The Reserve Bank on Friday approved the transfer of Rs 99,122 crore as surplus to the central government for the accounting period of nine months ended March 31.
As of December 2018, a total amount of Rs 51,513 crore has been infused into PSBs.
Union Agriculture Minister Narendra Singh Tomar has held a series of meetings with MPs and Union ministers from Punjab and Haryana and surrounding states, and virtual interactions with state agricultural ministers of all BJP-led National Democratic Alliance ruled states where he briefed them about the merits of the two bills, the sources said.
The Reserve Bank's growth projection for next financial year is lower than 8-8.5 per cent projected by the finance ministry in the recent Economic Survey which was tabled in Parliament on January 31. Unveiling the bi-monthly policy, RBI governor Shaktikanta Das said, "Recovery in domestic economic activity is yet to be broad-based, as private consumption and contact-intensive services remain below pre-pandemic levels."
The biggest achievement of demonetisation is that it has brought about a social revolution against black money and corruption, says Sukumar Mukhopadhyay.
Most key rabi-producing states of north India, such as Madhya Pradesh and Rajasthan, have staggered their procurement to enable farmers to come in batches, so that there is no overcrowding. The Centre has also set up a call centre to coordinate the inter-state movement of farm commodities.
These three states sought a combined financial assistance of Rs 11,186 crore
Costlier vegetables slowly pushed retail inflation, which had remained well within the Reserve Bank's comfortable level of 4 per cent during most part of 2019, peaked to more than three-year high of 5.54 per cent in November.
India Ratings and Research on Friday revised down India's FY22 real GDP growth forecast to 10.1 per cent, from earlier projection of 10.4 per cent, citing the second wave of COVID-19 infections and slower pace of vaccination. At a time when large parts of the country are experiencing tremendous pressure on medical infrastructure, the agency said it expects the second wave to start subsiding by mid-May. Earlier this month, the Reserve Bank maintained its 10.5 per cent GDP growth estimate, but Governor Shaktikanta Das has flagged the rising cases as the biggest impediment to recovery.
The growth in the contact-intensive portion of the economy trailed our expectation, highlighting how imperative it is for confidence to improve, either through accelerated vaccinations or otherwise, to drive a sustainable recovery in these sectors, asserts Aditi Nayar.
The government has made its flagship crop insurance schemes voluntary for farmers with existing crop loans or those willing to take new ones, as it seeks to address the concerns raised by farmers' body and states in implementation of these programmes. "The Union Cabinet has approved the revamping of 'Pradhan Mantri Fasal Bima Yojana (PMFBY)' and 'Restructured Weather Based Crop Insurance Scheme (RWBCIS)' to address the existing challenges in implementation of crop insurance schemes," an official statement said.
With social distancing in customer's mind coupled with the government's push to further normalise business conditions and banks becoming more considerate to finance vehicles, entry level passenger vehicles saw good demand.
India's GDP is within the striking distance of attaining positive growth, the Reserve Bank said observing that the letter "V" in the V-shaped recovery stands for vaccine. The Indian government launched the world's biggest vaccination drive on January 16 to protect people from COVID-19. "What will 2021 look like? The shape of the recovery will be V-shaped after all and the 'V' stands for vaccine," said an article on the 'state of economy' in the RBI's January Bulletin. India has launched the biggest vaccination drive in the world, backed by its comparative advantage of having the largest vaccine manufacturing capacity in the world and a rich experience of mass inoculation drives against polio and measles.
Experts claim impact of breather limited as most hybrid vegetable seeds are sold by private companies.
If everyone had decent meaningful jobs, the rally maidans would be largely empty and, save for the Akhara babas and curious foreigners and the devout senior citizens, not very many would spare time for the Kumbh Mela, says Mahesh Vyas.
The lockdown in Maharashtra will have a catastrophic impact on April sales, as dealers will not be able to realise the potential of festivities like Ugadi, Gudi Padwa, Baisakhi and Poila Boishakh.
