The year 2020 could see the worst global economic fallout since the Great Depression in the 1930s, with over 170 countries likely to experience negative per capita income growth due to the raging coronavirus pandemic, IMF Managing Director Kristalina Georgieva said on Thursday. Georgieva made the remarks during her address on 'Confronting the Crisis: Priorities for the Global Economy' in Washington, DC, ahead of next week's annual spring meeting of the International Monetary Fund and the World Bank.
The plea also sought a directive for the constitution of a committee of experts who would find the details of bad debt cases in the country.
'The hour is very late, and the choice between triumph and tragedy knocks at our door,' says Ajay Shah.
The breakdown of talks between Greece and its international creditors raised fears of Greece's exit from the euro zone.
At a time when the asset quality of state-owned banks is deteriorating, the Reserve Bank of India is also planning harsher penalties for wealthy promoters of wilful defaulters.
The Reserve Bank of India on Friday decided to leave benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance as the economy faces heat of the second Covid wave.
The US Fed will decide if it should raise interest rates from near-zero levels first time in a decade.
A summary of sports events and persons who made news on Wednesday.
IMF believes it is mostly cyclical, not structural, but because of the financial sector issues, recovery will be not be quick. IMF said, it saw an opportunity with the strong mandate of the new government to reinvigorate the reform agenda to boost inclusive and sustainable growth.
Other members include former Central Bank of India chairman and managing director Homai A Daruwala, former bureaucrat of the Madhya Pradesh cadre Prashant Mehta and RGPPL's managing director R K Srivastav.
US interest rate normalisation policy is likely to keep global FX markets volatile.
Moody's expects the new government to increase the retail selling prices of controlled fuel products -- kerosene and liquefied petroleum gas -- to help control its subsidy burden.
Vodafone Idea on Monday paid Rs 2,500 crore to DoT and promised to pay another Rs 1,000 crore before the end of the week.
China's new leadership headed by Xi ruled out massive stimulus similar to the one in 2008 which amounted to $645 billion to tide over the global economic crisis.
Various twists and turns by govt post-demonetisation prove that it has been tall order for the PM
"By taking my passport or arresting me, they are not getting any money," Vijay Mallya said.
'Let's walk on two legs: Facilitate better resolution under the present system and set up PARA as well by transferring loans amounting to, say, Rs 1 lakh crore.'
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.
Though there are several laws enabling banks and financial institutions to recover bad loans, the ingenuity of the debtors have always surpassed those of the legislators and the creditors.
The benchmark indices have rallied 28 per cent this year, while the broader market has outperformed
The fall came on the back of a massive selloff in NBFCs, led by DHFL which skidded over 50 per cent on fears of a liquidity crisis.
A sluggish economy and stalled bureaucratic decision-making for the past two years thwarted capital investment and dented earnings, making it tough for the companies to raise funds.
'We may have moved back three decades on the fiscal situation,' notes T N Ninan.
What is killing the risk appetite of the bond buyers is the inconsistency in the central bank's approach. It needs to allow the yield to find its own level, gradually. To ensure that, the RBI may adopt a similar approach with which it handles a slipping rupee, asserts Tamal Bandyopadhyay.
India has more than 45 million SMEs, accounting for nearly 40 percent of gross domestic product.
In what is in effect a deposit to be paid into court pending a full trial in the case, Judge David Waksman has set a six-week timeline for Anil to pay $100 million to three Chinese banks as he concluded that he did not accept Ambani's defence that his net worth was nearly zero or that his family would not step in to assist him when "push came to shove".
The cut-off date the RBI chose was March 1, 2018. This meant that by the end of August if these accounts were not resolved, then they would have to proceed through insolvency.
A slowdown in India's growth rate, the bank said, has also affected the growth rate of South Asia. As a result, South Asia has fallen to second place after East Asia and the Pacific.
Obama said every country, every democracy in particular, has tussles over the budget.
Global economy will have to grapple with few tough situations in 2015.
These investors have pumped in about Rs 6,900 crore (Rs 69 billion) in the seven trading sessions after the Federal Open Market Commission meet.
Sanjay Mookim, India equity strategist at Bank of America Merrill Lynch, tells Puneet Wadhwa that this is not a time for investors to dabble in relatively small and illiquid stocks.
There can't be a parallel inquiry and parallel monitoring by the courts, Attorney General K K Venugopal told the court.
Banks have been struggling hard to recover dues from grounded Kingfisher Air.
More, many market gurus expect the Sensex to reach 30,000 levels by December and 40,000-45,000 in three to four years.
If the entire amount of Rs 24,000 crore is raised, then it would be the biggest fundraising exercise by any Indian company ever.
Indradhanush-II is likely to chart out the process for resolution of non-performing assets.
While efforts are being mounted on a war footing to arrest its spread, COVID-19 will impact economic activity in India directly through domestic lockdown. The second-round effects, it said, would operate through a severe slowdown in global trade and growth.
