During a three-hour long virtual meeting with CEOs of large public and private sector banks along with heads of NBFCs, the prime minister assured them that the government is ready to take all steps to support the financial sector.
He rued that people who work hard and honestly are put through enormous difficulties and Indians excel in making an ordinary task into an extraordinary one.
Lower gold imports and higher overall exports to help narrow the gap.
President emphasises on innovation for economic progress.
Country's largest lender the State Bank of India (SBI) will sell bad loans amounting to Rs 3,000 crore (Rs 30 billion) in the last quarter of the ongoing fiscal, the top official of the bank said on Saturday.
Finance Minister Nirmala Sitharama on Thursday stated the government is planning to provide a relief package of Rs 1.7 lakh crore to the underprivileged, poor and migrant workers affected by the lockdown amid the coronavirus outbreak. The scheme has been named the Pradhan Mantri Garib Kalyan Scheme.
The WPI has been in the negative zone since November.
Going forward, the February factory output may be impacted as several industries such as automobiles, technology, pharma and fashion have some exposure to imports of raw and intermediate materials from China.
In a video message posted as part of the Congress' 'Speak Up India' campaign, which was launched on Thursday, she also demanded that the government provide Rs 7,500 to each needy family for the next six months and Rs 10,000 as immediate cash to them.
The London School of Economics professor Danny Quah forecasts that by 2050 the world's economic centre of gravity, a theoretical measure of the focal point of global economic activity based on GDP, will have shifted eastwards, as quoted in the Wealth Report 2012 by Knight Frank & Citi Private Bank.
'Industry realises we cannot overly depend on imports from anywhere including China.'
Government should focus on five areas in this year's Budget, says Sunanda Sen, a former professor at Jawaharlal Nehru University.
'Education will definitely benefit by making the child's first language the medium of instruction, by making examinations less prone to rote-learning, by setting up national research universities, all recommendations of the NEP,' observe Pankaj Jain and Shreekant Sambrani.
China would be an influential player in the bank
Are short-term compulsions increasing long-term instability?
Chidambaram was also hopeful that fiscal deficit will be contained within the targeted 5.3 per cent of the GDP this fiscal and trimmed to 4.8 per cent in the next.
He said the migrants and poor people had great expectations after the prime minister's address to the nation, but sadly...
As FY20 Budget fiscal measures need to be better understood, a reversal of the stance back to neutral will allow MPC flexibility to respond to incoming data.
Ahead of the Economic Survey, industry body Ficci today lowered its GDP growth forecast for the current fiscal, pegging India's economic expansion rate at 5.3 per cent compared to its 5.5 per cent previous estimate.
A total 95 deaths deaths were reported since Friday morning, of which 37 in Maharashtra, 24 in Gujarat, nine in West Bengal, seven in Madhya Pradesh, four each from Rajasthan and Uttar Pradesh, three from Andhra Pradesh and Tamil Nadu and two from Delhi and one each from Punjab and Haryana.
A normal monsoon, softer interest rates and inflation, pent-up demand, along with mild budgetary support may help growth pick up in coming quarters.
'This solid verdict would further strengthen his resolve to drive forward the economic agenda to ensure that the fruits of the economic momentum continue to reach the poor, so visible during the last five years.'
India had been growing around 8-9 per cent before theglobal financial meltdown of 2008. The growth rate in 2011-12 slipped to nine-year low of 6.5 per cent.
There will be pressure on the fiscal situation, especially at a time when the monsoon can also disappoint. More populist expenditure is on cards if the mandate is a hung Parliament or a coalition government.
The decline in inflation was broad-based across major commodity groups except housing and fuel and light.
The trio, 'twin shocks' of demonetisation and GST, 'twin balance sheet' problem that has been weakening India's banking system and the 'twin deficit' problem will continue to challenge economic management and performance in the year ahead, says Shankar Acharya.
Defence already accounts for one-third of the national capital spend, the government says.
RBI also retained its GDP growth forecast at 7.6 per cent
The government hiked import duty on gold to 10 per cent and the RBI also imposed curbs on its imports by linking it with exports.
With his eye on next year's Party Congress, Xi Jinping is using the CCP's centenary celebrations to publicise the benefits for China from its leadership, and boost his image and contribution to China's rise, observes Jayadeva Ranade, the distinguished China expert and retired RA&W officer.
'You need to devalue the currency, ignite inflation, which then begins to oil the wheels of the economy.' 'Without that this severe recession is not going to reverse.'
Bank credit growth declined to 8.5 per cent in January from 13.5 per cent in the year-ago period.
This move will enable it to incur higher-than-mandated borrowing, and possibly spending, till the 2024 Lok Sabha election cycle.
Vice-Chairman Arvind Panagariya said that India is facing a health crisis that has led to a sudden stop of the economy.
Experts warn of over-interpreting the numbers and said their sustainability needed to be watched beyond November, says Indivjal Dhasmana.
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Prime Minister's key economic advisor C Rangarajan on Friday lowered the growth forecast for the current fiscal to 5.3 per cent from 6.4 per cent projected earlier and listed out host of measures, including further liberalisation of FDI norms to improve economic condition.
Dissatisfaction with the state leadership, along with caste and sectarian factors and economic issues -- particularly those relating to jobs and rural distress cost the BJP.
The agency has also retained 'stable' outlook for the country's ratings.
Nirmala Sitharaman's maiden Budget has not disappointed but vision and details, particularly for the revival of agriculture, are missing.
'Since the growth is not fast enough to provide jobs for the young, the fallout will be political and social,' warns T N Ninan.
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