The talk of governance reforms at public-sector banks seems to remain on paper, as a majority of them continue to be working with just a handful board members. Half of the board seat at these banks have been vacant. Ten of the 12 public-sector banks, even large ones like Punjab National Bank, Canara Bank and Union Bank of India - all except State Bank of India (SBI) and Bank of Baroda - don't even have a chairman. In 2014, while splitting the post of chairman & managing director (CMD), the government had decided to appoint non-executive chairmen at these banks. SBI, which has an executive chairman and four managing directors, was an exception.
'If the current mood in North Block, headquarters of the finance ministry, is anything to go by, the government will now keep a closer watch on all kinds of schemes and projects undertaken by different central ministries. 'The next six months will determine which central schemes will have to be wound up and which ones will survive the axe,' says A K Bhattacharya.
Newly-elected CPI-M general secretary Sitaram Yechury speaks to Syed Firdaus Ashraf/Rediff.com.
Rogue lending under political influence was rife in the Congress-led regime and is not happening in the Modi regime, certainly not on that scale. But if PSBs cannot lend as indiscriminately as they did last time in the name of 'credit expansion', how well will these banks do, asks Debashis Basu.
In a first, the Comptroller and Auditor General's (CAG) officers reached out to several ministries in the last week of April as part of a confidence-boosting measure. The meeting brought the CAG officials and those from the ministries across the table to discuss the pain points in their relations. CAG of India Girish Chandra Murmu took this novel step because of growing tensions between those audited and the auditor.
'The package is for the distressed farmers who are committing suicide due to the severe drought,' Nitin Gadkari tells Arup Roy Choudhury and Sanjeeb Mukherjee.
Western UP contributes nearly 70 seats to the 402-member UP assembly. In 2017, the BJP had swept the region. Every pre-2022 poll survey had suggested the party would face its biggest attrition from this region because of the farmers' groups.
India and China achieved a major milestone this year when their bilateral trade crossed the landmark figure of $100 billion but it did not generate any fanfare in both capitals as the two Asian giants are going through a "particularly bad patch" in their relations due to a set of actions by Beijing in violation of agreements that led to the military standoff in eastern Ladakh. Starting with a modest $1.83 billion in 2001, the bilateral trade crossed $100 billion-mark in the first 11 months this year, a significant milestone for which the two countries carried out campaigns to boost trade and build it as a major stakeholder to improve the relations between two nations, whose ties otherwise remained frosty over the festering boundary dispute and strategic rivalry. According to last month's data from China's General Administration of Customs (GAC), the India-China bilateral trade totalled $114.263 billion, up 46.4 per cent year-on-year from January to November 2021.
There are instances -- both from national and state elections -- of economic under-performers being returned to power, and also of parties being thrown out despite good performance, observes T N Ninan.
This is mainly due to GST impact on manufacturing and subdued farm output.
Sitharaman said Aadhaar card for NRIs with Indian passports will be issued after their arrival in India, without the mandatory 180 days' waiting period.
Rediff.com gives an opportunity to select the best performer from the current government whom you think has fared better in 2016.
Hyperbole by our ministers and a few saffronised scientists not only defames Newton and Einstein, but also mocks ancient India's achievements in mathematics, medicine and natural science, says Utkarsh Mishra.
Calling out the high real interest rates -- the differential between the policy rate and headline inflation -- as an impediment to investment, the SBI report said the RBI can cut rates by 0.35-0.50 per cent at its next policy announcement.
'The Make in India target of getting manufacturing to account for 25% of GDP by 2022 is quite impossible to achieve.' 'As for the role of technology in the average Indian's life, it is still quite basic -- mobile phones and Mars successes notwithstanding,' says T N Ninan.
'We are in the middle of the biggest self created crisis of this government.' 'A crisis which involves and includes citizens and affects the way we go about our lives.' 'It is a crisis that is being managed poorly by the government and, it is absolutely clear, even more shoddily by the Opposition,' says Aakar Patel.
