Chinese Premier Premier Li Keqiang said world economic recovery should not be driven by mainly China, but in concert with many countries.
The World Bank has approved loans totalling $1.75 billion (about Rs 13,834.54 crore) to fund India's PM Ayushman Bharat scheme and private investment to boost the economic growth. Of the total loan, $1 billion will go towards the health sector, while the rest $750 million will be in the form of development policy loan (DPL) to fill the financing gaps through private sector investment in the economy. The World Bank Board of Executive Directors approved two complementary loans of $500 million each to support and enhance India's health sector.
It further said India is facilitating external commercial borrowings by startups in order to encourage innovation and promote ease of doing business.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
There is nothing to be worried about as bilateral ties are robust with solid foundations. Both are on the same page on the economic and defence/security ties bilaterally and globally and that shall continue irrespective of change in political dispensation in either country, points out Dr Rajaram Panda.
US's terrible political and economic leadership will ultimately cost the dollar its value. India must act early to avoid being dragged down, suggests R Jagannathan.
The prime minister said a stable global economic and financial system is imperative for growth as it promotes inclusive and sustainable growth.
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
'If their allocation to certain segments have become high due to strong returns over the past three-four years, they should rebalance their portfolios and bring them in line with their long-term asset allocation.'
Sri Lanka Cricket (SLC) is keen to host the currently-suspended IPL but the influential voices within the BCCI feel that there is no point in discussing such a proposal in a "closed world" battling the coronavirus pandemic right now. The IPL, scheduled from March 29-May 24, has been postponed indefinitely by the BCCI in the wake of the COVID-19 pandemic and the Board will only conduct the tournament when normalcy returns.
Mutual funds (MFs) invested a record Rs 1.73 trillion in equities in the financial year 2022-23 (FY23), providing strong support to the Indian markets at a time when foreign investors were redeeming their holdings. They exceeded the previous high of nearly Rs 1.72 trillion investment in equities in FY22. The data from the Securities and Exchange Board of India (Sebi) shows MFs were net buyers in the equity market in eleven of the twelve months last financial year.
RBI said aggregate demand during the year so far suggests that the shock to consumption is severe, and it will take quite some time to mend and regain the pre-COVID-19 momentum.
Taking on board India's concerns, the G-20 Summit on Friday acknowledged that excess volatility of financial flows and disorderly movements in exchange rates can affect economic and financial stability of emerging markets and called for sound policies to address it.
A statement from the club on Thursday said they had made record turnover of 990 million euros last season and projected an increase to 1.047 billion euros for the 2019/20 campaign.
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 Gujarat International Finance Tech-City, or Gift City, is expected to be spread over 886 acres and will have a special economic zone on 261 acres.
India's leading commodity exchange, National Commodity and Derivatives Exchange (NCDEX), and private weather forecasting company Skymet took a significant step towards launching the country's first tradeable weather index on Monday (August 14) by entering into an agreement to deepen their understanding of the impact that weather has on agricultural commodities. The memorandum of understanding (MoU) between NCDEX and Skymet is a profound step in the direction of linking farmers with the weather in a scientific way, according to an official statement. Sources indicate that NCDEX and Skymet will conduct workshops and seminars across the country to educate farmers about how they can scientifically use weather forecasts to hedge risks.
Indian economist Kalpana Kochhar, who heads the Human Resources Department of the International Monetary Fund, is leaving the organisation to join the Bill and Melinda Gates Foundation, the IMF announced on Wednesday. Kochhar, who served in various senior positions during her three decades at the IMF, will retire on July 30, it said.
Why do we need a cure here for peculiarly Western diseases when we don't have those diseases, and which the West itself is not trying to cure, asks Debashis Basu.
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
'Those who come from outside are surprised at the relatively small strength of the RBI supervisory cadre, relative to the needs of the country and the needs of the financial sector.'
'Although Hong Kong weathered many a storm and displayed a remarkable resilience to bounce back, the developments in the territory have raised question marks with regard to its future stability and prosperity.' A revealing excerpt from Rup Narayan Das's Hong Kong Conundrum: Pangs of Transition.
'The Reserve Bank's independence has remained a work in progress, an enduring challenge that the nation has been grappling with on an ongoing basis,' says RBI Deputy Governor Dr Viral Acharya.
It is surprising that central bankers around the world have cautioned the US Federal Reserve against raising rates.
RBL Bank is no Yes Bank. It's not fraught with fraud. It's a story of limitless ambition and greed for growth under a leader who doesn't want to give up, says Tamal Bandyopadhyay.
It's time we remembered the fundamental: water cycle and life cycle are one.
As if wanting to be an antidote to the coronavirus pandemic, the Indian stock market adorned carnival robes in 2021 with a tsunami of liquidity unleashed by global central banks coupled with supportive domestic policies and the world's largest vaccination drive sparking off a world-beating rally on Dalal Street, despite bouts of uneasiness over fizzy valuations. While the wider economy shuttled between recovery and relapse, dictated by multiple mutations of the virus, equity market benchmarks appeared headed in just one direction -- skywards. The dizzying upward journey has added a whopping Rs 72 lakh crore during 2021 to investors' wealth, measured as the cumulative value of all listed shares in the country, taking it to nearly Rs 260 lakh crore.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
IMF members will also be examining whether China's heavy intervention in the yuan market was befitting of a freely convertible reserve currency
'We can go somewhere between 35 per cent and 40 per cent.'
Governments that did not respect the central bank's independence would sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined the regulatory institution, Deputy Governor Viral Acharya warned.
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
Flurry of economic reform suggests Modi realises his muscular nationalism script is getting jaded. Chances are he'll try for economic recovery but stick to what's worked so far, observes Shekhar Gupta.
In a drastic measure to stem any major disruption to the US economy as a result of the coronavirus outbreak, the Federal Reserve has cut its benchmark interest rate to almost zero and said it would buy USD700 billion in bonds. The covid-19 pandemic has sickened more than 156,000 people worldwide and left more than 5,800 dead. The death toll in the US stands at 68, while infections neared 3,700.
The evolving RBI-government relationship, a reversal in the interest rate cycle and return to profitability will dominate bankers' conversation this year, says Tamal Bandyopadhyay.
Several Premier League clubs have furloughed employees since the new coronavirus outbreak while others, such as West Ham United and Southampton, have said their players have accepted wage deferrals. While CA announced plans to furlough almost 80% of staff last week, putting them on 20 per cent pay until June 30 when it is hoped more will be known about how long government curbs to control the coronavirus will last.
A summary of sports events and sports persons, who made news on Saturday
Raghuram Rajan explains the rationale for his policy stance and other issues.
'Instead of writing NAM's obituary, India should reinvent it,' suggests Dr Rup Narayan Das.
Chelsea manager Jose Mourinho plans to stick with the English Premier League club for 12 seasons despite accepting his 'worst contract' in six years.
