As the government plans to take sector-specific steps to tackle the slump, Finance minister Nirmala Sitharaman will soon hold talks with representatives from various sectors to get and take steps so that the confidence of those sectors can be restored.
The Reserve Bank of India (RBI) would further cut down key policy rates with inflation continuing its downward trend, Punjab National Bank chairman and managing director K C Chakrabarty said.
At 47 protests a day, the state has become the most restive in the country and investors are becoming increasingly wary
6EPass coupons mainly for regular flyers who can travel without worrying about ticket price fluctuations
Here's a recap of events that occurred in India in the past 24 hours.
For a borrower, who has serviced his loan without missing any repayment, the banks will be willing to take over the loan, give a top-up, and would offer lower interest rates, says Tinesh Bhasin.
Addressing a rally in Karkardooma in east Delhi, Modi alleged that the AAP and the Congress were provoking people and misinforming them. They were keeping the Constitution and tricolour in the forefront, but the aim was to 'divert attention from the real conspiracy', Modi said ahead of the Delhi elections on February 8.
Mukesh Ambani-promoted Mumbai Special Economic Zone Company (MSME) has claimed a rehabilitation package drafted by it is better than the one cleared by the government.The MSEZ package offers many attractive monetary benefits and career opportunities.
'China feels India will be hard-pressed not to go after China because we are so badly dependent on them -- and that is the reality.'
'This government has not created any employment.' 'Forget employment, the government had not done anything in skill development.'
The government is considering to tweak FDI policy in retail sector so as to allow global chains like Walmart, Carrefour and Tesco to open multi-brand stores in non-hilly cities with population less than one million.
'We first need to acknowledge the truth.' 'We are trying to diminish the problem and say, everything is okay and green shoots are emerging.' 'Imagine you are a doctor and not getting accurate medical reports, how do you diagnose and treat the illness?' 'We are not dealing with a terminal illness here, we are dealing with BP and cholesterol, which are imminently curable.'
'The economy needed 3 or 4 major fixes. The major one was, of course, the direct tax structure, but we ended up complicating the existing convoluted tax structure,' says M R Venkatesh, chartered accountant and lawyer.
It is mind-boggling to find our prime minister putting exports on the back-burner, says Jayanta Roy.
The chamber has sought clarity from government to remove uncertainty among businesses
'Opportunity for a country like India is huge in terms of wealth creation.' 'That's the reason India is an attractive economy for investors.'
The government, in February, had released the draft national e-commerce policy proposing setting up a legal and technological framework for restrictions on cross-border data flow and also laid out conditions for businesses regarding collection or processing of sensitive data locally and storing it abroad.
In all, RBI has cut interest rates by 110 bps this year. But this has not yet led to a boost in economic activity. While the growth rate has slowed to a five-year low, consumer confidence is waning and foreign direct investment has plateaued.
The government propagandists should refrain from premature celebrations and misplaced euphoria: Congress.
Work on a dozen decisions to start by next week.
Finance Minister Arun Jaitley on Friday hinted at not raising tax rates and providing incentives for manufacturing.
The career bureaucrat-turned-central banker walked into the 19th floor corner room of the Reserve Bank on December 12, 2018. Since February 2019, the Das-led RBI has cut the repo rate by a whopping 135 basis points to support the sagging growth, including an unprecedented 35 bps reduction in August. As he completes one year at the helm, woes in the NBFC sector, overall health of the banking sector and steeply falling economic growth are among the major challenges that needs to be tackled sooner than later.
While the number of active COVID-19 cases stood at 7,409, as many as 764 people have been cured and discharged, and one had migrated, it said. Of the total 273 deaths, Maharashtra tops the tally with 127 fatalities, followed by Madhya Pradesh at 36, Gujarat at 22 and Delhi at 19.
Linking all new floating rate loans to an external benchmark won't impact existing borrowers, so customers who have taken long-term home loans recently should watch things carefully, say Joydeep Ghosh and Sanjay Kumar Singh.
'Urjit Patel's appointment is a right decision and in the interest of the country.'
'The situation is quite terrifying as you have no job creation and there will be loss of jobs.'
Central Bank of India's 21.5 per cent assets are either bad or have been restructured.
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.
Indian economy was growing faster than the global average and all other major economies: FM
Nitin Desai suggests some concrete measures to revive investment and boost growth.
'Today, bankers don't want to take risks as the good decisions taken by them were not protected.' 'There is risk involved in all decisions, like businessmen taking risks in their businesses.' 'A banker must have taken a decision when the economic condition was different, and you cannot question him on the basis of the present situation in hindsight.' 'Naturally, this has affected the morale of bankers.'
Simpler GST structure will be key poll plank, Congress sources tell Archis Mohan.
The central bank tweaked the retail inflation range to 4.8-4.9 per cent in the first half of 2018-19, and 4.7 per cent in the second half.
Referring to the government's Make in India initiative, he said India has become a hub of mobile phone manufacturing, which has provided employment to 4-5 lakh youth in the last four years and has helped the country save Rs 3 lakh crore foreign exchange.
Jaitley said a 10 per cent tax long on capital gains exceeding Rs 1 lakh made from the sale of shares has been introduced but those made till Janaury 31 would be grandfathered. A 10 per cent tax on distributed income by equity oriented mutual funds has also been proposed in the budget.
To generate ample private sector interest, there is a need to introduce market-linked tariff rates.
'Our liquidity is strong for the next 15-20 days.' 'But if the situation worsens drastically, then we will have to think about laying off people.'
'When there is no middle ground possible between the government and the governor, the governor has to go.'
Stating that pushing GDP growth, which has slipped to 5-year low of 6.8 per cent in 2018-19, is the top priority, President Ramnath Kovind said Modi govt will bring more reforms and raise farm investments to boost growth.
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