Ahead of the general elections, a slew of states and also the Centre had doled out sops to the marginalised sections, including the farmers and the poor.
India has a history of jugaad, and retrofitting vehicles is one such manifestation of the legendary Indian skill. Not so long ago autorickshaws and small Marutis used to strap on subsidised LPG cylinders and power themselves to a cheap ride. There were the odd explosions, lives were lost, but the jugaad continued. Then compressed natural gas (CNG) was introduced in Delhi following a court order. Initially, customised CNG kits were fitted to conventional (internal combustion engine or ICE) autos cheaply, enabling commuting at less than half of what you would cough up for diesel. The industry is better organised now with Suzuki and Hyundai designing CNG-fired vehicles, and Mahindra and TVS manufacturing liquefied petroleum gas (LPG)-powered three wheelers.
The Reserve Bank has raised short-term borrowing rate (reverse repo) by 0.50 percentage points and lending rate (repo) by 0.25 percentage points.
The Reserve Bank of India (RBI) unexpectedly kept the country's policy interest rate on hold on Wednesday, despite calling current inflation too high, citing the prospect of easing retail prices and its concerns about the weak domestic economy.
Nearly three-fourths of the debt money, as of April 30, 2019, was invested in securities with duration of less than three years.
The government was also faced with problems on its balance of payments. It took steps to conserve declining foreign exchange reserves, and began to regulate the production, supply and distribution of gold. It banned forward trading in the yellow metal in November 1962, and introduced gold bonds as well, reveals the RBI's annual report for the year ending June 1963.
The biggest spender was Tata Motors, with Rs 4,224.6 crore assigned under the R&D head.
The fifth meeting of Monetary Policy Committee maintained the repo rate, at which it lends to the banks, at 6.25 per cent and the reverse repo, at which it borrows, will be 6 per cent.
Stocks of companies where promoters have pledged a high percentage of shares, like the Zee group, can be volatile. Such stocks are also prone to rumours, reports Sanjay Kumar Singh.
In an affidavit filed by Union finance ministry on behalf of the Union of India, it said that the relief to all borrowers in respect of compounding of interest during the period of moratorium would be admissible to the categories specified irrespective of whether the borrowers had availed the moratorium or not.
IMF Chief Economist Gita Gopinath also said the pickup in global growth for 2020 remains highly uncertain as it relies on improved growth outcomes for stressed economies like Argentina, Iran, and Turkey and for under-performing emerging and developing economies such as Brazil, India, and Mexico.
From auto, refrigerator, and mobile handset makers to real estate firms, companies are tying up with banks to dole out attractive finance schemes and discounts to make buying more affordable.
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
With NEFT, which drives the retail payments value, operationalised on a 24x7x365 basis, the country's payment systems landscape is headed for substantial growth.
'If this first instalment of advance tax is paid by June 30, instead of June 15, then the interest on delayed payment will be levied at 0.75% per month instead of 1% per month,' notes Homi Mistry, a partner with Deloitte India.
'No one cares about fiscal deficit now. Or for that matter, inflation.' 'The focus is on growth and growth alone.' 'RBI needs to break the risk aversion of banks and infuse adrenaline in their veins', says Tamal Bandyopadhyay.
Patra, as executive director of the central bank, was the principal advisor to the Monetary Policy Department since July 2012.
The analyst community tracking the Indian IT services industry took special note of Accenture's first quarter (Q1) performance, which showcased the rapid growth of its consulting business that outperformed its outsourcing business. Bookings indicate that the trend will continue. Consulting bookings increased 41.6 per cent year-on-year (yoy) to $9.4 billion, higher than the 17.6 per cent growth in outsourcing to $7.4 billion. The management commentary was also more bullish on the consulting business.
India's aggregate NPA as a percentage of GDP is far lower than that in Italy, Greece.
Days after the Supreme Court observed that the 'success rate' in cases taken up by the Central Bureau of Investigation is perceived low, the agency has informed it that it has achieved the conviction rate of about 65-70 per cent, and would try to raise it to 75 per cent by August 2022.
Pencilling in a GDP growth in third and fourth quarters, SBI Research on Wednesday revised its contraction forecast for the current fiscal year to 7 per cent. The agency had earlier forecast a 7.4 per cent contraction in 2020-21 GDP numbers. In April-September, the economy contracted 15.7 per cent but the second half may see a surprise 2.8 per cent growth, if the SBI analysis turns out to be correct.
RBI declines to accede to plea, upheld by Padmanabhan panel, for priority sector tag; feels move would dilute claims of those needing it more.
'People are getting back to work.' 'The worst seems to be over.' 'It is very likely that the recovery is mostly among the informal, self-employed, workers who cannot afford to be away from work for too long,' notes Mahesh Vyas.
Seeking to dispel possible notions of the RBI not having done enough by opting for a pause for the second consecutive time, Das said the RBI has a wide dashboard of instruments beyond rates that can be deployed.
'The finance minister in her Budget speech should spell out how exactly she intends to get back to the 7% track, and the hard decisions she intends to take in order to adjust to the realities of a slowing economy until growth momentum returns,' suggests T N Ninan.
Debroy, in an interview with India TV news anchor Karan Thapar, said there would be no shortage of currency notes and the demonetisation exercise was justified -- it would be a deterrent for future generations.
Reserve Bank of India's move to cut cash reserve ratio has been welcomed by analysts.
The sudden stop in economic activity led to a sharp decline in employment-intensive sectors like construction, manufacturing and trade, hotels, transport etc.
From the 30-share Sensex pack, 23 scrips declined in Wednesday's session, led by IndusInd Bank, Bajaj Finance, Tata Motors and Tata Steel which fell by up to 3.87 per cent.
Tech giant Google on Thursday said it has reviewed hundreds of personal loan apps in India that were flagged by users and government agencies and those found to be violating its user safety policies were immediately removed from its Play Store.
A vast majority of borrowers are in the essential services' supply chain with tiny and micro businesses, and this has sprung back.
'It is almost certain that in the absence of note-bandi, the party would have lost in Rajasthan and Madhya Pradesh,' points out Amulya Ganguli.
Voter turnout was 67.47 per cent in 2015 assembly election. The voting percentage was 57.04 till 6 pm deadline, and rose to 61.46 per cent as those in queues at polling stations were allowed to vote, poll officials said, adding it may increase further.
With auditing under the scanner and two of the Big Four firms stopping non-audit services for audit clients, auditors will now be subjected to a more stringent standard of reporting.
RBI goes in for 50-basis point increase in two stages.
Currently, the investor and his family's net worth in listed firms stands at Rs 8,517 crore, compared to Rs 8,388 crore as of March 31, 2020.
Rates would stay high for longer as CPI inflation now stands at nearly 10 per cent.
'The no-rate cut policy and preference to wait for the Budget and clarity on the fiscal front demonstrate RBI Governor Shaktikanta Das is maturing in his new role,' notes Tamal Bandyopadhyay.
BSE-real-estate, bankex, auto lead gains on BSE.
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