A majority of the CEOs are expecting the economy to show growth in the next financial year on the back of rising consumer spending and a sharp turnaround in rural India.
Finance Minister Nirmala Sitharaman on Friday said the entire fiscal stimulus announced by the government would be funded by borrowings and revenues, and taxpayers will not be charged even a single penny. "I am not expecting the stimulus to be funded by taxpayers. Not a rupee from the taxpayer. The entire amount .... is shown as revenue and borrowings. "The government is borrowing to spend, but it is not taking from people," she said while interacting with journalists at the IWPC (Indian Women's Press Corps).
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
The number of poor people in India fell by about 415 million between 2005-06 and 2019-21, a "historic change" and a demonstration that the Sustainable Development Goal target of reducing at least by half the proportion of men, women and children of all ages living in poverty by 2030 is possible to achieve, even at a large scale, according to the UN.
It is baffling how the PM chose the LCH as an indigenous product to celebrate on Rashtriya Raksha Samarpan Parv, even while his Cabinet holds up manufacturing clearance for 15 LCHs on the grounds that they are not Indian enough.
Klopp is understood to be open to the idea of a move, the reports said, adding that talks between Liverpool and his representatives were progressing well.
The plot and drama will see a different packaging and presentation.
A Sri Lankan court on Tuesday ordered the release of 56 Indian fishermen who were detained for allegedly fishing in the island nation's territorial waters.
At a combined level, the fiscal deficit of the Centre and states together will come at 12.1 per cent, with the states contributing 4.5 per cent.
When Anya, one of Farah Khan's daughters, launched a laudable initiative to feed stray dogs during the lockdown, AB Jr helped her cause with a grand gesture.
Major is in a perennial state of exaggeration. The sighs, the misty eyes, the mushy speeches, its details are invested in highlighting all things in-your-face, observes Sukanya Verma.
Maharashtra Chief Minister Uddhav Thackeray on Sunday night announced a statewide curfew in Maharashtra for 15 days from April 14. However, he clarified, essential services were exempt from the curbs.
The Union health ministry on Tuesday said that aid received from other countries has been distributed in different states to help deal with the rising number of COVID-19 cases.
The economic costs now beginning to show up in the hard numbers are far worse than initial expectations.
Public sector banks, including the country's largest lender State Bank of India (SBI), have come out with a templated approach for restructuring retail and small business loans of up to Rs 25 crore under the Reserve Bank of India's (RBI) Covid restructuring package 2.0. They have also come out with standardised products to make funds available to business entities for improving healthcare infrastructure and to individuals for meeting Covid treatment expenses. Business loans have been divided into three categories.
'When we look at the quality of our retail loan book, the non-performing asset percentage is low.'
Fitch Ratings has cut India's economic growth forecast to 8.7 per cent for the current fiscal but raised GDP growth projection for FY23 to 10 per cent, saying the second COVID-19 wave delayed rather than derail the economic recovery. In its APAC Sovereign Credit Overview, Fitch Ratings said India's 'BBB-/Negative' sovereign rating "balances a still-strong medium-term growth outlook and external resilience from solid foreign- reserve buffers, against high public debt, a weak financial sector and some lagging structural factors". The 'Negative' outlook, it said, reflects uncertainty over the debt trajectory following the sharp deterioration in India's public finances due to the pandemic shock.
The Congress on Tuesday termed as rhetoric and hollow on specifics the prime minister's address to the nation, saying there was no mention of a financial package or concrete steps to revive the economy.
'The pay cuts have been very tough on those with entire families to support.'
Games likely to open in July 2021 according to Japanese media
One Chinese source informed ANI that 10 million new infections are probably occurring daily in China.
Zomato said late on Friday that it was pushing the implementation of the new food quality policy to May 3 from April 18.
While the infection has been mild in most reported cases, those below two years of age are showing signs of acute infection.
HR experts estimate that up to 70 per cent companies in the manufacturing and services space including sectors like auto components, edutech and construction equipment are looking to restore the salary cuts over the next couple of months.
