Once these banks start showing losses, they will not be able to pay dividends to the government nor pay taxes, which will further aggravate the situation for the government as its return on investment as an investor would be very negligible for the next few years, says M V Subramanian.
Modi was addressing a rally after laying the foundation stone of 594-km-long Ganga Expressway in this Uttar Pradesh district.
'While we note the very strong cyclical recovery in the economy, we believe there is still uncertainty over medium-term prospects.'
Modi is also scheduled to hold a bilateral meeting with Xi on Tuesday.
'They are acquiring agricultural land almost free of cost promising an illusory rise which is worse than a chit fund scheme.' 'When I went there on a fact-finding mission, we found that one third of the land they plan to acquire is the best agricultural land in the country.'
Here are the key decisions announced by the Reserve Bank of India on Thursday.
Rural India was left to fend for itself by those who ruled the country earlier, Modi said in a swipe at the Congress.
The country's economic growth hit a decade low of 5 per cent in the last fiscal on account of poor performance in the farm, manufacturing and mining sectors.
The WEF meeting is crucial because of its theme encompassing globalisation at the time of rising nationalism and trade war, and the fourth industrial revolution due to rapid strides being made in robotics and artificial intelligence.
'He came back from the US only to work for his country.' 'He has invested his fortunes to build this company and is married to his work.' 'Rarely does one see such commitment.'
Panagariya has advocated a more liberalised spending, arguing that greater capital expenditure could relax some of the infrastructure bottlenecks facing the country.
The dilemma is that if farming is to be efficient, farmers will be worse off -- and if farmers are to be better off farming will be worse off, reveals T C A Srinivasa-Raghavan.
This survey also shows how things have moved forward since the last large-scale sample survey conducted by NSSO in 2012-13
With a sole mandate of inflation targeting, RBI wears many hats.
Had Finance Minister Sitharaman thought a little more about the middle class, disadvantaged sections, and the poor who are struggling, it would have been an inclusive Budget that would have made history, notes Ramesh Menon.
Only traces of rainfall were recorded in a few areas of the national capital on Thursday which continued to experience sultry weather.
Farmers have been availing crop loans upto Rs 300,000 at 7%.
Here's the full text of President's Ram Nath Kovind's address to the joint sitting of both houses of Parliament on the first of Budget Session 2022.
Softening inflation, Das said would make available more policy space to the central bank to address risks to the growth going forward.
Apart from fulfilling banking services, one can access more than 100 e-commerce sites, book tickets, and even pay for small value groceries through the app. The bank is now proposing to allow other banks to use this to serve their own customers.
Capital formation in agriculture is the key to the development of the rural infrastructure, said the finance minister.
Sensex climbs higher on favourable global cues.
Emerging markets such as India have always run higher inflation rates than developed economies such as the US and countries of Western Europe. But for the first time in the past 30 years, the US reported a higher consumer price inflation (CPI) rate than India in five consecutive months. The US reported a CPI rate of 7.5 per cent in January 2022 against 6.01 per cent in India and analysts expect the trend to continue for at least a few months more
'Pump prices of petrol and diesel have reached historical highs. An unwinding of taxes on petroleum products by both the Centre and the states could ease the cost-push pressures,' the Monetary Policy Committee (MPC) has said.
Broader markets underperformed indices with BSE Midcap down 0.43% while the Smallcap index fell 0.07%.
The Budget kept away from mood dampeners such as an increase in taxes (capital gain taxes) and even the much-feared introduction of Covid cess and wealth taxes, says Nimesh Kampani, chairman, JM Financial.
The scheme, which would give Rs 6,000 to small farmers in a year or Rs 500 a month, will add more money to the account of these cultivators than the money he/she saves every month on an average.
Congress general secretary and chief spokesperson Randeep Surjewala accused the BJP of pushing India into a dark age of religious polarisation to "subserve its parochial political agenda in the short term".
Projecting economic recovery, ADB on Wednesday said India is likely to record 4.7 per cent growth in current fiscal which will improve to 5.7 per cent next year.
Power and money are at the heart of the sordid story -- and it isn't over yet.
'The book captures Rana Kapoor's hunger for real estate leading to bungalows in Delhi, Mumbai, London and other cities; the multiple companies -- over 100 -- to fund his family's various ventures; the attempt to game the system by showing lower non-performing assets,' notes Joydeep Ghosh.
The world's biggest lockdown that shut a majority of the factories and businesses, suspended flights, stopped trains and restricted movement of vehicles and people, may have cost the Indian economy Rs 7-8 lakh crore during the 21-day period, analysts and industry bodies said.
The government has released the draft Micro Financial Sector (Development and Regulation) Bill, 2011, which seeks to make it mandatory for all microfinance institutions to be registered with the Reserve Bank of India, making it the sector regulator.
The World Bank's latest review of its purchasing power parity (PPP) baseline will reignite the poverty debate.
Godavari Dange, a school dropout who was widowed at the age of 19 is now changing the lives of farmers in her village and beyond.
'When you need to revive the economy, when you need to revive aggregate demand, you cut taxes.' 'But what's this government doing?' 'It's increasing taxes for the middle class and the vast majority of the poor on fuel, which has a ratchet effect on most other products.'
'Any new technology, either before or soon after its release, will face severe criticism by one or the other segment of society. It is only after seeing the benefits of new technology for themselves that our farmers accept it.' 'The arable land in India is not increasing and currently hovers at around 140, 145 million hectares.' 'Today, Indian agriculture has to work towards achieving nutritional security.'
Intercontinental Exchange, which trades in energy derivatives, is in talks to buy ICICI Bank's holding in the National Commodities and Derivative Exchange.
While salary growth may range from a marginally positive to stagnant or even negative, the increment for some of the "super-specialised" profiles can go beyond 15%.
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