The middle class is a big force to fulfil dreams of a prosperous and developed India and our government has taken many decisions to empower it, the prime minister said.
Strengthening of rupee has made Indian rice dearer in the international market
State Bank of India (SBI) is willing to work with Russian banks not facing sanctions and remain on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network to open a special rupee vostro account (SRVA) for invoicing in Indian currency. The country's largest lender in a statement said it has not been identified as the nodal bank for handling Russia-related transactions. In July, the Reserve Bank of India (RBI) allowed banks in India, including SBI, to open an SRVA to promote invoicing in Indian rupee, subject to certain safeguards. Accordingly, the bank in a statement said it is "making necessary arrangements and processing requests received from various banks, including Russian banks", following guidelines laid out by the RBI.
Reaching out to different sections of society, including farmers, Prime Minister Narendra Modi has said the well-being of 'annadaata' is a priority for the government
'The answer for a quicker boost to growth is simple -- run a much larger deficit, use the resulting public resources to ensure adequate price support for agriculture, subsidise wage costs of MSMEs and accelerate public sector construction-intensive activities,' advises Nitin Desai.
Prime Minister Narendra Modi on Saturday released Rs 20,946 crore to 10.09 crore farmers across India as the 10th installment of financial aid under the PM-KISAN scheme and said there was a need for innovation in agriculture along with promotion of natural farming. Under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme, a financial benefit of Rs 6,000 per year is provided to the eligible farmer families, payable in three equal installments of Rs 2,000. The PM-KISAN scheme was announced in the February 2019 Budget.
Traders say prices will remain elevated due to increased demand, lower availability
The government's predicament is a result of its own doing: That of not ensuring adequate buy-in by the stakeholders before passage of the laws, notes Vivek Gumaste.
Telecom major Jio will start the beta trial of 5G services in four cities of Delhi, Mumbai, Kolkata and Varanasi from October 5 with a select set of customers, the company said on Tuesday. The company will send invites to customers under 'Jio True 5G Welcome Offer' to try its 5G services and the subscribers will get Unlimited 5G data with up to 1 gigabit per second speed. "Post the successful demonstration of its True-5G services at the India Mobile Congress 2022, Jio is announcing the Beta trial of its True-5G services on the auspicious occasion of Dussehra, for Jio users in four cities - Mumbai, Delhi, Kolkata, and Varanasi," Jio said in the statement.
A lesson we have not learnt from China is the urgent need to knit the vast country together to keep it from falling apart at the seams. While there is considerable dent in poverty, sadly, the North East remains as distant today as it always was, points out Shreekant Sambrani.
Cargill believes the reforms would act as a catalyst in attracting private sector investment in building supply chains for taking Indian farm produce to national and global markets.
The government, under the Finance Act, 2020, had allowed tax exemption for SWFs and pension funds in the case of incomes from investment in 34 key infrastructure sectors, including hotels, cold chains, educational institutions, hospitals, and gas pipelines.
Sharad Pawar reckons that the NCP has value as a united, going concern, not as a gaggle of leaders in search of followers, notes Shreekant Sambrani.
In his second term in office, UP Chief Minister Yogi Adityanath has retained 34 portfolios.
Delhi Chief Minister Arvind Kejriwal announced that primary schools will be closed from Saturday in view of spike in pollution levels in the national capital.
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.
Nirmala Sitharaman's messaging was clear when she presented a well-balanced Budget with an eye on state elections in nine states followed by a general election next year, observes Ramesh Menon.
Per capita income has more than doubled to Rs 1.97 lakh in around nine years. Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years. Seven priorities of the Budget, 'Saptarishi', are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
'By 2020 around 34% of India's population will be in the 15-34 age group.' 'More than 70% of them live in rural areas.' 'Their energy and enthusiasm need to be tapped in order to meet their aspirations and transform agriculture and the rural economy,' says P K Joshi.
Dilip Bhat, joint managing director of the Prabhudas Lilladher group, a financial products agency, talks to Business Standard about the market rally ahead of the elections.
Finding itself trapped in a cul de sac, all things considered, a negotiated climbdown at this juncture seems the only sensible course available for the Centre, suggests Virendra Kapoor.
