Signs of financial stress were visible when the airline reported a loss of Rs 10.40 billion.
'It has taken us 15 years to get to where we are. It obviously doesn't happen overnight.'
As many as seven of eight core industries saw a contraction in output in September.
India's dependence on imported crude oil to meet domestic demand has been a matter of concern for years. Delivering the inaugural address at the global energy summit - Urja Sangam - in 2015, Prime Minister Narendra Modi had called for enhancing domestic oil and gas production to cut the import burden. He aimed at lowering it by at least 10 per cent by 2022 - to coincide with the platinum jubilee of India's independence. But this target is far from being achieved and the country's import reliance has only risen.
RBI had on February 12, 2018 issued a circular saying that lenders have to provide for resolution plan within 180 days in case of large account of Rs 2,000 crore and above.
After contracting for two quarters in a row, the Indian economy entered the positive territory with a growth of 0.4 per cent in the October-December quarter, mainly due to good performance by farm, services and construction sectors, official data showed on Friday. Trade and hotel industry registered a contraction of 7.7 per cent during the third quarter this fiscal, as the sectors continued to suffer on account of coronavirus pandemic. According to the data released by the National Statistical Office (NSO), the farm sector recorded a growth of 3.9 per cent, and the manufacturing sector output grew by 1.6 per cent in the quarter under review.
If this turns into reality, India's gross domestic product (GDP) growth will be the lowest since 2012-13, which could severely hit job creation and income growth in the near term.
Depreciating the rupee against the dollar to boost economic growth has fiscal constraints and monetary limitations
Will demonetisation lead to a rate cut, leading to higher quantum of lending?
This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark, despite the festival season.
The airline has struggled to pay salaries and vendors on time and its Rs 10,963 crore fund and non fund based facilities have now been assigned 'D' rating by ICRA - the seventh rating downgrade since March 2017.
RBI targets to keep inflation at 4 per cent, (+/- 2 per cent), and its rise beyond this comfort zone will put pressure on the central bank to hike rates.
Economic affairs secretary S C Garg said that all macroeconomic parameters are performing well.
More than half of the total subsidy provisioning, amounting to 54 per cent, is going towards food subsidy, which is estimated at Rs 184,220 crore for 2019-20 - a 7.5 per cent increase over the revised estimates for 2018-19.
The retail inflation, which is factored in by the RBI to arrive at its monetary policy, has been on decline since last month. The previous low was 5.54 per cent in November 2019. The government has asked the RBI to restrict the inflation around 4 per cent, with a margin of 2 per cent on the either side.
GST collections in March touched a record high of over Rs 1.23 lakh crore, a 27 per cent growth over the year-ago period, the Finance Ministry said on Thursday. "GST revenues crossed above Rs 1 lakh crore mark at a stretch for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic," the ministry said. Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, income tax and customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months, it added.
The nationwide implementation will increase churn of customers, shoot-up the customer acquisition and retention costs, and lower the average revenue per user as competitive tariff plans will have to be offered, the agency said in a note.
Industrial production (IIP) grew to a three-year high of 6.4 per cent in August, up from 4.1 per cent in July.
Brent crude oil price surged 4 per cent on Friday, following tension between Iran and the US. Airlines, however, have been unable to pass on the price increase to customers due to the soft demand.
India's Rs 4.5-trillion fast-moving consumer goods (FMCG) sector was one of the first to bounce back from the lockdown induced blues, reporting a year-on-year (YoY) growth in the October-December quarter last year. That said, the overall consumption figures continue to remain depressed. The FMCG market, which includes daily consumables like branded atta, hand sanitizers, edible oils, shampoos, razors, and so on, recorded 7.3 per cent value growth during the period, while the smartphone market grew by 21 per cent.
Most NBFCs will have to slow down their loan growth. Some of the most leveraged will have to sell a part of their assets (or loan book) to banks to raise incremental capital. Others may have to knock on the door of their deep-pocketed parents.
After the government sought Parliament's nod for a second batch of supplementary demand for grants that will cause a hit of Rs 2.99 trillion to the exchequer, doubts suddenly arose about the government's ability to meet the Budget projections of reining in its fiscal deficit at 6.8 per cent of gross domestic product (GDP), or Rs 15.06 trillion, for the current financial year. Till now, many were of the opinion that the government would succeed in checking the deficit at a much lower figure than what was given in the Budget Estimates (BE). The government had sought Parliament's approval to spend Rs 3.74 trillion extra, but Rs 74,517.01 crore will be matched by equal savings on other heads.
The industry said if the policy was announced, it would have taken 28 million vehicles bought before March 2005 off the road.
The loans securitised between January 2004 and December 2006 have shown progressively lower collection efficiency and hence, higher delinquency levels. In fact, among all the years, the pools securitised in 2006 have shown the weakest performance, rating agency ICRA said.
A number of public sector banks will have to stock up on core capital, if the Reserve Bank of India decides to ask banks to leave out hybrid instruments while computing Tier-I capital adequacy, as indicated by RBI last week.
There is little doubt that the global economic crisis has worsened Indias growth prospects, but the slowdown began long before the US financial meltdown began.
Beside manufacturing, deceleration was also witnessed in sectors like agriculture, construction and electricity, gas and water supply.
Airlines sought a limited period concession of the standing rule of slot allocation, which mandates that firms must operate at least 80 per cent of their allocated slots.
While the ratio determines the extent to which the government is able to finance its expenditure, it is also an indicator of tax compliance. Developed countries have a higher contribution of tax to their GDP.
While the farmers are not getting remunerative prices for their produce, at the same time they are forced to pay high prices for items they consume.
Sical Logistics' board of directors, which met to consider approval of the June quarter financial results, asked the management to come out with recommendations for the same.
These core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production.
Bidding for the sixth round of spectrum auction for radiowaves worth Rs 3.92 lakh crore will start from March 1, according to a notice issued by the Department of Telecom on Wednesday. The long-awaited spectrum auction is being held after a gap of four years and over two years after the Telecom Regulatory Authority of India (Trai) calculated and recommended base price for the radiowaves. The DoT has fixed January 12 for the pre-bid conference and January 28 as the last date for seeking clarification to the notice.
The loss of income has severely dented the loan repayment ability of small borrowers
The optic fibre cable infra was with Jio Digital Fibre and the tower infra with Reliance Jio Infratel
A day after Manmohan Singh won the trust vote, sans Left support, rating agencies Moody's Investor Services and Icra said the insurance sector will get a huge boost if the government paves the way for greater foreign participation in Indian companies.
To counter the pandemic, air transport was suspended from March 25 till May 24 which rendered zero traffic at AAI airports. Even after resumption of flights, traffic is yet to pick up at airports due to quarantine measures implemented by states and an overall fear of flying.
Family-owned companies like those of Tatas, Birlas and Ambanis are dominating the country's corporate landscape, but still face challenges regarding corporate governance norms such as appointment of successors and transparency in functioning, rating agency Moody's said. However, these companies have responded well to opportunities available in the fast-growing and liberalizing economy, according to a joint survey by Moody's Investors Service and its domestic associate.
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