Prime Minister Manmohan Singh on Friday left for Colombo to attend the South Asian Association for Regional Co-operation summit beginning on Saturday, during which terrorism is expected to be one of the main topics of discussion. Singh is expected to meet his Pakistani counterpart Yusuf Raza Gilani on the sidelines of the summit and is likely to convey India's concerns over the recent spurt in cross-border terrorism and ceasefire violations.
While Arun Jaitley remains part of the decision making process, Piyush Goyal, who was given additional charge on May 14, attends cabinet meetings and takes the day-to-day decisions.
Anil Ambani-promoted Reliance Power (R-Power) has signed a supplementary power purchase agreement (PPA) with fourteen buyers from seven states for its upcoming 4,000-MW ultra mega power project (UMPP) in Sasan.
According to the Central Statistics Office data, the jump in the retail inflation based on Consumer Price Index was mainly due to rise in prices of kitchen items like vegetables, meat and fish.
Defending the timing of Yes Bank's moratorium, Reserve Bank of India governor Shaktikanta Das on Friday assured swift resolution to the issues concerning the beleaguered lender. "The resolution (to Yes Bank) will be done very swiftly, it will be done very fast. 30 days which we have given is the outer limit. You will see a very swift action from RBI," Das told reportters in Mumbai.
The meeting with economists and financial experts has been called off due to pressing engagements of the finance minister.
Fresh addition of power capacity in the first half of the 2008-09 financial year has fallen short of target by nearly two-thirds because of delays in supply of critical components for thermal projects and non-availability of fuel for a nuclear project.
A circular power grid connecting the northern region to the western grid would be a major component. The grid would cover Seepath, Zeoni, Bina, Gwalior, Agra, Fathepur, Sasaram, Gaya and Ranchi, connecting back to Seepath in North India.
Earlier, maverick right-winger Subramanian Swamy had demanded the sacking of Jaitley's top aide
As domestic airlines face acute shortage of pilots, the government on Thursday decided to set up a flying and training institute in Maharashtra and modernise the existing state-run body in Rae Bareli with the help of a known Canadian pilot training firm, CEA Inc. The new institution at Gondia in Maharashtra, to be called the National Flying Training Institute, would be set up as a subsidiary of Airports Authority of India in joint venture with CAE.
Geologists have revealed that the Nepal's devastating magnitude-7.9 earthquake followed the historic pattern and it was primed over 80 years ago.
With 100 nominations proposing Gandhi's name for the top party post, the election was a mere formality.
The review will not only present data, trends but also list out the achievements of the Narendra Modi government
'It is a package for a new self-reliant India.'
Sonia Gandhi was formally re-elected Congress president with the party's Central Election Authority announcing her unopposed election.
It is developing ash parks at Varanasi, Raipur, Pune and Cuttack, to make it available to ash-based product manufacturing units at these centres. It recently signed an agreement with NHAI for supply of ash for use in road construction.
'Look at the number of billionaires, the number of new billionaires in India.' 'Adani and Ambani are not the only ones.' 'What's wrong with people making money as long as it benefits us?'
The country's largest power producer, NTPC, which will add another 20,000 MWs by 2017 and induct large sized units of 1000 MWs during the 12th Plan, has its initial public offering oversubscribed by 13.4 times in the stock exchange.
For India, struggling for competitiveness, the current rupee overvaluation in terms of real effective exchange rate is a genuine constraint.
he government is examining a plan of bank recapitalisation and considering an urban version of MNREGS.
'In contrast to the generally buoyant tone of the Economic Survey in January, he sounds uncharacteristically pessimistic, saying that forces in the world economy -- slowing global trade, protectionism, robots -- will limit India's manufacturing to levels well below what propelled East Asia's economies decades ago.'
A few more cross border links with neighbouring countries are in the pipeline which would further increase export of power.
Northern and western states had the highest power demand, with Uttar Pradesh sourcing 19,082 Mw, Delhi 6,029 Mw, Rajasthan 10,395 Mw, Gujarat 16,825 Mw, and Maharashtra 23,609 Mw.
Prof Ananth Narayan, well known financial expert who works as a faculty member at the SP Jain Institute of Management and Research and the RBI's nominee director on the board of Yes Bank, expects a double-digit contraction in India's GDP this fiscal year. In the first of a two-part interview to Shobha Warrier/Rediff.com, Prof Narayan, below, says, "Giving liquidity and loan to cover the cash flow problem is not sufficient because you are essentially increasing the debt of many of these companies. And they might not be able to bear the burden."
New estimates of India's gross domestic product (GDP) are "puzzling", Arvind Subramanian, chief economic adviser at the finance ministry, said on Friday.
'Event management can distract from, but not permanently mask, execution failures,' points out Rathin Roy, director, National Institute of Public Finance and Policy.
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On the Congress accusing BJP of hypocrisy for its failure to disclose names, Jaitley said the Congress got it all wrong because media "completely misreported" the case.
Calling Rajan "no less patriotic", he virtually ticked off Swamy saying "if anybody considers himself above the system then it is wrong".
Reserve Bank of India Deputy Governor Viral Acharya is the eighth economist to quit since the Modi government took office.
'At a time when the economy is depressed, a pandemic is raging, and the Chinese are making noises on the border, the NRC could be resuscitated.'
Growth was primarily pushed by a jump in steel and electricity generation, apart from a sustained rise in natural gas output.
The economy could grow at 6-6.5 per cent this fiscal year (2019-20 or FY20), said Chief Economic Advisor Krishnamurthy Subramanian, revising his earlier estimate of 7 per cent in the Economic Survey. In an interaction with Arup Roychoudhury, he said supply-side measures, including corporation tax cuts, will boost consumption and demand, and non-tax revenue may make up for shortfall in tax revenues.
The Budget shouldn't be stuck on fiscal numbers, the PMO apparently said.
Unlike the Advance Estimates which missed the impact of demonetisation, CEA's survey is likely to have a better take on Indian economy.
'We have set out a timetable to reduce income tax rates for all incomes below Rs 50 lakh, and to progressively eliminate the surcharges on income above Rs 50 lakh, by 2024.' The Budget speech past CII president Naushad Forbes wants to hear.
'It is mind-boggling that a party can be in rigor mortis even after numerous electoral defeats,' observes Ramesh Menon.
Check your body for signs of breast cancer, osteoporosis.
Two years ago, India was touted as a rare bright spot in a gloomy global economy with GDP growth outpacing a slowing China.
In a soon to be published book, 'Of Counsel: The Challenges of the Modi-Jaitley Economy,' former chief economic advisor Arvind Subramanian says though RBI has a good reputation, it does not mean it's always right, as for years, the RBI was unable to grasp the seriousness of the loan repayment problems or identify the prolonged frauds of Nirav Modi and the likes.
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