The finance minister has emphasised on the quick disbursal of additional loans to MSMEs, to simplify process, formats and documentation.
The warning had come after SpiceJet's dues to AAI (including interest at 12 per cent) exceeded Rs 300 crore (Rs 3 billion) this month -- from Rs 230 crore (Rs 2.3 billion) early December last year.
Polling for the municipal elections in Delhi will be held on December 4 and votes will be counted on December 7.
The Union government could target a fiscal deficit of 5.8-6 per cent of nominal GDP for 2023-24, and it should continue its capital expenditure push and look to simplify the personal income tax regime, economists recommended Finance Minister Nirmala Sitharaman and her team during their pre-Budget interaction on Monday. Starting last week, Sitharaman had eight pre-Budget consultations this time. More than 110 invitees representing seven stakeholder groups participated in these meetings, the finance ministry said in a statement. The stakeholder groups included representatives and experts from agriculture and agro-processing industry; industry, infrastructure & climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations; and economists.
The ED's fresh chargesheet against Mallya and his firms is likely to pave the way for him to be declared "fugitive" under a new Indian law.
Sahara also sought permission to sell its properties in Bangalore.
The irony of this scheme to benefit farmers is that it could add to the problems for the government because the mechanism to procure and store crops like pulses, coarse cereals and oilseeds barely exists.
Pulbic banks have no reason to cheer Budget announcement.
About 300 fintech firms are under investigation by the ED for allegedly partnering 38 non-banking financial companies for predatory lending practices to charge borrowers high interest rates.
'Jack Sparrow's rum-swigging, goofball pirate has gone from subversive to stereotype.' 'The bar's slipped so low that even "decent" seems like a significant upgrade from status quo.' Sukanya Verma doesn't know about you, but she is seasick of it all.
For the first time in our economic history a government has thought about more than 50 per cent of our economic activity instead of the five per cent represented by the Sensex companies, observes IIM-B professor R Vaidyanathan.
A three-pronged investigation will take place into alleged state aid for several La Liga clubs, including Real Madrid and Barcelona, the European Commission said on Wednesday.
By 2025, Uber projects that 25,000-30,000 cars -- or 12 to 16 per cent of vehicle additions -- would be EVs, reports Surajeet Das Gupta.
Property sold via HDFC Realty for Rs 58 cr; 60 properties on sale via e-auction
Reliance Infrastructure on Thursday announced the cancellation of Rs 12,000 crore (Rs 120 billion) Mumbai's Metro Line 2 project citing non-fulfillment of certain obligations by Maharashtra government.
'Set aside around six months' monthly expenses for emergencies.' 'Keep this money in safe and liquid options, such as liquid funds and fixed deposits.'
Buy from an established agent rather than a novice who may not be around when you need his assistance.
To further strengthen the supervision on non-banking entities (NBFCs), the Reserve Bank on Tuesday issued revised guidelines on a Prompt Corrective Action (PCA) framework for such companies, excluding government-owned ones, effective from October 1, 2022, on the lines of what it had introduced for banks in 2002. The RBI came up with stricter supervisory norms under the PCA framework for banks after their bad loans mounted and balance-sheets bled badly. This involved restricting them from fresh lending, brand opening and, hiring, among others. The RBI said the revised PCA framework is also applicable to all deposit-taking non-banking financial companies (NBFCs), all non-deposit taking NBFCs in the middle, upper and top layers, including investment and credit companies, core investment companies, infrastructure debt funds, infrastructure finance companies and microfinance institutions.
Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) next week to review performance of the lenders and progress made by them to support the economy battered by the COVID-19 pandemic. Banks would be urged to sanction loans for productive sectors to accelerate revival of the economy, sources said. According to sources, the two-day meeting would commence on November 17 and undertake a comprehensive review of various segments, progress in government schemes including Aatmanirbhar Bharat Abhiyan.
Talking to PTI Amarjeet Kaur, General Secretary of All India Trade Union Congress (AITUC), said, "The two-day nationwide strike by the joint forum of central trade unions has begun this morning". About the impact of the agitation, she said that the entire coal belt (mining area) is affected in Jharkhand, Chhattisgarh and Madhya Pradesh. She also said that there is a good response in industrial areas of Assam, Haryana, Delhi, West Bengal, Telangana, Kerala, Tamil Nadu, Karnataka, Bihar, Punjab, Rajasthan, Goa, Andhra Pradesh and Odisha. The AITUC official noted that the banks and insurance sectors are affected all over India, while steel and oil sectors are also seeing partial impact due to the strike. Kaur said that she has got preliminary reports that markets are closed in Odisha.
