Banks have written off bad loans worth Rs 10,09,511 crore during the last five financial years, finance minister Nirmala Sitharaman informed Parliament on Tuesday. The non-performing assets (NPAs), including those in respect of which full provisioning has been made on completion of four years, are removed from the balance sheet of the bank concerned by way of write-off, she said in a reply to Rajya Sabha. "Banks write off NPAs as part of their regular exercise to clean up their balance sheet, avail tax benefit and optimise capital, in accordance with RBI guidelines and policy approved by their boards.
... And it's not just fear of job losses, says Ajit Balakrishnan.
As many as 80-85 per cent Paytm wallet users will not face any disruption because of regulatory actions, and the remaining users have been advised to link their apps to other banks, RBI Governor Shaktikanta Das said on Wednesday. The Reserve Bank of India on January 31 barred Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in any customer accounts.
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.
'Such steps would be a barrier and something people do not want.'
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.
Located nearly 300 km from Gujarat capital Gandhinagar, Bhimasar set up a community radio station of its own in 2012 with support of UNESCO and UN Women, a body that advocates gender equality and work towards empowering women.
But it scores high on firm dynamics - which is partly accidental, as it benefits from high labour turnover.
The third quarter (Q3) of 2023-24 (FY24) has proven to be pivotal, witnessing some startups turning profitable and others enhancing their performance as their businesses finally begin to deliver. Startups like Delhivery, Zomato, PolicyBazaar, Mamaearth, and Nykaa have either become profitable or improved their profit margins in Q3FY24. A renewed focus on profitability, supported by operational efficiencies, expense rein-in, and robust demand during the festival season, has empowered companies to strengthen their performance.
The policy aims to create around 5,000 startups, including 10 global high-growth startups, and to create a minimum of 100,000 high skilled job creation, direct and indirect, in the startup ecosystem by 2023.
India and the US on Friday said they have started talks to put in place a strategic framework for human space flight by year-end as they plan to send an Indian astronaut to the International Space Station in 2024.
While welcoming Prime Minister Narendra Modi's announcement on Saturday to celebrate January 16 as National Start-up Day, six years after the Start-up India Action Plan was launched by the government, stakeholders in the ecosystem say that more needs to be done at the policy level to unleash the next phase of growth in the sector. "The Start-up India programme's launch in 2016 was a turning point - that is when the promoter came to be known as the founder in the country and the word 'entrepreneur' entered the common lexicon. "But now we need a Start-up India 2.0 now for the next phase of growth of the ecosystem", said Siddarth Pai, managing partner of venture capital (VC) firm 3one4 Capital. Pai says that Startup India 2.0 must look at promoting Startups headquartered in tier II,III & IV cities and solving the problems of Bharat.
Prime Minister Narendra D Modi had a typically hectic schedule soon after his arrival in the United States as he met with thinkers, businessmen and members of the Indian diaspora in New York City.
Currently, the firm has 250 people in India
First was the desire to tap the large domestic market while remaining competitive in global markets.
Nothing is more promising than countries putting aside hubris and ideological differences to invest in our shared future, observes Durga Sreenivasan, a delegate at COP28.
Underlining the contribution of non-resident Indians, Union Finance Minister Nirmala Sitharaman on Tuesday said remittances sent to the country by overseas Indians were about $100 billion for the year 2022, an increase of 12 per cent in one year. Speaking at a session during the Pravasi Bharatiya Divas (PBD) convention in Madhya Pradesh's Indore city, she described NRIs as the "real ambassadors of India" and appealed to them to use made in India products and services as far as possible so that the country's individual brand can be promoted across the globe. Sitharaman also said that after the "China plus one" policy, the world is now talking about the "European Union (EU) plus one" policy.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
The Indian Navy on Monday unveiled a 15-year plan to boost maritime infrastructure even as Chief of Naval Staff Admiral R Hari Kumar said the force is working with the Army and the IAF to ensure tri-services jointness and integration to meet future challenges.
China has consistently spent more than 2% of GDP on R&D while India's expenditure on R&D has stagnated around 0.7% of GDP. Can our government shore up resources so that we hit the R&D expenditure target of 2% of GDP set out by the Science, Technology and Innovation Policy of 2013, asks Chidambaran G Iyer, Senior Fellow, Pahle India Foundation.
