The Department of Telecommunications (DoT) has initiated discussions with banks to address financial stress in the telecom sector, particularly Vodafone Idea Ltd (VIL) that urgently requires fund infusion to stay afloat. There was a meeting of DOT officials and senior bankers on Friday on the issue of Vodafone, sources said, adding that banks have been asked to look for a solution within the prudential guidelines. According to sources, senior officials from the country's biggest lenders State Bank of India and Bank of Baroda were also present among others in the meeting. More such meetings are expected to take place in the coming days, they said.
This will boost availability of these items as well as make them cheaper, it said, adding that Modi also directed the revenue department to ensure seamless and quick custom clearance of such equipment.
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.
Top laggards in the Sensex pack included IndusInd Bank, Bajaj Finance, ITC, UltraTech Cement and HDFC Bank, while Sun Pharma, Tech Mahindra, M&M and Asian Paints ended with gains.
The Budget emphasises on capacity building and empowerment of marginalised sections of society including farmers.
The panel was informed that the economic impact of the second wave of viral infection was "asynchronous in its onset and wider in its spread particularly in rural hinterland", a source said.
Banks, through the Indian Banks' Association, have urged RBI and credit information companies to maintain a database of wilful defaulters.
Sri Lanka declared a state of emergency on Wednesday as angry protesters stormed the prime minister's office in Colombo, hours after president Gotabaya Rajapksa fled to the Maldives on a military jet, amid the country's worst economic crisis in decades.
In the past two months alone, four companies have garnered a cumulative Rs 22,400 crore via this route.
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.
The culture of freebies burdens coming generations with the huge bill for the flagrant abuse of power by preceding governments, points out Virendra Kapoor.
Removal of this status means India can now enhance customs duties to any level on goods coming from Pakistan.
Chetan Ghate, Pami Dua and Ravindra Dholakia have been appointed for 4 years
Tech Mahindra was the top loser in the Sensex pack, shedding over 3 per cent, followed by NTPC, IndusInd Bank, Kotak Bank and Reliance Industries. NSE Nifty fell 185.60 points to 17,671.65.
Calling RBI Governor Raghuram Rajan's exit a 'bad omen' for the Indian economy, eminent economists and former policymakers on Sunday said it will be seen by the world as India's non-approval to a policy against inflation and bad loans.
Co-founders of India's latest unicorn expected Covid-19 to be a speed breaker; instead it accelerated sales. Cars24 now enjoys more than 90 per cent market share among all other similar online transaction platforms. Dhruv Munjal traces the birth of this used-cars platform.
His likable boy-next-door face and casual approach to public speaking have a unique appeal for the younger generation, but it stops there, observes N Sathiya Moorthy.
Since courses in the UK are of shorter duration, education, it may be affordable as compared to other study abroad destinations, says Sushil Sukhwani.
Through anchor allotment, a firm can demonstrate the demand for shares by getting marquee investors on board.
The economy and society have changed 'hugely' over the years, he said.
Santishree Dhulipudi Pandit won't be afraid to tangle with the toughest of them.
Axis Bank's acquisition of Citibank's consumer finance business for Rs 12,325 crore - the second biggest deal in the Indian banking sector - is seen as a good deal at a good price. The acquisition enables Axis Bank to close the gap with competition in some key segments such as credit cards. At the same time, there are some key issues that are crucial for the deal's success, apart from the fact that it will take some time for Axis to reap the full harvest of its investment.
Kotak Bank was the top laggard in the Sensex pack, shedding over 2 per cent, followed by ITC, PowerGrid, M&M, HDFC, Asian Paints and NTPC. On the other hand, Maruti rallied over 4 per cent. Bharti Airtel, Axis Bank, IndusInd Bank and Bajaj Finance were also among the gainers.
'All regulatory agencies must be made Constitutional bodies like the Election Commission, the Supreme Court, and the CAG.' 'That way they will become independent of the minister,' recommends T C A Srinivasa-Raghavan.
'Our great Indian nationalists are rousing passions against their own people, not against another nation. Our fraud nationalists go after their own citizens for their religion, or for their views. Their concern and their passion is the enemy within. That is not love of nation or love of anything else. It is hatred and it is bitterness,' says Aakar Patel.
"7.75 per cent savings bonds scheme notified. Would replace 8 per cent scheme. Will be effective from 10th January. This sequenced notifications and gap of a week was necessary to avoid overlap in cheques realisations," Economic Affairs Secretary S C Garg said in a tweet.
President Gotabaya Rajapaksa on Monday fired Basil Rajapaksa from his post and invited the Opposition parties to join a unity Cabinet to tackle the raging public anger against the hardships caused by the economic crisis.
The recent protests by employees of Urban Company and the case of a a Zomato delivery executive who died in a road accident point to the severely straitened condition of gig workers during the ongoing Covid-19 pandemic. Budget 2021 had promised several measures to help the cause of gig economy workers, but most of them are yet to see the light of day. Even after a year, the country's gig workers continue to be without any social security cover or a minimum wage guarantee. "In Budget 2021, finance minister Nirmala Sitharaman had announced that the government is looking toward including migrant and gig workers for social security benefits," says Srinivas Kotni, managing partner, Lexport, a consulting firm. Parliament had passed the Code on Wages in 2019 and Code on Industrial Relations, Social Security and Occupational Safety, Health and Working Conditions in 2020.
'Banking is a business of trust.'
Terming India's fiscal decentralisation as 'flawed', the World Bank has mooted six broad strategies, including strengthening the state finance commissions, broadening tax base and greater devolution of power to Panchayati Raj institutions.
The Niti Aayog vice chairman noted that green shoots of recovery are already visible in multiple sectors. In 15-16 sectors, businesses are coming back to pre-COVID levels," he said.
Hopefully, the grey world of central banking in a nation hit by demonetisation, will lighten up with some of his notes soon.
'The virus of trust deficit seems to be taking a toll of the friendship built over the years by succeeding leaderships of the two countries,' notes Rup Narayan Das.
Seven students were made international offers.
Ramesh Menon, the veteran journalist suggests Prime Minister Narendra Damodardas Modi what he should do if he wants to win 2024 Lok Sabha elections.
Arvind Subramanian was appointed CEA in October 2014 and got a year's extension in September 2017
It is not clear whether the drop in offers is a fallout of demonetisation.
Jaitley's team presents a quintessential mix of foreign-educated, intellectual technocrats and seasoned bureaucrats
The government currently holds 87.40 per cent stake in IRCTC. To meet Sebi's public holding norm, it has to lower its stake in the company to 75 per cent.
At $37 per dose, the Pfizer vaccine is much more expensive compared to $3 per dose for the Covishield.
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