Petroleum Minister Dharmendra Pradhan on Tuesday put state-owned ONGC and OIL on notice saying oil and gas reserves they hold need to be monetised through joint ventures with domain experts or the government will take them away and auction them. Speaking at BNEF Summit, he said state-owned firms cannot indefinitely sit on resources when the nation is a net importer of oil and gas. Despite India bidding out acreages to private and other companies since the 1990s, Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) hold a "sizeable number of acreage for years," he said.
'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.
'How low GDP would have been, we don't know.' 'It raises serious questions because so many indicators are pointing to such a sharp decline and GDP estimates are still showing 4 per cent growth.'
The Centre's retreat from the farm laws is likely to have a significant bearing on the fate of laws that the Centre has made, for instance, in labour and electricity, predicts A K Bhattacharya.
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.
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.
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.
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.
Defence already accounts for one-third of the national capital spend, the government says.
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.
The RBI cut rates for third time in 2015 due to favourable economic conditions.
Arvind Mayaram, economic affairs secretary at the finance ministry, also said that a fall in bulk diesel demand this fiscal year will save the government about $1 billion.
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.
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.
Havildar Abhilash Singh (retired) has been taken to hospital. He was on relay hunger strike.
Here's what celebrities had to say about Arun Jaitley's Budget.
Reserve Bank of India (RBI) Governor Raghuram Rajan's decision to cut rates last week surprised even top officials.
Instead of failing young Indians, the government should now focus laser-like on education, skilling, healthcare, and the environment, says Mihir S Sharma.
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 question is, how soon we can expect to re-attain the pre-lockdown levels of output and income.'
Indian economy was growing faster than the global average and all other major economies: FM
Finance Minister Arun Jaitley should not drop the ball on continuing the battle against black money and move towards digital transactions to reduce the preponderance of cash in the economy, says A K Bhattacharya.
The allocations for social sectors either have been maintained or increased.
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.
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.
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.
After the Chennai floods, insurance companies had got 50,000 claims worth Rs 4,800 crore.
How much are others responsible for the Trump presidency moving in the directions it has, asks T N Ninan.
The Reserve Bank on Friday said the new UPA government, which is slated present the Budget some time in July, should resist pressure for another stimulus as sustained economic recovery would require fiscal consolidation in medium term.
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.
The main factor boosting production was a sustained rise in new work inflows.
'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?'
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.
Call for fiscal autonomy to Union Territories with Assemblies may get louder with 'special status' to J&K in the Finance Commission, say experts.
Surplus in March, the last month of a financial year, has helped the government reduce fiscal deficit in the last few years.
The expectation that Mr Modi would be a major reformer, capable of reinvigorating the Indian economy, were based on a complete misreading of both his actions and his performance as Gujarat chief minister, says Mihir S Sharma.
'Course correction today would be good politics and also good economics,' notes T N Ninan.
The Naresh Goyal-promoted private airline, in which UAE national carrier Etihad holds 24 per cent stake, is facing acute cash crunch after posting two back-to back quarterly losses this year.
