The RBI also looked into the effectiveness of systems and processes for implementation of KYC norms
Olympic Silver medalist Mirabai Chani's feat is a story of grit, dedication and desire, but it isn't unique. In Manipur, discovers Vaibhav Raghunandan.
In his first interview since becoming the chief economic advisor, Arvind Subramanian agrees the Narendra Modi government has taken some initial steps to revive private investments but says many more measures would be required to restore macroeconomic stability - reining in inflation and fiscal deficit - and bring the economy back on high-growth path. Subramanian, who has earlier worked in the research department of the International Monetary Fund, tells IMF Survey, an online magazine of IMF, that the Gujarat model is to be replicated across India but there also are macroeconomic problems at the national level that need to be addressed.
The result of the opinion polls would allow the government to move ahead quickly to reach a deal with creditors
IMF, which has also lowered its global economic growth forecast for 2016 and 2017 by a marginal 0.1 per cent to 3.1 and 3.4 per cent respectively, recommended six 'reform priorities' for India
'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.
Supported by slightly stronger global growth, improving export competitiveness and implementation of recently approved investment projects, India's growth is expected to recover from 4.4 per cent in 2013 to 5.4 per cent in 2014, the IMF said.
Japan's Asahi Shimbun, an official partner of the Tokyo 2020 Olympics, called for the Summer Games to be cancelled in an editorial
India's foreign exchange reserves are at an all-time high.
'When I came here in 2002, I said you can grow at 8%.' 'And I was told that was crazy, and (now) here we are.'
The RBI's reluctance to cut rates should be seen as a case of inability in the face of inflation.
Today, with growth having slowed and macro-economic challenges in every direction, would the government have benefited from the advice of 'Harvard' economists? asks T N Ninan.
'It is important to improve the quality of spending.'
Jaitley and two others were held guilty of corruption in a 2000-01 case related to a purported defence deal. Special CBI Judge Virender Bhat also awarded four-year jail terms to Jaitley's former party colleague Gopal Pacherwal and Major General S P Murgai (retd) in the case.
The government has given up plans to reconvene a parliament session to secure approval for a common goods and services tax.
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.
India's public debt ratio, which remarkably remained stable at around 70 per cent of the GDP since 1991, is projected to jump by 17 percentage points to nearly 90 per cent because of increase in public spending due to COVID-19, the IMF said.
The flawed response to the crisis has fed a us-vs-them mentality in which the banker, the expert, the coastal entrepreneur, the immigrant, the foreigner are all villains. The crisis was not that much of a problem; the response -- the over-reaction, the sovereign debt build-up and the lasting anger -- is the problem, says Mihir S Sharma.
Bajaj Finance was the biggest loser in the Sensex pack, tanking up to 8 per cent, followed by Hero MotoCorp, IndusInd Bank, Maruti and HCL Tech. Axis Bank, ITC, NTPC and M&M were among the top gainers.
Markets under pressure; IT financials grab spotlight.
Global payment system company Visa International on Friday said all Visa debit cards issued in India will be protected against any monetary losses, liabilities or claims due to fraudulent use of the card in case it was lost, stolen or misplaced.
Of the 20 deaths reported in the last 24 hours, eight were from Maharashtra, three each from Gujarat and Madhya Pradesh, two from Jammu and Kashmir and one each from Punjab, Uttar Pradesh, Karnataka and Tamil Nadu.
China has demonstrated that it has the power to not be isolated, and it is likely to become more powerful over time.
'While many Chinese policy makers dismiss the political, economic and technological component of US-India relations, they express caution on the defence-related ties which also happens to be a major driver in US-India relations,' explains China expert Srikanth Kondapalli.
The country has already laid down a 'red carpet' for businesses.
CRR remains unchanged at 4%; first repo rate cut since May 2013.
With the weaker-than-expected agreement at the recent Climate Change Conference at Lima, there is an urgent need to highlight endeavours in civil society and business for a sustainable global economy with grassroots empowerment, say Rajni Bakshi.
Even US equities are now back to end-2014 levels.
The big test will come at the end of March when the fiscal year ends and banks tend to hold on to cash.
The last three prime ministers who served full terms started out in their early 70s. Mr Modi is younger and fitter than all of them. But he needs to find it in him to change course if he is to beat the odds, notes T N Ninan.
Any additional effort to assuage the growing worldwide hunger for infrastructure funding is more than welcome, says Barun Roy.
China's new leadership headed by Xi ruled out massive stimulus similar to the one in 2008 which amounted to $645 billion to tide over the global economic crisis.
The world economy is going through a tough phase.
World trade has been growing slower than world GDP since 2012.
Taking on board India's concerns, the G-20 Summit on Friday acknowledged that excess volatility of financial flows and disorderly movements in exchange rates can affect economic and financial stability of emerging markets and called for sound policies to address it.
The central bank and Indian government has reached a "broad consensus" on the composition of a rate-setting panel.
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.
Don't waste the money on politically motivated social programmes.
Perhaps the calculation is that economic recovery will have been achieved before the next general election comes around, but such assumptions can come unstuck if current directions are not reversed quickly, cautions T N Ninan.
'It is unrealistic to expect that security dilemmas and strategic distrust to disappear or even diminish any time soon,' says Rup Narayan Das.
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