On November 12, 2021, the Reserve Bank of India (RBI) decided to ring in uniformity in asset classification and income recognition across all lending institutions. Shadow banks, or non-banking financial companies (NBFCs), like commercial banks, are to test non-performing assets (NPAs) on a daily basis and upgrade them to "standard assets" only when interest and principal arrears are settled by borrowers. This is going to create all manner of headaches for shadow banks and their clientele. Says Y S Chakravarti, managing director and chief executive officer (CEO), Shriram City Union Finance: "NPA levels will go up, especially of small borrowers.
There are some countries where not only the Gross Domestic Product figure is high but also standard of education and income equality.
As he projected a grim outlook for the economy, RBI Governor said that amidst this encircling gloom, agriculture and allied activities have provided a beacon of hope on the back of an increase of 3.7 per cent in foodgrains production to a new record.
Ajit Balakrishnan on how to arrest a worldwide decline.
The studies found that sectors with the highest unaccounted income included real estate, mining, pharmaceuticals, pan masala, gutkka and tobacco, bullion and commodity markets, film industry, educational institutes and professionals.
They were participating in a debate on the bill for giving effect to various compliance relief measures for taxpayers, including extending time limits for filing returns, in the wake of the coronavirus crisis and tax benefits for donations to PM CARES Fund.
Gross Non-Performing Assets rose to 12.90 per at the end of March, from 6.55 per cent a year ago.
This year, festive sales are expected to push up the annual gross merchandise value of e-commerce companies to around $38 billion, a 40 per cent growth over the previous year.
CII has also called for tax incentives for new health care projects and import duty relief for lifesaving equipment.
Growth in credit card outstanding has been the fastest compared to other personal loan segments
India's gross domestic product product (GDP) growth rate between 2011-12 and 2016-17 should be about 4.5 per cent instead of the official estimate of close to 7 per cent, he said in a research paper published at Harvard University. "The Indian policy automobile has been navigated with a faulty, possibly broken, speedometer," he says in the paper.
India's economic growth slowed to 3.1 per cent in January-March and to an 11-year low of 4.2 per cent for the full fiscal 2019-20 amid a drop in consumption and investment. The Gross Domestic Product (GDP) growth stood at 5.7 per cent in the corresponding quarter of 2018-19, according to data released by National Statistical Office (NSO) on Friday.
Govt could cut the GST rate payable every time someone buys a health insurance product; or it could also provide a larger income tax set off for those who buy a health insurance product
Instead of failing young Indians, the government should now focus laser-like on education, skilling, healthcare, and the environment, says Mihir S Sharma.
The culture of freebies burdens coming generations with the huge bill for the flagrant abuse of power by preceding governments, points out Virendra Kapoor.
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
This is because the bond market has factored in the Rs 4.88-trillion gross borrowing for April-September 2020.
The governments of Karnataka, Uttar Pradesh and Rajasthan want a lower limit of Rs 100,00,00 gross annual turnover.
The most immediate challenge for growth is the disruption of the global economy brought about by the Ukraine war and related sanctions, the Covid shutdowns in China and the rising tide of inflation, points out Nitin Desai.
'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 most serious recommendations to change the financial year came in the years preceded by deficient rainfall. The Jha committee was formed after droughts in 1979-80 and 1982-83, reports Rishika Pardikar/IndiaSpend.
Three-quarters into the 10 years that Mr Modi had sought for transforming India, the 'output' numbers look impressive, but the key 'outcome' numbers don't show up much, if at all, observes T N Ninan.
Why are investors gung-ho about State Bank? asks Tamal Bandyopadhyay.
If the real economy is indeed looking up, then it no longer needs hand-holding and fiscal laxity
Don't end up claiming tax by just referring to Section 80G. There are some sub-sections also.
If the earnings in the first quarter of the current financial year are an indication, most banks, particularly those majority-owned by the government, have fared well, reveals Tamal Bandyopadhyay.
The Reserve Bank of India (RBI) on Wednesday proposed to make interoperability mandatory for digital payments firms. It also allowed users to withdraw cash from e-wallets and fintech companies to process RTGS and NEFT transactions. The RBI expressed dissatisfaction over prepaid payment instruments' (PPIs') failure to migrate towards full-KYC (know your customer) PPIs, and therefore interoperability, even two years after guidelines were issued.
If Nirmala Sitharaman does indeed present a 'never-before' like Budget on February 1, going by her promise, she would create a new benchmark for post-contraction Budgets, observes A K Bhattacharya.
Here are the key highlights of the Interim Budget 2019-20 presented by Finance Minister Piyush Goyal in the Lok Sabha on Friday.
The year 2020 could see the worst global economic fallout since the Great Depression in the 1930s, with over 170 countries likely to experience negative per capita income growth due to the raging coronavirus pandemic, IMF Managing Director Kristalina Georgieva said on Thursday. Georgieva made the remarks during her address on 'Confronting the Crisis: Priorities for the Global Economy' in Washington, DC, ahead of next week's annual spring meeting of the International Monetary Fund and the World Bank.
Crorepatis' income rose by a staggering 40% between 2015-2016 and 2017-2018.
'The answer for a quicker boost to growth is simple -- run a much larger deficit, use the resulting public resources to ensure adequate price support for agriculture, subsidise wage costs of MSMEs and accelerate public sector construction-intensive activities,' advises Nitin Desai.
Improved performance of manufacturing, services and trade sectors helped boost GDP
Dealing with the validity of OBC quota, the bench said, "Merit cannot be reduced to narrow definitions of performance in an open competitive examination which only provides formal equality of opportunity. Competitive examinations assess basic current competency to allocate educational resources but are not reflective of excellence, capabilities and potential of an individual which are also shaped by lived experiences, subsequent training and individual character."
The RBI had on August 7 announced a five-member expert panel under former ICICI Bank chairman Kamath to make recommendations on the required financial parameters for recasting corporate loans.
To select the right fund, investors need to first evaluate their risk profile and also assess the funds on parameters like the investment style, performance and risk, among others.
Income velocity based on currency with the public went down from 0.93 in October to 0.84 in March says a report from SBI's economic research department
Outlay for infra is also expected to see a significant increase in view of the government's Rs 111-trillion investment plan under the national infrastructure pipeline to develop social and economic infrastructure over five years.
'We have set out a timetable to reduce income tax rates for all incomes below Rs 50 lakh, and to progressively eliminate the surcharges on income above Rs 50 lakh, by 2024.' The Budget speech past CII president Naushad Forbes wants to hear.
The stock was the top gainer among the blue-chips on both Sensex and Nifty.
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