Chidambaram was competent to give approval of upto Rs 600 crore but he gave the approval which was worth approximately Rs 3,500 crore
'The government should refrain from 'adventurism' and 'megalomania'.' 'But this should be true of reckless government action against every Indian, whether or not they are wealthy or have access to the finance minister even when he is in hospital,' says Aakar Patel.
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The toxic brew of fiscal populism, crony capitalism and bad economic management has ensured the collapse of economic growth, industrial stagnation, stubbornly high consumer inflation, declining savings and investment, shrinking employment opportunities, and a dangerously vulnerable external financing situation.
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Cabinet likely to pave way for the 'super-rich' tax today.
With Prime Minister Narendra Modi emphasising the need to kick-start investment in the country, the project monitoring group (PMG) under the Cabinet Secretariat has asked various government departments to start monitoring projects for which clearances have been facilitated through this mechanism.
Once three officers reached inside, they opened the gates to allow other team members waiting outside.
It has been a year since the Reserve Bank of India (RBI) initiated prompt corrective action (PCA), an exercise that puts weak banks under central bank scrutiny, against the 94-year-old Lakshmi Vilas Bank (LVB). But recently, this low-profile Chennai-headquartered bank found itself attracting some unwonted publicity when 60 per cent of its shareholders voted against a proposal to re-appoint seven directors, including one of the promoters, K R Pradeep (who holds around 2 per cent), and the company's managing director & chief executive officer S Sundar.
While the Congress will firm up its strategy once the ruling alliance tables the Bill, initial comments by its leaders have been encouraging.
Members of Parliament, state legislatures, and local governments not eligible to be members of PSB boards
Shifting to a PPP model could repeat the errors of the past
The whistleblower, claiming to be an employee working in the finance department, said he was submitting a 'whistleblower complaint' unanimously as the matter stated was 'volatile' and that he feared retaliation on disclosing the identity.
'Public sector banks are like an extended arm of the government.' 'They rush to rescue certain sectors or they rush to invest in certain sectors to prop up the economy which the private banks don't.'
In 2010, ministry told its officers nominated on PSB boards to stay away from big-loan panels; central bank followed suit.
'Infusion of fresh capital, handsome growth in deposits and focus on recovery should bring Yes Bank back on the growth path in the next financial year,' observes Tamal Bandyopodhyay.
But it may come with a downside risk of further rise in prices of several products.
The government on Wednesday approved Rs 10,000 crore (Rs 100 billion) 'Fund of Funds for Startups' to support them with an aim to generate employment for 18 lakh persons.
Getting locked into instruments before the new regime kicks in would be a good strategy.
The high-level meeting comes against the backdrop of the rupee touching a record low of 58.98 to a dollar on Tuesday.
The Prime Minister directed that a special cell be created immediately in the Cabinet Secretariat.
Kerry is scheduled to head to India later this month for the fourth annual US-India Strategic Dialogue.
Presenting the Narendra Modi government's maiden Rail Budget, Railway Minister Sadananda Gowda announced setting up of logistic parks and private freight terminals on PPP model.
'Around 15 crore poor people have lost their money.'
The Make in India Week has become a platform for two Bharatiya Janata Party (BJP)-ruled states to jostle for the number one destination in India for investor funds.
'Priyanka Gandhi play is not only about winning allies and lifting spirits; it's also about cash'
The Governor said the MPC had voted to maintain its accommodative stance, implying more rate cuts in the future if the need arises.
'The target for next year is unlikely to be more than that of this year. The more you divest in any cycle, the less your potential pipeline for the next,' said an official. 'The first two issues we want to tackle and complete in FY20 are Air India and Hotel Ashok.'
The FAQ also clarified that companies, including Titan, which supplies watches and jewels through their own websites will not be considered as e-commerce operators
Doubts over implementation of a Cabinet-approved strategic sale policy are puzzling.
Addressing the Congress Working Committee, the president of the party said, ""Misfortunes do not come singly. India has been hit by a terrible economic crisis, a pandemic of huge proportions and, now, by a full-blown crisis on the borders with China. Much of each crisis is attributable to the mismanagement of the BJP-led National Democratic Alliance government and the wrong policies pursued by it."
Vijay Kelkar, who headed the committee on tax reforms, on Tuesday warned that higher economic growth and foreign direct investment flow could not be achieved without hard fiscal reforms.
On the eve of Prime Minister Manmohan Singh's press conference on Friday, the Bharatiya Janata Party on Thursday asked him some probing questions, including how he thinks history would judge his tenure, "failure" to assert himself against corruption and "subversion" of constitutional institutions.
'Government of India has the right to give directions to RBI'.
The bond market expects at least 25 basis points cut in the June 6 policy.
There is a case for analysing the fiscal deficit, separately for expenditure and investment.
Two months ahead of the Budget for 2005-06, Finance Minister P Chidambaram on Monday promised to make tax structure simpler for petroleum, telecom, sugar and textiles sectors.
'As an investor, I either have to exit my investments in the next three months or use dark pools or cash to transact. For a normal investor, it will be almost impossible to transact in bitcoin and other digital currencies.'
In an interaction with Jash Kriplani, A Balasubramanian, managing director and chief executive officer, Aditya Birla Sun Life Asset Management Company, shares his optimism on what makes him believe that these cuts can help in addressing multiple issues plaguing the economy, without letting fiscal deficit pose any major risk.
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