RBI Governor Shaktikanta Das said the central bank saw economic growth slowdown in February, prompting it to cut rates ahead of the curve and wondered why markets were surprised with the decision to pause rate reduction. Noting that there is a need for an "informed and objective discussion" on the country's economy, Das said the RBI would do "whatever is necessary" to address growth slowdown, spikes in inflation as well to ensure good health of banks and non-bank lenders. The apex bank went for five consecutive rate cuts starting in February this year, making it a cumulative reduction of 1.35 per cent.
Gokarn was the first Indian central banker who regularised warnings to the government, through the monetary policy statement, on the need to reduce fiscal deficit.
The Indian economy's election-year syndrome cannot be ignored, says A K Bhattacharya.
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.
'If you are selling family silver, and if you are not getting the right value, then what is the point?'
Finance minister tries to put house in order before reforms are unveiled in February.
In 2009, FinMin proposed to move regulators' reserves into public account. These accounts were finally opened in 2013-14. However, no funds have been deposited in it so far.
Sales during the quarter under review stood at Rs 9,357 crore, up 12.42 per cent, as against Rs 8,323 crore in the corresponding period of the last fiscal
The company's market valuation stood at Rs 10,972 crore in morning trade.
Growth forecast has been lowered owing to tepid growth in the first half of 2017-18, the lingering effects of demonetisation, transitory challenges of GST, and some risks to agriculture stemming from a spotty monsoon.
India's first auction of spectrum in five years attracted Rs 77,146 crore of bids on the opening day on Monday with Reliance Jio, Bharti Airtel, and Vodafone Idea participating in the bidding process - a response that the government said was better than expected. There were, however, no takers for spectrum in 700 MHz and 2500 MHz bands on the first day, and the auctions will continue and conclude on Tuesday. About 2,308.80 MHz of spectrum, that carry telecom signals, in seven bands worth nearly Rs 4 lakh crore at the reserve or start price, was offered for bidding in the auction that began on Monday. Communications Minister Ravi Shankar Prasad said Rs 77,146 crore worth of spectrum was bid on the first day but there were no takers for the airwaves in the premium 700 MHz as also 2500 MHz bands.
Holding her party would oppose any 'attempt to sell out the country', she claimed that in the past five months, the Centre had done nothing 'good' and that 'Bharatiya Janata Party is only busy beating its own drum in the social media'.
Moody's on Thursday raised India's GDP forecast for the calendar year 2020 upwards to -8.9 per cent contraction from -9.6 per cent contraction forecast earlier. Similarly, India's GDP forecast for the calendar year 2021 has been revised upwards to 8.6 per cent from 8.1 per cent projected earlier. The report released by Moody's Investors Service attributed the reason behind better growth to the falling of coronavirus cases in the country.
Ajay Maken, who has also served as the Speaker of the Delhi Assembly in the past, asked Deora to "leave Congress" before propagating "half-baked facts."
While banks are not as exposed as the corporate sector during the initial stage of the pandemic, the strain on lenders could ultimately be profound. Banks face a second-order hit compared with the corporate and household sectors.
Salgaocar FC and Sporting Clube de Goa, Indian football's traditional outfits, decided to "withdraw" from the forthcoming season of the I-League over the All India Football Federation's decision to restructure the domestic league system.
One incident should not be used to generalise the health of all cooperative banks, says RBI governor Shaktikanta Das.
Citing some news reports about alleged unfair business practices, and that the lender had also missed analysts' estimates on profits for the first quarter ended June FY21, Rosen Law Firm said it is preparing a securities lawsuit.
'Most of the agitations are staged by the Opposition to disturb the peace of the state.'
New Assam Chief Minister Himanta Biswa Sarma Monday said controlling the 'alarming' COVID-19 situation in the state is his first priority and his aim will be to make the state one of the top five in the country in the next five years.
The denial rate jumped from 4% to 41% for Tech Mahindra, from 6% to 34% for TCS, from 7% to 53% for Wipro and from just 2% to 45% for Infosys.
'The question is, how soon we can expect to re-attain the pre-lockdown levels of output and income.'
The going is not going to be easy for the DMK and its allies in Elections 2024. Despite the seats sweepstake in the 2021 assembly polls, the vote-share difference of 5.6% (DMK's 45.38% versus AIADMK-BJP's 39.72%) is not insurmountable on a bad day, points out N Sathiya Moorthy.
These officers also have been divested of their current duties on charges of violating Rules 9 and 3(1)(xx) of the Central Civil Service Conduct Rules.
'The RBI is something like a seat belt. As a driver, the driver being the government, it has the possibility of not putting on a seat belt but of course if you do not put on your seat belt you get into an accident and the accident can be quite severe,' Raghuram Rajan told CNBC TV18. 'The aim of the board is to be Rahul Dravid -- sensible, thoughtful and not, with due respect, Navjot Sidhu,' he added.
This non-refundable fee will support the new electronic registration system to make the H-1B cap selection process more efficient for both petitioners and the federal agency, USCIS said.
The Congressional-mandated cap of 65,000 H-1B visas and another 20,000 in the advanced degree categories were reached within the first five days after USCIS started accepted H-1B applications in April.
United States Citizenship and Immigration Services, which is the federal agency responsible to process the visas, on Monday started accepting applications for H-1B visas for the fiscal year 2019, beginning October 1.
Defence already accounts for one-third of the national capital spend, the government says.
India was already in the midst of a protracted economic slowdown before the virus hit due to a festering crisis among shadow lenders and declining consumer demand and private investment. Service sector activity in India is still effectively on hold.
It's time Rahul Gandhi became attuned to the reality of the 21st century instead of recycling failed political jargon of the 20th century,' argues Virendra Kapoor.
Many feel that the money from their MPLADS should go directly to a district hospital in their respective constituencies rather than a central fund like PM CARES. Archis Mohan reports.
'Should the government be in the business of running banks?' 'Particularly when it does not have the fiscal strength to continuously infuse capital into such banks?'
Indian economy was growing faster than the global average and all other major economies: FM
Highlights of the announcements made by Finance Minister Nirmala Sitharaman on the reduction in corporate tax and other fiscal relief measures for the economy to promote growth and investment.
Unlike the regimes of Jayalalitha, Palaniswami and Karunanidhi, ministers are actually getting to make decisions on their own, with the unmentioned rider that they would be held responsible and accountable, observes N Sathiya Moorthy.
The gems and jewellery industry is staring at a sales washout on Akshaya Tritiya for the second consecutive year as most of the states are under lockdowns due to the raging second wave of the COVID-19 pandemic which has led to negative consumer sentiment, say industry leaders. Akshaya Tritiya, considered as an auspicious day for buying gold and jewellery, falls on May 14 this year. India is the worst-hit among all nations with the second wave of the pandemic, which has been killing more than 3,500 daily and infecting close to 4 lakhs daily for weeks. The massive caseload has nearly paralysed the medical infrastructure.
While foreign currency rating was retained at Baa2 -- the second-lowest investment grade score -- Moody's also projected a fiscal deficit of 3.7 per cent of gross domestic product in the year through March 2020, a breach of the government's target of 3.3 per cent.
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