The Kelkar Committee has recommended sharp reduction in subsidies on petroleum, food and fertiliser, which the government said was contrary to its policy of protecting the poor.
Data suggests that households too are expecting inflation to subside, with the three-month-ahead and the one-year-ahead expectations declining by 40 basis points, reports Abhishek Waghmare.
The infrastructure spending target for 2020-25 was revised because of additional and amended data provided by central ministries, state governments since the release of the summary NIP Report in December 2019 when it was pegged at Rs 100 trillion.
The rising COVID-19 infections across the country are a matter of concern, but it may not impact the ongoing economic revival as one does not foresee lockdowns, Reserve Bank Governor Shaktikanta Das said on Thursday. The economic revival will continue "unabated", Das said, asserting that there is no need for a downward revision of RBI's 10.5 per cent GDP growth forecast for FY22. Speaking at Times Network's India Economic Conclave, Das said, "We have 'insurance' to protect economic revival like a fast-paced vaccination drive, greater ability among people to follow COVID protocols", and one does not see lockdowns as well.
Speculation is rife that Trump may skip Sabarmati Ashram to make time for a visit to Agra, Vinay Umarji reports.
The approval for provisioning of Rs 20,000 crore as subordinate debt to provide equity support will benefit 2 lakh stressed MSMEs.
The additional cash will now give the Centre more headroom for stimulating the economy.
'Thanks to the excellent and trustful cooperation we are enjoying, like from the G20 Leaders' Summit, we are confident that these Olympic Games Tokyo 2020 will be a great success'
Though the ministry is considering 2017-18 as the new base year, no decision has been taken as the committees of experts are awaiting some more data before finalising their opinion.
Indian comic book character Chacha Chaudhary has been declared as the mascot of the government's Namami Gange Programme with an aim of bringing behavioural change among children towards the Ganga and other rivers.
The Central Board of Secondary Education (CBSE) has rationalised by up to 30 per cent the syllabus for classes 9 to 12 for the academic year 2020-21 to reduce course load on students amid the COVID-19 crisis, Union Human Resource Development Minister Ramesh Pokhriyal 'Nishank' announced on Tuesday.
Subramanian's paper comes at a time when concerns have been raised in various quarters about the official economic growth numbers. The Economic Advisory Council-PM said the Base Year of India's income calculations were shifted to 2011-12 on the basis of recommendations of several committees with experts in national income accounting.
Australia's winter sports community has been forced back into mourning with the sudden death of 20-year-old Olympic figure skater Ekaterina Alexandrovskaya in Moscow.
Changes have been made in several indices including Nifty 500, Nifty 200, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250 and host of sectoral indices including FMCG, IT, media, pharma, commodities and services sector.
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 Bengaluru-based company had registered a net profit (after minority interest) of Rs 5,197 crore a year ago, a regulatory filing said. Infosys' revenue grew 22.9 per cent to Rs 31,867 crore in the quarter ended December 2021 from Rs 25,927 crore in the year-ago period, it added.
Projects worth Rs 500 crore and above and up to Rs 1,000 crore can be cleared by the Finance Minister.
According to sources, around 10 crore doses of the Sputnik V vaccine is likely to be imported for emergency use in the country in the next six to seven months.
Autorickshaw drivers had threatened to go on a strike in support of their demands, which included a hike in fares.
The Reserve Bank of India, for the second straight time, on Thursday kept its key policy rate unchanged at 5.15 per cent, maintaining its accommodative policy stance as long as it was necessary to revive growth. The central bank retained GDP growth at 5 per cent for 2019-20 and pegged it at 6 per cent for the next fiscal.
'The PCA framework was revised and tightened in April 2017, but there was no discussion in any board meeting. The government does not know the rationale behind revising the framework and how the RBI arrived at it. Similarly, there was no discussion in the board meeting on the revised NPA framework,' said an official.
This will have an impact on inflation as everyone in the value chain passes on the costs.
With the expert panel's recommendations, the project comes a step closer to getting the environment clearance (EC), to be given by the Union Environment Minister.
The government on Wednesday asked the Reserve Bank to maintain retail inflation at 4 per cent with a margin of 2 per cent on either side for another five-year period ending March 2026. To control the price rise, the government in 2016 gave a mandate to the RBI to keep the retail inflation at 4 per cent with a margin of 2 per cent on either side for a five-year period ending March 31, 2021.
One of the changes being proposed is allowing LLPs to issue non-convertible debentures.
Kohli's deputy Ajinkya Rahane will lead India in the final three Tests.
The IOA also said that the decision will now relieve the Indian athletes of having to train amidst lockdown due to the coronavirus pandemic.
A high-level panel led by former RBI governor Bimal Jalan, set up to decide the appropriate capital reserves that the central bank should maintain, on Wednesday finalised its report.
The agitation demanding his removal had been launched on Tuesday and resumed Wednesday morning by a large number of Young Mizo Association members in front of the CEO's office from 8 am. The protestors later dispersed.
'The AMs are a different beast and reflect the political play within the government.' 'Prime Minister Modi does not need to assuage any interest group to take the final call on any decision that belongs rightfully to the Cabinet,' points out Subhomoy Bhattacharjee.
Amid uncertainties arising out of the second wave of COVID-19, the Reserve Bank on Thursday said that a durable revival of private consumption and investment would be critical for sustaining economic growth post-pandemic. Observing that 2020-21 has left a scar on the economy, RBI in its annual report said, "in the midst of the second wave as 2021-22 commences, pervasive despair is being lifted by cautious optimism built up by vaccination drives." The second wave of the pandemic has prompted revision of growth projections for the current fiscal and the consensus appears to be gravitating towards RBI's forecast of 10.5 per cent, the report added.
The Rajya Sabha on Wednesday approved the biggest tax reform since Independence.
On the face of it, the first round has gone to Edappadi K Palaniswami. Not only has he been named chief ministerial candidate, that too by his one-time bete noire Panneerselvam, he also gets one member more in the steering committee than OPS. He can now hope to wean away one or more members of the OPS team in the steering committee just as he had done with other leaders in the latter's camp, post-reunification. That was also OPS's concern, says N Sathiya Moorthy.
Dilip Vengsarkar's future as a member of the National Cricket Academy (NCA) committee will only be decided when the Board of Control for Cricket in India holds it's next Annual General Meeting, even as the Board is set to appoint a full-time Special Projects director.
A likely easing in inflationary pressures in the forthcoming months will reopen the window for the RBI to once again prioritise growth and ease its interest rates.
The panel may include or seek inputs from former RBI Governor Urjit Patel, former chief economic advisor Arvind Subramanian, Sajjid Chinoy of the PM-EAC, Rathin Roy, among others.
RBI has cited at least 10 areas where it has no control over PSBs.
Concerned with the continuous downward revision, the EPFO has since last month begun counting people quitting their previous jobs and joining a new one as an addition to the net payroll.
RBI retained the GDP growth for the financial year 2018-19 at 7.4 per cent.
The right to seek 'default' bail is a fundamental right and an indefeasible part of right to personal liberty under the Constitution which cannot be suspended even during a pandemic situation, the Delhi high court said.
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