The additional outgo to combat the impact of COVID-19 will significantly erode the fiscal consolidation achieved by the state governments in the past three years, an RBI report said on Tuesday. In its study of the state budgets of 2020-21, the RBI report which has dwelled on the theme 'COVID-19 and its Spatial Dimensions in India', said that Gross Fiscal Deficit (GFD) of the states would spiral during the current fiscal.
The three-day India Mobile Congress (IMC) will showcase the widening convergence of telecom with new domains, such as semiconductors and deep tech, P Ramakrishna, the forum's chief executive officer, said on Tuesday. With more than 250 global and domestic exhibitors, the seventh edition is expected to draw more than 100,000 visitors this year, he said. There will also be over 5,000 CXO-level delegates and more than 350 speakers.
'If we want real democracy, the economy itself will need to be democratised.'
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.
The overall physical presence of life insurance companies in Tier-II and Tier-III cities increased in FY23 compared to a year ago period on account of the higher impetus given to financial inclusion by the government and insurance regulator, as well as recovery from the Covid-19 pandemic, according to the latest data released by the Insurance Regulatory and Development Authority of India (Irdai). It is the first time that there has been growth in the number of offices since the financial year 2019-20.
'The concept of an MP IPL team is the brainchild of Kamal Nath.' 'If the Congress government comes to power in the state, he will assemble an IPL team for MP with the assistance of his business contacts.'
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.
A look into the challenges of selling loss-making public units.
Heavy rains continued to pound Chennai and nearby districts on Monday under the impact of a cyclonic storm, which is likely to cross the coast in Andhra Pradesh on December 5.
The government is not in a "crazy rush" to sell everything and it will continue to have a presence in four strategic sectors, including telecom, Finance Minister Nirmala Sitharaman said on Saturday. In strategic sectors, a bare minimum presence of the existing public sector commercial enterprises at the holding company level will be retained under government control. The remaining enterprises in a strategic sector will be considered for privatisation or merger with another PSE or for closure.
Businesspersons who have the potential to contribute to the economy of a country are given a red carpet welcome by way of a start-up visa.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
The government is set to divest its shareholdings in defence PSUs, Garden Reach Shipbuilders & Engineers Ltd and Mishra Dhatu Nigam Ltd (MIDHANI). It will also divest its shareholding in BEML Limited, said Shripad Naik. Minister of State for Defence, on Monday. The government has invited preliminary bids to sell its 26 per cent stake in BEML along with transfer of management control.
The new government that presents the full Budget for 2024-2025 in July should be ready to restructure the way divestment is managed and implemented, proposes A K Bhattacharya.
Far more important than governance is to ensure how different states get necessary representation a'The pressure to expand the council of ministers will come from states where the BJP has formed a government after ousting the Congress,' predicts A K Bhattacharya.
In the context of market integrity, the IRAI and RBI should go over the minutes of the LIC and SBI board meetings when the decisions to invest in Adani equity or debt were taken, notes Jaimini Bhagwati, former World Bank treasury professional.
'Else they will form a growing 'hospital sector' -- and the taxpayer will be asked to pick up a mounting bill,' warns T N Ninan.
The deal is estimated to be worth Rs 12,000 crore.
'Not even a single rupee from the electoral bonds should be allowed to be used in the election.' 'If it is used in the election, it will taint India's electoral process itself.'
'I think some of us, like Mukesh Ambani, myself and those of us who head industrial units, ought to really focus on what we can really do to make the world a safer place, maybe 50 or 100 years from now.' 'For instance, how can we deal with climate change and global warming, right now?' 'The effects of it may not be felt now; in fact, we may pay a price for it today, but it will help the generations to follow.'
'As long as businesses do not consider cyber recovery an integral part of their enterprise IT, they remain greatly vulnerable.'
Khara will replace SBI Chairman Rajnish Kumar, whose three-year term comes to an end on October 7.
For fiscal year FY23, the 2022 Union Budget had targeted a capex outlay of Rs 7.5 trillion, which is 35.4 per cent higher than the FY22 Budget Estimate of Rs 5.54 trillion.
A Bank Investment Company to act as a holding company for state-owned banks would go a long way in minimising government interference and improving governance.
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
According to a communication by the ministry to the heads of PSBs, it will be a bottom-up consultative process from the branch level onwards which will involve discussions at the branch or regional level, state level and national level.
The international community counts a lot on India's leadership of the G-20 at a time when the world is faced with the continued economic slowdown and social distress, the chief of the International Monetary Fund Kristalina Georgieva has said. "India, which is the president of G-20 countries, remains among the countries that perform better than the global average and by a good percentage," IMF managing director Kristalina Georgieva told reporters during a media roundtable on Thursday. India formally assumed the G20 (Group of 20) Presidency on December 1.
Finance Nirmala Sitharaman on Friday asked various ministries to try to spend more than their capital expenditure targets as well as explore public private partnerships for viable projects. During a meeting with senior government officials to discuss the infrastructure roadmap, she also urged the ministries and their CPSEs to ensure clearance of Micro, Small and Medium Enterprises (MSME) dues at the earliest. This was the fifth review meeting by the finance minister with ministries and departments on the infrastructure roadmap.
The Congress-led opposition stepped up its attack on Friday against the government over the Adani row and demanded that there should be a thorough investigation into what they alleged was a 'mega scam' as it involved public money.
In all, 25 Chairman-cum-Managing Director (CMD) posts, 8 MD posts and 2 Chairman posts are lying vacant, according to a written reply by Minister of State for Heavy Industries and Public Enterprises P Radhakrishnan in the Lok Sabha.
Embattled billionaire Gautam Adani on Thursday spoke publicly for the first time since his ports-to-energy conglomerate publicly battled a short seller's accusation of stock manipulation and accounting fraud, saying the abrupt move to withdraw a fully-subscribed share sale at his flagship firm was due to market volatility. His group continued to lose on the stock market, with the cumulative rout now nearing $108 billion in a week -- one of the biggest wipeouts in India's history. "After a fully subscribed follow-on public offering (of Adani Enterprises Ltd), yesterday's decision of its withdrawal would have surprised many.
The 'Pesta Demokrasi' is a cause for celebration not only for Indonesia but also for democracy and forces for peace all over the globe, notes Sandeep Chakravorty, India's Ambassador to Indonesia.
Without naming Adani group specifically, the capital markets watchdog said in a statement that unusual price movement in the stocks of a business conglomerate has been observed in the past week.
'The upper caste elite's belief that they are casteless is a belief that is available only to the upper castes. Because all the lower castes are reminded by society every day what their caste is.'
It is thanks to the policy of liberalisation conceived by Manmohan Singh and enforced by P V Narasimha that the Indian economy has now become the world's 5th largest economy by nominal GDP, asserts Dr Sudhir Bisht.
The run-up to next year's general elections might see some of the top executives of government-run companies getting unlucky. And, the period could become the best in the lives of those waiting in the wings.
Rulers in New Delhi and their political aides in sensitive states like Tamil Nadu have to be doubly careful not to provoke a situation whose consequences may be much more than visible now to the naked eye, notes N Sathiya Moorthy.
Pulbic banks have no reason to cheer Budget announcement.
'Considering Pai is putting his own personal money in Byju's, stakeholders in the company can look forward to more governance and transparency.'
While the historic success of Chandrayaan-3 is celebrated by Indians across the world, two untrumpeted engineering colleges in Kerala are basking in the glory of the key role played by some of their alumni in the crucial Moon mission.
