The problem has been accentuated with the Reserve Bank of India now writing to bank to meet their obligation towards interest on interest for all borrowers where exposure is over Rs 2 crore as well.
According to Ind-Ra, India’s second round of Covid outbreak is moving in a direction different from the global trend.
Reserve Bank of India (RBI) has kept the key repo rate unchanged at 4 per cent to support growth in the current situation.
In its annual World Economic Outlook, the IMF said the Indian economy is expected to grow by 6.9 per cent in 2022. In 2020, India’s economy contracted by a record eight per cent.
The Washington-based global financial institution, in its annual World Economic Outlook ahead of the annual Spring meeting with the World Bank, said the Indian economy is expected to grow by 6.9 per cent in 2022.
At the interbank forex market, the domestic unit opened at 73.38 against the US dollar, then fell further to 73.43, registering a decline of 31 paise over its previous close.
“GST revenues crossed above Rs 1 lakh crore mark at a stretch for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic,” the ministry said.
The rupee slumped by 87 paise to close at 73.38 (provisional) against the US currency on Tuesday as rising crude oil prices and a strong American currency weighed on investor sentiment. At the interbank forex market, the local unit opened at 72.85 against the greenback and traded in the range[Read More…]
In a report, Dun & Bradstreet said the recent surge in the COVID-19 cases and the restrictions imposed by several states will impose further uncertainty and hurdles to the pace of revival of industrial production.
He was of the view that the disinvestment target of Rs 1.75 lakh crore for the financial year 2021-22 was “imminently achievable”.
At the interbank forex market, the rupee opened flat at 72.37 a dollar. During the session, it witnessed an intra-day high of 72.27 and a low of 72.45.
Union Finance Minister Nirmala Sitharaman will move the Insurance (Amendment) Bill 2021 in Rajya Sabha for passing on Thursday.
Sitharaman said that as the leader of the main opposition party, Rahul Gandhi should engage in serious discussions rather than throwing two-liners.
“We change our stance on India from market-weight to overweight and see 15% upside from current levels with a Sensex price target of 58,450,” it said in a note.
The EPFO board has recommended 8.5 percent interest for the financial year 2020-21, same as 2019-20.
Discussing solutions to push back against the radical majority, Professor Chomsky spoke about the need for the popular forces within an ideological party to press for progressive social action.
Sitharaman said that she has provided long-term certainty with short-term stimulus in her budget. She urged AIMA to nudge Indian business into investing and expanding capacity.
While food articles saw softening in inflation in January, manufactured items witnessed hardening of prices, as per data released by the Commerce and Industry ministry.
After the Budget 2021-22 announcement on Monday, Economic Affairs Secretary Tarun Bajaj had said that real GDP growth would be 10-10.5 per cent in the next fiscal.