The government is set to ask PSBs to expeditiously introduce repo-rate linked products "to step up affordable credit".
India has joined global efforts to combat global tax evasion.
Rumours in the bureaucracy on his successor include the names of Sajjid Chinoy of JP Morgan, Rathin Roy of the National Institute of Public Finance and Policy, Neelkanth Mishra of Credit Suisse and the principal economic advisor, Sanjeev Sanyal.
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The Finance Ministry had set a time period of 18 months, which expired last year on August 21, for completion of the study.
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The policy will be announced shortly, Minister of State for Communications and IT Milind Deora said on Monday.
Shares of public sector enterprises have corrected by up to 22 per cent month-to-date until March 19, 2024. Analysts attribute this steep fall to the valuation exuberance seen after a sharp run in these counters last year and suggest investors remain selective regarding the stocks in this space. "The rally in public sector undertaking (PSU) stocks has been stretched and sharp, although it is somewhat justified by improvements seen in earnings, operations, balance sheets, and overall profitability.
United States Vice President-elect Kamala Harris has named her Chief of Staff, Domestic Policy Advisor and National Security Advisor -- an all-women team -- which she said has the experience to hit the ground from day one.
The World Bank has approved loans totalling $1.75 billion (about Rs 13,834.54 crore) to fund India's PM Ayushman Bharat scheme and private investment to boost the economic growth. Of the total loan, $1 billion will go towards the health sector, while the rest $750 million will be in the form of development policy loan (DPL) to fill the financing gaps through private sector investment in the economy. The World Bank Board of Executive Directors approved two complementary loans of $500 million each to support and enhance India's health sector.
Citing national security and confidentiality clauses, the Finance Ministry has declined to disclose information on exchange of correspondence among India, Swiss and German authorities in connection with the black money probe.
There was no smooth surge in middle class prosperity for foreign businesses to tap into because of the Indian economy was mismanaged, argues Debashis Basu.
In his poll rallies, Modi framed Pitroda's comments in his wider onslaught against the Congress, asserting that they have exposed its hidden agenda and that the party has become so removed from the country's social and family values that it wants to legally rob people of their assets and lifelong savings they want to bequeath to their children.
Sajjid Chenoy, India economist at JP Morgan is the new part-time member.
'No Budget has so far has addressed the issue of the government's abysmal productivity of capital spending, improving which will be the big game changer. 'But, the government's tight lock on businesses, banks, education, and even essential services like transportation and large parts of infrastructure and healthcare is destroying capital year after year,' points out Debashis Basu.
These self-appointed well-wishers of AMU are basically for the control or police model of university governance. They have no faith whatsoever in the democratic functioning of the universities, observes Faizan Mustafa, former dean, Faculty of Law, and Registrar, Aligarh Muslim University.
'There is no scope for any doubt. This was a scheme designed to enrich the ruling party.'
The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates.
'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.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
Budget speeches have been replete with incomprehensible and even hilarious statements, says Rathin Roy.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
The studies found that sectors with the highest unaccounted income included real estate, mining, pharmaceuticals, pan masala, gutkka and tobacco, bullion and commodity markets, film industry, educational institutes and professionals.
'Event management can distract from, but not permanently mask, execution failures,' points out Rathin Roy, director, National Institute of Public Finance and Policy.
False and acrimonious debates such as Modi versus Manmohan might allow for victories that are political and partisan. But the real loser is the nation, India and Bharat, notes Arvind Subramanian, former chief economic advisor to the Modi government in its first term.
India's role as a leader of the global south may require it to give up its ambition to serve as a bridge between the warring halves of the international community, points out Mihir S Sharma.
The push given to rooftop solar installation in the Interim Budget ties in with its high rate of adoption in Tier-II and -III cities of India. If original equipment manufacturers (OEMs) in the automobile industry, government, and the solar sector are to be believed, in cities of Rajasthan, Gujarat, and Kerala, 45-50 per cent of electric-vehicle (EV) users are employing rooftop power to charge their vehicles. This is compared to the national average of 25 per cent, say industry sources.
'The household sector, which is still the largest contributor of financial savings, has been experiencing a decline in the last six years, and it has fallen below 8% of GDP.'
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
India is among 75 countries with which Switzerland's Federal Tax Administration has exchanged information on financial accounts within the framework of global standards on Automatic Exchange of Information.
Most forecasts do not have a track record of transparency and accuracy
Exemptions, and the fact that farm income is outside the tax net, ensure that India's tax-GDP ratio stays low.
The Indian startup ecosystem has lauded the inclusion of startups in the New Delhi Leaders' Declaration for the first time ever in the history of G20. Industry stakeholders say that the move will lead to easier access to capital, reduce regulatory hurdles, and may revive funding activity. The Declaration, through the Startup20 initiative, recognised startups as "natural engines of growth" and key to socio-economic transformation by driving innovation and creating employment.
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.
India's inclusion in JP Morgan's bond index can channel billions of dollars into India. How will the government securities market handle it?
Coming Wednesday, Finance Minister (FM) Nirmala Sitharaman will present the 2023 Union Budget - the last full Budget ahead of the 2024 Lok Sabha elections. While India exited 2022 as a relatively bright spot in the global economy, the FM will endeavour to present a Budget that insulates India's economy against global headwinds and recession in advanced economies, while sticking to the path of fiscal consolidation. In this, she is being helped by her core team of trusted advisors.
The government had no option but to cut spending to meet its borrowing targets.
On the present government's 'Make in India' campaign, C Rangarajan, former chairman of the Prime Minister's Economic Advisory Council, says it is important to first ask for whom it is being made.
'We get an overzealous army of tax inspectors pushing the economy too hard,' says Ajay Shah.
'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.'
Scheduled commercial banks have written off loans amounting to over Rs 10.09 lakh crore in the last five financial years and the process of recovery of dues from the borrowers continues, Union Finance Minister Nirmala Sitharaman informed the Lok Sabha on Monday.
The result is a big blow to the military establishment, revealing the limits of 'political engineering'. It reflected the anger of the electorate, especially its younger voters, who have spoken decisively against the persistent harassment and victimisation of Imran Khan's political party, asserts Rana Banerji, who headed the Pakistan desk at RA&W.
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