India's rural employment guarantee programme MNREGA has been ranked as the world's largest public works programme, providing social security net to almost 15 per cent of the country's population, the World Bank has said.
The improved outlook on the Government of India announced by rating agency Moody's might need to be viewed with some scepticism. There is no doubt the performance of the Indian economy has sharply improved from the deep trough it hit last year. But the ability of the second largest global ratings agency to assess an upside and downside before events make everyone wise about India has been dismal for a long time, as the chart shows.
To minimise hardship for legal heirs, home loan borrowers must purchase additional insurance cover while taking a home loan.
'The business continuity clause will mean the Tatas will have to keep running the airline for three years, and cannot exit the flying business.'
Ministry sources say investors are looking at pumping in around Rs 1,100 crore
Avoid discontinuing your SIPs. Persist for at least 7-10 years.
'We have 750 districts across the country, and each district can create one cluster like Tirupur on any product of their choice.' 'This way, we can even have $3 trillion in exports.'
A consortium of Indian banks led by the State Bank of India (SBI) on Tuesday moved a step closer in their attempt to recover debt from loans paid out to Vijay Mallya's now-defunct Kingfisher Airlines after the high court in London upheld an application to amend their bankruptcy petition, in favour of waiving their security over the embattled businessman's assets in India. Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs handed down his judgment in favour of the banks to declare there is no public policy that prevents a waiver of security rights, as argued by Mallya's lawyers. At a virtual hearing, July 26 was set as the date for final arguments for and against granting a bankruptcy order against the 65-year-old Mallya after the banks accused him of trying to "kick matters into the long grass" and called on the "bankruptcy petition to be brought to its inevitable end".
In a bid to support revival of sectors hit most by the Covid-19 pandemic, Reserve Bank of India on Friday decided to open a separate liquidity window of Rs 15,000 crore for certain contact-intensive sectors like hotels and restaurants, tourism and aviation ancillary services.
Initial public offering (IPO)-bound Life Insurance Corporation (LIC) of India's assets under management (AUM) increased to Rs 38 trillion as of September 2021, compared with Rs 37 trillion as of March 2021, said sources in the know. Its AUM is almost 3x the AUM of all the private life insurers in the country and over 15x more than the AUM of the second largest life insurer, SBI Life, as of September 2021. SBI Life's AUM was approximately Rs 2.4 trillion as of September 2021, said sources.
If the reforms are implemented, multi-brand retail majors such as Future Group and Reliance Retail might enter the fuel retail space.
The central bank is the money manager of the government, and not a guarantor of any debt.
"I think bankers have expressed some concern that they should not be held liable for actions that are taken in the full spirit of what is needed," Raghuram Rajan said.
To help the country emerge as a true welfare State, political parties must put the country's interests first before strategising to win elections and short-term goals, argues Ramesh Menon.
What will be the first instance of the matter moving beyond industry fora, ad agency Brand David, part of the WPP-owned Ogilvy group, has taken smartphone manufacturer Vivo to court over a campaign it claims resembles a piece of work it presented to the company earlier.
The Supreme Court will on Tuesday deliver its verdict on Sahara Chief Subrata Roy's petition challenging its decision to send him to jail for not complying with its order to deposit around Rs. 20,000 crore (Rs 200 billion) of investors money with SEBI.
DoT had raised the demand on December 22 and asked RCom to pay within a month.
The European Commission will begin disciplinary action against seven Spanish clubs including Real Madrid and Barcelona over possible illegal state aid, Spanish foreign minister Jose Manuel Garcia Margallo said on Monday.
Nepal's decision to ban the import of non-essential items amid depleting forex reserves may hit Indian exports. The country's central bank - Nepal Rastra Bank - last week instructed commercial banks not to open letters of credit (LCs) for importing non-essential items. This is to prevent further decline of the country's foreign exchange reserves. However, it has not issued any formal communication yet.
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