The disruptions caused by COVID-19 have more severely impacted small and mid-sized corporates, including NBFCs and MFIs, in terms of access to liquidity.
It is time the government cast its net wide for seeking expert advice on managing the Indian economy and formed a group to help it navigate the difficult days ahead, advises A K Bhattacharya.
The Palaniswami government is expected to utilise the Rangarajan Committee's recommendations before the 2021 assembly election.
Biden also urged Americans to stay calm and wait patiently while every vote is being counted. Biden is just shy of reaching the magic figure of 270 and win the race to the White House.
'When you need to revive the economy, when you need to revive aggregate demand, you cut taxes.' 'But what's this government doing?' 'It's increasing taxes for the middle class and the vast majority of the poor on fuel, which has a ratchet effect on most other products.'
The government has no plan to print currency notes to tide over the current economic crisis triggered by the outbreak of COVID-19 pandemic, Finance Minister Nirmala Sitharaman informed Parliament on Monday. To a question on whether there is any plan to print currency to tide over the crisis, the finance minister said, "No Sir". Many economists and experts have suggested to the government to print more currency notes to tide over the difficult economic situation with a view to support the economy ravaged by the spread of COVID-19, and protect jobs.
'Unless we get the health and economic situations right at the same time, we will not recover.'
Rajan has already warned he does not have a 'magic wand' to deal with India's economic crisis.
Issues such as the economy's health and the government's ability to produce an environment where jobs are available are not of particular concern to us as voters, asserts Aakar Patel.
Dominic Thiem said he felt there were sections of society that needed more urgent help during the economic crisis caused by the pandemic than his fellow competitors. He criticised the attitude of some players on the lower-tier Futures circuit, which he said meant they did not deserve handouts from the sport's top players.
Talking to reporters in Islamabad, he said the Opposition has laid all of their cards, but the no-confidence motion against him would not be successful.
The number of Indians over 15 either working or looking for work is lower as a percentage than in the United States, China, Bangladesh or Pakistan, points out Aakar Patel.
The Reserve Bank on Monday superseded the boards of Srei Infrastructure Finance as well as Srei Equipment Finance, citing concerns over governance and payment defaults, and decided to refer the two NBFCs for resolution under the insolvency law. This is only the second time in as many years that the Reserve Bank of India (RBI) is referring entities for the resolution process under the Insolvency and Bankruptcy Code (IBC) after taking first ever such step in the case of DHFL back in 2019. Superseding the boards of the crisis-hit Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), the RBI has appointed Rajneesh Sharma, former Chief General Manager of Bank of Baroda as the administrator to manage the affairs of the two companies.
Addressing the Congress Working Committee, the president of the party said, ""Misfortunes do not come singly. India has been hit by a terrible economic crisis, a pandemic of huge proportions and, now, by a full-blown crisis on the borders with China. Much of each crisis is attributable to the mismanagement of the BJP-led National Democratic Alliance government and the wrong policies pursued by it."
The US president, who has expressed disappointment over China's handling of the COVID-19 pandemic, claimed that it was the "incompetence" of Beijing that led to the mass killing across the globe.
Colombo seems to be veering to the middle path between China and the US on global matters, but in regional matters of strategic security, it is increasingly identifying with India, points out N Sathiya Moorthy.
'The threat of ceding space to China in Afghanistan appears to be one factor propelling our government to get a bit more active now.'
S&P Global Ratings on Monday said systemic risk in Indian banks is likely to remain high in the wake of the second wave of COVID-19 and high proportion of weak loans. S&P estimates the weak loans in banks at 11-12 per cent of gross loans.
For the current fiscal, the import bill has been pegged at $66 billion at an average import price of $48 per barrel
India's software and engineering exports may take a hit and the country may also face larger capital outflows.
'India has given assistance that we required, otherwise we would not have been able to survive this far.'
Senior Congress leader and former finance minister P Chidambaram said the stimulus package has left several sections like the poor, migrants, farmers, labourers, workers, small shopkeepers and middle class high and dry.
'What worked for the BJP were three things: Hindu nationalism, religion and a silent but strong anti-Muslim sentiment.'
'The 10% increase in women voters was a determined bloc of voters.' 'They were willing to try this third party, specially because it seemed it had done something in Delhi.'
Pranab Mukherjee's stewardship of the economy will stand out as much for the manner in which he managed controversies as for creating quite a few of them, says A K Bhattacharya.
The migration of people to developed countries fell in the wake of the global economic crisis, as many of these nations saw lower demand for labour, according to the OECD.
'Transformation of Ukraine into some kind of permanent strategic challenger, which Russia would have to contain and deter, spend a significant part of political and strategic resources on it.'
Union Commerce and Industry Minister Anand Sharma said that India has been less affected by the current global economic crisis due to the economy's strong fundamentals.
The company's statement comes amid reports that the steel tycoon will get a one billion pound windfall from a European scheme to curb global warming, if it chooses to sell its excess carbon credits.
The report 'Indian FDI falls in global economic crisis: Indian multinationals tread cautiously' by the Columbia Law School and The Earth Institute at the Columbia University said after growing faster than other emerging markets for some time, Indian investments abroad declined in 2008 and will decline further in 2009 in an uneven pattern.
India has been ranked as third best country that will tide over the global economic crisis by a worldwide survey among business persons to understand the business morale and impact of the economic downturn.
Chidambaram said the stimulus package has left several sections like the poor, migrants, farmers, labourers, workers, small shopkeepers and middle class high and dry.
The finance minister could well be on her way to setting a record of achieving the biggest single-year reduction in the government's fiscal deficit, explains A K Bhattacharya.
Inflation targeting has worked well and the government must stay with it, and the framework is going to work well in the period ahead also, former RBI Governor D Subbarao said on Thursday. He also said low inflation contributes to sustainable growth. Addressing the 'Times Network India Economic Conclave' virtually, Subbarao said the government's proposal to privatise some public sector units is not akin to selling family silver but it is a route for putting India on a sustainable growth path.
'I've walked 1 hour, 25 minutes to work,' says Nalini Kudalkar.
The Indian industry has turned bullish after witnessing the lows of global economic crisis, as it unveiled investment plans of close to Rs 1 lakh crore in January 2009, up 65 per cent from December.
Gota has to decide if he could order elder brother Mahinda's arrest as the agent provocateur of Monday's violence. Then he has to prepare for an interim government, in which no one would now want to become a cabinet minister leave alone prime minister, explains N Sathiya Moorthy.
Crisis of growth is worsened by the challenging global environment and policy missteps. Returning to 9 per cent growth trajectory will be a tall order.
Dr Singh told a galaxy of world leaders who attended the one-day summit on the global economic crisis that there was a need for a credible system of multilateral surveillance that can signal the emergence of imbalances.
It is hard to escape the feeling that solving the problems of 2020 and 2021 will require something special which at the moment is not on view, observes Aakar Patel.
