'We see the defence industry as one of the leading sectors, which will significantly contribute to the growth of the Indian economy, but more importantly, bring atmanirbharta to national security.'
India Inc on Tuesday expressed disappointment over the Reserve Bank increasing the key rate by 0.25 per cent and hoped that banks would refrain from hiking lending rates as such a move will scuttle economic recovery.
'Without reviving employment, consumer confidence will not go up.'
When Nitin Gadkari was president of the Bharatiya Janata Party, the party had announced it would set up a separate ministry for handlooms and handicraft. Instead of doing that, the BJP government has abolished the only institution that took into account the voice of the weavers.
In a release on Thursday, A Sakthivel, president, TEA said, "It was a disappointment that there was no announcement on the reduction of interest rate given to the MSME Export Sector, which is urgently needed to have a competitive edge for sustaining in the global market."
With his strong views on Bharatiya economics, his appointment to the RBI board may well presage interesting times, says Archis Mohan.
Ranju Sarkar finds out more about Nowfloats, the start-up that is used by 240,000 businesses that reach 13 million consumers.
A task force formed by Prime Minister Manmohan Singh on Thursday discussed steps to enhance credit to MSMEs, which contribute 45 per cent to the country's industrial production.
PSB chiefs tried to argue that liquidity is in surplus in the system and the problem was related to lack of demand in the economy, instead of banks' reluctance to lend, but 'the FM said it is a perception issue that loan is not available, which we need to dispel,', reports Somesh Jha.
The ban in India would hit Chinese internet companies that were making headway in the world's fastest-growing mobile market.
The government will address the credit needs of the tiny and small firms, while a separate fund for enterprises in the unorganised sector is proposed, new Minister for Micro, Small and Medium Enterprises Dinsha Patel said after taking charge.
'Infusion of fresh capital, handsome growth in deposits and focus on recovery should bring Yes Bank back on the growth path in the next financial year,' observes Tamal Bandyopodhyay.
Stressed MSME borrowers would be eligible for restructuring of debt, if their accounts were classified standard.
'India is nowhere near the peak of the infection given its large population of 1.3 billion'
The current slowdown has lasted for over 18 months and is the longest incident of sluggishness since 2006.
Long-term capital gains tax may be scrapped and the burden of dividend distribution tax could perhaps be shifted from companies to shareholders. Also, the Budget could provide income tax relief for the salaried classes, while proposing tax sops for small, medium and micro enterprises.
'I have tried to make it easier for the small scale entrepreneur to do business and cut through the red tape.'
Modi, after delivering his sixth straight address to the nation on Independence Day from the ramparts of the Red Fort in New Delhi, went into a brainstorming session with Sitharaman and all top officials in her ministry, sources privy to the development said. T
A number of micro and small enterprises in the country have expressed fear that there would be large-scale job losses in the sector if the global recessionary trend continues, the Rajya Sabha was informed on Friday.
Gandhi said if money is not given in the hands of the poor and small and medium industry, there could be "serious economic damage" in the country.
'The way opposition parties such as the Nationalist Congress Party, Shiv Sena, the Samajwadi Party, Rashtriya Janata Dal and the Jharkhand Mukti Morch have supported her, if she wins, she will be the biggest opposition face for 2024'
While the meetings on Friday were preliminary discussions, it is learnt that sectors like tourism; hospitality; aviation; micro, small and medium enterprises (MSMEs); and livestock have sought deferring loan repayments and temporary tax holidays in specific cases to help them tide over the steep fall in economic activity.
'He spoke about 20 jawans in Ladakh, but he couldn't even name China.' 'He said the world had seen what had been achieved, even though we Indians don't know because Modi has himself said that nothing had happened and nobody had come,' points out Aakar Patel.
Currently, banks follow system of internal benchmarks, including Prime Lending Rate, Benchmark Prime Lending Rate, Base rate and Marginal Cost of Funds based Lending Rate.
Long-term investors should consider moving into smaller stocks. Rather than try to pick stocks, it makes sense to build a diversified portfolio by exposure across midcap and small caps funds, suggests Devangshu Datta.
Globally, the focus has moved back to India, especially in terms of telecom assets. Vodafone Idea, with some 300 million customers, continues to be attractive with shares available at a low price.
'In 2016, we had De-Mon and in 2017, we had GST.' 'The combined impact of these two started showing up in 2019 and 2020.' 'COVID-19 only added insult to injury.'
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.
Addressing a meeting of the Congress Working Committee, Gandhi said it should worry every Indian and her party will have to work hard to repair this damage.
'When the country is jobless, why should I pay through my nose to feed these people who want some perks in office?' 'Let them also join India's unemployed.' 'Let them also taste the bitter medicine of being jobless.'
The interim Budget has attempted to tick all the boxes that could help the Modi government return to power, reports Archis Mohan.
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.
6EPass coupons mainly for regular flyers who can travel without worrying about ticket price fluctuations
Companies, so far, were constrained by the provisions of Articles 370 and 35A, which restricted the purchase of land and hiring manpower.
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.
'Karna is the greatest warrior in the Mahabharata -- in fact, Arjuna is a nobody in front of Karna.' 'But Arjuna had a better advisor in Krishna than Karna.' 'Karna failed because he listened to the wrong advice given by Salya.' 'It just shows wrong advisors can land even the mighty in trouble.'
Demonetisation and GST are the main reasons for the job losses.
The government has also extended till August 31 the repayment date of short-term crop loan of up to Rs 3 lakh for agriculture and allied activities. The decision, taken by the Cabinet headed by Prime Minister Narendra Modi, will give respite to farmers and also help them take a call on which kharif (summer) crop to grow as sowing picks up with the arrival of southwest monsoon.
For states like West Bengal, Bihar, Odisha, Jharkhand and Uttar Pradesh, where migration is high, the return of workers could be as much an opportunity as a liability. All states have launched portals to register migrant workers; additional fields like nature of employment and remuneration in the past 2-3 years are being added to help in skill mapping.
Here's a recap of events that occurred in India in the past 24 hours.