The forthcoming budget needs to delay fiscal consolidation, instead should focus more on supporting the pandemic battered-economy and boost consumption demand by offering income tax soaps and cutting fuel taxes, says a report. In a pre-budget report, India Ratings said it expects the new budget to consolidate and strengthen the plan set out in the last budget, rather than trying out new things by continue with the revenue and capital expenditure pattern of FY'22 to provide stability and consolidation to the past/ongoing efforts, and to focus on boosting demand by generating employment opportunities in areas/sectors that have been impacted more by the pandemic. The report therefore expects the finance minister to delay fiscal consolidation and make it to be a gradual and calibrated process, thus ensuring the necessary fiscal support that the economy needs is available till the recovery acquires its own momentum.
India has much to be proud of and celebrate. But there is also much that is wrong, much that looks dangerous. Employment, current account deficit, rural distress, agricultural productivity are all in deep crisis, points out Shekhar Gupta.
The RBI's Monetary Policy Committee brainstormed the impact of any future shocks on the inflation trajectory and stressed monitoring the cumulative effect of monetary policy actions over the past one year, which is still unfolding, revealed minutes of the rate-setting panel released on Thursday. The minutes of the meeting of the Monetary Policy Committee (MPC), headed by Reserve Bank Governor Shaktikanta Das, also indicated it would be premature to declare an end to the monetary tightening cycle, which started in May 2022 to check high inflation following the outbreak of the Russia-Ukraine war. The central bank, which effected six back-to-back hikes in the key short-term lending rate (repo) since May 2022 to check high inflation, decided to take a pause early this month.
Centre has already started work on developing a mechanism to ensure states producing any item in excess is able to transport it to other states where there is demand
The fear of price rise gained momentum after reports surfaced that the NAFED procured 50,000 tonnes of onion this season.
The government has the upper hand in the ongoing negotiations, and it is unclear if a real debate will happen, observes Tulika Narayan.
Addressing a poll rally at bypoll-bound Munugode Rao segment, Rao referred to the TRS MLAs case and said 'brokers' from Delhi came and attempted to bribe the MLAs by offering Rs 100 crore each.
A 6-7 million tonnes shortfall in rice production due to a fall in paddy sowing area is likely to keep rice prices at elevated levels, adding to the inflationary pressure that the slowing economy is already grappling with. Elevated food prices, including that of cereals, had led to retail inflation reversing a three-month declining trend, to touch 7 per cent in August. Similarly, the wholesale price inflation, which declined to 11-month low, also showed price pressures from cereals resulting from wheat output being impacted by severe heat waves in some parts of the country.
Speaking to reporters in Bengaluru on the sidelines of the Eighth National Conference on Krishi Vigyan Kendras 2013, Pawar also ruled out the possibility of traders exporting onions to other countries where prices are less than India.
Since 2014, many of Mohan Bhagwat's speeches have acted as cues for government policy.
We have our own problems for sure and they are not trivial, but for now, our economy is in not too bad a shape, our politics is as personality-driven and authoritarian as that of most countries in the world. We must make the best of what we have and not be excessively unhappy looking at the grass on the other side of the septic tank which may not be greener after all!, observes Shreekant Sambrani.
'Our technology is going to help Indian agriculture the way the White Revolution helped milk production.'
To give relief to Delhiites, the National Agricultural Cooperative Marketing Federation of India Ltd has started selling onions at Rs 55 a kg through its five retail outlets and two mobile vans in the national capital.
The BSE Sensex spurted 130.00 points to end at 35,980.93, while the broader NSE Nifty advanced 30.35 points to 10,802.15.
The next quarter-century could mark India's rise as a nation to be more whole-heartedly admired if it addresses its institutional and policy failures, and focuses on reducing its inequalities and addressing its iniquities, asserts T N Ninan.
>The farmers will go home but the country will not get the agricultural reform it badly needs -- if nothing else, then to prevent a bigger water crisis than already exists, argues T N Ninan.
Retail inflation dropped marginally to 7.01 per cent in June mainly due to slight easing in prices of vegetables and pulses, though it still remained above the Reserve Bank's comfort level for the sixth month in a row. The consumer price index (CPI) based inflation stood at 7.04 per cent in the preceding month of May and 6.26 per cent in June 2021. Inflation in the food basket in June 2022 was 7.75 per cent, compared to 7.97 per cent in the previous month, as per the National Statistical Office (NSO) data released on Tuesday.
Critics who cannot stop gloating, pronouncing Modi to be a lame-duck prime minister, may be making a huge mistake, predicts Virendra Kapoor.
The focus is likely to be on consolidation and improvement of existing rural-centric programmes to ensure their completion ahead of the next general elections in 2019, rather than announcement of new schemes. Sanjeeb Mukherjee and Arup Roychoudhury report.
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