The RBI's Monetary Policy Committee brainstormed the impact of any future shocks on the inflation trajectory and stressed monitoring the cumulative effect of monetary policy actions over the past one year, which is still unfolding, revealed minutes of the rate-setting panel released on Thursday. The minutes of the meeting of the Monetary Policy Committee (MPC), headed by Reserve Bank Governor Shaktikanta Das, also indicated it would be premature to declare an end to the monetary tightening cycle, which started in May 2022 to check high inflation following the outbreak of the Russia-Ukraine war. The central bank, which effected six back-to-back hikes in the key short-term lending rate (repo) since May 2022 to check high inflation, decided to take a pause early this month.
US short seller Hindenburg Research has rejected Adani Group's charge that its report was an attack on India, saying a "fraud" cannot be obfuscated by nationalism or a bloated response that ignored response to key allegations. Commenting on the 413-page response Adani Group released late on Sunday evening in response to its report, Hindenburg said it believed India was a vibrant democracy and an emerging superpower with an exciting future and it was Adani Group which was holding it back through "systematic loot". Hindenburg stood by its last week's report that said its two-year investigation found Adani Group "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".
Chanda Kochhar, who was arrested for a cash-for-loan scam on Friday, was once a powerful banker and instrumental in making ICICI Bank the country's biggest private sector lender. Kochhar, a regular feature on Forbes top global honchos lists, was arrested by the Central Bureau of Investigation (CBI) along with her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by ICICI Bank to Videocon Group companies. Kochhars were called to the agency headquarters and arrested after a brief questioning session. Her chapter at ICICI Bank ended abruptly in 2018 when the board of directors approved a request from Kochhar to seek early retirement following allegation of corruption and quid pro-quo while extending loans to the now bankrupt Videocon Industries.
'There is a sustainable level of residual terrorism that will be difficult to handle as long as Pakistani support and safe havens are available.'
'What has the impact of 40 years of warfare in Afghanistan been on us?' 'Afghanistan is marginal to India's future.'
'Pakistan has power -- they have the power of terrorism and the reluctance of the world to act against them.'
The Working Mechanism for Consultation and Coordination on India-China Border Affairs (WMCC) was established in 2012 as an institutional mechanism for consultation and coordination for the maintenance of peace and tranquillity in the border areas.
HR Guru Mayank Rautela offers practical advice.
'The day the power shifts, they will run across to the other side.'
'The expulsion of Kashmiri Pandits -- and all other non-Muslims -- is its clear objective.'
'Instead of developing the capacity, capability and strength to fight our external enemies, we are turning our own people against each other.'
Remember, anyone can make two plus two four. But if you can make two plus two five, you will be adding value, management guru Virender Kapoor advises job-seekers.
'Pakistan and the jihadis's capacities have been diminished because of increasing dominance of our security forces.'
Modi had released the first batch of eight eight spotted felines -- five females and three males -- from Namibia into a quarantine enclosure at Kuno on his 72nd birthday on September 17 last year.
June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster.
The hijab-row triggered protests in Karnataka spread across the state on Tuesday, with campuses witnessing 'conflict-like' situations marked by stone-pelting incidents, use of force by police and the Muslim girls standing their ground for wearing the headscarves, prompting calls for peace and calm both by the government and the high court, which is now looking into the students' plea for their right to their hijab.
Independent directors
A sharp sell-off in the Indian equities markets after a spike in crude oil prices should not be surprising. Historically there is a negative correlation between stock valuations in India and the price of Brent crude oil, which is the benchmark for the Indian crude oil basket. Between 2011 and 2014, crude oil traded above $100 a barrel for an extended period, the Sensex-trailing price/earnings (P/E) was 18X, on average, during the period, nearly 22 per cent lower than the current index P/E of 23X.
'It is not just the police, but all agencies of governance that are progressively being 'captured' by the forces of Hindutva, led by the central government and by the governments of the states where the BJP has power.'
Russia has almost completed the delivery of major components of the second regiment of the weapon systems.
According to the report, Russia tops the table with 6,375 warheads, followed by the United States with 5,800, and the United Kingdom with 215 warheads.