India is struggling with a second wave of the pandemic with more than 3,00,000 daily new coronavirus cases being reported in the past few days, and hospitals in several states are reeling under a shortage of medical oxygen and beds.
'States have done a tremendous job of identifying health facilities for COVID-19 care and equipping them well.'
India's petrol and diesel sales fell by about 17 per cent in May from a month ago as restrictions clamped to curb the world's worst outbreak of coronavirus infections stifled demand. Sales of petrol -- used in cars and motorcycles -- fell to 1.79 million tonne in May, the lowest in a year, according to the preliminary data of state-owned fuel retailers. While the consumption was almost 13 per cent higher than demand in May 2020, it was 28 per cent lower than pre-COVID levels of 2.49 million tonne.
IITs anticipate COVID-19 restrictions to impact international offers being extended by global recruiters.
Finance Minister Nirmala Sitharaman on Monday said the government is planning to extend the suspension of fresh insolvency proceedings for another three months, a move which will provide major relief to corporate borrowers hit by the coronavirus pandemic. Addressing the Bangalore Chamber Of Industry And Commerce (BCIC), she said the government has taken several measures, including deferment of tax payment date, to help businesses and people.
Mahindra & Mahindra (M&M) on Monday said its loss-making South Korean arm SsangYong Motor Company (SYMC) has filed for bankruptcy. The SYMC has filed an application for commencement of rehabilitation procedure with the Seoul Bankruptcy Court under the Debtor Rehabilitation and Bankruptcy Act of South Korea, M&M said in a regulatory filing. The troubled automaker has also applied for an autonomous restructuring support (ARS) programme which is a court designed process, it added.
'The spurt in demand for Ayurvedic products has exhausted our production capacity.'
India has received over USD 20 billion in FDI amid the coronavirus pandemic, Foreign Secretary Harsh Vardhan Shringla said on Tuesday, showcasing the country as one of the most attractive destinations for investment globally.
He said his administration will spare 'no resources or expense in this effort' to investigate who sent the packages.
The US "Indo-Pacific Strategy" is bound to be a failed strategy, Wang said in the comments posted by the Chinese foreign ministry on its website.
Prof Ananth Narayan, well known financial expert who works as a faculty member at the SP Jain Institute of Management and Research and the RBI's nominee director on the board of Yes Bank, expects a double-digit contraction in India's GDP this fiscal year. In the first of a two-part interview to Shobha Warrier/Rediff.com, Prof Narayan, below, says, "Giving liquidity and loan to cover the cash flow problem is not sufficient because you are essentially increasing the debt of many of these companies. And they might not be able to bear the burden."
White House condemns attempted attacks; New York Police Department increase patrols at other major newsrooms.
The founders, who hold 12.75 per cent stake in Infosys, together with a dozen leading institutional investors with a cumulative stake of about 10 per cent forced the Infosys board to bring back Nilekani.
According to the local Brass Handicrafts Manufacturers Association (BHMA), some 800,000 people are directly employed in Moradabad's massive brass handicrafts and utensils manufacturing industry, which has some 30,000 small and micro-scale units and a total annual turnover of Rs 10,000 crore. The manufacturers are heavily dependent on export markets such as the US, Canada, Australia and the European Union. And exports account for nearly 70 per cent of their revenues. According to industry insiders, since this year's lockdowns, manufacturing has been at 65 per cent of normal levels.
While the likelihood of these states going the Lanka or Greece way may be an alarming assessment, the financial situation of some states such as Punjab and West Bengal is indeed quite weak.
Debt-ridden telecom operator Vodafone Idea is evaluating the option of converting interest dues arising out of the deferment of statutory payments into equity, a senior company official said on Monday. The company is also in talks with banks and investors for raising funds and part of the proceeds is likely to be utilised towards meeting obligations related to debt maturing this fiscal, Vodafone Idea Limited (VIL) chief financial officer Akshay Moondra said during the company's earning call. VIL MD and CEO Ravinder Takkar said the company expects to conclude fund raising plan by the end of the current financial year.
