'LIC's proposed investment will come out of what is technically called the 'policyholders funds'.' 'As the name implies, these monies belong to policyholders; that is, you, me and 25 crore others who have taken a total of 30 crore policies from LIC.' 'It is not the government's or LIC's money to play poker with,' says S Muralidharan, former managing director, BNP Paribas.
The scheme is the biggest fiscal component of the Rs 20-lakh crore Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman last month.
The board meeting is likely to take place later in Shanghai.
'In plain simple English, these practices amount to a looting of our country's future by some in the business community, in cahoots with some lenders,' says RBI Governor Dr Urjit R Patel.
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With new private banks in the play, the going could become more difficult for the old-school state-run banks, already losing business and market position, forcing them to think hard towards consolidating and forming larger entities to garner big-ticket deals.
Lack of financial commitments from rich countries poses threat to Paris meet
China's covid crisis could provoke a raw material crunch for India's EV industry later this year.
'So you have welfare programmes, you reach out to the poor, you cut out the middlemen, you cut out the leakages and you try to raise the standard of living.'
India's macroeconomic situation is certainly better than what it was a year ago, eminent economist Pinaki Chakraborty said on Monday, while expressing hope that the country will be back on the path of economic growth if there is no major third wave of the COVID-19 pandemic. In an interview with PTI, Chakraborty, who is the director of the National Institute of Public Finance and Policy (NIPFP), said that inflation may remain at an elevated level as there was a significant fiscal and monetary expansion in the last 18 months. "The current macroeconomic situation is certainly much better than what it was one year back. We are seeing recovery in most sectors," he said. Chakraborty noted that COVID-19 vaccination has been going on at a very fast rate in India.
One can expect significant changes at India's banks in ensuing months.
The finance ministry also said the maximum funding will be Rs 400 crore for any single project that will be seeking assistance from the 'special window' for completion of the 1,508 projects comprising about 4.58 lakh units.
'What does the nation get out of the CBI's fabulous infrastructure? Very little that is useful.'
The former bureaucrat said he will take measures which the economy requires in a timely manner and as the first step, will meet the heads of public sector banks.
Of the total, the financial creditors - banks, bond holders and other financial institutions - have claimed Rs 86,892 crore.
Chief Economic Advisor (CEA) K V Subramanian will be leaving the finance ministry and returning to academia on completion of his three-year term. The government had appointed Subramanian, an ISB Hyderabad professor, as the CEA in December 2018. He had succeeded Arvind Subramanian, who quit the position close to a year ahead of his extended tenure. Subramanian's three-year term would have come up for renewal in December but he decided to return to academia.
RBI governor Raghuram Rajan and the government are working towards financial inclusion.
Indian regulators have identified certain groups as 'financial conglomerates' and they are being monitored closely for any systemic risks they may pose.
Sebi has asked intermediaries to stagger the offerings as much as possible, said people in the know and ensure adequate capacity building.
India's rupee is likely to remain under pressure due to high prices of crude oil and other commodities, and may stabilise at around 79-80 against the US dollar in the near term, say experts amid limited headroom available with the Reserve Bank to check the weakening of the domestic currency. The currency has slumped over 5 per cent this year after Russia's invasion of Ukraine sent international crude oil prices soaring to a decade high. On Monday, rupee ended at a fresh all-time low of 78.34 (provisional) against the US dollar.
Officials said Sebi first proposed to the FinMin to amend the relevant provisions in the Sebi Act to discontinue RBI's representation on its board, as it already has adequate presence of government nominees and in its over 25 years of existence the regulator has evolved as an "effective and one of the best in the world".
Cities are setting the rules that now carry life and death implications for their residents, and most of these rules are sought to be set by the municipal authorities who have never wielded such power, reports Subhomoy Bhattacharjee.
'India resembles not just the more turbulent bits of its own past, but other 'managed' democracies, where all institutional strength and independence have been hollowed out to serve political power,' notes Mihir S Sharma.
In a festival gift to borrowers, the finance ministry on Wednesday approved guidelines for a scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months of loans up to Rs 2 crore.
'Look at the number of billionaires, the number of new billionaires in India.' 'Adani and Ambani are not the only ones.' 'What's wrong with people making money as long as it benefits us?'
The airline had raised Rs 700 crore from the debt market through a non-convertible debenture issue and the same was up for interest payment or redemption on Thursday.
There is lack of scientific basis in computing the poverty line, says govt.
A Parliamentary Standing Committee praised the government for the wrestling and boxing facilities at the Sports Authority of India's Sonepat Center but pointed out that "excellence needs to be replicated for other sports disciplines".
'Given the possibility that our unstable northern and western borders may become 'live' at short notice, any major systemic change which impacts combat effectiveness should be brought about in a cautious and progressive manner.'
'Over the next two to three years, hiring will come down further.' 'You will see the industry intake of freshers go down to 150,000 from the current 200,000.'
Renewable energy is mistakenly restricted to electricity.
According to poll observers, there are about 3.88 lakh voters in Rampur assembly constituency and of them, about 2.27 lakh, about 60 per cent, are Muslims.
The 30-share Sensex closed up 34 points at 27,831 and the 50-share Nifty ended up 15 points at 8,356.
It could be a matter of concern that foreign shareholders of the NSE are registered in tax havens such as Mauritius and Cyprus.
Heads of state and big-name billionaires opened the Paris climate summit with a bang on Monday.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
The polls are being viewed as a run-up to the general elections scheduled for May 2019 and will test the popularity of the government and its policies amid rising crude oil prices
'At the heart of the strategic relationship between our countries are economic ties.'
Metal stocks fell on Tuesday, with the S&P BSE metal index sliding 2.8 per cent compared to the 0.64 per cent fall in the benchmark S&P BSE Sensex
Moody's assumes that the RBI will continue to pursue price and financial stability and implement policies towards these goals.
Tata Steel was the biggest gainer in the Sensex pack, rallying 5.78 per cent; followed by Yes Bank, NTPC, L&T, Axis Bank, SBI, M&M, HDFC twins, Vedanta, HUL, PowerGrid, ICICI Bank, Kotak Bank, HCL, TCS and ITC, gaining up to 3.79 per cent.
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