Consumption of gold is the highest among middle-income households - those with annual income between Rs 2 lakh and Rs 10 lakh - who account for an average of 56 per cent of gold sales over the last five years, according to a nationwide survey conducted by India Gold Policy Centre (IGPC) at the Indian Institute of Management, Ahmedabad (IIM-A). "Per capita consumption is highest among the rich, but total volume still rests with the middle-income group. "With increasing income, there is an increasing propensity to consume gold, although the share of gold in the portfolio does not increase with the same proportion of income," the survey report says.
Instead of "the dragon and the elephant compete with each other", "the dragon and the elephant dance together, Chinese Foreign Minister Wang Yi said.
After three consecutive years of infusing huge funds, foreign portfolio investors retreated from the Indian equity markets in a big way in 2022 with the highest-ever yearly net outflow of nearly Rs 1.21 lakh crore. The huge outflow, which surpasses by a big margin the previous record of Rs 53,000 crore net withdrawal in 2008, came amid aggressive rate hikes by central banks globally but 2023 is expected to be better on positivity about overall macroeconomic trends in India, experts said. Apart from global monetary tightening, volatile crude, rising commodity prices along with Russia and Ukraine conflict led to an exodus of foreign money in 2022.
Vice President Dhankar's and Law Minister Rijuju's recent interventions have the danger of destabilising the Constitutional equilibrium, cautions N Sathiya Moorthy.
IT major Tata Consultancy Services (TCS), in its Q4FY22 results, said the company's banking, finance services and insurance (BFSI) crossed the $10 billion milestone. This includes revenue from financial products, services and platforms. For Suresh Muthuswami, who recently took over as Chairman of North America, one of the focus will be to grow this percentage going ahead. The first step to grow the US market is hiring. Muthuswami said that the company will be hiring more in the US, especially from the campuses. In FY22 TCS hired over 7,000 people in the US and going ahead too the numbers will be similar.
'The ship has been stabilised.' 'For the last 6-7 quarters, profitability is stable around Rs 250-Rs 300 crore.'
India on Saturday 'strongly pressed' the Russian and Ukrainian governments through multiple channels for an immediate ceasefire in Sumy to ensure a safe passage for around 700 Indian students stuck there as it keeps focus on their evacuation from the war-hit city in eastern Ukraine.
Indian evacuation flights are operating out of Bucharest and Budapest. The government is not charging the rescued citizens for the evacuation flights.
Pakistan's offer to normalise relations with India is an attempt to buy temporary peace due to its economic and politico-strategic compulsions, notes Brigadier Narender Kumar (retd).
In this interview with Rediff.com's Shobha Warrier, Prof Janakarajan speaks about the win-win situation for both Tamil Nadu and Kerala while strongly maintaining that a new dam will be an environmental disaster.
The volunteering students are studying in China, Uzbekistan and Philippines.
'For the first time, all major countries are discovering India's indispensability to their own foreign policy interests.'
Reserve Bank of India (RBI) deputy governor M Rajeshwar Rao on Wednesday defended the central bank's decision of not allowing industrial houses to float banks, and said more deliberations are needed before RBI changes its stance on this issue agreed back in 2001. An internal working group (IWG) of the RBI had recommended allowing industrial groups into banking, but late last month the RBI said it kept on hold the two recommendations of allowing industrial houses and large non-banks to float banks. However, RBI had accepted 21 of the 33 recommendations of the group that submitted its report a year ago.
In an exclusive interview to rediff.com's Shobha Warrier, Prof S Janakarajan explains the implications of gazetting the Cauvery tribunal award.
The Supreme Court says the 'whole exercise appears to be an eyewash'.
Capital markets regulator Sebi on Tuesday asked listed companies to work towards splitting the roles of chairman and managing director before the April 2022 deadline, as the new directive is not aimed at weakening the position of promoters. Listed entities were initially required to separate the roles of chairperson and MD/CEO from April 1, 2020 onwards. However, based on industry representations, an additional time period of two years was given for compliance. The regulation will now be applicable to the top 500 listed entities by market capitalisation, with effect from April 1, 2022.
Sebi's stewardship code for mutual funds and alternative investment funds lays down six principles to improve corporate governance standards in their investee companies, reports Jash Kriplani.
The government must send out a clear signal that leadership positions at regulatory bodies are not a preserve of retired government officials, argues A K Bhattacharya.
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