Gross NPAs of banks may come down to 8% by March 2020, says Report
NEW DELHI: Higher recoveries and slowdown in fresh bad loans are likely to reduce banks non-performing loans (NPAs) to nearly 8 per cent by March 2020, says a report. NPA in the banking system had peaked at 11.5 per cent in March 2018 and then declined to 9.3 per cent in March 2019. “Asset quality […]
PM interacts with economists and experts on theme “Economic Policy – The Road Ahead”
NEW DELHI: The Prime Minister Narendra Modi has attended an interactive session with over 40 economists and other experts, organized by NITI Aayog, on the theme “Economic Policy – The Road Ahead.” During the session, participants shared their views, in five distinct groups, on the economic themes of macro-economy and employment, agriculture and water resources, […]
Tamil Nadu Chief Minister calls on Prime Minister Narendra Modi, discusses projects
NEW DELHI: Tamil Nadu Chief Minister K Palaniswami on Saturday called on Prime Minister Narendra Modi at his residence here and sought his support for various state-specific projects. Palaniswami, during the brief interaction, also presented him a memorandum on various development projects. Later, the chief minister took part in the fifth governing council meeting of […]
Naveen Patnaik raises Special category issue in NITI Aayog meet
NEW DELHI: Odisha Chief Minister Naveen Patnaik raised the Special Category Status issue before the Niti Aayog on Saturday, four days after pushing for the ‘Special Focus State’ status for the state in view of its vulnerability to natural calamities. Attending the fifth meeting of the Governing Council of the NITI Aayog chaired by the […]
Punjab CM seeks PM’s support to improve state’s water distribution system
NEW DELHI: Punjab Chief Minister (CM) Amarinder Singh on Saturday sought Prime Minister Narendra Modi’s support in upgrading the state’s water distribution infrastructure and requested setting up of a fresh tribunal on river water disputes among neighbouring states. At the NITI Aayog Governing Council meeting here, Singh, who could not attend it due to ill-health […]
Goal to make India a 5 trillion dollar economy by 2024: Narendra Modi
NEW DELHI: The Prime Minister Narendra Modi today delivered the opening remarks at the fifth meeting of the Governing Council of NITI Aayog, in RashtrapatiBhawan Cultural Centre in New Delhi. Welcoming the Governor of J&K, Chief Ministers, Lieutenant Governor of Andaman and Nicobar Islands, and other delegates, the Prime Minister reiterated that NITI Aayog has […]
Finance Minister holds Pre-Budget Consultation with representatives of Social Sector
NEW DELHI: The Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman held her Fifth Pre-Budget Consultation Meeting with the stakeholders from Social Sector Groups here today. In her Opening Remarks, the Finance Minister, Sitharaman said that the public investment in social infrastructure like education, health and other services is a key determinant of quality […]
Bring down corporate tax to 18 per cent sans exemptions: CII
NEW DELHI: Industry body CII has made a case for bringing down the corporate tax rate to 18 per cent along with elimination of all exemptions saying it will not result in any loss to the exchequer. The Modi 1.0 government had proposed to bring down the corporate tax rate from 30 per cent to […]
Reduce corporate tax rate, increase infrastructure investment: India Inc tells Finance Minister
NEW DELHI: India Inc Tuesday made a case for reduction in corporate tax rate, abolition of minimum alternate tax, halving dividend distribution tax to 10 per cent and increase in outlay for infrastructure sector in the upcoming Budget with a view to arrest economic slowdown. Representatives of industry chambers made these suggestions during their customary […]
India dismisses Ex-CEA’s claim, says accepted norms used for GDP estimation
NEW DELHI: Dismissing the contention of former Chief Economic Adviser (CEA) Arvind Subramanian regarding over-estimation of GDP numbers, the government said Tuesday it follows accepted procedures and methodologies for arriving at projections of national income. The Ministry of Statistics and Programme Implementation (MoSPI) also added that its projections of the Gross Domestic Product (GDP) growth are […]
Narendra Modi government sacks 12 senior I-T officers including a senior officer for corruption
NEW DELHI: The Narendra Modi government has dismissed from service 12 senior income tax officers, including one of the ranks of the joint commissioner, on charges of corruption and professional misconduct, sources said. The list is topped by a Joint Commissioner rank officer against whom there are serious complaints of corruption and extortion from businessmen […]
List of agreements signed during the state visit of Prime Minister Narendra Modi to Maldives
NEW DELHI: Prime Minister of India Narendra Modi’s visit to the Maldives on Saturday, his first state visit abroad since being re-elected to office, was marked by the signing of six key agreements, and substantive bilateral level talks, reaffirming cooperation between the two countries. S. No. Name of Agreement/ MoUs Signatory from Indian side Signatory from […]
Government, legal experts welcome new NPA resolution framework
NEW DELHI: Nafrendra Modi government, legal experts and analysts welcomed the new RBI framework for NPA resolution saying the new norms offer leeway to both capital-starved lenders as well as borrowers at the same time ensure that credit discipline is maintained. Welcoming the new norms announced by the central bank, which whittles down the February […]
RBI cuts interest rates to 9 year low, expects banks to quickly lower home, auto loan EMIs
NEW DELHI: In a move that may lead to lower home, auto and other loan EMIs, the RBI on Thursday cut interest rates for the third time this year by 25 basis points to their lowest level in nine years and signalled more easing as it looked to support an economy growing at the slowest […]
15th Finance Commission holds meeting with government of Meghalaya
NEW DELHI: The 15th Finance Commission headed by Chairman, N.K. Singh held detailed meeting with the Meghalaya Government headed by the Chief Minister, Conrad Kongkal Sangma. Some of the main issues discussed includes – Own tax revenue- Own-tax revenue of Meghalaya as % of GSDP is 4.38% in 2016-17 (average for North-East & hill states […]
RBI alters large exposures framework for banks to cut concentration of risk
NEW DELHI: The Reserve Bank of India (RBI) on Monday modified the guidelines on large exposures for banks with a view to reduce concentration of risk and align them with the global norms. The modified ‘Large Exposures Framework’ (LEF) provides exclusion of entities connected with the sovereign from definition of group of connected counter-parties. It […]