Banks are in need of government support to manage the stressed assets
Lenders can now initiate recovery proceedings since the SC has lifted the standstill on asset classification, which protected stressed accounts from slipping into NPAs.
While she primed up spending on infrastructure to create jobs and boost economic activity, Sitharaman did not tinker with income tax slabs or tax rates. Her Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore, coupled with rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.
In a resolution passed at its national assembly in Haridwar, the SJM said the Modi government's proposed strategic divestment of PSEs was an "imprudent business decision" and "against national interest".
A Balasubramanian tells Business Standard that the sector will see one of its best phases in the coming five years.
Fitch Ratings on Monday said the plan to privatise two state-owned banks in the current financial year ending March 2022 could face delays amid renewed challenges for the Indian banking sector due to the second wave of Covid-19. The government in the Budget announced plans to privatise two public-sector banks. NITI Aayog has been entrusted with the task of selecting the banks and one general insurance company for the privatisation.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
Pawan Ruia has finally done it, a beaming Buddhadeb Bhattacharjee, then West Bengal chief minister, had said at the reopening of the 70-year-old Sahagunj factory owned by Dunlop in 2005. But with the Calcutta high court passing a winding-up order in 2013 and the Trinamool Congress-led state government passing a Bill to take over the company in 2016, the once-upon-a-time undisputed leader in the Indian tyre industry looks vastly undone. But that can hardly be a deterrent for Ruia, who has a penchant for making headlines one way or the other.
While there's tax arbitrage advantage in ULIPs now, experts say investors should prefer mutual funds for long-term savings.
Strengthening the portfolios of the home minister and the finance minister is a message that should not be missed, points out A K Bhattacharya.
The government's programmes should be expected to generate some momentum, but the macro-economic numbers are not encouraging, observes T N Ninan.
'Since the NDA took office in 2014, and aggressively since 2019, the Union government seems hell bent on centralising all power and resources, only to fail spectacularly.'
The main purpose of the meeting is to assess their views on reforms that are required to attract long-term capital into the country.
Nokia is keen to shift its Chennai plant to Vietnam.
The NDA government will be following the footsteps of its predecessor, the UPA, which had introduced the concept of "loan mela" to boost credit by directing banks to lend to people through public meetings.
If one compares returns, the two public-sector ETFs have done better over the past year, but the ELSS category has done better over the trailing three and five years.
Market observers also said the approvals depended a lot on the funds themselves, and the extent to which they followed the new norms introduced last year.
Polarisation and the increase in index weight of a few a stocks have weighed on performance. The worst performers include Nippon India Large Cap and HDFC Top 100 (2.6 per cent).
Last Friday, the apex court had ordered Nokia to give a Rs 3,500-crore (Rs 35-billion) guarantee before it transferred its Sriperumbudur facility, one of its biggest plants globally.
Even as Chinese troops continue squatting on territory that we claim as our own -- this was the lowest allocation for defence in percentage terms since the 1950s, reveals Ajai Shukla.
The reason for the windfall: the soaring value of their stock awards.
The government last month had approved a plum Rs 69,000 crore revival package for BSNL and MTNL that includes merging the two loss-making firms, monetising their assets and offering VRS to employees so that the combined entity turns profitable in two years.
Sebi directs freezing of all demat accounts not linked to Aadhaar by December 31
Many investors clearly think they can play this game.
After the April-July fiscal deficit data was released on August 31, several analysts hinted that the government may need to go for cuts in capital expenditure to meet the fiscal deficit target.
NBFCs are mainly dependent on funding their operation from their own cash flows.
'It is important that employees are trained to acquire skills that would be needed in future, when the company sees disruption coming -- that is, much before the disruption occurs or the company plans to change the business model,' says Asish K Bhattacharyya.
BSNL Chairman and Managing Director P K Purwar told PTI that the scheme will be open between November 4 and December 3, and that instructions have already been given to field units to inform employees about the VRS offering.
The Centre has advised banks to make a 20 per cent reduction in expenditure related to non-core business activities, along with deferring "avoidable expenditure" on "purchase of staff cars", "refurbishment of guest houses" and on the interior decoration of administrative and back offices.
'In their over-enthusiasm to clean up the system, both the banks and the regulator should not forget that the key to the insolvency law is revival of companies -- recovery of bank dues is an offshoot of that,' points out Tamal Bandyopadhyay.
'Let us hope that this Budget delivers.' 'It needs 10 per cent plus real GDP growth in 2021-22, the rebound year,' notes Omkar Goswami.
'But we are much better than what we all had expected and planned, and what all the prophets of doom had predicted.'
The company said it needed time to restructure the organisation and significantly reduce its liabilities.
The hit to economic activity will be mostly confined to the first quarter. And a third wave, if it materialises, is unlikely to be hugely disruptive for the economy, predicts T T Ram Mohan.
Govt bosses in no hurry to exit from PSUs; many agencies, long process likely hurdles.
'It is going to be a buyers' market and you will get a good number of companies at reasonable valuations and that's when one has to be very greedy.'
The gross bad debt of the Indian banking system as of March was at Rs 7.11 lakh crore
Given the military's requirement for watertight cyber and communications security, L&T will establish a Security Operations Centre which will deal with security threats.
In fact, no other recent Union Budget has held so much significance for the Indian economy as the one to be presented in about six weeks from now, notes A K Bhattacharya.
More activity in the IT, health care, services sectors; manufacturing firms keeping fingers crossed.
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