For existing technologies, unless appropriate financing is available, deployment at scale is difficult.
"Virtual currencies, also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others," RBI said.
India and the US on Thursday said they are looking forward to the reconvening of the India-US Trade Policy Forum later this year to further enhance trade relationship and identify new areas for engagement.
In a post on X, Modi said, "Happy to have welcomed @POTUS @JoeBiden to 7, Lok Kalyan Marg. Our meeting was very productive."
Life Insurance Corporation of India (LIC) February 8 for the first time ever crossed the Rs 7 trillion market capitalisation, as the stock price of state-owned insurer hit a new high of Rs 1,144,45, on rallying 10 per cent on the BSE. The board of directors of the Corporation are scheduled to meet today i.e. February 8, 2024, to consider a proposal for declaration of interim dividend for the financial year 2023-24 (FY24). The board will also consider and approve the unaudited financial results for the quarter and nine-month period ended on December 31, 2023.
Vouching for preserving its independence and sovereignty, Muizzu made a firm commitment to ensure that the Maldives remains "free of any foreign military presence."
Roads are becoming smarter even if the people driving on it are not. A set of smart technologies is making construction, maintenance, and traffic management much more efficient.
The development of private data sources is a hugely positive development. It should serve as a challenge to the government to improve its own record on producing timely and reliable statistics, points out T N Ninan.
One possible way of accelerating National Education Policy's outcome is to invite 10,000 retired highly accomplished teachers from the developed world and from India in STEM areas to create 2,500 "Train the Teacher" colleges in the country's 28 states and eight union territories, Murthy said.
With a growing penetration of the Internet, which reaches to rural areas of the country, the retailers would be able to deepen their market
Indian fintechs and associated entities are hoping that the Union Budget 2024 will provide a boost and empower firms to extend their reach beyond Tier-II regions, with an emphasis on supporting enterprises led by women. The fintech industry, which has witnessed regulatory reforms over the last year, expects the Budget, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, will further encourage financial inclusion, empower micro-small-medium enterprises (MSMEs) with lending solutions, and push for upskilling initiatives for the country's young workforce.
After talks between the King and President Kovind, the two sides inked three pacts providing for cooperation in polar science, innovation and research and in maritime spheres.
Apart from the human body, human food will bear direct repercussions. From staples such as wheat, to coffee, dairy, and even the great Hilsa face the threat of reduced supply due to the extreme heat.
The salient features of the new OTT/social media policy announced by the Information Technology Minister Ravi Shankar Prasad and Information and Broadcasting Minister Prakash Javadekar on February 25, 2021.
Among other things, taking note of complaints against several Chinese e-commerce players such as Shein, Ali Express etc for sending shipments as 'gifts' to customers in India and avoiding duties, the government has now mandated that all e-commerce sites and apps must have a registered business entity. This will be the importer on record and subject to customs rules, report Subhayan Chakraborty, Neha Alawadhi and Karan Choudhury.
In August, the top BRICS leaders at the grouping's summit in Johannesburg approved a proposal to admit six countries, including Argentina, into the bloc with effect from January 1.
Modi will arrive in New York on June 20 and will lead the 9th International Yoga Day celebrations at the UN headquarters on June 21.
Much on the expected lines, Beijing reacted angrily to Hands' visit, saying that it violates the one-China principle to which London is a signatory.
India's sprawling digital public infrastructure received a glowing endorsement from billionaire philanthropist Bill Gates on Wednesday as he praised the country's "great" digital network, reliable and low-cost connectivity, and said this will be the cheapest 5G market. Under the G20 presidency of India, a session on 'Building resilient and inclusive economies- the Promise of Digital Public Infrastructure' was held on Wednesday in New Delhi, where the Microsoft co-founder spoke of India's digital identity Aadhaar, its payment infrastructure, and rapid strides that the country has taken in bringing more people into formal banking system. "India in particular, by laying the groundwork for digital public infrastucture starting with identity system, allows people to build on top of that.
A culture of science and innovation must be embedded in society wherein people not only use new technology but understand it as well. Without this, obscurantism and blind faith can sit side by side with digital technology and, in fact, use the same technology to reinforce their hold on people, says Shram Saran.
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