The UPA government had last year announced a nearly Rs 71,000 crore (Rs 710 billion) farm loan waiver scheme to offer relief to farmers, especially the small and medium ones who were unable to access fresh loans due to non-payment of dues. Noting that the full impact of failure of monsoon was yet to be assessed, the minister said the country would, however, be able to achieve six per cent plus economic growth during the current fiscal.
Actor-politician Vijay's TVK party is likely to form the government, bringing focus to their election promises, including gold for marriage, financial assistance for women, and job creation.
The government has extended the repayment date six months under the farm loan waiver scheme, a move that is expected to help banks set aside less money for non-performing loans, but has raised expectations of another loan waiver ahead of general elections.
If TVK MLAs and ministers are perceived as clean, or demonstrably cleaner than their predecessors, the credibility dividend will be enormous. The voter will feel rewarded, points out Ramesh Menon.
TVK founder Vijay, upon becoming Chief Minister, approved free electricity units and special forces for women's safety and anti-drug efforts. He pledged a commitment to secularism and social justice, asserting his authority as the sole power centre.
Brokerage Bernstein has warned Prime Minister Narendra Modi that India risks squandering recent economic gains unless it accelerates structural reforms, particularly in jobs, manufacturing and innovation.
BJP said if voted to power, it would bring out a 'white paper' on the financial health of the state under the Congress rule.
'Our politics is transparent -- it's about ensuring farmers don't die by suicide, about ensuring agriculture remains viable, about ensuring food security for the nation.' 'If that's politics, then yes, we do politics.'
The ruling Congress on Wednesday promised a loan waiver scheme for non-farmer loan seekers -- like the landless, craftsmen and small shopkeepers -- setting up of a farmers' commission, construction of two lakh cheap houses for the urban poor and making the state power surplus in Haryana.
The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for the six months moratorium period beginning March 1, 2020.
Public sector bank chiefs will have a lot to discuss when they meet Finance Minister P Chidambaram on May 1 to get a broad direction from the government, the majority shareholder in 28 PSBs, for the strategy they should adopt in 2008-09. High on the agenda will be a discussion on implementation of the Rs 60,314-crore.
The government on Friday hiked the debt waiver and relief for small and marginal farmers from Rs 60,000 crore (Rs 600 billion) to Rs 71,680 crore (Rs 718.80 billion).
The Congress, desperate to make a comeback in Gujarat, which has been ruled by the Bharatiya Janata Party for over 20 years, has tried to reach out to various sections of society in its blueprint unveiled.
The Confederation of Indian Industry (CII) has proposed a 20-point policy agenda to the finance ministry, including a conflict-linked emergency credit line guarantee scheme and tax rationalisation on energy inputs, to support MSMEs, exporters, and energy-intensive industries affected by the ongoing West Asia war.
The initiative would provide double the relief announced by the states of UP and Maharashtra, the Punjab CM said.
'Do exhaustive research and then select the one that best fits your budget and requirements.'
She also ordered increase in gold allocation for women beneficiaries and reducing the working hours of state-run liquor outlets.
The farmers of the state have been demanding a complete waiver of loans and electricity bills.
AIADMK general secretary Edappadi K Palaniswami has announced a series of welfare measures, including free refrigerators for rice ration cardholders, if the party wins the 2026 Assembly election in Tamil Nadu.
Banks have started refunding borrowers the compound interest charged on specified loan accounts during the moratorium period. Last week, the Reserve Bank of India (RBI) had asked all lending institutions, including non-banking financial companies, to ensure that the scheme of waiver of interest on interest for loans up to Rs 2 crore for the six-month moratorium period is implemented by November 5.
Congress MLA Nana Patole was suspended from the Maharashtra assembly for a day on Tuesday after he climbed the speaker's podium, demanding action against Bharatiya Janata Party MLA Babanrao Lonikar and Agriculture Minister Manikrao Kokate for allegedly 'insulting' farmers.
State debt is rising because revenues are disappointingly weak. Ten states have debt ratios exceeding 30 per cent. In 2023-2024, states were borrowing simply to meet day-to-day expenses, points out Debashis Basu.
India has managed high government debt-to-GDP, a slowing domestic revenue engine, lower household savings and a more hostile geopolitical environment separately in the past. But together, they threaten to undo the growth narrative on which today's optimism rests, warns Debashis Basu.
Over 25 crore workers across India are set to strike against new labour codes and privatisation, potentially disrupting banking, postal, and other essential services.
Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry has clarified.
While releasing the guidelines to operationalise the Rs 71,680-crore (Rs 716.8 billion) loan waiver scheme for farmers, he said: "The scheme of this nature has never been attempted. The NDA government could not even contemplate a scheme of this kind during their six years of rule." The United Progressive Alliance government completed on Thursday four years in office.
In a festival gift to borrowers, the finance ministry on Wednesday approved guidelines for a scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months of loans up to Rs 2 crore.
The Congress on Thursday released its manifesto for the forthcoming Karnataka polls. The Congress has chalked out a separate manifesto for Bangalore. Apart from promises of providing 25 kg rice at Rs 2 and a free colour TV to families living below the poverty line, the Congress has also promised 24-hour electric supply to both urban and rural areas.
This race among parties to woo the farmers mainly stems from the analysis of political pundits that the peasant class played a crucial role in the defeat of the BJP in Rajasthan, MP and Chhattisgarh.
Public sector banks may have to bear a burden of Rs 1,800-2,000 crore arising due to a recent Supreme Court judgement on the waiver of compound interest on all loan accounts which opted for moratorium during March-August 2020, sources said. The judgement covers loans above Rs 2 crore as loans below this got blanket interest on interest waiver in November last year. Compound interest support scheme for loan moratorium cost the government Rs 5,500 crore during 2020-21 and the scheme covered all borrowers including the prompt one who did not avail moratorium.
The government is considering giving more time to farmers to repay their loans under the debt relief programme that allows parital loan waiver to large farmers.
A coordination panel comprising senior leaders of the ruling Maha Vikas Aghadi alliance in Maharashtra will look into various aspects of the National Population Register (NPR), Chief Minister Uddhav Thackeray said in Mumbai on Tuesday. Addressing the media in Vidhan Bhavan in south Mumbai, where the budget session of the state legislature is underway, Thackeray said, "Responsible leaders of the three parties will be part of it (coordination committee on NPR)." "I won't let anyone snatch the rights of any citizens of Maharashtra. I am very clear on this," he said, when asked about differences in the ruling alliance over the implementation of NPR in the state.
Shiv Sena (UBT) and MNS release a joint manifesto for Mumbai civic polls, promising free power, allowances for domestic helps, and property tax waivers.
Over 75 per cent of the bank's Rs 175 crore NPA arises from Uttar Pradesh, Madhya Pradesh and Maharashtra.
'Banks have to be braver, willing to take more risks and give confidence to the customer,' observes Joydeep Ghosh.
Younger customers should opt for increasing cover as their financial commitments are likely to rise in the future.
Shiv Sena-Uddhav Balasaheb Thackeray chief Uddhav Thackeray on Thursday accused the Bharatiya Janata Party of trying to scuttle the possibility of his party's alliance with the Maharashtra Navnirman Sena led by his estranged cousin Raj Thackeray ahead of civic polls.
Make sure the rider adds value rather than just adding to cost.
Modi slammed the opposition alleging they "remember farmers once in 10 years -- just before elections".
