'Let us all keep calm and face this medical emergency unitedly.' 'Our top priority is to fight the pandemic and win this war.'
The additional outgo to combat the impact of COVID-19 will significantly erode the fiscal consolidation achieved by the state governments in the past three years, an RBI report said on Tuesday. In its study of the state budgets of 2020-21, the RBI report which has dwelled on the theme 'COVID-19 and its Spatial Dimensions in India', said that Gross Fiscal Deficit (GFD) of the states would spiral during the current fiscal.
The country's largest lender SBI on Thursday reported a 4.20 per cent decline in consolidated December quarter net at Rs 6,257.55 crore, largely because of a higher base in the year-ago period where it had benefitted from a Rs 4,500 crore one-off income. On a standalone basis, the city-headquartered lender's net profit came in at Rs 5,196.22 crore as against Rs 5,583.36 crore in the year-ago period and Rs 4,574.16 crore in the preceding September quarter. SBI chairman Dinesh Kumar Khara told reporters that the year-ago period had seen the resolution of the Essar Steel loans, resulting in an over Rs 4,000 crore interest income and Rs 500 crore other income benefit.
Crorepatis' income rose by a staggering 40% between 2015-2016 and 2017-2018.
'Rahul Gandhi's recent video performances offer little hope - the first fell flat in attacking government 'strategy'; the second showed him in a position unbecoming of a leader,' argues T N Ninan.
Top Indian IT firms, such as TCS, Infosys, and Wipro, have signalled taking aggressive cost take-out measures, including reduction in sub-contracting costs, travel expenses, freeze in salary hikes, and holding back variable payments, among others.
Ayan Pramanik and Shivani Shinde Nadhe report on the uncertainties that have dragged down shares of TCS, Tech Mahindra and HCL Technologies.
Besides the additional $1.8 trillion in deficit reduction, which will put the total reduction target at $4.3 trillion, the budget proposals envisage more than $2 in spending cuts for every $1 of new revenue from closing tax loopholes and reducing tax benefits for the wealthiest.
'We are going to have a recession this year, maybe next year too...'
The industry chamber is in favour of reopening schools and educational institutions, allowing foreign carriers to operate, permitting usage of restaurants and eateries in hotels, opening up of cinemas and multiplexes, and reopening metro rail services.
'Perhaps the most important political trend affecting armed conflict in the 21st century, will be in the relationship between civilians and those who fight on their behalf,' points out Lieutenant General Anil Chait (retd), who served as chief of the Integrated Defence Staff and Central Army Commander.
Retirement fund body EPFO's trustees on February 5 will decide on amending its scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit its 27 lakh pensioners.
'Unless we get the health and economic situations right at the same time, we will not recover.'
Although there are serious risks facing the US economy in the coming year, there is also a good chance that growth will be substantially stronger than it has been since before the recession began.
'The top 11 billionaires in India added so much to their wealth during the pandemic that it would have sustained MNREGA for 10 years or the ministry of health for 10 years.'
The labour force at large has turned less needy, due to various government financial incentives and freebies.
Last year, Infosys had deferred salary increases, citing an uncertain business environment.
'The high unemployment rate being witnessed today is not only the highest in three years but is far more debilitating for the economy than the similar unemployment rates witnessed in 2016,' says Mahesh Vyas.
The NDA government was initially reticent about fleshing out its economic strategy for the future. But now that it has taken enough bold initiatives on the economic front it must have the confidence to tell us more about its approach going forward, says Abheek Barua.
'Any employee going on strike in any form would face the consequences which, besides deduction of wages, may also include appropriate disciplinary action.'
Soccer club owners should be allowed to spend as much money as they want, Manchester City manager Roberto Mancini said as he gave new financial fair play rules a big thumbs down.
'On December 5, the government called unions for pre-Budget consultations.' '12 trade unions were called and the time allotted was one hour which means 5 minutes for each union.' 'We were asked to present our views in about four minutes.' 'That itself is a reflection of how serious the government is about workers' demands.'
'It will be suicidal for Left voters to vote for the BJP because of their anger against the TMC.'
Finance Minister Nirmala Sitharama on Thursday stated the government is planning to provide a relief package of Rs 1.7 lakh crore to the underprivileged, poor and migrant workers affected by the lockdown amid the coronavirus outbreak. The scheme has been named the Pradhan Mantri Garib Kalyan Scheme.
Software services industry may have to relook its cost structure to maintain a higher margin.
The Congress leader said a 'storm' was brewing on the economic front that will cause damage and hurt many.
The company, however, posted a marginal increase of 1 per cent in its consolidated revenue at Rs 29,584 crore
The staff of public sector banks had gone on a nationwide strike for two days beginning February 10 after discussions with the IBA failed.
First, the industry is hoping for brisk business, as, according to projections there will be normal monsoon. Secondly, it is relieved at the fall in import of cheap umbrellas from China which had dented the domestic market for several years.
Confederation of Real Estate Developers' Association of India had recently stated that real estate projects were experiencing time and cost overruns due to shortage of labour because of schemes like Nrega.
With the Congress already opposed to the proposed law, regional parties might become the swing factor, says T N Ninan.
'Everybody should be given rations. Nobody should be excluded.' 'Without an income, the present ration quota is not enough.' They should increase it so that one person can eat adequately for a month.'
'I would want people to have food on their tables and their wages to rise.' 'Will that happen or not is the question that we need to ask and answer.'
Inflation pegs down currency value, re-allocates resources, reduces potential economic growth and leads to the attrition of gross domestic savings.
'But the world would be much poorer without economics' contribution to understanding how societies function and without economists' suggestions as to how politicians might improve them. 'And economists themselves could do wonders by simply incorporating the country-specific factors in their econometric models rather than just applying them in toto," say Soumya Kanti Ghosh and Samir K Jha.
Deane De Menezes hopes to reduce the awkwardness and stigma around menstruation.
No Indian auto brand (including Tata or Mahindra) is well-known globally.
Demonetisation impact: Money lenders make a comeback.
While rising food inflation is a matter of grave concern for a significant chunk of the population and for policy makers as well, it marks a turnaround in the fortunes of the farmer, reports Sanjeeb Mukherjee.
Availability of jobs at India's auto companies has shrunk significantly over the last two years, as the industry goes through one of its worst slowdowns. More than 60 per cent of the total workforce fell by 24 per cent in 2019-20, against 2017-18.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances