They expressed concern on taxation issues, the high fiscal and current account deficits, and sought removal of capital gains tax.
India's economic growth rate is expected to be at least 6 per cent in the 2013-14 fiscal, Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan said.
The Finance Audit and Investment committee recommended 8.95% interest.
The finance ministry said the sharp inflows last fiscal were due to the government's policy initiatives and economic recovery.
The idea is to boost household savings and turn more of them into growth capital. If the plan succeeds, sustained eight per cent-plus rates of gross domestic product growth should be within reach in a few years.
A long crisis with a lack of sound short-term, long-term actions can result in sluggish growth in India, similar to that in Japan.
The friction with the political class is not only about interest rates and monetary policy. While the government often spoke freely about its discomfiture, the RBI had to be careful even in its response to the government as any loose statement would affect the markets.
A government panel said policymakers and regulators should have an open mind regarding the introduction of an official digital currency in India.
Moody's assumes that the RBI will continue to pursue price and financial stability and implement policies towards these goals.
Arvind Subramanian was appointed CEA in October 2014 and got a year's extension in September 2017
The IMF expressed its opposition to any move that compromises the independence of central banks anywhere in the world.
While presenting her 2021-22 Union Budget, Finance Minister Nirmala Sitharaman had set a fiscal deficit target of 6.8 per cent of nominal gross domestic product (GDP) against the 2020-21 Revised Estimate of 9.5 per cent. The fiscal correction in the upcoming 2022-23 Union Budget is unlikely to be that steep. Even as discussions among top Budget-makers are ongoing, the fiscal deficit target for 2022-23 may likely be in the range of 6.5-6.8 per cent.
The Bharatiya Janata Party regime will have to make good on this election slogan to restore state-owned banks to health, says Rajiv Lall.
Government is framing a rule that will make it compulsory for regulators like Sebi, Irdai and PFRDA to deposit a significant portion of their reserves into the Consolidated Fund of India.
Budget for 2022-2023 has returned to its agenda for protectionism in the name of creating a self-reliant India, points out A K Bhattacharya.
Outward remittances under the Reserve Bank of India's (RBI's) liberalised remittance scheme (LRS) surged by 50.64 per cent to $9.1 billion in the April-June quarter (first quarter, or Q1) of 2023-24 (FY24), driven by healthy growth across segments due to a revision in the timeline of tax collected at source under the LRS scheme and normalisation in international travel. Major drivers include equity and debt investments, deposits, and the international travel segment, among others. According to the latest RBI data, the amount remitted under LRS stood at $9.1 billion in Q1FY24, compared with $6.05 billion in the same quarter last year.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
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2014 made a lot of promises; can the new year deliver?
The windfall from RBI may be used to trim borrowing, help fund Rs 3.3 lakh crore capex plan, capitalise banks and provide fiscal stimulus to some stressed sectors, experts and economists said.
A statement from the finance ministry said, 'it shall be the policy of the Sri Lankan government to suspend normal debt servicing...shall apply to amounts of affected debts outstanding on April 12, 2022'.
In a message to public sector banks (PSBs) that only performers will survive, the government, in an unprecedented move, has decided to allocate capital to only nine PSBs.
Public sector banks are inefficient, poorly governed and beset by largescale corruption.
The appointment will be made by Prime Minister Narendra Modi in consultation with Finance Minister Arun Jaitley.
The Reserve Bank's growth projection for next financial year is lower than 8-8.5 per cent projected by the finance ministry in the recent Economic Survey which was tabled in Parliament on January 31. Unveiling the bi-monthly policy, RBI governor Shaktikanta Das said, "Recovery in domestic economic activity is yet to be broad-based, as private consumption and contact-intensive services remain below pre-pandemic levels."
Experts applaud RBI governor RAghuram Rajan for his good work.
Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry has clarified.
'The no-rate cut policy and preference to wait for the Budget and clarity on the fiscal front demonstrate RBI Governor Shaktikanta Das is maturing in his new role,' notes Tamal Bandyopadhyay.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
The government has asked the Indian Banks' Association to make sure that IDBI Bank's wages are on a par with other banks.
The finance minister has emphasised on the quick disbursal of additional loans to MSMEs, to simplify process, formats and documentation.
The modus operandi highlighted by CBI says that while the corporate strikes a deal for imports with a company in one country, the billing is done at inflated prices in other country by the group's front company.
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
The finance ministry has received about 100 applications for the post, which have been sent to the high-level panel that will select a suitable candidate for the post, sources said.
Arundhati Bhattacharya is a strong contender for chairperson post, after Pratip Chaudhuri retires in September.
The first high-level meeting of the Special Investigation Team on the issue of black money and special probe into cases of unaccounted funds stashed away abroad by Indians has been advanced and will now be held on June 2.
Besides advancing the presentation of the Budget to perhaps the first week of January, , there are four new initiatives that could be rolled out from the next Budget, says A K Bhattacharya.
There is not much that the RBI can do to address India's inflation. Solutions to the problem lie with Pranab Mukherjee and Sharad Pawar, who run the ministries of finance and agriculture, respectively.
This time the all-powerful interest-rate setting panel, whose constitution was notified by the government on Thursday, will take call on interest rate. But that's not the only change. The Reserve Bank of India has also decided to change the timing of announcement of its policy review, due next Tuesday, to mid-afternoon.
RBI governor Raghuram Rajan is likely to cut rates in next monetary policy.
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