'India is nowhere near the peak of the infection given its large population of 1.3 billion'
'Event management can distract from, but not permanently mask, execution failures,' points out Rathin Roy, director, National Institute of Public Finance and Policy.
In a sudden development, the Gujarat Co-operative Milk Marketing Federation Ltd (GCMMF), which markets its products under the brand name 'Amul', on Monday ousted its long-serving Managing Director R S Sodhi but did not give any reason. However, Sodhi said he had requested the federation's board to relieve him of his duties. The federation's chief operating officer Jayenbhai Mehta has been given the interim charge of the managing director (MD).
Whether this remains under control in the coming months will depend on the future intensity and spread of the Russia-Ukraine war, and the effectiveness of the Indian government's response, points out A K Bhattacharya.
The industrial output for the third month in a row remained in the negative territory, contracting 1.5% in January
Mr Jaitley should devise methods to attract better talents at the higher level.
The government may take a fresh look at BPCL privatisation, including revising the terms of sale, an official said. "We need to go back to the drawing board on BPCL. "There are issues in terms of consortium formation, geopolitical situation and energy transition aspects," an official said. The government is selling its entire 52.98 per cent stake in BPCL for which three expressions of interest (EoIs), including one from billionaire Anil Agarwal-led Vedanta Group, have been received.
India's deployment of a direct cash transfer scheme and other similar social welfare programmes is a "logistical marvel", the International Monetary Fund (IMF) said on Wednesday. "From India, there is a lot to learn. There is a lot to learn from some other examples around the world. "We have examples from pretty much every continent and every level of income. "If I look at the case of India, it is actually quite impressive," Paolo Mauro, deputy director of the Fiscal Affairs Department at the IMF, told reporters at a news conference in Washington.
Stricter norms of corporate governance under the Companies Act 2013 as well as increasing application of technology for early detection of frauds through data analysis surveillance and usage of forensic tool are among the other steps taken by the government to prevent fraud by companies, Jaitley said.
If providing a stimulus to growth is the objective now, that would be best served by moving rates as quickly as possible to the bottom.
What's different this time is that global financial stress -- which has its genesis in four policy choices made in recent years -- is juxtaposed with a more resilient real economy, observes Sajjid Z Chinoy, chief India economist at J P Morgan.
Former Prime Minister Manmohan Singh on Tuesday said the media needs to remain vigilant and flag shortcomings of the government with a view to improve the effectiveness of governance.
The growth momentum in India's manufacturing sector was maintained in February, with new orders and output increasing at similar rates to January, according to a monthly survey. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) was at 55.3 in February, little-changed from 55.4 in January. The February PMI data pointed to an improvement in overall operating conditions for the 20th straight month. In PMI parlance, a print above 50 means expansion while a score below 50 indicates contraction.
Budget 2014 is a strong first step to slowly re-architecting and reviving our economy and transform India, says Rajeev Chandrasekhar.
The review will not only present data, trends but also list out the achievements of the Narendra Modi government
The bench said it has to balance the equity and it was not against any policy of the government or the scheme.
'I want us not to underestimate Indian voters. They can tell good work from bad.'
Stimulus was given in phases after Chidambaram had left the finance ministry to head the home ministry in December 2008.
India's services sector growth accelerated in April, as strong demand conditions resulted in the fastest increase in new business and output in close to 13 years, a monthly survey said on Wednesday. The pick-up in demand occurred in spite of escalating price pressures. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 57.8 in March to 62.0 in April, signalling the fastest expansion in output since mid 2010, amid a pick-up in new business growth and favourable market conditions.
Finance Minister Nirmala Sitharaman has brought down the budgetary allocation for the fertiliser subsidy for FY21 to Rs 71,309 crore, from the RE of Rs 79,998 crore for FY20, while increasing food subsidy to FCI through "ways and means advance" to Rs 50,000 crore for FY21, from Rs 36,000 crore in RE for FY20, and under the National Food Security Act (NFSA) to Rs 77,982 crore, from Rs 75,000 crore.
Finance Minister Nirmala Sitharaman on Tuesday met IMF managing director Kristalina Georgieva and discussed a range of issues, including impact of geopolitical situation on global growth.
'The actions of Indian monetary authorities will depend on how quickly they want the inflation to come down to 4 per cent.'
The Union Budget's focus on capital expenditure is expected to crowd-in private investment and push the GDP growth rate close to 7 per cent in the next financial year beginning April 1, said a Reserve Bank article on 'State of the Economy'. In 2023-24, capital expenditure is budgeted at Rs 10 lakh crore which will constitute 3.3 per cent of GDP. "We believe that India will decouple from macroeconomic projections of current vintage and also from the rest of the world.
Chief Economic Adviser V Anantha Nageswaran on Thursday said cryptocurrencies are akin to 'a world of Caribbean pirates' in the absence of a centralised regulatory authority and are yet to pass the test of a fiat currency. He said that the government is pursuing a 'high-wire balancing act' to ensure that the gains in growth, inflation, and rupee stability of the last four years are not frittered away. He said the recent development in Terra-Luna cryptocurrency, which witnessed a massive meltdown last month, is a 'very important cautionary tale'.
The government will set up 16 new medical colleges over the next five years.
'No one cares about fiscal deficit now. Or for that matter, inflation.' 'The focus is on growth and growth alone.' 'RBI needs to break the risk aversion of banks and infuse adrenaline in their veins', says Tamal Bandyopadhyay.
The employment situation remains dire. Whatever can be done to promote greater low-skill employment should be pursued aggressively, advises former chief economic adviser Shankar Acharya.
India's manufacturing sector activity moderated in January amid slower increase in total sales, and headcounts were broadly unchanged amid sufficient staff numbers to cope with current requirements, according to a monthly survey. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) fell from December's recent high of 57.8 to 55.4 in January, as factory orders and production rose at sharp, albeit slower, rate. The January PMI data pointed to an improvement in overall operating conditions for the 19th straight month.
Stating that a weak fiscal position continues to constrain India's sovereign ratings, Fitch said the next government's medium-term fiscal policy will be of particular importance from a rating perspective.
Banks might not have realised the exact implication of risky projects under PPP projects, which were getting implemented under high leverage
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The real requirement for the finance minister's explanatory speech is to explain the measures taken in the Budget to influence inflation and growth not just through the announcement of a deficit goal, but more broadly through the impact on money supply, consumer demand, foreign trade and investment, explains Nitin Desai.
Besides, some PSUs that have remote locations are unable to communicate the public offer message to their employees and face various difficulties like opening demat accounts.
Google will lay off 12,000 jobs across the globe, its CEO Sundar Pichai announced on Friday, becoming the latest tech giant after Microsoft, Facebook and Amazon to retrench staff en mass amid the global economic downturn. In an email to employees, the Indian-origin CEO said: "I have some difficult news to share. We've decided to reduce our workforce by approximately 12,000 roles." Pichai said the layoffs at Google were carried out after a "rigorous review" of its operations.
'It is important to improve the quality of spending.'
The extra borrowing implies Jaitley will have extra spending space in the Union Budget for FY19, the last full one before the 2019 general election
A year ago, when thousands of people were handed pink slips, the USCIS had received 42,000 H-1B applications.
