Business failures rise when growth declines. When Indian growth slowed in the last decade, defaults increased. This is the normal working of the market economy, points out Ajay Shah.
Among the 36 new faces in Prime Minister Narendra Modi's council of ministers, eight are lawyers, four are doctors, two former IAS officers and four MBA degree holders, besides several engineers, making it an eclectic mix of professionals.
One hopes that the government will act on the Kelkar panel recommendations.
Top security czars of India, Russia, Iran and five central Asian countries on Wednesday pledged to work for ensuring that Afghanistan does not become a safe haven for global terrorism and called for the formation of an open and truly inclusive government in Kabul.
India, which has shipped 'Made In India' COVID-19 vaccines to around 25 nations, on Wednesday urged the international community to stop 'vaccine nationalism' and actively encourage 'internationalism', underlining that hoarding superfluous doses will defeat global efforts to attain collective health security and combat the pandemic.
Chinese telecom gear giant Huawei Technologies has sought permission for access to the government's 'Trusted Telecom Portal' which went live on June 15 so that it can share details about the telecom products which telecom service providers have agreed to buy from it. The move is significant as sources close to the development say that, according to Chinese telecom companies' interpretation, the new National Security Directive on the telecom sector does not in any way prohibit them from participating in the process of selling telecom equipment of any kind to private telcos. The firm is waiting for a response from the government. It declined to comment.
No longer Bengal's finance minister, Amit Mitra, Mamata's principal chief advisor, will still advise and aid the 'chief minister and finance department on all matters relating to management of state finance', represent the 'state government in national and international events/meetings/committees' and examine 'important proposals/files and policy issues relating to financial matters referred to him for advice/views'.
At $37 per dose, the Pfizer vaccine is much more expensive compared to $3 per dose for the Covishield.
Former India captain and Committee of Administrators member Diana Edulji took on Farokh Engineer for his 'snide remarks' made earlier this year targetting her and the COA.
The Reserve Bank of India, for the second straight time, on Thursday kept its key policy rate unchanged at 5.15 per cent, maintaining its accommodative policy stance as long as it was necessary to revive growth. The central bank retained GDP growth at 5 per cent for 2019-20 and pegged it at 6 per cent for the next fiscal.
The home minister also said that the government is committed to protecting the sovereignty and security of the country.
The Supreme Court on Friday stayed the Bombay high court order directing sale of bankrupt Housing Development and Infrastructure Ltd (HDIL) to ensure the repayment of dues of crisis-hit Punjab and Maharashtra Cooperative Bank. A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the appeal of the Reserve Bank of India against the Bombay high court order.
To enable widen the fiscal deficit beyond the permissible limit under the present legislation, the government may have to propose amendment to the FRBM Act in the Finance Bill.
A 5 per cent increase in fees for various licences has been proposed without tweaking the existing tax structure. The BMC's total budget estimates for the next financial year are 8.95 per cent more than the last fiscal.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
The 5G road map pursued by India should not only move the country forward but also result in progress of weaker sections of society.
Nearly 20-25 per cent cases need hospitalisation and 5 per cent need ventilators or admission to ICU.
Delhi BJP chief Tiwari said each poor family will be provided good quality, subsidised 'atta' (wheat flour) at a rate of Rs 2 per kilogram. The BJP will bring an ambitious 'Samridh Delhi Infrastructure Scheme', with a provision of Rs 10,000 crore, to ensure "focussed and priority" development of roads, flyovers, foot over-bridges and other key infrastructure projects, the manifesto stated. The manifesto promises to set up a 'Colonies Development Board' for undertaking development of various civic amenities.
The finance minister asked lenders to identify eligible borrowers and reach out to them and urged for quick implementation of a sustained resolution plan for the revival of every viable business.
The CDS will be a four-star general and his salary will be equivalent to that of service chiefs.
'The entire value of LIC is created by its shareholders because after the initial invest net of Rs 5 crores in 1956, the government has not given any additional capital to the LIC.' 'If the corporation has expanded and emerged as the biggest financial institution in the country, it is only because of the policyholders.'
Suggesting big-ticket reforms to attract investment in the infrastructure sector, a high-level committee on Wednesday recommended increasing electricity charges and rail fares.
The idea is to do away with the need for the approval of the Core Group of Secretaries on Divestment for privatisation of companies, especially in non-strategic sectors.
The Reserve Bank of India on Wednesday retained the economic growth projection for the current financial year at 10.5 per cent, while cautioning that the recent surge in COVID-19 infections has created uncertainty over the economic growth recovery. In its last policy review, the RBI had projected a GDP growth rate of 10.5 pc for FY'22. Taking various factors into consideration, it said, "the projection of real GDP growth for 2021-22 is retained at 10.5 per cent consisting of 26.2 per cent in Q1, 8.3 per cent in Q2, 5.4 per cent in Q3 and 6.2 per cent in Q4."
The current estimate, however, largely covers only the cost of infrastructure such as pipes, construction of borewells, overhead costs among others and not the expenditure to be incurred on operation and maintenance.
The government would be ironing out issues related to the controversial 'bail-in' clause in the earlier Bill, explore hiking the deposit insurance cover of customers, and decide whether the resolution framework should apply to public sector banks.
The seventh Tibet Work Forum was held in Beijing on August 28 and 29. Delhi should be deeply concerned, at a time India faces a precarious situation in Ladakh, because the TWF also defines China's western border policies, observes Claude Arpi.
In a meeting with the President on behalf of these 18 non-National Democratic Alliance parties, Leader of Opposition in Rajya Sabha Ghulam Nabi Azad said he has requested the President to return the bills, and only give his assent after they have been passed after following proper rules and procedures.
The RBI panel has also recommended a government-sponsored 'fund of funds' of Rs 10,000 crore to support the venture capital and private equity firms investing in the MSME sector.
The session started on January 29 and was originally slated to end on April 8 but several members had urged Speaker Om Birla to end the session earlier as they focus on electioneering for the five assemblies.
The move is part of a larger initiative by the government to speed up work in the highway sector.
The central government has agreed in-principle to Air India employees' main demands. It fears an industrial dissension now could impede the process of privatisation. It has agreed to bear the cost of liquidation loss on account of transfer to the Employees' Provident Fund Organisation (EPFO) from company-owned trusts, inclusion of employees in the central government health scheme (CGHS), and encashment of leaves. The template of the Air India process will be followed for other public sector undertakings up for privatisation at a later date.
Spectrum qualifies for the infrastructure criteria, say ministry officials.
Sports Minister Kiren Rijiju on Monday said the government is riding on "mainstay" football to make India a sporting powerhouse and announced the formation of five zonal committees to hunt talent across the country.
Mere shuffling of resources or cosmetic changes to prove a point would be counterproductive in the long run, observes Commodore Venugoptal Menon (retd).
Three among the bigger courtrooms will be readied within that time for physical hearing, while adhering to the prescribed distancing and other norms and as per medical advice.
Cases with the Omicron variant have already been detected in Karnataka and Gujarat.
All these companies were provided loans by PNB as part of consortium lending.
State Bank of India's house economists on Monday said the recent farm sector reforms reek of parochial thinking and promote lazy farming as they only cater to cereal-producing states. In the recently concluded monsoon session, the government rushed through three legislation to change the way agricultural produce is marketed, sold and stored by dismantling the decades-old APMC (Agricultural Produce Market Committee) mandis.
'The Mumbai-Pune Olympics will be help shift the country's gaze to a region that denotes a new formula for sports, enterprise, and nation building,' argues Shashank Mani Tripathi.
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