The Insolvency and Bankruptcy Code (IBC) got a leg-up with Tata Steel's acquisition of Bhushan Steel, the first big case to be resolved. Tata Steel CEO & MD T V Narendran tells Ishita Ayan Dutt how this deal moved so quickly while others are still mired in controversies.
If the new governor can think out of the box even as he signals that he can bat for the RBI cadre and respect its institutional memory, that will go a long way in getting out of the current impasse.
'This year's Budget didn't give into populist measures everyone was expecting after demonetisation, so I think that was a positive step.' 'Hopefully the Budget will continue in the way it has been.'
The principal challenge for Rajan's successor is to work with the Bank Board Bureau and the finance ministry to complete these processes of banking reform.
While naysayers say the economy is on a downward spiral, optimists point out that India has experienced a shift of gears in the realm of policies, thanks to several initiatives of the Narendra Modi government, says Ashok K Lahiri.
Analysts were expecting the government to propose higher capital infusion for banks.
Contrary to the bragging that marked its two-year anniversary, the government's timidity on reform is simply astounding.
"India has become the fastest growing major economy in the world. Despite the global slowdown, we have registered excellent growth. Today, India is a bright spot in the global economy. We are seen as the engine of global growth," he said.
'The worst is over, but it may take a couple more years for the banking system to re-establish the growth process.' 'Banks are the major pillars in an economy's revival.' 'Without banking operations and lending, revival will not happen.'
'We are at $2.7 trillion and 2024 is not far away.' 'The country will need to grow by 9% every year for 5 years continuously and raise the aggregate investment rate to 38% of GDP to achieve the government's target of turning India into a $5 trillion economy.' 'Given the fact that we are only growing at about 5% and our investment rates are only about 30%, it may take a number of years before we can reach that targeted level.'
Opposition does not stall legislative agenda; Upper House passes two bills.
Chief Economic Advisor Arvind Subramanian spoke on a wide range of issues -- from GDP growth and fiscal consolidation to job creation and GST.
'If credit is not available, people will postpone buying. That's what has happened.'
Finance Minister Arun Jaitley has said that the states were free to announce farm loan waivers if they had the fiscal space and that there would be no shortfall this year in divestment and non-tax revenues.
Jaitley said the government had earmarked Rs 25,000 crore (Rs 250 billion) for recapitalisation.
Here's the full text of President's Ram Nath Kovind's address to the joint sitting of both houses of Parliament on the first of Budget Session 2022.
While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
'The banking sector appears to be on course to recovery,' declares the RBI governor.
Jaitley said a very large number of reforms have taken place over the last few years and that has helped in restoring the credibility of the Indian economy
After helping the government in policymaking since October 2014, Chief Economic Adviser Arvind Subramanian is returning to academics and will be teaching at Harvard Kennedy School on a visiting position. In an interview to Dilasha Seth and Somesh Jha, he says the ease of doing business agenda needs to move forward and India must try to integrate with the global value chains. Edited excerpts.
Nitin Desai suggests some concrete measures to revive investment and boost growth.
'The Reserve Bank's independence has remained a work in progress, an enduring challenge that the nation has been grappling with on an ongoing basis,' says RBI Deputy Governor Dr Viral Acharya.
Following is the full text of Prime Minister Narendra Modi's address from the ramparts of the Red Fort on the 73rd Independence Day.
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