Addressing the 74th Annual General Meeting of the Indian Banks' Association (IBA), she said the industry needs to imagine how Indian banking has to be in the immediate and long-term future. As far as the long-term future is concerned, she said it is going to be largely driven by digitised processes and there is a need for seamless and interconnected digital systems for a sustainable future for the Indian banking industry.
Billionaire Gautam Adani on Tuesday did an hour-long session of yoga exercises in the open air as he led corporate India to join the International Day of Yoga celebrations. Several public and private sector companies held yoga sessions at their offices to promote the adoption of exercise in daily routines to stay fit and healthy. Adani, chairman of logistics-to-energy conglomerate Adani Group, and his wife Priti, who heads the Adani Foundation, "participated with more than 1,000 members of the Adani Parivaar team to celebrate health, mindfulness and meditation," the group said in a statement. The session was held at a football ground at Adani Shantigram in Ahmedabad. Several other business leaders tweeted pictures of their yoga sessions.
The interim finance minister said the Insolvency and Bankruptcy Code was helping in recovery of non-performing loans.
While Road Transport Minister Nitin Gadkari has been dropped, the panel now has four ministers - Shah, Finance Minister Nirmala Sitharaman, Commerce and Railway Minister Piyush Goyal and Civil Aviation Minister Hardeep Singh Puri.
Fifteen Cabinet ministers and 28 Ministers of State were sworn-in by President Ram Nath Kovind at a ceremony at Rashtrapati Bhavan on Wednesday evening.
To address the supply crunch, CII has suggested leveraging the existing excess capacity in the Indian industry; rolling back import duty hike to look for alternative sources of imports; expanding credit to manufacturing units with quick loan sanctions, and one-time emergency waiver of non-performing asset regulations for three months.
Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
The reshuffle had politics at its heart, so the biggest complement of new ministers, both Cabinet rank and below, came from UP, which will see assembly elections in a few months.
Shashi Tharoor has also been retained as the chairman of the panel on Information Technology.
During the review, the prime minister also stressed the need to sensitise states so that the speed of vaccination against COVID-19 doesn't come down and was briefed that around 31 per cent of the eligible population over the age of 45 has been given at least one dose, according to a statement issued by the Prima Minister's Office.
The government has already announced infusion of Rs 10,086 crore in Bank of India, Rs 5,500 crore in Oriental Bank of Commerce and Rs 2,159 in United Bank of India.
Out of these seven PSBs, Bank of India is likely to get the highest amount of Rs 10,086 crore, followed by Oriental Bank of Commerce, which might get Rs 5,500 crore through recapitalisation bonds
However, in recent times, the clout that trader bodies such as CAIT and other organisations like Swadeshi Jagran Manch and Laghu Udyog Bharati has is steadily increasing. Earlier this year, trader bodies were able to convince the government not to extend the deadline for implementation of the new norms in FDI policy on e-commerce.
Currently, 100 per cent FDI is permitted in brownfield pharma firms through clearance from the Foreign Investment Promotion Board.
'Nirmalaji's Budget announcements have long-term implications and are not backed by enough money when the short-term outlook looks bleak,' notes T N C Rajagopalan.
Central bank steps up dollar purchases to check rupee gains
With the Sharif family set to return to power in Pakistan amid the fast-deteriorating economic situations and political instability, it is to be seen if Shehbaz Sharif infuses fresh energy into the system, or the much-tainted family continues to resort to its old ways.
Sitharaman, who became the first full-time woman defence minister in the first tenure of the Bharatiya Janata Party-led National Democratic Alliance government -- will also head the Corporate Affairs ministry in the new cabinet.
FDI is a major driver of economic growth and a source of non-debt finance for the economic development of the country. The government has put in place an investor-friendly policy on FDI, under which investment up to 100 per cent is permitted on the automatic route in most sectors/ activities. At $ 64.37 billion, FDI in 2018-19 is the highest ever investment received for any financial year.
From the rollback of customs duty on key electronic components to fast tracking delivery of goods imported from China, players are looking for incentives on several counts.
Modi will get the maximum chunk of the session time.
The Prime Minister directed that a special cell be created immediately in the Cabinet Secretariat.
Spurring the economy, currently in the throes of a slowdown, remains the prime focus for most ministries, but the government is also looking to make women's welfare and environmental protection key to policymaking in this term.
In a bid to curb harassment of taxpayers, Sitharaman said, a faceless e-assessment scheme was launched in October to eliminate interface between an assessing officer and a taxpayer.
"So you will not have anything better... democracy loving, capitalist respecting environment... in India," Sitharaman said at the event hosted by the Federation of Indian Chambers of Commerce and Industry in association with the US India Strategic and Partnership Forum.
The Commerce Ministry, according to an official, has proposed interest subsidy for different sectors like engineering which are reeling under the impact of global economic slowdown.
The first step to keeping your job safe, experts tell Rediff.com's Divya Nair, is understanding why layoffs happen.
Commerce and Industry Minister Piyush Goyal that the players in the sector should start lowering prices and, if the worst comes to the worst, write off investment as bad business decisions.
Rahul Khullar's guiding credo was that a civil servant must never lose sight of his client: The little guy. The evil men are those who are decision-makers but abdicate their responsibility of taking decisions, leading people to lose confidence in public institutions.
Commerce Minister Anand Sharma on Wednesday sought to assure prospective American investors that India is a 'welcoming investment' destination where the climate is 'totally conducive' to such actions.
"Some people think I said something negative against Amazon. If you look at the context of my statement, I said investment should come within the law and regulations. This process is followed across the world," the minister told reporters in Ahmedabad when asked to comment on his statement.
India on Monday joined a US-led initiative to set up an Indo-Pacific Economic Framework to bind partner countries to achieve common goals, with Prime Minister Narendra Modi asserting that New Delhi will work with the stakeholders to make it an "inclusive and flexible" structure to pave the way for development, peace and prosperity in the region.
The ban in India would hit Chinese internet companies that were making headway in the world's fastest-growing mobile market.
The target of mopping up Rs 1.75 lakh crore from divestments of some of the public sector companies, including LIC and BPCL during the current fiscal, is on track and groundwork is being prepared for the goal, Chief Economic Advisor Krishnamurthy Subramanian said on Monday. On the COVID-19 pandemic, Subramanian said the impact of the second wave is lesser than that of the first one. In an interactive session, organised by Federation of Telangana Chambers of Commerce and Industry, the CEA said robust GST collections, over Rs one lakh crore per month for eight months in a row shows that consumption is picking up indicating positive signal for growth.
Economists want the government to focus on jobs, farms, and fiscal consolidation. They also favour re-imposition of the long-term capital gains tax on listed securities and mutual funds.
Addressing a public meeting in Badhni Kalan in Punjab's Moga district, Gandhi asserted that the contentious Acts would be revoked if the Congress was voted to power.
The IMF and World Bank have stopped loans, and the FATF warned its 39 member nations to block Taliban assets.
Worried over continuous decline in exports, the Commerce Ministry has stepped up its pressure on Finance Ministry to expeditiously notify a scheme which was announced in June to boost the overseas shipments.
Air India owns 32 aircraft, and has 37 aircraft on finance lease; Air India Express owns 17 aircraft on finance lease. The aircraft-related debt of Air India is Rs 16,000 crore; it's Rs 1,100 crore for Air India Express.
Overall, cumulative direct investment from China stood at just $2.05 billion till June 2018, according to consolidated DIPP figures
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