The country's economic growth rate slipped to 5.3 per cent in the fourth quarter of 2011-12, lowest in nearly 9 years due to poor performance of the manufacturing and farm sectors.
India appears poised to sustain its growth in a more durable way than before with the economy carrying the momentum from FY23 into the current fiscal year, the Annual Economic Review for 2022-23 released by the finance ministry on Thursday said. However, the report cautioned that escalation of geopolitical stress, enhanced volatility in global financial systems, sharp price correction in global stock markets, a high magnitude of El-Nino impact, and modest trade activity and FDI inflows, are factors that could constrain the pace of growth. "Should these developments deepen and dampen growth in the subsequent quarters, the external sector may challenge India's growth outlook for FY24," the finance ministry said.
Nominating Das, the Banker magazine, which announced the award, said India's banks have faced a series of challenges, from non-performing loans to issues around fraud. Faced with these challenges, Shaktikanta Das has taken steps to bring banking in India up to standard via a restrained approach to governance.
Briefing reporters, Nadda said his party has proposed that if holding the three-tier polls together was not possible immediately, then Lok Sabha and assembly elections can be held together first.
If you are considering pregnancy, it is advisable to meet with a healthcare provider to discuss your overall health, any pre-existing conditions, and any steps you can take to optimise your health before conceiving, advises Dr Kiran Coelho.
Reserve Bank Deputy Governor Michael Patra on Wednesday said the central bank's views about cryptocurrencies might have delayed the government's proposed legislation on crypto assets. Emphasising that the Central Bank Digital Currency (CBDC) will be introduced in FY23 as announced by Finance Minister Nirmala Sitharaman in the Budget speech, Patra said India will proceed very gradually on the subject as there are concerns on privacy, its impact on monetary policy formulation and energy intensity. The government had plans to introduce a bill on cryptocurrencies like Bitcoin during the Winter Session of Parliament in November-December 2021 but did not introduce it.
Amid decelerating manufacturing growth, the Reserve Bank wants the government to come out with measures in the Budget to give a boost to the sector, which can employ surplus labour from agriculture.
After disappointing guidances in the first quarter (Apr-Jun) of the 2023-24 financial year (Q1FY24) and valuation downgrades, the Indian IT sector could see some positive repricing as the bad news for IT maybe easing in Q2FY24. A key negative factor was weaker demand from the US financial sector and from North America in general. The latest GDP (gross domestic product) estimates and sector-specific news suggest that the demand situation may not be quite so bad with a gradual recovery in tech spending in Q2.
i-flex Solutions, the provider of IT solutions to financial services industry, said on Thursday it has been ranked number one pure web-based cash management solutions provider by Celent communications
Chinese Foreign Minister Wang Yi and his Russian counterpart Sergei Lavrov will be the other two participants at the conference. Uncertainty had loomed over the meeting following the cross border clash between Indian and Chinese troops in Galwan Valley on Monday evening.
Panel has recommended that banks give an option to open a plain savings account, without mandating a minimum balance.
In August, the top BRICS leaders at the grouping's summit in Johannesburg approved a proposal to admit six countries, including Argentina, into the bloc with effect from January 1.
The Reserve Bank of India (RBI) has said it expects several companies which have raised money through foreign currency convertible bonds (FCCBs) to face severe funding problems in the next two years due to lacklustre equity markets.
Dwaipayan Bose on how index funds play a key role in the diversification of portfolios and help manage risks
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
The Bill when enacted will pave the way for setting up of the Resolution Corporation
Indian GDP will grow at 8.5 per cent in 2021-22, and the rate will accelerate further to 9.8 per cent in 2022-23, a foreign brokerage said on Tuesday. The GDP had contracted by 7.3 per cent in the pandemic-hit FY21, and is widely expected to grow at a faster pace due to the base effect in 2021-22. The Reserve Bank of India (RBI) expects a 9.5 per cent growth in 2021-22, and the same to slow down to 7.8 per cent as things normalise.