First a scientist and then a businessman, founder chairman Krishna Ella quit his faculty position at the Medical University of South Carolina in Charleston, United States, in 1996 to return to India.
The Planning Commission on Friday said that high inflation, primarily driven by rising food prices, is likely to ease in the next few months on the back of an expected good rabi crop.
Owing to erratic monsoons this year, the kharif grain output is projected to fall 18 per cent to a seven-year low of 96.63 million tonnes against last year's 117.70 million tonnes.
Crops including fruit, vegetables account for 60% of GDP in agriculture, forestry, fishing sector.
During the month, inflation in vegetables shot up to 35.99 per cent, as against 26.10 per cent in October. Likewise, the prices of cereals and eggs grew at a faster pace of 3.71 per cent.
With the start of rabi crop arrivals, the prices of agri commodities have declined in the past two months, raising hope that food prices will moderate in the weeks ahead.
Indicators show green shoots in the economy with electricity and fuel consumption, inter and intra-state movement of goods, PMI data and retail financial transactions witnessing a pick-up, she said.
Among the key concerns of the Street is market share losses in growth segments, led by higher competitive pressures.
Asian silver-medallist Sumit Sangwan (91kg) and World silver-medallist Sarjubala Devi (51kg) are among four Indian boxers assured of medals after scoring facile victories in the inaugural India Open, for men and women, in Delhi on Monday.
The volunteer said he had also volunteered 10 years ago for clinical trials for a vaccine against the H1N1 (swine flu) virus.
In most cases, however, retail consumers are paying higher prices in the absence of direct procurement from aggregator or farmers.
The Reserve Bank on Friday projected retail inflation to be in 5-5.2 per cent range during the first half of the next fiscal year, expecting further softening of vegetables prices in near term. Also, it has lowered the retail inflation forecast for the current January-March quarter of 2020-21 fiscal at 5.2 per cent. The Reserve Bank (RBI) has kept the key policy rate unchanged at 4 per cent, with an accommodative stance, so as to ensure that inflation remains well within the target, Governor Shaktikanta Das said while announcing the last monetary policy of 2020-21.
The hardening of the Wholesale Price Index follows an uptick in retail inflation.
Good sowing of kharif crops, better minimum support prices, and fewer Covid-19 cases (in villages) will help the rural growth story to continue, says Maruti.
Attacking critics, he said a "clique" of people exploited farmers for long as they remained in shackles of rules regulating the sale of their produce and stated that this needed to change, which his government has done.
'There are some high-frequency indicators where uptick is visible and some where it is not'
The stimulus package is expected anytime this week and will be aimed at the urban and rural poor; disadvantaged sections of society; MSMEs and some of the worst-affected sectors.
Food Corporation of India will be the nodal agency.
The government on Monday ruled out the possibility of free food-grains distribution to migrants saying there is no panic situation and no complete national lockdown unlike last year.
Das said that global economic activity has remained fragile and the surge in COVID-19 cases has subdued early signs of revival.
To help revive the economy battered by COVID-19, Finance Minister Nirmala Sitharaman on Monday announced a slew of measures, including Rs 1.1 lakh crore credit guarantee scheme for improving health infrastructure, and enhancing the limit under the ECLGS by 50 per cent to Rs 4.5 lakh crore for the MSME sector facing liquidity crunch. Sharing the details of stimulus package, the finance minister said this comprises eight relief measures and other eight measures to support the economic growth. She announced Rs 1.1 lakh crore loan guarantee scheme for COVID-affected sectors, including health sector, which includes guarantee cover for expansion or for new projects. Besides, she said, additional Rs 1.5 lakh crore limit enhancement done for Emergency Credit Line Guarantee Scheme (ECLGS) scheme.
The RBI said that the impact of unseasonal rains is still unfolding.
The cumulative loss of salaried jobs since the pandemic is even larger at 12.6 million, reveals Mahesh Vyas.
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