive officer of BoB, said the bank identifies issues in advance and makes provisions if required. The Mumbai-based public sector lender has an exposure of Rs 1,300 crore to the troubled airline.
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