Chief Economic Adviser K V Subramanian on Monday said the overall impact of the second wave of COVID-19 on the country's economy is not likely to be large but cautioned about an uncertainty surrounding the pandemic going ahead. He further said that given the circumstances due to the pandemic, it is difficult to forecast if the country would achieve a double digit growth in the current fiscal. The Economic Survey 2020-21 released in January this year had projected GDP growth of 11 per cent during the current financial year ending March 2022.
'By the time the goods that were sent from December onwards reached stores in Europe, they became dead inventory as the stores there were closed by then.' 'Those that were in the warehouse there also became dead inventory. Those that reached the ports there also became dead inventory.' 'And what Tirupur produced in March is still here, and they have also become dead inventory.'
'People can start making a safety net, and that safety net should be at least three months of your monthly salary.' 'If somebody is earning Rs 25,000 then s/he should have at least Rs 75,000 in her/his bank account, so that if anything like this (lockdowns) happens in the future, they are not struggling.'
The party's research department team, which Rajya Sabha member M V Rajeev Gowda heads, has sifted through the suggestions received in the last five months, and the manifesto is slated to be released later this month, reports Archis Mohan.
'In May 2020-2021, nearly 10 crores (100 million) lost jobs. 'Covid is not the reason for the present crisis. It aggravated the crisis.'
'I have tried to make it easier for the small scale entrepreneur to do business and cut through the red tape.'
Addressing a meeting of the Congress Working Committee, Gandhi said it should worry every Indian and her party will have to work hard to repair this damage.
'Without reviving employment, consumer confidence will not go up.'
'There are some high-frequency indicators where uptick is visible and some where it is not'
'When the country is jobless, why should I pay through my nose to feed these people who want some perks in office?' 'Let them also join India's unemployed.' 'Let them also taste the bitter medicine of being jobless.'
RBI deputy governor N S Vishwanathan has said the new framework was in line with the Insolvency and Bankruptcy Code guidelines.
The chamber has sought clarity from government to remove uncertainty among businesses
The government has also extended till August 31 the repayment date of short-term crop loan of up to Rs 3 lakh for agriculture and allied activities. The decision, taken by the Cabinet headed by Prime Minister Narendra Modi, will give respite to farmers and also help them take a call on which kharif (summer) crop to grow as sowing picks up with the arrival of southwest monsoon.
Demonetisation and GST are the main reasons for the job losses.
In all, RBI has cut interest rates by 110 bps this year. But this has not yet led to a boost in economic activity. While the growth rate has slowed to a five-year low, consumer confidence is waning and foreign direct investment has plateaued.
'One way of doing this could be offering credit guarantee to the banks, say 10 per cent, for fresh loans given to micro, small and medium enterprises,' observes Tamal Bandyopadhyay.
Non-performing assets of banks have been on the rise for past several months due to slowdown in the economy.
'India is nowhere near the peak of the infection given its large population of 1.3 billion'
Gandhi said if money is not given in the hands of the poor and small and medium industry, there could be "serious economic damage" in the country.
'The current economic contraction is certainly due to the lockdowns as a response to the pandemic, which is an act of God.' 'Nobody has seen such a thing in the last 100 years.' 'Saying that this was an act of mismanagement is largely incorrect'
Stating that pushing GDP growth, which has slipped to 5-year low of 6.8 per cent in 2018-19, is the top priority, President Ramnath Kovind said Modi govt will bring more reforms and raise farm investments to boost growth.
Ranju Sarkar finds out more about Nowfloats, the start-up that is used by 240,000 businesses that reach 13 million consumers.
'We have been telling the government that we need handholding.' So, we sent a series of recommendations to the government, but nothing happened.' 'And the condition of industry became worse.'
Globally, the focus has moved back to India, especially in terms of telecom assets. Vodafone Idea, with some 300 million customers, continues to be attractive with shares available at a low price.
To generate ample private sector interest, there is a need to introduce market-linked tariff rates.
Economic Affairs secretary S C Garg said inflation has consistently come down since 2014 and will not cross 4 per cent this fiscal.
At 47 protests a day, the state has become the most restive in the country and investors are becoming increasingly wary
Nitin Desai suggests some concrete measures to revive investment and boost growth.
Here's the full text of President's Ram Nath Kovind's address to the joint sitting of both houses of Parliament on the first of Budget Session 2022.
'China feels India will be hard-pressed not to go after China because we are so badly dependent on them -- and that is the reality.'
Jaitley said a 10 per cent tax long on capital gains exceeding Rs 1 lakh made from the sale of shares has been introduced but those made till Janaury 31 would be grandfathered. A 10 per cent tax on distributed income by equity oriented mutual funds has also been proposed in the budget.
Punjab National Bank has made a name for itself in recovery of bad loan dues. Usha Ananthasubramanian, managing director and chief executive officer of the government-owned lender, explains how it has achieved this reputation.
A report card titled '10 Years of Progress and Growth' highlighting achievements of the government led by Prime Minister Manmohan Singh on Friday said 'average GDP growth rate during the period of UPA government (2004-05 to 2013-14) has been 7.7 per cent despite two global slowdown in this period'.
The Indian economy was on an impressive growth path through the first decade of this century till it was brought to an abrupt halt by the policy inertia during UPA2 and the Modi government's inability to restore economic and financial momentum. Fascinating glimpses of what went wrong from Puja Mehra's must-read book The Lost Decade: How India's Growth Story Devolved Into Growth Without A Story.
Once these banks start showing losses, they will not be able to pay dividends to the government nor pay taxes, which will further aggravate the situation for the government as its return on investment as an investor would be very negligible for the next few years, says M V Subramanian.
'Our liquidity is strong for the next 15-20 days.' 'But if the situation worsens drastically, then we will have to think about laying off people.'
The patience, discipline, and resolve displayed by 125 crore Indians, will play a critical role in shaping the future of the nation for years to come, the PM said.
CPI-based inflation on a (year-on-year) basis has come down from 8.59 per cent in April 2014 to 7.80 per cent in August 2014.
Fiscal discipline has been maintained but toxic assets worth Rs 7 crore are a massive headache
'He has attacked our enemies in their own backyard.'
