The uncertainty created by the jump in COVID-19 infections and localised lockdowns prompted RBI Governor Shaktikanta Das and other members of the rating setting panel MPC to unanimously vote for status quo in interest rates and an accommodative policy stance to support growth, as per minutes of the meeting released on Thursday. "The need of the hour is to effectively secure the economic recovery underway so that it becomes broad-based and durable," the Governor said during the three-day meeting of the Monetary Policy Committee (MPC) which ended on April 7. The renewed jump in COVID-19 infections in several parts of the country and the associated localised and regional lockdowns add uncertainty to the growth outlook, he observed, as per the minutes of the meeting released by the central bank.
SBI was the top gainer in the Sensex pack, rallying over 10 per cent, followed by Kotak Bank, Dr Reddy's, UltraTech Cement, ITC and HDFC Bank. On the other hand, Axis Bank, Bharti Airtel, ICICI Bank, Maruti and HCL Tech were among the laggards.
A bench of Justices Arun Mishra and U U Lalit also cancelled the leases of Amrapali's properties granted by the Noida and Greater Noida authorities and directed the Enforcement Directorate to investigate alleged money laundering by CMD Anil Sharma and other directors and senior officials of the group.
Budget may bring exemption for those backed by Indian securities other than shares
The Centre has finalised sweeping changes to the country's foreign direct investment (FDI) policy to account for increasing concerns voiced by security agencies.
Union minister Prakash Javadekar accused the Congress of ignoring farmers' interests and keeping them poor to ensure cheap grain prices, and asserted that the Modi government empowered them by implementing the Swaminathan commission report to give them remunerative price through MSP.
The Naresh Chandra committee on civil aviation has recommended allowing upto 49 per cent foreign direct investment in the country's airlines.
Nepal plunged into a political crisis last Sunday after Oli, known for his pro-Beijing leanings, in a surprise move, recommended dissolving the 275-member House, amidst a tussle for power with former prime minister Pushpa Kamal Dahal 'Prachanda'.
Juster played a key role in the landmark Indo-US civil nuclear deal.
The government is likely to exempt iPhone and iPad maker Apple from mandatory local sourcing rule, a move which would pave the way for tech giant opening single-brand retail stores in the country.
The decision to procure the fleet was taken at a meeting of the Cabinet Committee on Security (CCS) chaired by Prime Minister Narendra Modi, Defence Minister Rajnath Singh said.
'Banking is a business of trust.'
To ease the flow of foreign direct investment into real estate, the government is mulling a proposal that mixed development projects should be exempt from the minimum capitalisation and area development norms.
28 private sector companies are having FDI varying up to 26 per cent.
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
The Group of Ministers, headed by Finance Minister Pranab Mukherjee, would meet for the second time on November 12 to discuss in-depth the financial problems faced by Air India as well as the aviation sector in general.
The bond market expects at least 25 basis points cut in the June 6 policy.
FIIs fear short-term capital gains would give rise to tax uncertainty and make their operations difficult, reports Pavan Burugula from Mumbai.
The Budget session of Parliament concluded on Wednesday with passage of record official business in recent years but the government failed to ensure passage of the controversial Land Acquisition Bill as also key reform measure of GST amid stiff resistance from opposition.
Tillerson said he hoped that at some point the North Koreans will begin to understand that the US would like to sit and have a dialogue with them.
'On the evening of the 17th, the RBI said the bank was put on moratorium.' 'Within an hour, the RBI said it would be merged with DBS.' 'How did DBS come to know within an hour that LVB was in trouble?' 'It means, what happened was match-fixing.'
The government is likely to empower ONGC Videsh, the foreign arm of state-run Oil and Natural Gas Corporation, to make investments of up to Rs 300 crore (Rs 3 billion) in oil and gas properties abroad without going to the Cabinet for approval.
India cannot afford to be complacent about a possible Pakistan resort to military options across the LoC, warns Rana Banerji, who headed the Pakistan desk at the Research and Analysis Wing, India's external intelligence agency.
'Who are these people on the streets?' 'They are youth and students who were hoodwinked, bluffed by Modi for the last seven years, with a promise of 2 crore jobs every year.' 'And Mamata sings the same tune.' 'But the youth can see that as long as there is Mamata or Modi, there is no hope.'
Prime Minister Narendra Modi delivered the customary Independence Day address to the nation after unfurling the Tricolour at the Red Fort. India is marking its 74th Independence Day under the shadow of the Covid-19 pandemic.
To begin, the Budget has no doubt attempted to address uncertainty.
The report said that "we believe, institutions are more important than individuals" and ultimately what is important is the credibility and the independence of any institution and nothing else.
News of all that's transpired on and off the football field
The United States has been successful in engaging with India on tracking money used by radical groups to penetrate into the country, the Barack Obama administration has said as it praised Indian Muslims for demonstrating a great deal of "resilience" against overtures by terrorist groups.
'This man has aged, but does not know the difference between words spoken on the streets from those of spoken in Parliament.' 'He does not allow his hair to turn gray, so he hasn't learned or matured.' Rashme Sehgal reports on how Subramanian Swamy has riled the Congress yet again.
Retail, telecom, media and a host of sectors in which foreign direct investment is restricted stand to gain from changes in FDI policy that the Cabinet Committee on Economic Affairs cleared on Wednesday linking approvals to the concept of control for the first time.
Pepsico India Holding need not divest 49 per cent equity in bottling firms to Indian companies, with the government today exempting it from the obligation following change in FDI rules for the food processing sector.
No home food for Karti, medicines allowed only on prescription.
The Centre is examining proposals for foreign direct investment in the education sector on case by case basis, the Rajya Sabha was informed on Friday.
Congress on Monday kept the government guessing on the insurance bill asking it to take on board all stakeholders and favouring the select committee route even as it insisted that the measure is its own "baby" and it is a "misnomer" that the party is opposed to it.
Modi is optimistic that the reforms will be passed soon.
The 41- year old is currently the head of macro trading in Goldman's Securities Division.
The possible date for bidders to submit a resolution plan to the adjudicating authority -- National Company Law Tribunal (NCLT) -- is September 27.
