Investors are pushing back more often against companies' resolutions on what is paid out to top executives. In the first four months of financial year 2022-23 (FY23), there have already been five such rejections, according to shareholder voting data from tracker Adrian, a platform maintained by the proxy advisory firm Institutional Investor Advisory Services India (IiAS). Two of these have been at multiplex chain PVR and direct-to-home company Dish TV India.
'When the average growth in the last three years was just 2.5%, how does that make us the fastest growing country?' 'They only tell you what has happened in the last 2 years; they are not taking into account what happened in FY21 on account of their mistakes.'
Will G20 showcase an India that is inclusive, culturally rich, diverse and tolerant, asks Ramesh Menon.
Their net NPA as a proportion of net advances were 2.2 per cent, compared with 1.7 per during the same period a year earlier.
Concerned by GDP slowdown and unrealistic tax targets, the economists urged Finance Minister Nirmala Sitharaman to implement long-term structural steps like land and labour reforms. Warning against any off-Budget financing the economists said the government should prepare a statement of intent for its social, rural and welfare sector expenditure.
The Finance Ministry has invited private sector bankers.
'The entire value of LIC is created by its shareholders because after the initial invest net of Rs 5 crores in 1956, the government has not given any additional capital to the LIC.' 'If the corporation has expanded and emerged as the biggest financial institution in the country, it is only because of the policyholders.'
After his wide-ranging talks with Modi on the second and final day of his India visit, Johnson said the new defence and security partnership will enable India to strengthen its domestic defence industry as well as help the two countries protect vital shared interests in the Indo-Pacific.
Reserve Bank of India Governor Shaktikanta Das on Friday said the central bank will ensure adequate liquidity in the system to ease the financial stress caused by the Covid-19 pandemic. The central bank reduced the reverse repo rate -- the rate at which banks park their fund with the central bank -- by 25 basis points to 3.75 per cent.
Opportunity for India to take leadership in economic diplomacy.
Control over PSU banks is what is allowing the government to drive this scheme.
'In a serious fiscal situation like this, an ostrich-like focus on annual budgeting, event management and defensive rhetoric will only make matters worse,' warns Rathin Roy.
'There is no tried and true recipe for creating Silicon Valleys.' 'Attracting and creating a mass of truly dynamic entrepreneurs is at the core and among the hardest and most necessary ingredients.' 'In the US, close to 60% of the top valued tech companies were started by immigrants who found the start-up climate to be superior to where they came from.' 'India would clearly benefit from attracting back its talented Diaspora, but it also needs to hold onto those entrepreneurs.'
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
Some believe the shift to mobile-based transactions will be seamless considering that the urban tele-density is 148%. In rural areas, it is touching 51%. But smartphone penetration in India is a mere 12%. Growth of mobile money has been extremely slow: It is currently 1%.
Here's the full text of Prime Minister Narendra Modi's address to a joint session of the United States Congress, delivered on Thursday.
The 15-member body called for enhanced actions, from closing financial system loopholes to stopping the abuse of charitable causes, as well as updating the existing IS and Al Qaeda sanctions list.
'The shadow banks are currently facing a liquidity and solvency crisis.' 'The danger is that it could potentially engulf the entire financial system because shadow banks have borrowed huge amount of money from banks, mutual funds, pension funds, and insurance companies.'
'There are many things we need to work on.' 'At the heart of it is, one, the extent of inequality, which is not good for democracy and nation; two, a structural decline on how a country ought to function, how people should be held accountable, whose role is what.'
The venture is applying to the Reserve Bank of India for approvals.
'If the RBI had done the right things, these mistakes would not have happened in banks, public or private,' says Ajay Shah.
In the midst of third wave of COVID-19, Finance Minister Nirmala Sitharaman has come up with an impactful Budget which is balanced, fiscally prudent and growth-oriented, the USA India Chamber of Commerce has said. President of the Boston-based USA India Chamber of Commerce (USAIC) Karun Rishi, however, said it is a matter of concern that the budget lacks tangible measures to increase revenue generation. "Opting to keep the fiscal deficit at 6.9 per cent and increase capital expenditure by 35 per cent is a masterstroke. "The annual budget estimates the effective capital expenditure of Rs 10.68 lakh crore in 2022-23, making up about 4.1 per cent of the GDP," he said. "A phenomenal increase in the government's capital expenditure is likely to facilitate the expenditures on infrastructure and create jobs.
For the first time in our economic history a government has thought about more than 50 per cent of our economic activity instead of the five per cent represented by the Sensex companies, observes IIM-B professor R Vaidyanathan.
Finance Minister Nirmala Sitharaman on Saturday said the new tax regime will benefit the middle class as it will leave more money in their hands. Talking to reporters after the customary post-Budget address to the central board of the RBI, she said it is not necessary to induce individuals to invest through government schemes but give them an opportunity to make a personal decision regarding investments. "...the way we allowed for standard deduction and also the rates which have been fixed, tax rates which have been fixed for different slabs, it has actually left more money in the hands of the people, the taxpayer, the household," she said.
Foreign Secretary Vinay Kwatra on Wednesday refused to speculate on whether the G20 foreign ministers' meeting would be able to come out with a joint communique against the backdrop of widening differences between the West and Russia on the Ukraine conflict.
Modi knew in his heart that India does not have the financial muscle to support the new bank with offers of co-financing international projects, something China can do from the bank's base in Shanghai. If established in Mumbai, it may have employed a few Indian bankers and satisfied the national ego but there was little financial value to be drawn from it.
The venture is seen as a rival to the World Bank.
SBI, PNB, Bank of Baroda, Canara Bank, Dena Bank, Central Bank of India ended down 3%-12% each.
The central bank held 72.5 per cent equity in Nabard worth Rs 1,450 crore, of which 71.5 per cent amounting to Rs 1,430 crore were divested way back in October 2010 and the residual shareholding was divested on February 26, 2019.
Once these banks start showing losses, they will not be able to pay dividends to the government nor pay taxes, which will further aggravate the situation for the government as its return on investment as an investor would be very negligible for the next few years, says M V Subramanian.
At a pre-Budget meeting, the FM was asked to ensure that NBFCs come out of the liquidity crisis they are facing with the help of RBI. They also spoke about the futility of trying to achieve a 3 per cent fiscal deficit target over the medium term.
With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
Norms governing investments by provident funds bar these from depositing funds in a commercial bank in case the NPAs of that bank exceed two per cent of net advances.
There are lessons for the Congress to learn from the Karnataka elections of how burying the hatchet among top leaders and not washing dirty linen in public can help, says Ramesh Menon.
'Zero Day' visitors like Maruti Suzuki, TVS, Tata Motors, Hero MotoCorp, Ashok Leyland and Bajaj Electricals are visiting fewer campuses.
There was a massive 24% decline in India's gems and jewelry exports to $2,321 million for September 2018 as against $3,053.38 million in the same period last year.
From the enactment of the capital control Act to the recognition of the BSE as a stock exchange and the infamous Harshad Mehta scam, here are the 18 biggest events for stock markets from 1947 to 1993.
Ankit Mehra, founder and CEO, GyanDhan, an education financing marketplace, tells you how to apply for an education loan in the pandemic.
There is money to buy the central public sector enterprises, but buyers will need a firm assurance that the disvestment programme will keep environment issues front and centre of their corporate plans.
Most forecasts do not have a track record of transparency and accuracy
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