Former Prime Minister Dr Manmohan Singh on Thursday termed Narendra Modi administration's scheme to abolish 500 and 1,000-rupee notes as "a monumental management failure".
In the mid-quarter monetary policy review last month, RBI Governor Raghuram Rajan had left the key policy rate unchanged, after raising it 50 bps in two instalments since he took over on September 4, saying he was waiting for more data clarity.
Finance Minister Arun Jaitley has said that the states were free to announce farm loan waivers if they had the fiscal space and that there would be no shortfall this year in divestment and non-tax revenues.
The finance minister is ready to present a second financial package. The Centre has ruled out a mega stimulus and will rely on targeted, incremental packages. Industry is clamouring for a bailout, the liquidity upheaval in capital markets is nowhere close to being sorted out, and all budgetary forecasts now stand irrelevant, reports Arup Roychoudhury.
'All of us have believed in decentralisation. You may not like property taxation, neither do I. My solution is that the Centre does the tax collection, but we can give a matching grant instead of redistribution,' says the outgoing CEA, Arvind Subramanian.
The investigative agency plans to file a second chargesheet, naming more perpetrators in the Saradha scam.
'His (Das) approach to work seems that of working as a team with ease in communication.'
'It is like bombing a building with 200 people to kill 5 terrorists.'
Raghuram Rajan has appointed him as head of several committees soon after taking charge.
The 42-year-old Acharya's appointment for a three-year tenure was cleared by the Appointments Committee of the Cabinet.
The change from wholesale to retail inflation as an anchor means that the weightage of diesel in inflation has decreased
DFS writes to departments that haven't responded to RBI's request for information.
New Delhi was reluctant to spook investors by clipping the bank's wings
Erstwhile RBI governors, including Raghuram Rajan never had cordial relations with the government.
The bonds will likely be simultaneously launched in major financial centres such as London, Singapore, Hong Kong, New York for a term of no less than 20 years.
The pipeline for well-qualified and experienced policy economists at senior levels of government has broken, leading to a growing dearth of suitable candidates for top economist positions.
Chidambaram questioned the Narendra Modi government whether its demonetisation decision was designed to convert black money into white.
To do so, the government will have to tackle a number of broad development challenges successfully, says Shankar Acharya
Taking advantage of the RBI's different accounting year, the Centre had started demanding an interim dividend till the time the latter's final balance sheet is prepared (usually in August). To address this anomaly, an expert committee led by former RBI governor Bimal Jalan had recommended aligning the RBI's financial year with that of the government.
The decision to do away with Rs 500 and Rs 1,000 notes accelerated the slowdown in economic activity with growth averaging 6.8 per cent in the seven quarters after it, as against an average of 8 per cent in the six quarters preceding it, says former chief economic advisor Arvind Subramanian.
CJI Lalit concurred with the minority view of Justice S Ravindra Bhat who held the EWS quota as "unconstitutional" for excluding poor among SCs, STs and OBCs.
'It's still very early. I have just been handed over the matter and therefore I haven't formed any views on it as yet,' Justice B N Srikrishna tells Pavan Lall.
The convertibility is RBI Governor's 'next big ambitious goal'.
More and more PE players are willing to test the waters now, just in case they become early entrants in a future booming business.
sharper-than-expected economic recovery back home, analysts say, can fuel a further rally in domestic cyclicals, industrials, and financials as global central banks continue with their easy money policy.
'Too many things happen in India... that is the root of the problem, not Raghuram Rajan'
In renaming TRS and repositioning it as a 'national' party, KCR is also eyeing a pole position in opposition politics ahead of the 2024 Lok Sabha elections.
On the reduction in the SLR ratio, he said it was a signal from the point of view of long-term reforms.
The government will release the Index of Industrial Production for July 2015 on Friday, September 11, 2015.
'Without bold action to deal with our banking crisis, count on the economy's doldrums to continue for much longer than most of us anticipate,' says Rahul Jacob.
Some of the key proposals of the agenda relate to transforming the banking sector, addressing agrarian distress, countering hate crimes and discrimination, and spurring employment generation.
'If there is an RBI majority in the committee, there is no question of a veto.'
First, there has been a significant softening in commodity prices - most notably oil.
According to ED sources Sunil Mehta said the fraud took place due to "systemic failure" and "procedural lapses", owing to lack of interface or proper links between the core banking software and the SWIFT interbank messaging system.
In the first of a two-part series, Tamal Bandyopadhyay explains why the ICICI Bank's board first rushed to deny all allegations against Kochhar and then took the extreme steps against her.
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