Making a case for an optimal fiscal stance, the Economic Survey on Friday said growth leads to debt sustainability and not necessarily vice-versa. "This is because debt sustainability depends on the 'Interest Rate Growth Rate Differential' (IRGD) i.e. the difference between the interest rate and the growth rate in an economy. "With the Indian context of potential high growth, the interest rate on debt paid by the Indian government has been less than India's growth rate by norm, not by exception," it said.
Prime Minister Narendra Modi delivered the customary Independence Day address to the nation after unfurling the Tricolour at the Red Fort. India is marking its 74th Independence Day under the shadow of the Covid-19 pandemic.
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a five-year-long reform-based result-linked power distribution scheme worth Rs 3.03 lakh crore, for strengthening system of utilities to improve efficiency. Briefing after the CCEA meet here, Power and New & Renewable Energy Minister R K Singh said, "We have done a lot for power distribution reforms. It needs to be strengthened. Today, the Cabinet has approved the new scheme worth Rs 3.03 lakh crore, including Rs 97,000 crore central outlay." He said the funds would be given to power distribution companies (discoms) to strengthen their system.
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
The tearing hurry to form theatre commands has to be replaced by a balanced and deliberate approach. We need to accept that this process will take time if executed correctly and in the best interests of the Indian armed forces, argues Commodore Venugopal Menon (retd).
Lack of clarity on data-sharing persists, public health experts sceptic about the pilot that was run in six Union territories as benchmark for national roll-out
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.
India's recently-enacted agri laws have the potential to increase farmers' income, but there is a need to provide a social safety net to the vulnerable cultivators, IMF's Chief Economist Gita Gopinath has said. Indian agriculture is in need of reforms, she said. There are multiple areas where the reforms are needed, including infrastructure, the chief economist of the Washington-based global financial institution said on Tuesday. The three agri laws, enacted in September last year, have been projected by the Indian government as major reforms in the agriculture sector that will remove middlemen and allow farmers to sell their produce anywhere in the country.
Suggesting big-ticket reforms to attract investment in the infrastructure sector, a high-level committee on Wednesday recommended increasing electricity charges and rail fares.
As rural areas see a rise in COVID-19 cases, the Centre on Sunday issued new guidelines for containment of the virus advising that peri-urban and rural areas plan a minimum 30-bedded COVID Care Centre for asymptomatic cases with comorbidities or mild cases where home isolation is not feasible.
The 5G road map pursued by India should not only move the country forward but also result in progress of weaker sections of society.
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.
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.
'Government shouldn't be in the business of running airlines, instead it should develop the ecosystem of civil aviation.'
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.
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.
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.
At $37 per dose, the Pfizer vaccine is much more expensive compared to $3 per dose for the Covishield.
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.
The move is part of a larger initiative by the government to speed up work in the highway sector.
Spectrum qualifies for the infrastructure criteria, say ministry officials.
The home minister also said that the government is committed to protecting the sovereignty and security of the country.
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.
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.
The CDS will be a four-star general and his salary will be equivalent to that of service chiefs.
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.
Nearly 20-25 per cent cases need hospitalisation and 5 per cent need ventilators or admission to ICU.
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.
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 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 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 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.
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'.
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 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 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."
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.
In a startling revelation, a former Cricket Australia employee, on Monday, alleged she was sacked because she campaigned for improved abortion rights and criticised the state government on social media.
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