The country secured a euro 7.16 billion bridge financing from the European Financial Stability Mechanism
According to a study by job portal CareerBuilder, nearly three-in-10 employers surveyed are planning to hire employees in the April-June quarter of 2011.
'The last year's growth is a foretaste of things to come in the retail credit market.'
Ever since the European sovereign debt crisis first came into sharp focus in late 2009, talk about "the end of the euro" has been going on and off.
Fraud in Citibank's Gurgaon branch broke out in December involving nearly Rs. 400 crore being siphoned out from 20 accounts of high net-worth individuals.
The Reserve Bank of India (RBI) on Thursday said capital inflows could hurt the economy if they exceeded the absorptive capacity, adding that there were no easy ways to deal with excess flows.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Post the change in debt fund taxation in March, a lesser-known hybrid fund has emerged as one of the alternatives for fixed-income investors. Equity savings schemes, the smallest hybrid fund category in terms of assets, have raked in around Rs 6,000 crore this financial year (FY24) so far compared to Rs 1,100-crore outflow in FY23. The inflows along with a strong performance led to a 50 per cent surge in assets under management (AUM) to Rs 24,100 crore during April-November, shows data from the Association of Mutual Funds in India (Amfi).
Earlier companies were going bankrupt, now countries are turning belly up.
India's headline retail inflation is expected to moderate further in the months to come, as low wholesale inflation will transmit to consumer prices, the Ministry of Finance said in its latest monthly economic review (MER) on Monday. "Inflationary pressures eased in February, with slight moderation in Consumer Price Index (CPI) inflation and Wholesale Price Index (WPI) inflation softening to a 25-month low. "With WPI inflation easing, its transmission to CPI inflation is soon expected," the MER for February said.
The government today said the proposed Financial Stability and Development Council, an inter-regulatory agency headed by the finance minister, would not act as a super regulator.
India and China are the world's two fastest growing economies, coming out of the global financial crisis relatively unscathed.
These are the highlights of the seventh bi-monthly monetary policy statement for 2019-20 by the RBI amid COVID-19 pandemic:
Former Union minister Suresh Prabhu would be India's Sherpa at the 14th meeting of the world's top economies in Osaka, Japan.
Retail investors have put at least Rs 2,296 crore in listed companies facing proceedings under the Insolvency and Bankruptcy Code (IBC). A median such-company had 16,163 retail investors as shareholders many of whom apparently have bought a stake on the hope of making money if the firm revives. They own a fifth of the total stake in the companies under consideration. The analysis looked at 75 listed firms for whom shareholding data was available for March 2022.
The Reserve Bank of India's proposed guidelines on bank executives' compensation will be extended beyond just CEOs to all senior executives in private and foreign banks, especially those involved in treasury functions.
The stress in the banking sector, which mirrors the stress in the corporate sector, has to be dealt with in order to revive credit growth.
Endorsing Finance Minister P Chidambaram's call to banks to pass on the benefit of rate cuts to customers, RBI Governor D Subbarao on Thursday said the central bank is also "very conscious" of the need to be supportive of economic 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.
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Companies are legally allowed to invest in markets in India, but the practice has seldom stirred central bank concern until recently, when they have become much more active players.
The report said resilience of the banks has increased with a sharp improvement in the provision coverage ratio to 60.6 per cent in March 2019 from 52.4 per cent in September 2018 and 48.3 per cent in March 2018.
'The RBI is something like a seat belt. As a driver, the driver being the government, it has the possibility of not putting on a seat belt but of course if you do not put on your seat belt you get into an accident and the accident can be quite severe,' Raghuram Rajan told CNBC TV18. 'The aim of the board is to be Rahul Dravid -- sensible, thoughtful and not, with due respect, Navjot Sidhu,' he added.
During the financial crisis, the Treasury had invested a total of $45 billion in it and made a $5 billion commitment under the Asset Guarantee Program that was never funded.
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