The RBI has this year cut interest rates by 110 basis points in four instalments but banks have passed only a part of it to borrowers. Before the last reduction earlier this month of 35 basis points, the bank on an average had passed only 29 basis points out of 75 basis points cut affected during 2019.
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.
Banks are cheating customers with rates that are unfairly high, discriminatory, and opaque, denying legitimate savings to borrowers, while the RBI has been looking the other way, says Debashis Basu.
Just three years ago, at the end of March 2011, NRI deposits were only $52 billion, half of what they are today.
Modi govt has a unique style of working, say experts.
11th-hour debt restructuring programme offered no concessions to creditors
India began the year on 97 in FIFA rankings, but after two wins, four draws and seven losses, the country ended 2019 at 108
'If the government spends Rs 10 lakh crore this year then you would be looking at a GDP growth of minus 5 per cent.' 'If you do not do this, you will be looking at GDP growth between minus nine and minus 10 per cent.'
The BRICS summit offers Modi an excellent platform to reach out to world leaders and conduct diplomacy on the very ticklish issue of reform of the world governance structure, and to exchange notes with his peers on international, regional and bilateral issues on the margins of the meeting, says Rup Narayan Das.
'Government of India has the right to give directions to RBI'.
Echoing the position articulated by Prime Minister Manmohan Singh, China and Russia on Thursday warned that imminent withdrawal of fiscal stimulus by the US could have an adverse impact on the global economy and cautioned the Obama administration against it.
Home loans of up to Rs 75 lakh (Rs 7.5 million) would now be available to fresh borrowers at 10.10 per cent against the existing rate of 10.15 per cent, State Bank of India said in a statement.
'By demonetising higher denominations of currency notes, we have taken out the vehicle for corruption.' 'But the motive is still there.'
'Everyone confuses GDP to be a measure of output, when it is actually a measure of income.'
There has been a decent growth in FDI proposals and new announcements in India to attract foreign investment.
The vote leaves Greece in uncharted waters: risking a banking collapse that could force it out of the euro.
Attributing price rise to global factors and higher Minimum Support Price (MSP), Prime Minister Manmohan Singh on Wednesday said the government has tried to protect the interest of poor people by maintaining supply through the PDS system.
India will have the presidency of the BRICS' $100 billion New Development Bank for six years with headquarters in China that will become operational in about two years, a major step for reshaping the international financial system dominated by the West.
The United States Select Committee on Intelligence's damning report on the Central Intelligence Agency throws spotlight on the brutal tactics adopted by CIA agents to elicit information from terror suspects and yet its ineffectiveness in the sense that it delivered no 'ticking time bomb' data that prevented an attack.
On the index, India has a score of 4.52 while that of Switzerland is 5.81
A private entity using our data for commercial benefits is infinitely more dangerous than a government entity overseeing operations with a defined purpose of internal security oversight, says Sriram Balasubramanian
A year ago, India's #MeToo movement witnessed women across India speak up against sexual harassment. Nikita Puri assesses what, if anything, has changed.
NCLT allows Shivinder to withdraw petition against his brother Malvinder. Final decision to be taken by family members in their presence.
The situation in Greece worsened with banks closed for a 2nd week.
With commodity markets remaining soft and uncertain, it is likely the money will flow into equity markets with strong upsides, such as India.
Athens bowed to demands to phase out tax breaks for its islands.
The proposals appeared so far apart that success seemed higly unlikely
It is clear as daylight to anyone that a charge or a cost to simply reduce interest on a floating rate loan is extortion, but this is exactly what the RBI has officially sanctioned, says Debashis Basu.
Nitin Desai suggests some concrete measures to revive investment and boost growth.
The government must undo the damage inflicted by the flawed policies of globalisation, and India should be converted into a country where entrepreneurs can thrive and the entire population can participate in the economy, says Arvind Kumar.
'Nationalism built on divisiveness cannot strengthen the country, or help the economy improve its performance,' points out T N Ninan.
He added that the risks can increase if the Chinese slowdown gathers more speed.
What China's market crash means for India
"I am an academic and I have always made it clear that my ultimate home is in the realm of ideas," Rajan said in a letter to staff.
'I am willing to help/assist in any way to help bring in a change. It's shocking to say the least that the payment system hasn't been changed since 2004. Imagine the value of 100 rupees then and now. It is so different' 'The guys can't even plan their future because they don't know whether they would earn Rs 1 lakh or Rs 10 lakh in that year and it leads to huge issues in their lives and families and (affects) state of mind. Anyway, let's try and gently make a change for our brothers'
"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 impending default on the IMF loans leaves Greece sliding towards an exit from the euro.
The US has been in discussions with Pakistan but there has been not a 'sufficient amount of action' from it against terrorists.
Watal panel had suggested an independent payments regulator be set up.
The Reserve Bank left interest rate unchanged.
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