The 21st meeting of FSDC comes against the backdrop of the economy hitting a six-year low growth rate of 5 per cent in the first quarter of 2019-20. Even some of the macroeconomic data for the second quarter does not portray an encouraging picture of the economy.
A large number of officials and support staff, who are directly associated with the Budget making and printing process, are now required to stay in the ministry and remain cut off from their families till the presentation of the Budget in the Lok Sabha.
"The Union Budget represents the aspirations of 130 crore Indians and lays out the path towards India's development. I invite you all to share your ideas and suggestions for this year's Budget on MyGov," the PM said according to a statement posted on his official website on Thursday.
At the pre-Budget meeting at Niti Aayog, Modi called for a focussed effort from all stakeholders in order to achieve the target of $5 trillion economy. The participants urged the government to focus on credit expansion, exports growth, governance of PSBs, increasing consumption and job creation.
Karnataka, Maharashtra, Tamil Nadu, Telangana and Kerala have been ranked as the top five states in innovation in Niti Aayog's second Innovation Index released on Wednesday. The index, released by Niti Aayog's vice chairman Rajiv Kumar and CEO Amitabh Kant, has been developed on the lines of the Global Innovation Index. Jharkhand, Chhattisgarh and Bihar have been ranked at the bottom of the index. Karnataka topped the index for the second year in a row.
Concerned by GDP slowdown and unrealistic tax targets, the economists urged Finance Minister Nirmala Sitharaman to implement long-term structural steps like land and labour reforms. Warning against any off-Budget financing the economists said the government should prepare a statement of intent for its social, rural and welfare sector expenditure.
Prime Minister Narendra Modi condoled the tragic loss of lives in the fire.
The Niti Aayog vice chairman noted that green shoots of recovery are already visible in multiple sectors. In 15-16 sectors, businesses are coming back to pre-COVID levels," he said.
Amid slowdown blues, the government has unveiled a raft of measures over the past few months aimed at improving liquidity in the system, moderating interest rates as well as credit growth apart from addressing stress in the NBFC sector.
Finance Minister Nirmala Sitharaman will present her second Budget a little more than a month from now. Like any other FM, Sitharaman will depend on her team of bureaucrats and advisors to frame and present the Budget.
In the biggest consolidation exercise in the banking space, the government on Friday announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
The net NPA ratio declined to 3.7 per cent in September 2019 from just below 4 per cent in March 2019, reflecting increased provisioning.
Chief Economic Adviser K V Subramanian on Friday said there is an "upside potential" in the estimates about the economy during the current financial year amid a faster-than-expected recovery. He said the final print could be better than GDP estimates given by various institutions, including the Reserve Bank of India, which projected contraction of 9.5 per cent during 2020-21. During the second quarter, India's economy recovered faster than expected as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on consumer demand bouncing back.
A clear message was that the ongoing seven-decade-old model of agriculture, based on extensive reliance on subsidy by the government at every stage, was not going to work, said NITI Aayog vice-chairman Rajiv Kumar.
'If the BJP continues with Nitish as CM, it will not consolidate its position further in future.'
'An armed helicopter equipped with counter-drone systems will provide the airborne counter-drone capability and flexibility needed to protect India's critical assets.'
'We do not want people who are air dropped and who fly out once the job is done.' 'Ever since liberalisation started, we keep on hearing that it's going to be jobless growth.' 'This speaks of the failure of the foreign returned policy makers.' 'When questions are raised, answers should be given and not a resignation.'
It was not immediately clear when Garg submitted his voluntary retirement scheme application to the government. It was also not known if the government would accept the application. If he hadn't applied for VRS, he would have retired from government service at the end of October 2020 on attaining of 60 years of age. Garg did not answer phone calls seeking his comments.
Counting of votes in all elections will be held on May 2.
Rajiv Kumar, Mukesh Kumar share the lead after two rounds in The Hindu Open.
'India needs offensive and defensive security measures to protect itself.'
PSBs have been requested to reach out to MSMEs to provide bill discounting to them against their dues since they suffer the most from shortage of cash.
With a view to protect prudent commercial decision of bankers, the government has taken a slew of decisions, including doing away with personal responsibilities of MD and CEO of PSBs for compliance in dealing with large value frauds committed by bank officials.
'The purposes of our document are three-fold: To lay out the opportunities that India enjoys in the international sphere; to identify the challenges it is likely to confront; and to define the broad approach that India should adopt as it works to enhance its strategic autonomy in global circumstances that are likely to remain volatile and uncertain for some time to come.'
One of the chapters in the document titled 'Asian Theatre' has quite elaborate comments on China, and opines that India's China strategy has to strike a careful balance between cooperation and competition, economic and political interests, bilateral and regional contexts. Rediff.com publishes verbatim a part of the chapter 'Asian Theatre'.
Those behind recapitalisation are neither aware nor do they care. After all, they have no skin in this game. And the Lok Sabha elections are round the corner. That's what they care about, points out Debashis Basu.
'Log kehte hai desh to humne Modi ko diya hua hai, par pradesh nahi diya hai (we have given Modi the mandate to run the nation, not the state).'
Economists want Budget to focus on infrastructure, have a clear strategy on disinvestment and state measures to boost investment climate.
As per the RBI Act, the central bank should have four deputy governors - two from within the ranks and one commercial banker and the fourth one an economist to head the monetary policy department.
India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand. The gross domestic product (GDP) had contracted by a record 23.9 per cent in the first quarter of the 2020-21 fiscal (April 2020 to March 2021) as the coronavirus lockdown pummelled economic activity.
Maruti, which is majority owned by Suzuki Motors of Japan, pays massive tax, generates huge employment (its staff are almost entirely Indians) and also makes its investors extremely rich. JLR, on the other hand, though owned by Tata has its factories in England and China and in every way (sales, employment, technology) has nothing Indian about it.
These PSU banks also account for the lion's share of bad loans or NPAs plaguing the sector and need crores of rupees in new capital in the next two years to meet global Basel III capital norms.
A new committee chaired by former Chief Economic Advisor Shankar Acharya will examine the feasibility of having a 'new financial year' to coincide with the calendar year.
Non-performing assets of banks have increased from Rs 2.75 lakh crore in March 2015 to Rs 7.33 lakh crore as on June 2017.
'The BJP and RSS accept that the party is winning election after election because of Modi.' 'If the BJP is winning due to Modi, it will also lose due to Modi.'
Since no insurance companies share data on their claims with each other, the finance ministry and Irdai suspect that a lot of the resultant claims are duplicates.
With the fiscal deficit likely to shoot up during 2011-12, leading economists urged Finance Minister Pranab Mukherjee to expedite tax reforms to increase revenue and take steps to bring economy back on high growth path.
Corporation Bank is the biggest beneficiary of this round of capital infusion with Rs 9,086 crore of funding, followed by Allahabad Bank with Rs 6,896 crore.
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