Ushering in a big wave of reforms by implementing the four labour codes, setting up the national social security fund to cover over 38 crore informal sector workers and improving the ease of doing business will top the agenda of the labour ministry in the New Year. In a major move, the ministry launched the e-Shram portal on August 26, 2021 for creating a national database of over 38 crore informal sector workers. It will help the government to ensure last-mile delivery of benefits of various social security schemes to the informal-sector workers.
'We fear worse things to happen. We feel this is just a teaser.' 'I wonder whether later, the Christian community will be targeted.'
The State Department said as India's number one overseas market, the US purchases close to one-fifth of its exports. India is also the fastest growing major market for American goods.
GMR-led Delhi Airport had accepted the government's request to shift UDAN flights to Hindon Air Force Base, but airlines say poor last mile connectivity will have to be dealt with first before starting operations
Right now the challenge before the government is to double the speed of construction in order to complete the remaining 6.6 million houses before March 2019.
The government has budgeted to cut the fiscal deficit to 3.3 per cent of GDP or Rs 6.24 lakh crore in 2018-19, from 3.53 per cent in the previous financial year.
'In the total of black wealth, only 1% or less than 1% constitute cash.' 'So, even if cash is completely weaned out, it impacts only 1% of the black wealth.'
#GiveItUp but no matching LPG connections for BPL
What's the real reason behind ATMs running dry even in states that are not election-bound, wonders Nivedita Mookerji.
The government is attempting everything it can to make sure that this does not happen, observes Aakar Patel.
Amid the ongoing crisis within the Congress in Punjab, its national spokesperson Supriya Shrinate on Friday expressed the hope that its leaders "talk more in private and less in public."
As Narendra Modi completes a year in office, it only seemed fair to voice the concerns of young Indians in a language we speak most fluently: emojispeak!
We have to wait and see whether Jaitley's Budget speech translates into actions and desired outcomes, says T N C Rajagopalan.
'What is unusual about the current period of slow growth is that it has come without an external driver -- high oil prices and/or successive monsoon failures -- as was the case with all previous periods of slowdown, going back 50 years, notes T N Ninan.
The apex body also wants to bring in systemic reforms, especially to redress grievances of the small taxpayers such as - increased automation of the processes, e-filing, centralised processing of the tax returns and other bulk operations.
'If you want proof, visit any bank in Mumbai and you will find the poor standing in bank queues.' 'They are queuing up from midnight outside the banks.'
'To be fair to Arnab Goswami, the television camera is his only fix.' Unlike other TV stars who rule social media, Arnab is nowhere to be found.' 'While they hold forth in newspaper columns, maybe having realised that true gravitas is earned via newsprint not digicams, he does nothing of the sort.' 'He breathes and lives TV news,' says Saisuresh Sivaswamy.
While the likelihood of these states going the Lanka or Greece way may be an alarming assessment, the financial situation of some states such as Punjab and West Bengal is indeed quite weak.
Public sector banks (PSBs) have written off a massive Rs 8 trillion of loans in the seven years of the Narendra Modi government in office. This is more than twice the capital infused by the Bharatiya Janata Party-led government during the period. Between 2014-15 and 2020-21 (FY21), the Centre had infused Rs 3.37 trillion into PSBs. At Rs 1.06 trillion, FY19 saw the highest capital infusion.
Rapid rise in disposal of corruption cases against govt employees has helped
'The people of Uttar Pradesh have already made up their mind to puncture the Samajwadi Party's cycle, kick away the Bahujan Samaj Party's elephant, and remove shadows of the already-vanished hand of the Congress.'
Rs 6,000-cr disclosure just four days before scheme ends
Emphasising that India has the potential to become a global hub for education and tourism, Union home secretary Rajiv Gauba called for a change in the mindset at the field level to make foreigners feel welcome.
Changing tracks helps. But, not taking the beaten path isn't always helpful. This is the story of two of India's biggest privatisations - Air India and Bharat Petroleum (BPCL). Nearly two decades after the last privatisation, a landmark divestment concluded this year when the loss-making national carrier Air India was sold to the Tatas.
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