Such classfication brings with a high cost, including closing of formal credit channels, and likely criminal proceedings.
The RBI expects change, presumably commencing in the next Budget, but must hold its current view until this actually happens.
The idea is to boost household savings and turn more of them into growth capital. If the plan succeeds, sustained eight per cent-plus rates of gross domestic product growth should be within reach in a few years.
Bhargavi Zaveri & Radhika Pandey explains how complexities of foreign exchange rules are used by India Inc to dispute contractual obligations.
A majority of India's billionaires gained wealth in the last one year in spite of the stock market decline.
For Make in India's success, Modi govt msut remove policy paralysis.
India Inc has too much on its plate to ensure double digit growth in FY16.
'We need to have the courage to take a rational look at known facts and act accordingly,' advises Mohan Guruswamy.
'There is no holistic picture of our own goals and objectives.' 'For some inexplicable reason, the decision makers find it best to listen to their inner souls in dealing with these issues rather devising a carefully thought-out, structured plan,' says Vice Admiral Premvir Das (retd).
Despite recent developments that have accelerated the impending extradition of fugitive diamantaire Nirav Modi, who has been in custody in London's Wandsworth Prison for over two years, the last month has seen his uncle Mehul Choksi dominate the headlines instead with his circus-like exhibition in the Caribbean that has involved red herrings such as a "girlfriend", to whom his wife seemed to have no objection, and possibly concocted stories of being kidnapped and manhandled. Choksi was widely regarded as Modi's Svengali in Mumbai when he returned from Belgium to expand his business. He had fled to Antigua well before news around how Modi finagled thousands of crores from Punjab National Bank (PNB) and other institutions through a series of allegedly coordinated and fraudulent actions involving letters of undertaking, or LoUs.
NPAs, cost, fee income, productivity, HR reorientation are focus areas; schedules drawn for addressing all from weeks to a year.
However, despite the reduction, their interest rates would be about 50-100 basis points higher than those of banks
Gold demand in India -- one of most avid purchasers -- is interwoven with culture, tradition, the desire for beauty and the desire for financial protection.
The move will to a large extent speed up the monetary transmission process--which is banks passing on the rate cuts that the Reserve Bank announces to their borrowers without much delays--something that has been missing all these while and something that the RBI has been unhappy with.
Robotics is making inroads into HR, but will not replace the function any time soon, experts say.
Lower fuel subsidy payouts might restrict gross fiscal deficit in FY15.
There has been a welcome focus on fundamental reforms, time-bound programmes that fix accountability and the use of technology. The upcoming Budget could build on these initiatives, says Abhas Jha.
Education remains one of the key focuses of the new government.
'The one sector where there is still a sense of crisis is banking, but the government has regrettably set its face against privatising any of the government-owned banks,' says T N Ninan.
Interacting with state chief ministers, Modi underscored the enormity of what he described as the world's biggest vaccination exercise, which begins from January 16, saying over 30 crore citizens will get the jabs in the next few months in India against only 2.5 crore people vaccinated so far in over 50 countries in around a month.
Special Economic Zones are likely to be central to realising Prime Minister Narendra Modi's ambitious Make in India agenda.
'I can confidently say there will be another financial crisis soon enough, and probably more than one global crisis within the next century, given the increasingly integrated nature of the global economy.'
'The government should refrain from 'adventurism' and 'megalomania'.' 'But this should be true of reckless government action against every Indian, whether or not they are wealthy or have access to the finance minister even when he is in hospital,' says Aakar Patel.
India's good fortune, experts in the US feel, is not the result of a fundamentally strong economy, but because it is the best of a bad set of options.
The government is going all out to spread awareness about the new indirect tax regime, and training lawmakers is being seen as a necessary first step.
Tirole's insights show how real-world incentives are complicated, and contracts can be difficult to write and enforce.
Fifty-six months on, the government's record in implementing these schemes and projects has been mixed, report Arup Roychoudhury and Indivjal Dhasmana.
As probe into suspected black money stashed abroad by Indians gathers steam, banks in Switzerland are running from pillar to post to safeguard their interest.
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A stumbling economy, a falling currency and high inflation, plus weak consumer demand, mean more and more become excess baggage.
Eight months after India's largest car maker, Maruti Suzuki India, announced plans for a Gujarat unit to be set up as a wholly-owned subsidiary of parent Suzuki, opposition to the move continues to simmer.
'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.
'If 99.99 per cent of these micro borrowers are good at repaying their loans, why can't we look at the SMEs and MSMEs and replicate the same model for them with our stringent risk management system,' Chandra Shekhar Ghosh, chairman and managing director of India's newest private sector bank, tells Prasanna D Zore/Rediff.com.
There is discrimination against women in insurance cover. As a flood of insurance companies tap the capital markets with public issues, there is however, hardly any reference to this asymmetry. Subhomoy Bhattacharjee reports
India Inc did not perform well during December quarter.
Collateralisation of other loans and prior approval for additional leverage are things to watch out for
One can expect significant changes at India's banks in ensuing months.
R Vignesh is a member of the Institute of Cost and Management Accountants of India in Chennai, appeared on Rediff Chat to answer readers' queries on GST.
The once-powerful Japanese major is left with little to show in the face of sustained competition from rivals.
Indian CEOs might like to make some serious course correction.
Indians want change and progress. They should be willing to accept tough decisions, says Sanjeev Nayyar.
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