Another 24 filmmakers including Kundan Shah of "Jaane Bhi Do Yaaro" fame and Saeed Mirza and writer Arundhati Roy today returned their National Awards over "growing intolerance", voicing fears that the country's robust democracy might be "coming apart" in the current atmosphere.
'RBI and the economy will gain tremendously from Urjit Patel's experience in both private and public sectors'
The Ambani brothers, Mukesh and Anil, came together on Thursday to raise the issue of stalled projects plaguing India Inc and implored the Maharashtra government and the Centre to make Mumbai, India's financial capital, an easier place for business and investments. "Several projects are stuck for many years in Mumbai and we would like to know how the government intends to improve the financing and execution of projects, including those relating to infrastructure and education which have been in limbo for long and are affecting the growth of the city," Reliance Industries Ltd (RIL) Chairman Mukesh Ambani told Finance Minister Arun Jaitley. Seated on the same table was his brother, apart from Tata Group Chairman Cyrus Mistry and State Bank of India (SBI) Chairman Arundhati Bhattacharya. Jaitley was addressing the Mumbai Next MMR Transformation conclave, organised by the Maharashtra government and Mumbai First here, through video conference. In his reply, Jaitley said the government was exploring several options of infrastructure financing in India and that a number of international bodies were ready to fund infrastructure development projects. He added the government was keenly considering these funding sources. While praising Maharashtra Chief Minister Devendra Fadnavis for honesty, Jaitley also had a word of advice. Apart from being honest, the government had to be decisive, he said. On his part, Reliance Group Chairman Anil Ambani told the chief minister about his experience of decisions being delayed due to an indecisive bureaucracy and the need to protect officials who wanted to take quick decisions. "Through the past many years, we have faced a number of obstacles in decision-making," he said, adding he was speaking as someone who had lived and invested in Mumbai. Fadnavis responded by saying he would bring about a transparent process to ring-fence officials. Both the Ambani brothers have announced a number of infrastructure projects in and around Mumbai, including a world-class convention centre in Bandra Kurla Complex by RIL, but very few have actually fructified. RIL's special economic zone project failed to take off due to land acquisition problems in Raigarh, while a second SEZ near Mumbai is stuck due to lack of clarity in SEZ norms. The first phase of the Mumbai Metro, set up by Anil Ambani's Reliance Infrastructure, was marred by cost overruns and run-ins with the government over fares. Subsequently, the company withdrew from the second and larger phase, citing inordinate delay. Anil Ambani also withdrew from Mumbai's sea link project on the same grounds. The brothers had also bid for a trans-harbour sea link between Navi Mumbai and Mumbai under the Congress-Nationalist Congress Party government, but their bid was rejected. Reliance Infrastructure is also the power supplier to more than half of this city. Participating in the conclave, some of India Inc's leading bankers said making Mumbai a financial hub would take at least a decade. SBI's Bhattacharya said the Indian currency should be made fully convertible and facilities should be created for it. "However, for this, the economy needs to look up and that will happen only in the next 7-10 years, not immediately," she added. Sunil Kaushal, Chief Executive Officer of Standard Chartered, India, pitched for strong infrastructure to support development. "We will take a long time to develop into a global financial centre. We need to solve transport bottlenecks in Mumbai and have lifestyle facilities for people working in and around these areas," he said.
Issues related with intellectual property rights, including piracy of films and software, figured prominently during the India-US CEO Forum in New Delhi attended by Prime Minister Narendra Modi and US President Barack Obama.
RBI rule, applicable prospectively, also for non-group guarantors.
FinMin officials say an announcement could be made in the Budget.
Will demonetisation lead to a rate cut, leading to higher quantum of lending?
SBI had a tough journey in the last 40 years.
'Aamir has bigger goodwill than even the Tatas and Birlas.' 'The Sanjay Dutt biopic is amazing because of Rajkumar Hirani, because of Abhijat Joshi's writing and because of Ranbir Kapoor's acting.'
With cash -- the primary medium of exchange -- all but disappearing, it is now unlikely that the expected fillip to demand on account of a good monsoon and proceeds from the Seventh Pay Commission payout will materialise.
Dalal Street is bullish on invest
SBI Caps readies plan, identifies 4 assets; bankers say there are enough bidders.
In an interview with Business Standard, Arundhati Bhattacharya says she expects stalled projects coming back on track in two quarters.
India's aggregate NPA as a percentage of GDP is far lower than that in Italy, Greece.
RBI Governor has been under pressure from Finance Ministry.
The country's two biggest state-run lenders on Saturday pitched for treating a portion of their gold deposits as part of the mandatory cash reserve ratio (CRR) or statutory liquidity ratio (SLR), both of which banks consider as non-productive.
Top shuttlers Saina Nehwal and P V Sindhu and national champion K Srikanth continued their rampaging run with contrasting victories to reach the semi-finals of the $120,000 Syed Modi International India Grand Prix Gold tournament in Lucknow.
The meeting will focus on how to make the crisis an opportunity for India.
Stating that its ATM operations are making losses, nation's largest bank SBI has said it is all for charging customers for transactions.
R K Studios is not just another piece of real estate; it is part of India's movie history.
A two-year extension at the helm of the RBI still looks a real possibility
'The corporate sector says by 2022 they will create 300 million jobs.' 'In the last 70 years we didn't do it, how will we do it in 5 years?' 'Only agriculture can bail out the economy. Unfortunately, it is not being looked into.'
Ruling out a cut in lending rates, bankers said the status quo policy stance of the Reserve Bank will be followed by them, at least in the near-term.
There is a sharp difference between the total remuneration paid at the public sector and private sector entities
The ministry seeks to make lending requirements flexible for banks financing key stalled projects.
Some initial reactions to Prime Minister Narendra Modi's announcement of demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight.
Insolvency professionals feel the bankruptcy code will deter defaulters, but NPAs will not cease unless banks are sensitised on credit appraisal and experts are hired by banks to inspect what is happening with their loans.
Assocham told Modi policy makers needed to act fast to "bullet proof" India from global jitters.
The broader markets outperformed the benchmark indices- BSE Midcap and Smallcap indices gained 0.4% each
The Central Bureau of Investigation has started a preliminary enquiry looking into the Rs 950 crore (Rs 9.5 billion) alleged bad loan given by IDBI Bank to Kingfisher Airlines ignoring the company's negative credit ratings and net worth.
Saina Nehwal fought her way back from a game down to win her opening round match while compatriot P V Sindhu crushed her opponent to storm into the second round of the French Super Series in Paris, on Wednesday.
SBI's net profit for the quarter rose 30.3% to Rs 2,910 crore ($468.4 million), from Rs 2,234 crore a year earlier on the back of rise in net interest income, fees, and control on employee costs.
Jaitley's Budget has the potential to change the face of Modi's Bharat
The Confederation of Indian Industry will organise a round table on investment.
As a result, the forecast of eight per cent retail inflation by January next year looks achievable.
Vijay Mallya, who faces prosecution in India, is reportedly in London.
Higher provisioning drags net profit down by 7.8 per cent.
We tried our best to recover money from Vijay Mallya: Arundhati Bhattacharya
SBI leads a 17-member consortium of lenders that is trying to recover dues running into over Rs 7,500 crore (Rs 75 billion) in principal alone from Kingfisher Airlines.
RBI on Monday conducted an unprecedented level of liquidity infusion to the tune of Rs 3.3 lakh crore, in which banks bid for as much as Rs 4.5 lakh crore. The central bank said it would conduct a liquidity infusion auction of Rs 1 lakh crore on Tuesday as well, to help banks tide over the liquidity crisis.
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